Harlem, NY native Chase Reed has just recently opened the first sneaker pawn shop starting the business with 30k he earned after selling his sneaker collection which was 200 pairs deep. The Sneaker Pawn runs just like your usual pawn shop, pawn your sneakers pay a fee to get them back in this case its $20. In the event someone would like to purchase a pawned pair of kicks you are notified and have the option to stop the sale and get your sneakers back after paying the amount you pawned them for as well as the $20 storage fee. When a sneaker is sold at this location the store gets 20% of the profit from the sale and the other 80% goes to the owner. With sneaker selling, reselling and consignment becoming legit lucrative business it was no surprise when we saw someone open the worlds first sneaker pawn. What was surprising is that Chase “Sneaker” Reed only a sophomore in high school was able to transform something he loved into a business. With his pockets hurt from purchasing a pair of sneakers Chase asked his father for $50. Keeping it G his father held the previously purchased sneaker which had left Chase broke as collateral until he was payed his $50 back pawn style. And the rest is pretty much history. If your in NYC Harlem to be exact pass by Sneaker Pawn over on Lenox and West 120th. Keep it locked here at 8and9.com for more, also checkout the New York Post for the entire story.