September 11, 2026
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Tony & Nick's Steaks, formerly the Original Tony Luke's cheesesteak shop at 39 E. Oregon Ave. in South Philly, is on the market for $3.2 million. The business opened in 1992 and splintered in 2015 over a family dispute. Tony & Nick's is not connected to the Tony Luke's cheesesteak franchise.
Tony & Nick's Steaks, formerly the Original Tony Luke's outpost that opened on Oregon Avenue in the early 1990s, has been put on the market for $3.2 million.
The cheesesteak spot and a neighboring lot were listed last month as a "turnkey investment opportunity" for a buyer who wants to keep the restaurant running. The listing also positions the properties as a potential site for future commercial or mixed-use development.
"There's been a lot of interest," Austin Kousombos, the listing agent from Remax Select, said of the property at 39 E. Oregon Ave.
Father-and-son owners Tony Lucidonio Sr. and Nicholas Lucidonio changed the shop's name in 2022 amid a yearslong family dispute and a tax fraud scheme that landed them both in federal prison. They each pleaded guilty to charges that they failed to deposit millions of dollars in cash generated by the business between 2006 and 2020. Prosecutors said they gave false information on corporate income tax returns and also committed payroll fraud, concealing more than $8 million from the IRS.
The Tony Luke's franchise — run by Tony Lucidonio Jr. — splintered off from the Oregon Avenue business in 2015 due to conflicts over royalties and rights tied to the franchising venture. That's when the South Philly shop became the Original Tony Luke's, and from there the family legal battles intensified as Tony Luke Sr. and Nicholas were swept into a federal investigation.
The IRS became aware of the fraud during the course of Tony Luke Jr.'s lawsuit proceedings over franchising rights. The suit was tossed by a federal judge in 2017, but mutual claims that were made in a New Jersey state court concluded with a settlement that included the name change. Tony Luke Jr., who was not involved and never charged in the tax fraud scheme, argued the case caused harm to the reputation of the Tony Luke's franchise.
Tony Luke Sr., 86, and Nicholas, 60, each were sentenced to 20 months in prison in January 2024. They later appealed their sentencing enhancements, arguing that the Justice Department did not account for the roles their employees played in the scheme.
Both men have since been released from prison, but the father and son were not available Friday to comment on the planned sale of their business.
Kousombos said the decision is a reflection of Tony Sr.'s age and Nicholas seeking a fresh start.
"He wants to retire and move onto something else," Kousombos said.
When the Lucidonios bought the Oregon Avenue property in the early 1990s, they built the shop's stand themselves and initially opened a restaurant that didn't sell cheesesteaks. The menu featured hoagies, roast pork sandwiches, chicken and veal parmigiana and other Italian staples. Their customers clamored for cheesesteaks, and the business became one of the city's top contenders on the strength of its thinly sliced rib-eye meat and freshly baked Liscio's seeded rolls. The South Philly shop offers a choice of Kraft Cheez Whiz, American cheese or provolone, with or without sweet fried onions.
The separate Tony Luke's franchise, still run by Tony Luke Jr., has about a dozen locations with outposts at Philadelphia International Airport, Lincoln Financial Field and Citizens Bank Park. It also has several shops outside the region.
South Philly's cheesesteak scene — led by staples like Pat's King of Steaks, Geno's Steaks, Jim's Steaks and John's Roast Pork — has seen rising competition in recent years. Angelo's Pizzeria, a crowdpleaser on South Ninth Street, expanded with a new location earlier this year on Wolf Street, a few blocks away from Tony & Nick's Steaks. Joey Merlino, the reputed local mob boss in the '90s, also opened his cheesesteak spot, Skinny Joey's, a couple miles east on South Broad Street last year.
The listing for the 2,500-square-foot restaurant on Oregon Avenue says Tony and Nick's Steaks generates $2.5 million in gross revenue. The real estate is valued at $2 million, and a sale would come with about $30,000 in inventory, equipment and trade fixtures, and a staff of 12 employees. There's room for about 30 people to eat inside the restaurant.
Kousombos did not say whether a potential buyer might keep the Tony & Nick's name. He called the space a prime location with close proximity to the Sports Complex and easy access from Interstate 95. The listing describes the neighborhood as a "highly redeveloping area" with favorable CMX-2 zoning allowing for mixed-use projects with residences on top of ground-floor businesses.
"The main property and vacant lot can be both developed into multiple stories for both business and residential purposes," the listing says.
