I have a running wristband that has a terry interior and a nylon exterior/pocket with a reflective stripe (safe for night running) and it works pretty well. You might be able to start with a tennis-style wrist sweatband as your base layer. The big thing to worry about for a distance runner is that there are no chafey edges or corners, because over time they will rub too much. And a pocket big enough for a key and a bit of cash or metrocard is perfect.
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