PHILADELPHIA - A piece of Philadelphia cheesesteak history is officially on the market, but it comes with a hefty price tag and a complicated family legacy.
Tony & Nick's Steaks, the well-known restaurant at 39 E. Oregon Avenue that was once called the original Tony Luke's, is now for sale for $3.2 million. Owners Tony Lucidonio Sr. and his son Nicholas Lucidonio are reportedly planning to retire and move on after a difficult few years.
The $3.2 million price covers the 2,500-square-foot restaurant and a nearby empty lot. Listing agent Arthur Kousombos of Remax Select says there has already been strong interest, and the property could be turned into a multi-story mixed-use building. For now, the 12 staff members are expected to keep their jobs as the business changes hands.
This sale comes after a widely reported family feud and legal battle that split the cheesesteak business. The first Tony Luke's opened in 1992 and was very successful, but the family started fighting in 2015. In 2022, a court settlement forced the Oregon Avenue location to stop using the "Tony Luke's" name and change to Tony & Nick's.
The family's legal problems went beyond the name change. In 2022, both Tony Sr. and Nicholas admitted to a tax fraud conspiracy after hiding over $8 million in cash from the IRS. They were each sentenced to 20 months in prison in 2024.
The $3.2 million price has surprised some people in the local restaurant world, especially Tony Luke Jr., who has not been close with his father and brother for years. When he heard the asking price, he reportedly laughed. He did not say whether he would ever try to get the original location back under the Tony Luke's name.
Frank Olivieri, who owns Pat's Steaks, had mixed feelings about the sale. He said the location is great for people going to and from the nearby sports complexes, but he questioned whether the high asking price is justified.
"It's absolutely not [worth $3.2 million], because remember: you're not buying Tony Luke's. You're buying Tony & N, and Tony & Nick's has only been operating for a few years," Olivieri told Philadelphia Magazine. He also talked about the tough market, saying that costs have gone way up, with imported Australian ribeye rising from $2.50 a pound to as much as $8 a pound in recent years.
For now, the grills at Tony & Nick's remain hot as the owners look for a buyer willing to take a bite out of a lucrative, albeit controversial, South Philly landmark.
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