From New York Post · · 1m 10s
Steel Pier List for $85M Atlantic Ocean Ownership
Atlantic City’s Steel Pier sells for $85 million, offering rare oceanfront amusement park ownership with potential for massive expansion.
In brief
Atlantic City’s Steel Pier sells for $85 million, offering rare oceanfront amusement park ownership with potential for massive expansion. The Steel Pier’s sale provides a unique chance to own a piece of the Atlantic Ocean and develop it into a luxury hospitality project. Originally reported by New York Post.
Steel Pier Listing
Atlantic City’s Steel Pier is listed for $85 million, offering ownership of an operating amusement park and a piece of the Atlantic Ocean.
“How often does someone get to own a piece of the ocean? That’s exactly what this offers.”
Historic Landmark
Built in 1897 and opened in 1898, Steel Pier was once called the 'Showplace of the Nation' and has appeared in films and TV shows.
Family Transition
The Catanoso family sold the pier after 15 years of ownership, ending their decades-long run with the attraction.
“The next generation is pursuing other passions.”
Development Potential
The pier’s 150-foot width and 965-foot length can expand to 2,850 feet into the Atlantic Ocean with existing rights.
Future Plans
Serhant envisions a luxury condo-hotel complex on the pier, leveraging its oceanfront location for high-end hospitality.
“Executing on a condo-hotel plan would probably be my first plan.”
Market Context
Atlantic City’s new residential and hospitality projects, including those from Kushner Companies, highlight the area’s growing appeal.
The headline
The Steel Pier’s sale provides a unique chance to own a piece of the Atlantic Ocean and develop it into a luxury hospitality project.
