Modon Holding forms JV to deliver 54-storey Harborside 4 in Jersey City

Abu Dhabi’s Modon Holding is scaling its diversified global portfolio with the formation of a joint venture with leading American real estate companies to deliver Harborside 4, a 54-story residential tower on one of the last prime waterfront sites in downtown Jersey City, New Jersey.

Modon will hold a majority equity stake alongside New York City-based Related Companies and Jersey City firm Panepinto Properties.

Designed by Handel Architects, Harborside 4 will feature 800 luxury rental apartments and condominiums. The building offers unobstructed views of the Manhattan skyline and amenities that include a marquee fitness club and concierge services.

Located just minutes from Manhattan via PATH cross-Hudson rail services and ferry connections, 75 per cent of Harborside 4 will be residential apartments for rentals, generating stable recurring income, and the remaining 25 per cent will be marketed as condos for sale.

Construction is set to begin in the first quarter of 2026, with completion targeted in Q1 2029.

Modon grows international property portfolio

Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, commented: “Harborside 4 is a natural progression in Modon’s global expansion, reflecting our commitment to investing in high-potential assets that create long-term value.

“Partnering with Related and Panepinto brings together institutions with the expertise and ambition to help shape vibrant, future-ready communities, and reinforces Modon’s position as a trusted international investment partner. This venture strengthens our international portfolio, supports our diversification strategy, and underscores Modon’s vision to develop high-quality urban destinations in key global markets.”

Bill O’Regan, Group CEO of Modon Holding, added: “Harborside 4 aligns strongly with our international growth strategy, combining a prime development opportunity with a structured delivery plan and partners with deep capability and Modon’s goal to enhance its long-term recurring income.

“Related’s operational strength and Panepinto’s local knowledge create a platform engineered for design excellence and disciplined execution. We will work hand-in-hand with Related and Panepinto to oversee all critical phases of the development, contributing to Harborside becoming a well-run, high-performing community over the long term.”

The JV will jointly oversee the development, with Related leading development and construction management, leasing and operations. The company has more than 50 years of integrated development and management expertise, with US$70 billion in assets under management and over US$20 billion in construction delivered over the past decade.

Bruce A Beal, Jr, President of Related Companies, added: “We are pleased to be partnering with the team at Modon Holding to bring this exciting project to life. With an unmatched location just minutes from Manhattan in fast-growing Jersey City, Harborside 4 represents an exceptional opportunity to develop beautiful waterfront homes for discerning residents alongside partners and investors who share our vision of creating dynamic urban living environments.”

Panepinto Properties, which has delivered more than 17 million square feet of development in Jersey City since 1977, brings the local knowledge.

A consortium of banks, led by JP Morgan, will provide construction financing for the development scheme.

Among Modon’s other international property portfolio are a 50 per cent joint venture to deliver the 2 Finsbury Avenue office towers in London, in partnership with British Land and GIC; acquisition of La Zagaleta in Spain, an exclusive and luxurious residential golf estates in Europe; and a strategic investment in the Wellington International equestrian showgrounds in Palm Beach County, Florida.