Abu Dhabi’s Modon Holding is expanding its diversified global portfolio by forming a joint venture with leading American real estate companies to deliver Harborside 4, a 54-story residential tower in one of the premier waterfront locations in Jersey City, New Jersey.
Modon will hold a majority stake alongside New York-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 including a tented fitness club and concierge services.
Located minutes from Manhattan via PATH cross-Hudson train services and ferry connections, 75 percent of Harborside 4 will be rental residences, generating ongoing income, and the remaining 25 percent will be marketed as real estate.
Construction is scheduled to begin in the first quarter of 2026, with completion in Q1 2029.
Modon is expanding its international property portfolio
Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, commented: “Harbourside 4 is a natural progression in Modon’s global expansion, demonstrating our commitment to high potential investments that create long-term value.
“The partnership with Related and Panepinto brings together institutions with the expertise and desire to help shape vibrant, future-ready communities, and strengthens Modon’s position as a trusted international investment partner. This business strengthens our international portfolio, supports our diversification strategy, and reinforces Modon’s vision of developing high-end urban markets around the world.”
Bill O’Regan, Group CEO of Modon Holding, added: “Harbourside 4 is strongly aligned with our international growth strategy, combining a key development opportunity with a streamlined delivery system and partners with deep expertise and Modon’s objective to enhance its long-term recurring revenue.
“Related’s operational capabilities and local knowledge of Panepinto create a platform for good design and efficient operations. We will work with Related and Panepinto to oversee all critical phases of development, contributing to Harborside being a well-managed, high-performing community over the long term.”
The JV will jointly oversee the development, and related development and construction management, leasing and operations. The company has more than 50 years of integrated development and management expertise, with less than $70 billion in assets and more than $20 billion in construction delivered over the past decade.
Bruce A Beal, Jr, President of Related Companies, added: “We are excited to work with the team at Modon Holding to bring this exciting project to life. With an unparalleled location just minutes from Manhattan in Jersey City’s rapidly growing development, Harborside 4 represents a unique opportunity to develop beautiful waterfront homes for discerning residents and our urban partners who share our urban vision.”
Panepinto Properties, which has delivered more than 17 million square feet to Jersey City since 1977, brings local expertise.
A consortium of banks, led by JP Morgan, will provide construction financing for the development project.
Among Modon’s other international property portfolios are a 50 percent joint venture to deliver the 2 Finsbury Avenue office towers in London, in partnership with British Land and GIC; the acquisition of La Zagaleta in Spain, an exclusive and luxurious golf resort in Europe; and a strategic investment in the Wellington International Horse Showgrounds in Palm Beach County, Florida.
