Tag Archives: Collateral Loans

New York Loan Company Buys Fine Art and Memorabilia

New York Loan Company’s west coast counterpart, Beverly Loan Company, has been in the collateral lending business for over 75 years, loaning against luxury jewelry, complicated watches, fine art, one-of-a-kind memorabilia, and other high-end goods.  Jordan Tabach-Bank, the third generation owner and CEO of New York Loan Company, is also known as the Pawnbroker to the Stars because of his frequent yet discreet dealings with Hollywood’s elite.  In their newly opened Diamond District location in the International Gem Tower, New York Loan Company will concentrate heavily on diamonds, gold jewelry and upscale watches, but will also make loans against and purchase fine art and rare entertainment and sports memorabilia. 

 

Fine art by household named artists (Marc Chagall, Jean Miro, Pablo Picasso, Ed Ruscha and David Hockney) rarely decreases in value, but instead usually increases as time passes.  Pop-art is especially valuable in today’s market and is Tabach-Bank’s area of expertise.  The term ‘pop-art’ is used to describe works made by people like Andy Warhol, Roy Lichtenstein, or Robert Indiana: art that it immediately recognizable in our culture today.  New York Loan also has expertise in street/urban art (Keith Haring, Banksy and Retna) and photography ranging from Ansel Adams to Cindy Sherman. 

 

The most common type of memorabilia involves celebrities (Marilyn Monroe, Elvis Presley and Michal Jackson), athletes (Jim Thorpe, Michael Jordan and Tiger Woods) and politicians (Abraham Lincoln, John F. Kennedy, and Barack Obama), including stage worn costumes, championship rings or even hand written speeches.  Only Beverly Loan Company and New York Loan Company have the expertise to loan against or purchase items of this nature.  

 

Whereas New York Loan Company will deal in any item that is gold because there is intrinsic value in such items, with fine art and memorabilia, they have to be more discerning.  Tabach-Bank explains, “We only loan against the best of the best.  We do not loan against a jersey that Michael Jordan signed, but we will loan against one that is game worn and signed.  Similarly, we will loan against a Basquiat, but unfortunately we cannot loan against up and coming artists who have yet to establish a secondary market.”

 

The experts at New York Loan have years of training and expertise in identifying and pricing artwork and memorabilia, and are committed to treating their clientele fairly and discreetly.  No customer’s name has ever been revealed without their consent throughout Beverly Loan’s Company’s 75 years of business, and that is something that will not change as New York Loan Company’s continues their tradition of excellence.

 

Think about the art and memorabilia you have accumulated throughout the years.  Perhaps some of it has more value than you might have thought.

New York Loan Opens in Brand-New International Gem Tower

 

Beverly Loan Company has been located in the heart of Beverly Hills, California for 75 years, a prime location for Hollywood’s elite to discreetly pawn their luxury items.  So when CEO Jordan Tabach-Bank decided to open a branch on the East Coast, he knew that the location would have to be absolutely perfect. New York Loan Company will be opening its doors in late May in the newly constructed International Gem Tower.  Located on West 47th street in the heart of Manhattan’s diamond, gem and jewelry district, the building will be home to some of the world’s most prestigious traders in diamonds and gems.  At 34 stories tall, the building stands out in the Diamond District, which has remained largely untouched and undeveloped over the last century.  Today the International Gem Tower provides an exciting modern alternative for clients like New York Loan Company.

 

“We are thrilled to make the International Gem Tower our New York home”, said Tabach-Bank.  “The advantages of being located in the heart of New York City’s Diamond District, coupled with the cutting-edge design, security, and technology of the Tower made it an easy decision.  After 75 Beverly Loan found the perfect location for its East Coast counterpart.”

New York Loan will share the tower with prominent leaders in the diamond and gem business such as Dalumi, S. Schnitzer Diamonds, Leo Schacter & Co, Rajwarah Jewelers, Christopher Designs, and Malca-Amit, as well as the Gemological Institute of America, which will move its laboratory and school into the International Gem Tower.  Because the building was constructed specifically for the diamond, gem and jewelry industry, it offers services and amenities that are specific to the trade, like a state-of-the-art vault, valet parking, and the very latest in today’s security technology.  The tower is centrally located near the major transportation hubs of the city and is also located near other prominent mid-town tenants like Barclays, Bank of America, Morgan Stanley and the New York Times. 

The attention to detail and sheer beauty of the building’s exterior makes the International Gem Tower a stand out.  And the modern interior of New York Loan Company’s suite was specifically designed to provide privacy, discretion and comfort for even the most discerning and private client. Private offices with floor to ceiling frosted glass sliding doors ensure confidentiality.  Tabach-Bank said, “New York Loan Company’s will be the most upscale and discreet pawn shop on the East Coast without question.”

High End Collateral Loans Flourish in the New Economy

 

The 2007 financial crisis, which led to the weakening of global economies and the loss of 8 million jobs in 2008 and 2009 in the United States, tightened the availability of credit for consumers and small businesses.

Since the crisis, the unemployment rate in the United States has remained stubbornly high and the economic recovery has stalled, causing fiscal uncertainty to hit consumers’ pocketbooks and the balance sheets of small businesses.

In this new economic environment, consumers and small business owners have increasingly turned to nonbank sources of credit, such as collateral loans.

 

More Consumers Are Seeking Out Collateral Loans

Collateral lenders provide non-recourse cash loans against items individuals already own.

While retail and other sectors have suffered in the economic downturn, the collateral loan industry has thrived, giving people a low-hassle option for obtaining a line of credit.

Collateral loan businesses specializing in upscale merchandise are especially popular.

New York Loan Company - Jordan Tabach-Bank
Jordan Tabach-Bank, owner of New York Loan Company, a collateral lender in New York, operates a thriving shop that caters to socialites, businesspeople and celebrities in the nation’s most famous zip code.

“We’ve seen a higher volume of business since the recession hit,” Tabach-Bank said. “People are looking for accessible lines of credit right now, and our confidential pawn loans appeal to them.”

The family-owned “pawn shop”, which opened in 1938, provides large collateral loans against fine jewelry, watches and artwork. The shop has been dubbed the “Pawn Shop to the Stars,” for its notable clientele and reputation of providing confidential loans.

New York Loan Company offer “pawn loans” against, purchases and sells luxury goods to the public at large from its discreet location on the third floor of the Bank of America building. Situated one block east of Rodeo Drive, Tabach-Bank’s shop embodies the high end of the collateral loan industry, an increasingly popular market as people seek out new and alternative lines of credit.

 

Collateral Loans Help Small Business Owners

Small business owners, finding it more and more difficult to obtain loans from banks, are using upscale collateral loans to meet payroll and answer other financial pressures. These pawn loans provide business owners a much needed cash infusion to keep their business operating and profitable.

Upscale collateral lenders, such as New York Loan Company, also enable new business owners to get their companies up and running. Would-be small business owners can present luxury items as collateral for a pawn loan to finance start-up expenses without impacting their credit.

 New York Loan Company’s certified gemologists specialize in vintage and modern diamond jewelry, including signed pieced by Cartier and Tiffany and Co, as well as high-end watches, including Rolex and Patek Philippe. This New York institution also lends against other luxury items, including sterling silver flatware, Baccarat and Lalique crystal, as well as modern and contemporary art, including works by Warhol, Picasso, Hockney, Lichtenstein, Miro and Chagall. And, due to its unique 90210 location, New York Loan Company also provides pawn loans against entertainment and sports memorabilia, including awards, costumes, and championship rings and belts.

“We see all kinds of fascinating items come through our doors,” Tabach-Bank said.

But Tabach-Bank believes that it is more than the unique pawn loan offerings that keep clients coming back–it is the reliable and personable business model.

“People appreciate the confidentiality and consistency of our service,” he said. Pawn loan transactions are conducted in private offices, and valuables are kept in a secure bank vault.

“We’ve always offered something unique, and we continue to be recognized as the foremost collateral lender of luxury goods in the United States,” he said.

His shop has been written up in the New York Times, Los Angeles Times, The Wall Street Journal, and Newsweek, among other publications.