Panepinto Tops Out $388M Jersey City Tower
The developer expects completion next spring.
Panepinto Properties has topped out its $388 million, 605-unit project in Jersey City, N.J. Upon reaching its final height of 577 feet, the development gained a new name—505 Summit. Completion is slated for next spring.
Pacific Life Insurance Co. issued a $193 million construction note in August 2023, Yardi Matrix data shows. The New York Immigration Fund contributed to the capital stack through EB-5 financing.
HLW International designed the project, formerly known as Pathside. AJD Construction serves as the general contractor.
The 54-story development will comprise studio and one- to three-bedroom floorplans, in addition to 4,000 square feet of ground floor retail space. Amenities are bound to include an outdoor terrace with a swimming pool, coworking spaces, a gym, as well as a resident lounge, among other features.
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Located at 499 Summit Ave. in an Opportunity Zone, the high-rise project is taking shape within Jersey City’s Journal Square, a 211-acre site centered around a PATH rail station, which is currently undergoing a repositioning effort slated to transform the area into the city’s central business district.
Multiple towers are rising in the neighborhood, including Nasser Freres’ The Greyson, a 622-unit project that was subject to a $245 million construction loan in December 2024, as well as the Artwalk Towers, a 595-unit development by Kushner and Silverstein that secured a $175 million note last year in November.
Northern New Jersey’s pipeline tempers
Northern New Jersey’s pipeline comprised nearly 27,000 units under construction as of June, according to Yardi Matrix data. Jersey City accounted for one-third of the underway apartments.
Developers broke ground on more than 10,100 units across Northern New Jersey throughout 2024, marking an 8.6 percent increase year-over-year, the same source shows. However, new multifamily construction declined to roughly 800 units during the first five months of 2025—a sharp 74.9 percent drop compared to the same interval last year.
