Ashtyn Asay One of Atlantic City’s most recognizable landmarks is officially for sale, giving buyers a chance to own both an iconic piece of Jersey Shore history… and the ocean? Steel Pier, located directly across from the Hard Rock Hotel & Casino on the Atlantic City Boardwalk, is listed for $85 million, according to a report from the New York Post. The roughly 5.2-acre property currently operates as an amusement park, complete with rides, games, food vendors, a Ferris wheel, and even a helipad. But the property is being marketed as more than an amusement park, with existing development approvals and a state grant that could allow a future owner to extend the pier much farther into the Atlantic Ocean. Here’s what we know.
So, What Exactly Is For Sale?
According to the New York Post, the $85 million listing covers the Steel Pier property and its existing amusement operations, but its potential goes far beyond its current attractions. The property comes with a perpetual riparian grant from the state of New Jersey, which allows the pier to potentially extend as far as 2,850 feet into the Atlantic Ocean. The current pier is 965 feet long, meaning a future owner could potentially add significantly more space over the water, subject to the necessary approvals.
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There are also existing development rights attached to the property. Steel Pier was approved and permitted in 2008 for a condo-hotel entertainment complex, although that project was never completed. The pier’s current footprint could also potentially be expanded by about 25%, according to the listing information.
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The sale marks a change for the family that has owned Steel Pier for the past 15 years. Brothers Anthony, Charles, and William Catanoso purchased the pier through Steel Pier Associates in 2011 for $4.25 million. The group invested in improvements to the property, including renovations to the front building and sky bridge, an office complex, a commercial kitchen, and upgrades to electrical, plumbing, fencing, and lighting systems.
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According to the New York Post, the decision to sell is partly connected to succession within the family, with the next generation pursuing other interests. The $85 million asking price is about 20 times what the ownership group paid in 2011, although the owners have made substantial investments in the property since then. The pier was reportedly appraised at $87 million last year, according to the listing team.
What Could Happen to Steel Pier?
For now, Steel Pier remains an operating amusement park, but the listing opens the door to numerous possibilities. Ryan Serhant, whose brokerage Serhant is handling the listing alongside Michele Zyska and Kevin Bergin, told the New York Post that a condo-hotel development could be one potential direction, while other possibilities include music and entertainment uses. The property has already attracted interest from prospective buyers, according to the listing team. Its combination of an existing amusement park, oceanfront location, development approvals, and potential to expand farther into the Atlantic makes it an unusual real estate offering. For now, visitors can still experience Steel Pier much as they have since its opening in 1898.
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