When people speak of Jersey City real estate, they are likely to mention Panepinto Properties, the developer has been a fixture in the city’s assets for nearly 50 years and is still going strong.
Panepinto on Wednesday 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.
Executives from Panepinto and AJD Construction, Panepinto’s development partner and the project’s general contractor, were on hand to celebrate the milestone along with key business and financial leaders.
The New York Immigration Fund contributed EB-5 financing to the capital stack through its local regional center.
Leasing is slated to launch next spring for the rental tower’s 605 studio to three-bedroom residences. The project will also feature 4,000 square feet of street-level retail, a landscaped public plaza, a parking garage, and 304 bicycle storage spaces.
The Marketing Directors have been appointed 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,” Joseph A. Panepinto Sr., president & CEO of Panepinto Properties said. “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.”
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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.”
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 an 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.
