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

By Michael Gartland

June 15, 2014 | 3:24am


Forget stocks. Sneaker futures are making Wall Street look like a swap meet.
High-end kicks are becoming the currency of choice in New York, and one 16-year-old is taking advantage of the trend — using his own five-figure stock of 45 mint-condition basketball shoes to open the world’s first sneaker pawn shop.
“Young kids don’t have jewelry. They don’t have cars,” said Troy Reed, dad of young entrepreneur Chase “Sneakers” Reed. “But what they do have is the thousands of dollars worth of sneakers in their house.”
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.
They have all sorts of reasons for selling short. One pawned fancy footwear to pay for his brother’s funeral. Two teen girls liquidated their sneakers to pay for prom dresses. Another savvy ­investor flipped a pair of LeBron Crown Jewels and two pairs of Jordans and used the thousands in profit to pay for his move to The Bronx from Brooklyn.
The store’s priciest pawned pairs so far — those Crown Jewels — are commanding $1,400, more than five times the $270 sticker price.
“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.”
Modal TriggerThe Nike Air Yeezys cost $263 when they were released, but now they go for up to $15,000 on eBay.Photo: Getty Images

During school hours, his father and their sneaker-maven pal Rahsaan “Uncle Bless” Capers man the shop at Lenox Avenue and West 120th Street. They’re looking for “high-end sneakers or dead-stock sneakers” — pairs that are no longer being manufactured. If a prospective pawner’s kicks qualify, they give the shoes a whiff, check to see if they’re yellowing and examine the soles for excessive wear.
“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,” Troy said.
If someone makes an ­offer, the pawner is notified and has the right of first refusal, provided they can pony up the cash. If the sneakers sell for more, the pawner keeps 80 percent of the profit and the rest goes to the store.
A lightly worn pair’s value can jump exponentially compared to its initial retail price. A pair of Nike Air Yeezys — Kanye West’s signature sneakers — are currently selling for from $1,700 to $15,000 on eBay. Originally, they went for $263. Kanye’s own purported pair of Yeezys are going for $50,000.
Capers, who owns three pairs of Yeezys, said he has been offered close to $17,000 for the trio — a better profit margin than ­Apple stock.

‘I DON’T LOOK AT IT LIKE A BUSINESS. IT’S WHAT I DO. IT’S WHAT I BREATHE.’
 - Chase ‘Sneakers’ Reed
“I’m still not ready to bring them in yet,” he laughed. “I’m waiting for a sneaker expo first.”

The $30,000 in seed money for Sneaker Pawn came from Chase selling off his own collection — which peaked at 200 pairs.
He and his dad came up with the idea when Chase asked to borrow $50 spending money after waiting all night to dole out his ­father’s hard-earned cash on a new release.
“I was like, ‘Are you serious?’ I’m holding these sneakers until I get my $50 back,” said Troy Reed, who got his start in business making and selling documentaries about Harlem druglords like Alpo and Rich Porter.
But Chase didn’t just plant the seed for the idea or help raise start-up money. After school, he does homework and then stays up late custom-painting sneakers. Typically, he’ll earn between $150 and $250 for each custom paint job.
“Luckily when the store opened, school started slowing down,” he said.

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

Forget stocks. Sneaker futures are making Wall Street look like a swap meet.

High-end kicks are becoming the currency of choice in New York, and one 16-year-old is taking advantage of the trend — using his own five-figure stock of 45 mint-condition basketball shoes to open the world’s first sneaker pawn shop.

“Young kids don’t have jewelry. They don’t have cars,” said Troy Reed, dad of young entrepreneur Chase “Sneakers” Reed. “But what they do have is the thousands of dollars worth of sneakers in their house.”

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.

They have all sorts of reasons for selling short. One pawned fancy footwear to pay for his brother’s funeral. Two teen girls liquidated their sneakers to pay for prom dresses. Another savvy ­investor flipped a pair of LeBron Crown Jewels and two pairs of Jordans and used the thousands in profit to pay for his move to The Bronx from Brooklyn.

The store’s priciest pawned pairs so far — those Crown Jewels — are commanding $1,400, more than five times the $270 sticker price.

“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.”

Modal Trigger

The Nike Air Yeezys cost $263 when they were released, but now they go for up to $15,000 on eBay.Photo: Getty Images

During school hours, his father and their sneaker-maven pal Rahsaan “Uncle Bless” Capers man the shop at Lenox Avenue and West 120th Street. They’re looking for “high-end sneakers or dead-stock sneakers” — pairs that are no longer being manufactured. If a prospective pawner’s kicks qualify, they give the shoes a whiff, check to see if they’re yellowing and examine the soles for excessive wear.

“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,” Troy said.

If someone makes an ­offer, the pawner is notified and has the right of first refusal, provided they can pony up the cash. If the sneakers sell for more, the pawner keeps 80 percent of the profit and the rest goes to the store.

A lightly worn pair’s value can jump exponentially compared to its initial retail price. A pair of Nike Air Yeezys — Kanye West’s signature sneakers — are currently selling for from $1,700 to $15,000 on eBay. Originally, they went for $263. Kanye’s own purported pair of Yeezys are going for $50,000.

Capers, who owns three pairs of Yeezys, said he has been offered close to $17,000 for the trio — a better profit margin than ­Apple stock.

I DON’T LOOK AT IT LIKE A BUSINESS. IT’S WHAT I DO. IT’S WHAT I BREATHE.

 - Chase ‘Sneakers’ Reed


“I’m still not ready to bring them in yet,” he laughed. “I’m waiting for a sneaker expo first.”

The $30,000 in seed money for Sneaker Pawn came from Chase selling off his own collection — which peaked at 200 pairs.

He and his dad came up with the idea when Chase asked to borrow $50 spending money after waiting all night to dole out his ­father’s hard-earned cash on a new release.

“I was like, ‘Are you serious?’ I’m holding these sneakers until I get my $50 back,” said Troy Reed, who got his start in business making and selling documentaries about Harlem druglords like Alpo and Rich Porter.

But Chase didn’t just plant the seed for the idea or help raise start-up money. After school, he does homework and then stays up late custom-painting sneakers. Typically, he’ll earn between $150 and $250 for each custom paint job.

“Luckily when the store opened, school started slowing down,” he said.

(Source: New York Post)

061914 ♥ 61
senhoritaugly:

stylelikeu:

"I am getting away so that I can be lost." - Armina  http://stylelik.eu/18NepUd

PATTERNS!!!

senhoritaugly:

stylelikeu:

"I am getting away so that I can be lost." - Armina  http://stylelik.eu/18NepUd

PATTERNS!!!

(via devoutfashion)

061914 ♥ 1078

dynamicafrica:

Styled by Mobolaji Dawodu - A Visual Catalog.

There’s a cinematic quality to almost every Mobolaji Dawodu styled and or photographed photo. So many of the images he has styled, photographed - or both - look more like something out of a film still than 2-D fashion magazine pages. This signature of his, that is both visually classic and communicative, is part of what makes Dawodu’s work so intensely captivating. Making use of subjects that always have an air of effortless cool and mystique, Dawodu is able to draw you to his images, through the use of aesthetic qualities, leaving the viewer highly intrigued as to the narrative that inspired it. It’s no surprise that Dawodu’s foray into the world of costume design, with films such as ‘Restless City’ and ‘Mother of George’ under his belt, has been beautifully successful.

Hailed by Complex as one of the most stylish men in media, Dawodu is the style editor-at-large at the Fader but has had his work appear in such publications as Vanity Fair, i-D and Paper, and worked on projects for PUMA, Nike, Kenzo, Converse and Apple. Born in Nigeria to a Nigerian father and American mother, much of his work has been influenced and informed by his bi-coastal background. 

(via bettychantel)

061814 ♥ 3997
lipstickhipsandheels:

gov ball day 3.
asos x gap.

lipstickhipsandheels:

gov ball day 3.

asos x gap.

061814 ♥ 11
lecoil:

Vonetta McGee. Photo via Natural Belle

lecoil:

Vonetta McGee. Photo via Natural Belle

061814 ♥ 121
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