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Own a Piece of the Atlantic: Steel Pier For Sale
17 Sep
Summary
- Iconic Steel Pier in Atlantic City is listed for $85 million.
- The property offers rights to extend into the Atlantic Ocean.
- It has a rich history dating back to 1897.
Atlantic City's historic Steel Pier, an amusement park situated over the Atlantic Ocean, has been listed for sale at $85 million. This unique property includes the rights to expand its footprint further into the sea, presenting a significant development opportunity. The pier, a piece of New Jersey history since its construction in 1897, has operated as a classic amusement park for over a century.
Originally a entertainment venue, the pier has evolved into a cherished landmark. The current steel-reinforced concrete structure was rebuilt in the late 1980s. It remained intact during Superstorm Sandy in 2012. The Catanoso family purchased the pier for $4.25 million fourteen years ago and has now listed it for twenty times that amount.
Real estate firm Serhant is handling the listing, highlighting the property's immense potential beyond its current use as an amusement park. The pier's riparian grant allows for expansion up to 2,850 feet into the Atlantic Ocean. Developers envision possibilities like luxury hotels, residential towers, or entertainment complexes, leveraging its prime location and development rights.
