Modon Holding Forms JV To Develop Residential Tower In New Jersey

Abu Dhabi, United Arab Emirates: Modon Holding PSC has announced the formation of a new joint venture to deliver Harborside 4, a landmark 54-storey residential tower on one of the last prime waterfront sites in downtown Jersey City, New Jersey.

Construction of the project is scheduled to commence in Q1 2026, with completion targeted for Q1 2029.

Under the joint venture structure, Modon Holding will retain a majority equity stake, partnering with leading US developer Related Companies and long-established Jersey City firm Panepinto Properties. The transaction marks a further milestone in Modon’s strategy to scale its diversified global portfolio and expand its footprint across high-growth international markets.

Prime waterfront development with Manhattan views

Designed by Handel Architects, Harborside 4 will deliver approximately 800 luxury rental apartments and condominiums to downtown Jersey City. The tower will offer unobstructed views of the Manhattan skyline and feature a curated suite of premium lifestyle and hospitality amenities, including a marquee fitness club and concierge services.

The site benefits from a highly connected urban setting, located just minutes from Manhattan via PATH cross-Hudson rail services and ferry connections. Residents will also enjoy immediate access to retail, dining and community amenities, including a Whole Foods market directly across the street.

Rental-led strategy to drive recurring income

Approximately 75 percent of the residential units will be retained as rental apartments, supporting the generation of stable, long-term recurring income, while the remaining 25 percent will be marketed as condominiums for sale. This blended strategy aligns with Modon Holding’s broader objective of building resilient income-generating assets within its international portfolio.

Experienced partners and secured financing

The joint venture partners will jointly oversee the development, with Related Companies leading development and construction management, leasing and operations. Related brings more than 50 years of integrated development and management expertise, with USD 70 billion in assets under management and over USD 20 billion in construction delivered over the past decade.

Panepinto Properties, which has delivered more than 17 million square feet of development in Jersey City since 1977, contributes deep local market knowledge and a long-standing commitment to the city’s waterfront regeneration.

Construction financing for the scheme will be provided by a consortium of banks led by J.P. Morgan, underscoring institutional confidence in the project and its sponsors.

Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said Harborside 4 represents a natural progression in the Group’s global expansion strategy, reflecting its focus on high-potential assets capable of delivering 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,” he said.

Bill O’Regan, Group CEO of Modon Holding, added: “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. This investment reinforces our vision to build and enhance the resilience of our diversified global portfolio.”

Bruce A. Beal, Jr, President of Related Companies, said: “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.”

Joseph Panepinto, Sr., Founder and CEO of Panepinto Properties, stated: “Acquiring Harborside 4 strengthens our role in the ongoing redevelopment of Jersey City’s waterfront and beyond. An area that once served industrial uses has been steadily emerging as a premier, contemporary, residential, and commercial destination, creating jobs and income for all residents of the city.”

The Harborside 4 development further underscores Modon Holding’s ambition to expand its global platform through partnerships that combine international scale, local expertise and long-term value creation.