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

Modon JV with Related, Panepinto eyes 800 luxury units on Jersey City Hudson site

Last updated: December 22, 2025 | 09:54

Nivetha Dayanand, Assistant Business Editor

2 MIN READ

Modon expands US portfolio with Jersey City waterfront project

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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.

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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.

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“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.

Nivetha DayanandAssistant Business Editor

Nivetha Dayanand is Assistant Business Editor at Gulf News, where she spends her days unpacking money, markets, aviation, and the big shifts shaping life in the Gulf. Before returning to Gulf News, she launched Finance Middle East, complete with a podcast and video series. Her reporting has taken her from breaking spot news to long-form features and high-profile interviews. Nivetha has interviewed Prince Khaled bin Alwaleed Al Saud, Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu, IMF’s Jihad Azour, and a long list of CEOs, regulators, and founders who are reshaping the region’s economy. An Erasmus Mundus journalism alum, Nivetha has shared classrooms and newsrooms with journalists from more than 40 countries, which probably explains her weakness for data, context, and a good follow-up question. When she is away from her keyboard (AFK), you are most likely to find her at the gym with an Eminem playlist, bingeing One Piece, or exploring games on her PS5.