Atlantic City's iconic Steel Pier, a landmark amusement park stretching over the Atlantic Ocean, has been listed for $85 million. The rare opportunity allows a buyer to acquire an operational amusement park with development rights that extend significantly over the water.
The pier, located across the boardwalk from the Hard Rock Hotel & Casino, spans approximately 5.2 acres. It features classic amusement park attractions including a Ferris wheel, rides, games, and food vendors, along with a helipad.
The property itself is nearly 1,000 feet long and 150 feet wide. A perpetual riparian grant permits the pier to be extended up to 2,850 feet into the Atlantic Ocean, presenting substantial development potential.
"How often does someone get to own a piece of the ocean? That’s exactly what this offers," said Ryan Serhant, one of the listing agents from Serhant, 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."
Constructed in 1897 and opened in 1898, Steel Pier was once known as the "Showplace of the Nation." It has been featured in films and television shows and was rebuilt with steel-reinforced concrete in the late 1980s. The structure withstood Superstorm Sandy.
A Family's Era Concludes
The current ownership group, which includes brothers Anthony, Charles, and William Catanoso, purchased the pier in 2011 for $4.25 million. They have operated the attraction for nearly two decades. The sale marks the end of their 15-year ownership tenure.
"The next generation is pursuing other passions," stated Michele Zyska, another agent on the listing. "So rather than keep it in the family, they’d rather see it go to an owner who can really realize its full potential."
The $85 million asking price is a significant increase from the 2011 purchase price, reflecting substantial capital improvements and market value. The property was appraised at $87 million last year.
Future Development Possibilities
While the pier has a long history as an amusement park, the listing emphasizes its potential for future development. The existing structure includes a 40,000-square-foot front building and a sky bridge connecting to the Hard Rock's convention center.
In 2008, the property received approval for a condo-hotel entertainment complex. Agents suggest this could be a primary development avenue, leveraging the unique oceanfront location. Other potential uses include music and entertainment venues.
"If you’re a high-end, high-net-worth hospitality builder, I think Atlantic City is incredible value," Serhant commented. "If it lands in the right hands, it can really transform the boardwalk, and even that stretch of the Atlantic."
The listing coincides with a broader wave of development in Atlantic City, with new residential and hospitality projects underway in the city.