Atlantic City's Historic Steel Pier Listed for $85 Million with Ocean Expansion Rights
Steel Pier, the Atlantic City amusement park, is on the market for $85 million, including rights to extend the structure further into the Atlantic Ocean.
Atlantic City’s iconic Steel Pier, a 5.2-acre amusement complex spanning roughly 1,000 feet of boardwalk, has been put up for sale at $85 million by the brokerage Serhant. The listing includes the existing pier, a 150-by-965-foot structure and a perpetual riparian grant that permits extensions up to 2,850 feet into the Atlantic, effectively offering ocean frontage for future development. The property, which survived Superstorm Sandy and features a Ferris wheel, rides, games, food outlets and a helipad, was bought by the Catanoso brothers in 2011 for $4.25 million; they now seek a buyer as the next generation looks elsewhere.
Agents cite an appraisal of $87 million and compare the price to comparable ocean-front assets in Palm Beach. While one outlet use is an amusement park, zoning permits a condo-hotel entertainment complex, and the brokers have had preliminary discussions with high-net-worth hospitality developers. The sale comes amid a broader wave of new residential projects in Atlantic City by developers such as Kushner Companies and K. Hovnanian Homes.
Why it matters
The deal could transform Atlantic City’s boardwalk and bring large-scale ocean-front development to a historic tourism area.
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