The latest luxury development groundbreaking in Jersey City, New Jersey’s active Journal Square neighborhood is a $338 million residential high-rise, 499 Summit Avenue, developed by Jersey City-based Panepinto Properties.
The 53-story tower is located within walking distance of the Journal Square PATH transit station, providing access to Manhattan, Hoboken and Newark. It is set to include 605 apartments ranging from one to three bedrooms in size, as well as 3,200 square feet of retail space, a landscaped public plaza, a parking garage with vehicle lifts, 304 bicycle parking spaces and an assortment of amenities and services.
Panepinto expects to complete the development in the second quarter of 2026.
Journal Square is home to many new luxury developments either newly opened or in progress, including the Journal Squared residential complex completed this year by The KRE Group, and 3 Journal Square, also developed by Panepinto Properties.
Within the immediate area, development is also underway on the North American satellite location of the Parisian Centre de Pompidou museum, the $100 million renovation of the Loew’s Jersey Theater, a 3-acre public park and a new courthouse. Jersey City mayor Steven Fulop called Journal Square “one of the best renaissance stories in the country” in a press release shared with Multifamily Dive.
“This project, along with the significant developments underway around the PATH Station, represents $2 billion in current real estate development,” said Joe Panepinto Jr., president of Panepinto Global, in the release. “With 8,000 units already completed or slated for the next few years and another 14,000 units planned, this submarket of Jersey City is competitive with any neighborhood in Manhattan.”
Record-high rents in New York City have driven inhabitants and newcomers alike to lower-cost areas within commuting distance of the city. The average rent for a one-bedroom apartment in New York City is currently $5,324, according to Rent.com data, compared to $3,938 for a one-bedroom in Jersey City — an almost 25% cost reduction on comparable units.
