18 — June 2025 — Northern New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N orthern N ew J ersey
Developer reveals name, sets Spring 2026 leasing launch, and assembles team Panepinto Properties tops out 54-story, 605-unit rental tower in Jersey City
ERSEY CITY, NJ — Panepinto Properties , a fixture in Jersey City real estate for nearly 50 years, an - nounced that its latest residen - tial development in Journal Square has officially topped out at 577 ft. and 54 stories. The topping-out marks the completion of the tower’s verti - cal construction and signals the $388 million development’s transition into its final phase. The milestone was recognized on site by Panepinto princi - pals, executives from AJD Construction , Panepinto’s development partner and the J
project’s general contractor, and key business and financial lead - ers. The New York Immigration Fund contributed EB-5 financ - ing to the capital stack through its local regional center. With the building’s strik - ing silhouette now complete, Panepinto also revealed the name and leasing timeline for the high-rise: 505 Summit, a nod to its prime location just steps from the Journal Square PATH Station. Leasing is slated to launch next spring for the luxury rental tower’s 605 studio to three-bedroom residences. The project will also feature 4,000 s/f of street-level retail, a landscaped public plaza, a parking garage, and 304 bi - cycle storage spaces. To prepare for its debut, Panepinto has appointed The Marketing Directors as marketing and leasing agent for 505 Summit and has se - lected Greystar to manage the property. “505 Summit is a continu - ation of our longstanding commitment to Jersey City’s growth and the ongoing revi - talization of Journal Square,” said Joseph A. Panepinto Sr. , president & CEO of Pan - epinto Properties. “In addi - tion to delivering a signature building with sought-after amenities and services, the project has played a vital role in supporting the neighbor - hood’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.” Joe Panepinto Jr. , presi - dent of Panepinto Global, added, “505 Summit will set a new level of residential living in Journal Square, offering an elevated rental experience for both new and longtime resi - dents. Reaching the top of the building brings that vision one step closer to reality, and we’re thrilled to see it taking shape.” Rising with a cast-in-place concrete structure wrapped in a sleek glazed aluminum cur - tain wall façade, 505 Summit was designed by New York- based HLW International to maximize both form and function. The property will feature oversized residences complemented by an expan - sive suite of indoor and out - door amenities. MAREJ
505 Summit, the latest residential property developed by Panepinto Properties in Jersey City’s Journal Square, has officially topped out at 54 stories.
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