505 Summit in Jersey City — Courtesy: Panepinto Properties
By Joshua Burd
Panepinto Properties has launched leasing at a new 605-unit luxury rental tower in Journal Square, the developer’s latest in a long line of high-profile projects in Jersey City.
Known as 505 Summit, the 53-story building is directly east of the Journal Square PATH station with floorplans ranging from studios to three-bedroom homes. It’s also in the heart of a district that has been revitalized over the past decade thanks to new investment and the addition of thousands of upscale apartments, providing residents with a host of retail, dining and cultural options just outside the door.
Rents at the HLW-designed tower start from the $2,700s, including incentives, Panepinto said. The firm is working alongside The Marketing Directors to lease the property, while it expects to welcome residents as soon as late spring.
“505 Summit brings together the qualities that continue to draw residents to Journal Square, new high-rise living, curated amenities and immediate access to PATH service alongside the neighborhood’s growing mix of shops, dining, services and cultural destinations,” said Joseph A. Panepinto Sr., CEO and president of Panepinto Properties. “As the building has neared completion, interest has been strong among renters seeking a vibrant and convenient lifestyle in one of Jersey City’s most connected neighborhoods.”
Panepinto, one of the city’s longest-tenured and most highly respected developers, broke ground on the projectv in late summer 2023. The site is not far from where the Jersey City native started his real estate business in 1977, part of a portfolio that includes several other significant projects in the historic commercial district and other neighborhoods.
With leasing now underway, the finished product has sweeping views of the Manhattan skyline and the Statue of Liberty and amenities such as a game room, multiple lounges, coworking areas, a children’s playroom and a high-end fitness center, according to a news release. Outdoors, renters have access to a rooftop deck with a pool and sundeck, grilling and dining areas and a dedicated dog run.
The building also has elements meant to benefit both residents and the broader community, including 3,200 square feet of retail space and a new landscaped public plaza. And with the Journal Square Transportation Center only steps away, commuters have direct access to Lower and Midtown Manhattan, Jersey City, Hoboken and Newark via the PATH train as well as NJ Transit and private bus service.
“505 Summit enters the market with stylish homes complemented by a carefully considered amenity collection,” said Jacqueline Urgo, president of The Marketing Directors. “The building delivers a complete residential experience for renters seeking a sophisticated Journal Square lifestyle.”
Panepinto has tapped Greystar as its property manager, while noting that Panepinto Interiors and Regina Mariano Design have merchandised the building’s five furnished model units.
Building a legacy: Panepinto, a pillar in Jersey City’s redevelopment, has much more to come
