Inside Jersey Mike’s Founder Peter Cancro’s Multimillion-Dollar Property Portfolio as He Inks $8 Billion Deal

Jersey Mike’s founder Peter Cancro is celebrating selling a slice of his business to private equity firm Blackstone for a staggering $8 billion—more than enough to put some of that toward his already impressive property portfolio.

The deal ensures growth of the sandwich chain, which got its start on the Jersey Shore and has grown to around 3,000 franchises, according to CNN.

The agreement keeps Cancro in a leadership role and will help “accelerate its expansion across and beyond the US market, as well as its continued investment in technology and digital transformation,” a statement noted.

“We believe we are still in the early innings of Jersey Mike’s growth story and that Blackstone is the right partner to help us reach even greater heights,” Cancro said.

In addition to the multibillion-dollar deal for the giant sandwich chain, which got its start on the Jersey Shore some 50 years ago, Cancro, now notches at 390th on the Bloomberg Billionaire Index, according to Business Insider.

Over the years, the 66-year-old has also taken a bite out of some impressive real estate.

Luxe living steps from Central Park

In 2014, the boy from Jersey moved on up—to a deluxe apartment in Manhattan. He and wife Tatiana purchased a four-unit condo in the Upper East Side neighborhood of Lenox Hill, for $15.68 million, according to the Observer, which reported the deal at the time.

Located steps from Central Park, the Beaux-Arts Revival style building, the Marquand, is a landmark pile from 1913. Named for Henry Gurdon Marquand, a financier and art collector, the building has been carefully restored and modernized.

The Cancros purchased their fifth-floor spread as a sponsor unit from the developers HFZ Capital Group, the Observer notes.

The interior features living, dining and family rooms; an eat-in chef’s kitchen; a library; and a “massive” primary suite. It also includes a private elevator and a wood-burning fireplace.

An escape from the cold with luxury Florida apartments

Cancro might have deep roots on the Jersey Shore, but he also has the option of heading south to Florida when he wants to get away from it all. He owns multiple units in a luxury building in Bal Harbour, FL, according to property records.

The owners picked up a two-bedroom, two-bath apartment with 1,685 square feet. Next door, they also own a two-bedroom, two-bathroom unit with 1,599 square feet.

And they own a larger third unit—a three-bedroom, three-bath pad with 3,128 square feet.

The beachfront building offers owners access to the St. Regis Hotel amenities. Ownership also affords access to a private pool and gym, along with perks like housekeeping and 24-hour room service, according to listing details.

The units themselves offer floor-to-ceiling windows, outdoor terraces, modern kitchens with top-line appliances, and bedroom suites with European-style custom closets, along with a “midnight bar” with a fridge, sink, and microwave oven.

Steeped in New Jersey roots

Cancro has been the CEO of Jersey Mike’s for about 50 years—but the shop itself has even earlier beginnings. It opened in 1956 in the seaside town of Jersey Shore, a popular destination for tristate sunseekers and party animals.

Then known as Mike’s Subs, it turned into a “thriving landmark” and was a “pioneer of the authentic subs sandwich,” the company website notes.

Cancro starting working his summers at Mike’s Subs in Point Pleasant, NJ, at the age of 14, back when he was a high school football star.

In 1975, the student employee overheard the owner mention that he wanted to sell and, with the help of a loan from his football coach, Cancro purchased the store for $125,000 when he was just 17—”not even old enough to operate the slicer legally,” the Asbury Park Press pointed out.

Shortly after buying Mike’s, he married his first wife, Linda, and they opened a couple more local Mike’s Subs outlets.

In the 1980s, the store evolved into Jersey Mike’s and started franchising. The rest is sub-sandwich history.

The chain is said to rank among the fastest growing sandwich franchises in the country.

Meanwhile, Cancro hasn’t forgotten his roots and, in fact, the Point Pleasant store is an important piece of the sandwich chain’s lore. Despite the many stores that have opened since that very first one he purchased, he still personally owns the first along with another location in the town as well.