Steel Pier in Atlantic City Listed for $85 Million

The historic entertainment site hit the market as owners plan for a generational business transition.

Updated on Sept. 27, 2026 in Commercial

Steel Pier in Atlantic City Listed for $85 Million

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The Catanoso family has listed the iconic Atlantic City Steel Pier for $85 million. The decision to sell follows the family's conclusion that the next generation has no interest in operating the historic entertainment venue.

Why it matters

The sale arrives as the city works to diversify its economy through new residential and infrastructure projects. It signals a major shift for the waterfront as the landmark property offers significant expansion potential for future hotel or condominium development.

The 1,000-foot pier features an observation wheel standing 227 feet tall with 40 gondolas. The property includes riparian rights allowing for an expansion up to 1,800 feet total.

The players

Catanoso family

They are the current owners of the Steel Pier who purchased the property in 2011.

The details

Originally built in 1898, the pier was purchased by the Catanoso family in 2011 for $4.25 million. The current owners have secured approvals for further hotel or residential development on the site, which the city is monitoring as it continues under state oversight.

The Steel Pier was originally built in 1898.
The Catanoso family purchased the property in 2011.
The Sheraton hotel is expected to close in December 2026.
The pier will remain open for the 2027 season.

Culture Shift

The sale follows the pattern set by New Jersey's state oversight of Atlantic City, which maintains regulatory control over local commercial developments. This transition reflects a broader pivot as the city moves away from a casino-only focus toward diverse real estate usage.

Residents can expect the pier to remain open for the 2027 season while ownership transition processes occur. Potential future redevelopment of the site may introduce new housing or hotel options to the waterfront landscape.

The takeaway

The sale of this century-old landmark highlights the ongoing evolution of Atlantic City real estate. Prospective buyers are looking at an asset that is positioned to change significantly as the region pursues a more diverse economic future.