The basics:

• Panepinto Properties tops out 54-story, 577-foot tower in Journal Square
• New name unveiled: 505 Summit, with 605 apartments and retail space
• Leasing to launch spring 2026; The Marketing Directors tapped as agent
• Amenities include pool terrace, coworking space, sports simulator and skyline views

After breaking ground two years ago, Panepinto Properties celebrated the next milestone at its rising Jersey City project: topping out the 54-story Journal Square residential building at 577 feet.

Principals from the homegrown real estate development company recently celebrated the accomplishment onsite along Summit Avenue joined by executives from AJD Construction, Panepinto’s development partner and general contractor for the project, as well as key business and financial leaders.

The occasion also ushered in a new name and leasing timeline for the transit-oriented building. Now called 505 Summit, the moniker is a nod to the property’s prime location steps from the Journal Square PATH Station, according to the team. Meanwhile, leasing will launch next spring for the site’s 605 apartments, according to Panepinto Properties.

Offering studio-to-three-bedroom layouts, 505 Summit will also feature 4,000 square feet of street-level retail space, a landscaped public plaza, a parking garage and 300-plus bicycle storage spaces.

Panepinto Properties tapped The Marketing Directors as exclusive marketing and leasing agent for 505 Summit. Greystar will manage the property.

The New York Immigration Fund contributed EB-5 financing to the capital stack through its local regional center, Panepinto Properties said this May. The project previously secured $193 million in construction financing from JLL in 2023.

An elevated experience

“505 Summit is a continuation of our longstanding commitment to Jersey City’s growth and the ongoing revitalization of Journal Square,” said Joseph Panepinto Sr., president and CEO of Panepinto Properties. “In addition to delivering a signature building with sought-after amenities and services, the project has played a vital role in supporting the neighborhood’s economic momentum, creating more than 2,000 construction and operations jobs. We’re incredibly grateful to the construction and design teams whose exceptional work has us tracking well ahead of schedule for a spring debut.” 

HLW International serves as project architect.

Panepinto Global President Joe Panepinto Jr. added that 505 Summit will set a new level for residential living in Journal Square. “Offering an elevated rental experience for both new and longtime residents.

“Reaching the top of the building brings that vision one step closer to reality, and we’re thrilled to see it taking shape,” he said.

The design behind 505 Summit maximizes both form and function, according to Panepinto Properties. Rising with a cast-in-place concrete structure wrapped in a glazed aluminum curtain wall façade, the property will feature oversized units along with indoor and outdoor amenities. Perks will include an outdoor terrace with pool, barbecues, resident lounge, coworking spaces, sports simulator, fitness center and more.

Plus, there’s the view. The building will offer panoramic views of the New York City skyline and the Statue of Liberty as well as the surrounding Jersey Cityscape.

Still trending

505 Summit rises along with Journal Square, which has emerged as a cultural and creative hub in the city in recent years.

In its 2024 Jersey City Trends map, locally based Grid Commercial Real Estate Advisors highlighted the sustaining growth in Journal Square, as well as its effects elsewhere in the city. The firm said the Westside and Lafayette along with Journal Square markets have “been unique drivers in the city’s redevelopment creating billions of dollars in tax ratables, and rebuilding these older neighborhoods.”

Outside their own parameters, the Grid report uses a “halo” to track communities’ impact. “This year’s map shows the Journal Square Halo continues to spread a ring of redevelopment and infill projects well into the Heights, Marion and Bergen Square.” In addition to highlighting The KRE Group and National Real Estate Advisors’ Journal Squared project, Grid also noted the impact of another project involving Panepinto Properties: Journal Square Urby.

Despite cooling due to higher interest rates in the most recent years reflected in the 2024 map, “the underlying demand for the rental units does remain healthy,” the report notes.

Beyond a robust transportation network comprising PATH service, private buses and NJ Transit, Journal Square offers in-demand accessibility to Manhattan, other parts of Jersey City, Hoboken and Newark.

The area is also a cultural and commercial draw. Boosted by Mana Contemporary, a restoration of the historic Loew’s Theater is also underway, and the planned Centre Pompidou x Jersey City is set to stand a short walk from 505 Summit.