Historic Atlantic City Steel Pier Listed for Sale at $85 Million

According to Times of India World, atlantic City's historic Steel Pier has been placed on the market with an asking price of $85 million. The nearly 1,000-foot-long property, which covers approximately 5.2 acres over the Atlantic Ocean, is currently listed by Ryan Serhant, Michele Zyska, and Kevin Bergin of the brokerage firm Serhant.

The sale marks the end of the Catanoso family’s fourteen-year association with the landmark. Brothers Anthony, Charles, and William Catanoso acquired the site in 2011 for $4.25 million. Michele Zyska of Serhant noted in a report by the New York Post that the family is selling the property as the next generation pursues other interests, seeking an owner who can realize the site's full potential.

Originally constructed in 1897 and opened as a theatre, the landmark was once known as the 'Showplace of the Nation' and hosted entertainers such as Frank Sinatra. Throughout the 20th century, the pier survived events including two world wars, a 1969 fire, and various economic challenges. The modern structure, rebuilt in the late 1980s with steel-reinforced concrete, is anchored 90 feet into the bedrock and notably remained intact during Superstorm Sandy in 2012.

Beyond its current operation as an amusement park featuring a Ferris wheel, rides, and games, the listing highlights significant expansion capabilities. The property includes a perpetual riparian grant allowing for potential extension up to 2,850 feet into the Atlantic Ocean. Listing agents suggest that the pier footprint could be expanded by 25%.

Ryan Serhant indicated that the asset offers unique opportunities for redevelopment, potentially including luxury hotel-residences, music venues, or residential towers. The site is situated across the boardwalk from the Hard Rock Hotel & Casino, with which it shares an easement via a 40,000-square-foot front building and sky bridge. While the property was valued at $87 million last year following improvements, Serhant described the current $85 million asking price as a unique opportunity given the potential for ocean-based development.