Modon Holding is taking a significant step in its global expansion strategy by establishing a joint venture aimed at delivering Harborside 4, a striking 54-storey residential tower in Jersey City, New Jersey. This project will enhance Modon’s diversified property portfolio while responding to the increasing demand for luxury living in this prime waterfront location.
Modon Holding has teamed up with prominent American real estate firms to bring the Harborside 4 project to life. In this joint venture, Modon will maintain a majority equity stake, partnering with New York City-based Related Companies and Jersey City’s Panepinto Properties.
Architectural firm Handel Architects has conceptualized Harborside 4, which will comprise 800 upscale rental apartments and condominiums. The building promises residents panoramic views of the iconic Manhattan skyline, along with a range of amenities, including a state-of-the-art fitness center and concierge services.
Strategically located minutes from Manhattan via PATH rail services and ferry connections, Harborside 4 will allocate 75 percent of its units for rental purposes, ensuring a steady stream of recurring income. The remaining 25 percent will be available for sale as condominiums, catering to the growing market of potential homeowners.
Construction on Harborside 4 is slated to commence in the first quarter of 2026, with the completion date projected for the first quarter of 2029.
Modon Expands Its International Property Portfolio
Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, remarked, “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 further stated, “Partnering with Related and Panepinto brings together institutions with the expertise and ambition to help shape vibrant, future-ready communities, reinforcing Modon’s position as a trusted international investment partner. This venture not only strengthens our international portfolio but also supports our diversification strategy, underscoring Modon’s vision to develop quality urban destinations in key global markets.”
Bill O’Regan, Group CEO of Modon Holding, highlighted: “Harborside 4 aligns strongly with our international growth strategy, combining a prime development opportunity with a structured delivery plan and partners with deep capability. It aligns with Modon’s goal to enhance its long-term recurring income.”
He noted that “Related’s operational strength and Panepinto’s local knowledge create a platform engineered for design excellence and disciplined execution. We will collaborate closely with Related and Panepinto to oversee all critical phases of the development, ensuring Harborside 4 becomes a well-managed, high-performing community over the long term.”
The joint venture will jointly supervise the development, with Related at the helm of construction management, leasing, and operations. Boasting over 50 years of integrated development experience, Related manages assets worth US$70 billion and has completed over US$20 billion in construction within the last decade.
Bruce A. Beal, Jr., President of Related Companies, expressed enthusiasm about the collaboration: “We are pleased to be partnering with the team at Modon Holding to bring this exciting project to life. With an unmatched location just minutes from Manhattan in the rapidly growing Jersey City, Harborside 4 represents an exceptional opportunity to develop beautiful waterfront homes for discerning residents.”
Panepinto Properties, which has successfully delivered over 17 million square feet of development in Jersey City since its inception in 1977, adds valuable local insight to the venture.
Construction financing for the Harborside 4 project will be provided by a consortium of banks led by JP Morgan.
Modon’s international property portfolio also includes a 50 percent joint venture to develop the two Finsbury Avenue office towers in London, in collaboration with British Land and GIC. Additionally, Modon acquired La Zagaleta in Spain, a luxurious residential golf estate, and has made a strategic investment in the Wellington International equestrian showgrounds located in Palm Beach County, Florida.