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

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Nivetha Dayanand, Assistant Business Editor
Modon expands US portfolio with Jersey City waterfront project
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.

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.

Nivetha Dayanand
Nivetha DayanandAssistant Business Editor
Nivetha Dayanand is Assistant Business Editor at Gulf News, covering aviation, financial markets and commodities. A business and financial journalist with a strong interest in multimedia storytelling, she regularly takes complex financial and economic subjects beyond the written word, producing explainer videos that make them easier for a wider audience to understand. Nivetha has interviewed senior policymakers, business leaders and global financial figures both on and off camera. Her past guests include UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri, Khaled bin Alwaleed Al Saud, a member of the House of Saud and the founder and CEO of KBW Ventures, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund and Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu. She has also hosted and moderated panels, conferences and awards shows, bringing her newsroom experience to live conversations on business, finance and the economy. An Erasmus Mundus journalism alum, Nivetha is drawn to stories that affect people directly and to reporting that gives a platform to voices that might otherwise go unheard. She was among the first journalists to speak to Petrofac employees in the UAE about unpaid salaries, broke the news of the planned demolition of Dubai’s well-known “Toyota Building”, and helped set the record straight on widely circulated claims that a giant replica of the Moon was coming to Dubai. More recently, her exclusive interview with EDGE Group CEO Hamad Al Marar revealed how the UAE-based defence group deployed its systems along the country’s shore border and established a geofence around the UAE within 48 hours of the February 28 escalation. Prior to joining Gulf News, Nivetha worked at ITP Media, where she helped launch Finance Middle East, a new publication covering the region’s financial sector. Her role spanned reporting and editing, video production, interviews and events. Across print, digital, and video, she focuses on finding the people behind business stories and explaining why those stories matter to the audience reading or watching them.

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