Atlantic City’s iconic Steel Pier is up for sale, offering a rare chance to buy an operating amusement park built over the Atlantic Ocean, along with the rights to extend the property much farther into the sea. The asking price is $85 million, according to a report by the New York Post.The nearly 1,000-foot-long pier sits directly across the boardwalk from the Hard Rock Hotel & Casino and covers roughly 5.2 acres. Ryan Serhant, Michele Zyska and Kevin Bergin of Serhant have listed the property.A piece of New Jersey history, the pier has survived a Depression, two world wars, organised crime, urban decay and a 1969 fire that burned away nearly a third of its original footprint. It remains a classic Jersey Shore amusement park, with a towering Ferris wheel, rides, games and food, along with a built-in helipad. Now it awaits a new buyer.
A long history
Steel Pier has been part of Atlantic City’s identity for more than a century. It was constructed in 1897 and started operation a year later as a theatre. Once known as the ‘Showplace of the Nation’, it stretched nearly 2,300 feet at its height. It hosted performances from Frank Sinatra to the radio stars of the 1940s. A young Tony Grant launched his ‘Stars of Tomorrow’ talent showcase there, later creating the groundwork for what would become American Bandstand. The pier also appeared in films such as ‘The Long Kiss Goodnight’ and ‘The Bounty Hunter’ and the TV show ‘Cake Boss’. For a brief period in the 1930s, Steel Pier was also the official venue of the Miss America contest.The current structure was rebuilt using steel-reinforced concrete in the late 1980s. It is anchored roughly 90 feet into bedrock and, according to the listing materials, remained intact during Superstorm Sandy in 2012.Now, the pier remains an amusement park, attracting thousands of visitors with its rides, games and the Ferris wheel overlooking the Atlantic.
The Catanoso family bought it for $4.25 million
The Steel Pier was run by longtime South Jersey amusement operators for nearly two decades before the Catanoso family, including brothers Anthony, Charles and William Catanoso, purchased it. When the Catanoso brothers took over Atlantic City’s Steel Pier fourteen years ago, they inherited more than carnival rides and a 965-foot boardwalk landmark. They inherited history. In 2011, they bought the property for $4.25 million. Now, the asking price is $85 million, twenty times what they paid for!The jump from $4.25 million to $85 million isn’t simply because of inflation or market cycles. It reflects how the property is valued now. What the Catanoso family operated as a working amusement park, a summer attraction with the Ferris wheel, games, food and the helipad on the roof, it repositioned as something far more valuable. Steel Pier is currently about 150 feet wide and 965 feet long. A perpetual riparian grant allows the property to extend as far as 2,850 feet into the Atlantic Ocean. The existing pier footprint could also potentially be expanded by 25%, according to listing materials. According to Serhant, this is the opportunity to own a piece of ocean. “How often does someone get to own a piece of the ocean? That’s exactly what this offers,” Serhant said in a statement.“The Steel Pier isn’t just 5 acres on the most famous boardwalk in the world, it actually offers the chance to own the Atlantic itself and build something unforgettable on top of it,” he added.In 2008, Steel Pier was approved and permitted for a condo-hotel entertainment complex. So the possibilities are huge. According to Serhant, it is a “developable American history that extends straight into the Atlantic Ocean.”This sale will also bring an end to the Catanoso family’s association with the historic landmark. “The next generation is pursuing other passions. So rather than keep it in the family, they’d rather see it go to an owner who can really realise its full potential,” Zyska told The Post.The property was valued at $87 million last year, after substantial improvements. But according to Serhant, the current asking price is indeed a steal. “If this were in Palm Beach, it would be $400 million, and someone would have bought it already. The fact that it’s even available and there’s an opportunity to purchase it, I just think is super, super special,” Serhant said.
What’s next for Steel Pier?
The new owner would not necessarily have to keep it as an amusement park. It can be anything. A luxury hotel-residence with retail and entertainment, a music venue or experiential complex, or a residential tower with a commercial base is also possible with 2,850 feet of ocean development rights that no competitor on the boardwalk can match. The 40,000 sq. ft. front building and sky bridge carry an easement into the neighbouring Hard Rock’s convention floor, but the existing pier footprint could potentially be expanded by 25%.Serhant has already conducted what he calls ‘soft conversations with a handful’ of potential buyers. “Executing on a condo-hotel plan would probably be my first plan. You have the rare ability to build out over the ocean itself,” he told the outlet.“If you’re a high-end, high-net-worth hospitality builder, I think Atlantic City is incredible value,” Serhant added.Zyska sees the possibility of music and entertainment uses given the prime location. “If it lands in the right hands, it can really transform the boardwalk, and even that stretch of the Atlantic. It’s really a premier opportunity,” she said.
