Teen opens world’s first pawn shop for $15,000 sneakers

16-year-old Chase “Sneakers” Reed made history when he became the first person in the world to open a sneaker pawn shop.

Reed, a 10th grader at Frederick Douglass Academy in Harlem, says high-end kicks are becoming the currency of choice in New York.

From New York Post:

Chase, a 10th-grader at Frederick Douglass Academy in Harlem, still marvels over pictures of the freshest sneaker designs online and waits in line for hours to add to his collection. Only now he and his father are also getting them from fellow “investors” who want quick cash.[…] “I don’t look at it like a business. It’s what I do. It’s what I breathe,” said Chase. “It’s an idea that’s right in front of your face. It’s just about bringing the idea to life.”

“After we evaluate it, we’ll give the kid, say, $100 for the sneakers. If he wants them back, he’ll pay the $100, plus $20 for storing the sneakers,” [Chase’s dad] Troy said.

Read more at New York Post

Chase used his own 45 mint-condition basketball shoes to open Sneaker Pawn. He and his father are also getting the shoes from fellow investors who want quick money.

The store’s most expensive pair? Those Crown Jewels which go for $1,400. The Nike Air Yeezys cost $263 where they were initially released. Now they go for up to $15,000 on ebay.

Reed’s father runs the shop during school hours. It’s located on Lenox Avenue and West 120th Street.

Such a cool concept!

Kudos to Chase for being an innovative entrepreneur and being ahead of the game!

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