Jersey Mike’s founder, Peter Cancro, who just secured an $8 billion deal with private equity giant Blackstone, has built an impressive real estate portfolio alongside his sandwich empire.

The transaction, which maintains Cancro’s leadership role while selling a majority stake to Blackstone, has catapulted him to 388th place on Bloomberg’s Billionaire Index with an estimated net worth of $7.55 billion.

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Cancro’s property holdings show his transition from a Jersey Shore entrepreneur to a Manhattan power player. According to Realtor.com, in 2014, he and his wife Tatiana purchased a four-unit condominium in Manhattan’s Lenox Hill neighborhood for $15.68 million. The residence, located in the landmark Marquand building steps from Central Park, has a private elevator, wood-burning fireplace and sprawling primary suite within its Beaux-Arts Revival architecture.

While maintaining deep ties to his New Jersey roots, Cancro has established a presence in Florida’s luxury real estate market. Property records show multiple units in a prestigious Bal Harbour building, including two two-bedroom apartments and a larger three-bedroom residence spanning 3,128 square feet. 

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The beachfront properties offer access to St. Regis Hotel amenities, including 24-hour room service, housekeeping and private pool facilities, Realtor said.

At age 14, Cancro began working at Mike’s Subs in Point Pleasant, New Jersey. Three years later, with a $125,000 loan from his football coach, he purchased the store – despite being too young to legally operate the meat slicer.

That original location, which Cancro still personally owns along with another Point Pleasant store, grew into a franchise empire of approximately 3,000 locations, generating over $3 billion in annual revenue, according to a report issued by Business Insider. The Blackstone deal includes provisions for further expansion to 4,000 stores, with an earnout agreement tied to this growth target.

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Now ranking ahead of Netflix’s Reed Hastings on the Bloomberg Billionaire Index and approaching Mark Cuban’s $7.9 billion net worth, Cancro’s real estate investments mirror the explosive growth of his sandwich business.

According to company statements, the deal promises to accelerate Jersey Mike’s expansion “across and beyond the U.S. market” while investing in technology and digital transformation.

“We believe we are still in the early innings of Jersey Mike’s growth story,” Cancro said following the Blackstone announcement, suggesting his property portfolio might continue expanding alongside his sandwich empire.

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