Jersey Shore Landmark Targets Mixed-Use Future With $85M Pier Sale
Steel Pier in Atlantic City is listed for $85 million by Serhant, with the 128-year-old, five-acre amusement park property positioned as a redevelopment play. The 965-foot pier, connected to the Hard Rock Hotel & Casino Atlantic City by a sky bridge, includes a 40,000-square-foot building and a 485,000-pound ferris wheel installed in 2017. Anthony, Charles and William Catanoso and partner Ed Olwell bought the pier through Steel Pier Associates from Donald Trump in 2011 and have since completed electrical upgrades, kitchen construction and refurbishment of the main building and sky bridge. A 2008 permit allows for a condo hotel entertainment complex with hotel, entertainment and commercial components.
A riparian grant from the state of New Jersey permits extension of the pier up to 2,850 feet into the Atlantic Ocean, compared to its current 965-foot length. During its peak, the structure stretched roughly 2,300 feet. The property includes a helipad at the end of the pier and direct boardwalk access. Built in 1897 and opened in 1898, the pier was once known as the “Showplace of the Nation” and has appeared in films including “The Long Kiss Goodnight” and “The Bounty Hunter.”
Steel Pier joins a growing list of Atlantic City properties moving toward redevelopment or sale. The former Atlantic Club Casino Hotel and Trump Plaza Hotel & Casino sites, both largely vacant boardwalk parcels, are also on the market. Separately, owners of the shuttered Club Wyndham Skyline Tower are seeking approval to sell to Philadelphia developer Ira Lubert and partners for $18.2 million, though plans for that site remain undisclosed. Michele Zyska, Kevin Bergin and Ryan Serhant of Serhant hold the Steel Pier listing.
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