Panepinto Properties, a fixture in Jersey City real estate for nearly 50 years, announced that its latest residential development in Journal Square has officially topped out at 577 feet and 54 stories. With the building’s striking 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.
The topping-out marks the completion of the tower’s vertical construction and signals the $388 million development’s transition into its final phase. The milestone was recognized on site by Panepinto principals, executives from AJD Construction, Panepinto’s development partner and the project’s general contractor, and key business and financial leaders. The New York Immigration Fund contributed EB-5 financing to the capital stack through its local regional center.
To prepare for its debut, Panepinto has appointed The Marketing Directors as exclusive marketing and leasing agent for 505 Summit and has selected Greystar to manage the property.
“505 Summit is a continuation of our longstanding commitment to Jersey City’s growth and the ongoing revitalization of Journal Square,” said Joseph A. Panepinto Sr., President & 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.”
Joe Panepinto Jr., President 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 residents. 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 curtain 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 expansive suite of indoor and outdoor amenities. These will include a sprawling outdoor terrace with a pool, BBQs, resident lounge, co-working spaces, sports simulator, state-of-the-art fitness center, and more. Residents will also enjoy sensational panoramic views of the Manhattan skyline, Statue of Liberty, and surrounding cityscape.
The landmark development adds to the wave of investment fueling Journal Square’s remarkable resurgence as a business, arts, and shopping destination, echoing the neighborhood’s past prominence as the cultural and commercial heart of Jersey City. Its appeal lies in a richly diverse community, historic landmarks, and an eclectic mix of culture, entertainment, and retail offerings. That energy is supported by a robust transit network, with PATH service connecting the area to Lower and Midtown Manhattan, Jersey City, Hoboken, and Newark. NJ TRANSIT and private buses provide further access to employment centers and recreational destinations throughout the region.
Beyond its transit advantages, Journal Square plays a central role in Jersey City’s cultural and creative identity. At its heart is Mana Contemporary, a multidisciplinary arts center offering exhibitions, studios, performance venues, and educational programming for artists and the broader community. The city is also restoring the landmark Loew’s Theater at 54 Journal Square Plaza, transforming the historic venue into a modern performance space while preserving its architectural legacy. Adding to this cultural momentum is the planned Centre Pompidou x Jersey City, an outpost of the iconic French institution that will bring world-class modern and contemporary art to a site just a short walk from 505 Summit.
