It's
Sherry's
for
Smart
Fashion
This ghost sign is nearly gone forever. The details on the lower portion of the sign are already gone. This sign is on the northeast facing wall of 23 North Pearl Street (home to the Cider Belly in 2019), overlooking Maiden Lane.
Back in the 1920s, Sherry's was a women's apparel store located at 23 North Pearl Street, the same building that wears the ghost sign. The apartments on the upper floors are still known as Sherry's Apartments. As recently as Christmas 1956, Sherry's was still purchasing newspaper advertisements.
The building at 23-25 North Pearl Street dates back to the 1850s. An elevator was added in 1924, probably the year that Sherry's opened for business.
https://sca-roadside.org/23-north-pearl-street/