Luxury pawn shop thrives while International Gem Tower occupants remain under construction
The most elite and prestigious pawn shop in New York has been thriving, despite being the only business currently open to the public in New York City’s International Gem Tower located in the Diamond District on 47th Street. While other occupants are busy planning and building out their units, New York Loan Company has been servicing clients, both new and existing, in its third floor suite.
“Our clients have been very forgiving of our neighboring tenants’ construction since they are all so surprised to do business in such a luxurious suite,” said Jordan Tabach-Bank, third generation owner and CEO of both New York Loan Company and its sister location, Beverly Loan Company, which has been operating as the “Pawn Shop to the Stars” in Beverly Hills since 1938. “There is now a safe and confidential option in New York to make a discreet collateral loan in private offices in an elegant, AAA office environment. Put simply, it’s a much more pleasant place to do business than the competing pawn shops and 47th Street diamond dealers. Since we have the most knowledgeable staff of gemologists in the business, we are able to pay more whether clients are receiving a pawn loan or selling their valuables outright.”
New York Loan Company is family owned and operated, and word of mouth recommendations from clients have been the primary source of its growing customer base. “We strongly value the relationships that we develop with our loyal clients, and like nothing better than a new client coming in based on the recommendation of an existing client, which is why we’ve always encouraged the practice by offering generous referral fees,” explained Tabach-Bank. “In the past, there has generally been a certain stigma attached to pawn shops, and a pawn loan against your engagement ring or Patek Philippe was just not something that would be discussed at a cocktail party. Fortunately though, many of our clients do feel comfortable discussing their collateral loans, knowing that there is no shame in referring a family member, friend or colleague to the most well-respected pawn shop in the country,” said Tabach-Bank. Since New York Loan Company opened in July, they’ve handed out tens of thousands of dollars in referral fees for loans against high value goods, including GIA certified diamonds, Cartier art deco jewelry, Rolex watches, and even original artwork by Andy Warhol.
News and media outlets have been eager to meet with the high-end collateral lender as well. Despite being in business for just three months, New York Loan Company has been featured in several national publications, including Reuters and the Wall Street Journal, and a television segment that aired repeatedly on Bloomberg TV. “Given Beverly Loan Company’s superb reputation, we have always had significant media interest. I am happy that this has carried over to New York Loan Company, which I believe is a testament to our niche product and the excellent service we provide.”
About Beverly Loan Company and New York Loan Company
Beverly Loan Company and New York Loan Company specialize in large collateral loans against gold, jewelry, diamonds, watches, fine art and entertainment/sports memorabilia. They hire only the most knowledgeable gemologists and have the capability of making large loans, even seven-figure loans, in a matter of minutes.