Abu Dhabi’s Modon takes majority stake in 54-storey New Jersey waterfront tower

Dubai: Modon Holding announced a joint venture Monday to develop Harborside 4, a 54-story luxury residential tower on prime waterfront land in downtown Jersey City. The Abu Dhabi-listed group takes a majority equity stake alongside US developers Related Companies and Panepinto Properties.

The project targets delivery of 800 rental apartments and condominiums by the first quarter of 2029. Construction starts next quarter.

Harborside 4 sits on one of Jersey City's last available Hudson River waterfront parcels, offering direct Manhattan skyline views. Designed by Handel Architects, the tower includes a signature fitness club, concierge services and hospitality-grade amenities.

Residents gain quick access to Manhattan through PATH trains and ferries. A Whole Foods anchors retail nearby, with dining and community spots steps away. About 75 percent of units stay as rentals for steady income, the rest sold as condos.

Related Companies handles development, construction, leasing and operations. The firm manages $70 billion in assets and completed over $20 billion in projects last decade.

Panepinto Properties adds local heft, with 17 million square feet built in Jersey City since 1977. J.P. Morgan leads a bank group on construction financing.

“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,” said Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding. “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.”

Listed on the Abu Dhabi Securities Exchange, Modon spans real estate, hospitality, investments and events. Overseas assets include a 50% stake in London's 2 Finsbury Avenue towers with British Land and GIC, Spain's La Zagaleta golf estate and Florida's Wellington International equestrian grounds. The group also runs hotels across five countries, plus ADNEC in Abu Dhabi and ExCeL London. Harborside 4 extends that reach into US urban residential markets.