Reed was born on a farm in Green River (in the area that is now
Austerlitz),
New York. He began his business career as a store clerk in the
Hudson River village of
Coxsackie, New York, where his family relocated (c. 1789) before moving to
New York City in 1815. There he became one of the city's most prominent merchants with the Front Street dry-goods firm he established with various partners, the last being
Jonathan Sturges (1802–1874). With his wealth, Reed assembled in the course of six years one of the earliest and most significant collections of
European and
American art in the
United States, which he displayed in a specially designed two-room gallery in his house on Greenwich Street in lower
Manhattan. ==Philanthropy==