Saint Peter’s University on Friday announced it received the single largest philanthropic gift in the school’s 150-year history — $10 million from Joseph Panepinto, president and chief executive officer of Jersey City-based Panepinto Properties and a member of the Saint Peter’s Board of Trustees.
Panepinto, a 1966 graduate of the Jersey City university, has been donating to Saint Peter’s for more than 50 years. The latest gift will go toward development of the West Campus, according to a release.
“We are incredibly grateful to Joe for this extraordinary gift and for his confidence in Saint Peter’s ascent,” said Eugene Cornacchia, president of Saint Peter’s, in a prepared statement. “Throughout his career, Joe has maintained a commitment to his beginnings — in Jersey City and at Saint Peter’s. We take great pride in the unstoppable growth of Saint Peter’s and the city alike. There is no doubt that leaders like Joe have helped to make this mutual success possible.”
A Jersey City native, Panepinto founded Panepinto Properties, an independently owned and operated real estate development company that has been a Jersey City anchor for more than 40 years.
“As a native of Jersey City it has long been my aim to help in the revitalization of this city,” he said in a statement. “Some of the most important parts of our community are its charitable and nonprofit institutions. Education is certainly a very important one. Therefore, by supporting Saint Peter’s we are supporting the future growth of our community.”