FDD-based analysis. Item-level data. No franchisor input.
Penn Station, Inc. franchises Penn Station East Coast Subs, an upscale fast casual restaurant concept featuring cheesesteaks, submarines and other sandwiches as its main menu items. Restaurants are typically located in strip-shopping centers, business districts and on busy streets in suburban areas, and operate under a single-unit or multi-unit development agreement. The brand competes with a large number of local and national fast casual and fast food restaurants, including several franchise programs offering a similar sandwich-focused menu. Penn Station has offered franchises since 1987, tracing back to a sole proprietorship founded in 1985 by Jeffrey Osterfeld.
Source: Entrepreneur 2026 ranking/profile data and Franchise Disclosure Document, rewritten by Zorzee
Every value here comes straight from the FDD; anything not yet source-verified stays blank rather than estimated. The Pro figures and full interpretation unlock with a Pro membership.
Every data point Zorzee tracks for this brand, in FDD Item order. Missing source data stays blank; Pro-only interpretation remains locked.
| Item | Data Point | Value | Source |
|---|---|---|---|
| Item 3 | Litigation Actions (total) | 0 actions disclosed | FDD Item 3 |
| Item 5 | Initial Franchise Fee | The Initial Franchise Fee is $25,000. | FDD Item 5 |
| Item 5 | Development Fee | (referred to in this disclosure document as the “Territory Fee”). The Territory Fee is equal to $13,500 multiplied by the total number of Penn Station franchises we negotiate with you to be opened under your Multi-Unit Agreement for the Development Territory (including your first Restaurant). Unless you are entering into a Multi- Unit Agreement under the Multi-Store Incentive Program discussed above in this Item 5, you will be required to open a minimum of two Restaurants under your Multi-Unit Agreement, and your minimum Territory Fee will be $27,000. You must pay us the total Territory Fee when you sign the Multi-Unit Agreement. The Territory Fee is non-refundable under any circumstances. If (i) you enter into a legally binding and valid l | FDD Item 5 |
| Item 6 | Royalty Fee | Current royalty rates are tiered monthly by net sales from 2% to 8% (0% for months under an applicable five-year abatement when net sales are <= $30,000), payable monthly by the 10th day for the prior month's sales. | FDD Item 6 |
| Item 6 | National Media Fund | Pro | FDD Item 6 |
| Item 6 | Corporate Ad & Development Fund | Pro | FDD Item 6 |
| Item 6 | Total Ongoing Fee Burden | Pro | Calculated (Item 6) |
| Item 7 | Total Investment (low) | $440,600 | FDD Item 7 |
| Item 7 | Total Investment (high) | $833,200 | FDD Item 7 |
| Item 8 | Required Purchases (food/supplies) | Pro | FDD Item 8 |
| Item 11 | Franchisor Assistance | Pro | FDD Item 11 |
| Item 12 | Exclusive Territory | Pro | FDD Item 12 |
| Item 12 | Territory Size | Pro | FDD Item 12 |
| Item 15 | Operating Participation | Pro | FDD Item 15 |
| Item 17 | Initial Term Length | Pro | FDD Item 17(a) |
| Item 17 | Renewal Terms | Pro | FDD Item 17(b)-(c) |
| Item 17 | Required Remodel at Renewal | Pro | FDD Item 17(c) |
| Item 17 | Termination Triggers | Pro | FDD Item 17(f)-(h) |
| Item 17 | Transfer Fee | Pro | FDD Item 17(m), Item 6 |
| Item 17 | ROFR Provisions | Pro | FDD Item 17(n) |
| Item 17 | Post-Termination Non-Compete | Pro | FDD Item 17(r) |
| Item 19 | Revenue Metric Disclosed | Pro | FDD Item 19 |
| Item 20 | Total Franchised Units (2025) | 321 | FDD Item 20 |
| Item 20 | Company-Owned Units (2025) | 1 | FDD Item 20 |
| Item 20 | Total System Net Unit Growth (YoY) | 0 | FDD Item 20 |
| Item 20 | Terminations | Pro | FDD Item 20 |
| Item 20 | Agreements Signed, Not Yet Open | Pro | FDD Item 20 |
| Item 21 | Audited Financials | Pro | FDD Item 21 |
Each signal turns one part of the filing into a read a buyer can act on. Strength means the disclosed data is favorable. In Line means it is typical for the category. Deal-Specific means the term is populated but you still have to model it against your own deal. Concern means the disclosed data is a real risk. The read is free. The reasoning behind it is the Pro read.
Item 19 earnings data is disclosed for Penn Station East Coast Subs. The unit sales or revenue metric itself remains locked in Pro; the caution below stays free.
Penn Station East Coast Subs trajectory is shown only where source-backed. Missing Item 20 fields stay blank inside the locked layout instead of removing the section.
Source: FDD Item 20 where present. Total system units, franchised plus company-owned. Not financial advice.
0 actions disclosed in source-reviewed FDD Item 3.
Zorzee editorial. Independent analysis. No franchisor review or approval. Not financial advice.
The filing tells you what Penn Station East Coast Subs costs to open. Pro adds the read on whether the numbers work for you, in your market, and whether this brand is a business or a job you bought.
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