Iconic Atlantic City pier heads to auction

New York /
Jun.June 29, 2011 03:00 PM
alternate
text
The Steel Pier at Atlantic City

An Atlantic City icon is heading to auction this summer, CB Richard Ellis announced today. The brokerage’s auction services arm is bringing the Steel Pier at Trump Taj Mahal to an open-cry auction, Aug. 25, with a minimum bid of $2.5 million. The pier, which opened in 1898, used to be known as the site of Miss America competitions, the High Diving horse, and four theaters that hosted 12,000 patrons being entertained by the likes of Frank Sinatra. Following years of neglect, two fires, and Atlantic City’s overall slump, the Steel Pier shut down. It was reopened in 1993 thanks to repairs funded by developer Donald Trump. The 965-foot-long pier is leased to an amusement park through 2016, which features 24 rides, games and a food court. But permits are in place for development of the pier into a hotel, residential, retail or mixed-use project. For example, according to CBRE, the space could hold a 228-room hotel with a 33,672-square-foot casino and bars and restaurants. Paul Galanis, managing director of CBRE Auction Services, said the auction “represents an opportunity for an investor to own a piece of real estate history, collect income immediately, and transform this amazing engineering feat extending 965 feet into the Atlantic Ocean into a profitable concept befitting of the 21st century.” — Adam Fusfeld


Related Articles

arrow_forward_ios
Make Greenland Great Again? Trump wants to buy Arctic territory
Make Greenland Great Again? Trump wants to buy Arctic territory
Make Greenland Great Again? Trump wants to buy Arctic territory
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Donald Trump with the Trump National Golf Club Westchester (Trump National Westchester, Getty)
Trump Organization facing criminal probe over Westchester golf course
Trump Organization facing criminal probe over Westchester golf course
Retail availabilities decreased, but leasing increased in the third quarter (iStock, Wikimedia, LoopNet)
Manhattan retail market ticks up, indicating slow recovery
Manhattan retail market ticks up, indicating slow recovery
Trump nearing $370M sale of DC hotel to Miami investment firm
Trump nearing $370M sale of DC hotel to Miami investment firm
Trump nearing $370M sale of DC hotel to Miami investment firm
Trump’s DC hotel lost $70M during presidency
Trump’s DC hotel lost $70M during presidency, docs say
Trump’s DC hotel lost $70M during presidency, docs say
Homeless shelter operator backs off deal to take over Trump’s Bronx golf course
Homeless shelter operator backs out of Trump Bronx golf course deal
Homeless shelter operator backs out of Trump Bronx golf course deal
Donald Trump and the Ferry Point course (Getty, Trump Golf Links Ferry Point)
Homeless shelter operator to take over Trump’s Bronx golf course
Homeless shelter operator to take over Trump’s Bronx golf course
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...