Namdar Group Reveals 1,542-Unit Journal Square Towers

• 547-555 Summit Avenue, Jersey City, NJ: Namdar Group plans two conjoined 47-story towers rising 513 feet in Journal Square. The development will span a full block between Van Reipen Avenue and Pavonia Avenue.
• 1,542 apartments: The project includes 153 affordable units, 5,136 square feet of ground-floor retail, 41 hotel rooms and 874 bicycle parking spaces. The towers will be built in two phases.
• $310 million construction loan: TYKO provided financing for the 873-unit first phase at 555 Summit Avenue, with Newmark arranging the loan. The first phase includes 87 affordable units, 26 hotel rooms and roughly 2,300 square feet of retail.

What Namdar Group Is Building

New renderings reveal the latest design for 547-555 Summit Avenue, a major residential development planned near the Journal Square PATH station. C3D Architecture designed the project, which will feature two connected 47-story towers with a glass curtain wall, metal façade and landscaped sidewalks. The project will also create Homestead Market, a through-block pedestrian plaza connecting to the Homestead Place pedestrian path. The privately operated public space will provide 24/7 public pedestrian access under the project's approval conditions.

 

 

 

 

What The 1,542 Units Include

The residential mix consists of 1,142 studios, 214 one-bedrooms, 96 two-bedrooms and 32 three-bedrooms. Of the 153 affordable apartments, 87 are planned for the first phase at 555 Summit and 66 for the second phase at 547 Summit. Phase one will deliver 873 units, while phase two will add another 669 apartments. Amenities include coworking areas, a party room, lounge, fitness center and indoor-outdoor rooftop space.

 

 

 

 

 

 

What The $310 Million Loan Means

Namdar has already secured $310 million in construction financing for 555 Summit Avenue. Newmark arranged the loan with TYKO, giving the developer capital to move forward with the first tower. The financing comes as Journal Square continues attracting large-scale multifamily investment. The project's location steps from the PATH station gives residents direct transit access toward Lower Manhattan, Newark, Hoboken and Midtown Manhattan.

 

 

 

 

What Homestead Market Adds

Beyond the residential component, the development will introduce 5,136 square feet of retail across five storefronts and 41 hotel rooms. The new pedestrian route is designed to improve connectivity through a block currently occupied by several low-rise structures. For landlords and multifamily investors, the project adds another large wave of housing to one of Jersey City's most transit-oriented districts. With construction financing secured for phase one, Namdar is positioning 555 Summit as another major addition to the Journal Square pipeline.