A newly completed 53-story tower in Jersey City's Journal Square neighborhood is giving renters their first look inside what developers are billing as a resort in the sky, complete with a rooftop pool, a karaoke lounge, and a multi-sport simulator. The 605-unit building, known as 505 Summit, has rents starting at $3,215 a month, with the developer offering limited-time incentives of up to 2.5 months' free rent.
Panepinto Properties, the developer behind the project, unveiled the amenity package as the tower began leasing, according to NJ.com. Joseph A. Panepinto Sr., president and CEO of Panepinto Properties, said the amenities were designed to feel like an extension of residents' homes, per the same report. The building's structural height reaches 577 feet, or 176 meters, encompassing roughly 600,000 square feet of total space, according to Wikipedia.
A Vertical Village of Amenities
Inside, the tower's amenity spaces were designed by HLW International, a New York-based architecture firm, the NJ.com report notes. Residents will find a lobby lounge, resident lounge, game room, co-working areas, and a children's playroom, alongside a communal pantry and a pet spa. The rooftop level adds a sundeck, barbecue stations, and outdoor dining space with skyline views, plus a technology-equipped gym and a dedicated yoga studio.
The units themselves feature nine-foot ceilings, luxury plank flooring, and in-unit washers and dryers, with kitchens finished in stainless steel appliances, quartz countertops, and soft-close cabinet doors. Bathrooms include porcelain tile finishes and upgraded fixtures, the outlet reports. Prospective tenants can book private tours of furnished model homes and amenities, and the building can be reached at 201-581-0505.
Ground-Floor Design and Transit Access
At street level, 505 Summit incorporates 4,000 square feet of retail space alongside a 3,200-square-foot landscaped public plaza next to the tower, according to New York YIMBY. The site sits at 499–505 Summit Avenue, immediately south of the three-tower Journal Squared complex and just steps from the Journal Square PATH station, giving commuters a direct rail link into Manhattan. Transit-oriented features also include 304 dedicated bicycle parking spaces and an on-site garage equipped with mechanical vehicle lifts, according to HLW International, along with valet parking and electric vehicle charging stations.
A $388 Million Bet on Journal Square
Panepinto Properties developed the tower as a $388 million project, funded through a $193 million construction loan from Pacific Life Insurance Co. issued in August 2023, along with EB-5 financing from the New York Immigration Fund, according to Multi-Housing News. Construction on the project, originally known as Pathside Tower, broke ground in September 2023 and topped out in May 2025, built by general contractor AJD Construction. The site falls within a federally designated Opportunity Zone in Journal Square, a 211-acre district that the city is repositioning as its central business district, the trade outlet notes.
Crowded Skyline, Crowded Market
505 Summit is entering a rental market already thick with competition. Nearby developments include Kushner and Silverstein's 595-unit Artwalk Towers and Nasser Freres' 622-unit tower known as The Greyson, both vying for the same pool of renters drawn to Journal Square's PATH access and comparatively lower price points than Jersey City's waterfront or Manhattan. Just down Summit Avenue, the city approved twin towers with no parking for Namdar Group's Homestead Market development, which will eventually add 1,517 units across two 47-story buildings.
The pace of construction reflects a broader regional surge. As of June 2025, Northern New Jersey had nearly 27,000 multifamily units under construction, with Jersey City accounting for roughly a third of that active pipeline, according to Yardi Matrix data cited by Multi-Housing News. That volume of simultaneous high-rise construction has fueled local questions about transit capacity, pedestrian infrastructure, and whether the market can absorb so many units at rents starting above $3,200 a month.
