ABU DHABI (ALETIHAD)
Modon Holding has formed a joint venture with US developer Related Companies and long-established Jersey City firm Panepinto Properties to deliver Harborside 4, a 54-storey luxury residential tower on a prime waterfront site in downtown Jersey City, New Jersey.
In a statement, Modon said it will hold a majority equity stake in the development, which is expected to deliver around 800 luxury rental apartments and condominiums, with construction scheduled to begin in Q1 2026 and completion targeted for Q1 2029. Financial details of the project, including its total cost, were not disclosed in the statement posted on the Abu Dhabi Securities Exchange website.
Harborside 4 will be developed on one of the last remaining prime waterfront plots in downtown Jersey City and has been designed by Handel Architects. The building will offer views of the Manhattan skyline and include lifestyle and hospitality amenities such as a fitness club and concierge services.
The site is located minutes from Manhattan via PATH rail services and ferry connections, with retail and dining amenities nearby.
According to the statement, around 75% of the residential units will be retained as rental apartments to generate stable recurring income, while the remaining 25% will be marketed as condominiums for sale.
Development oversight will be shared among the partners, with Related leading development and construction management, leasing and operations. A banking consortium led by J.P. Morgan will provide construction financing for the project.
Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said the project reflects the group’s international growth ambitions. “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,” he said, adding that the partnership brings together organisations with the expertise to develop future-ready urban communities.
Bill O’Regan, Group CEO of Modon Holding, said the investment aligns with the company’s international strategy and focus on recurring income. “Related’s operational strength and Panepinto’s local knowledge create a platform engineered for design excellence and disciplined execution,” he said, adding that the project supports Modon’s objective of building a resilient, diversified global portfolio.
Bruce A. Beal Jr, President of Related Companies, said the partners were pleased to bring the project to life, describing Harborside 4 as an opportunity to develop waterfront homes for discerning residents.
Joseph Panepinto Sr, Founder and CEO of Panepinto Properties, said the project strengthens the firm’s role in the ongoing redevelopment of Jersey City’s waterfront, noting that the area, which once served industrial uses, has been transforming into a contemporary residential and commercial destination.