Modon Secures Majority Stake in Jersey City Harborside 4 Tower

Abu Dhabi, UAE — Modon Holding PSC, an Abu Dhabi-listed developer, has formed a joint venture for Harborside 4, a 54-story residential tower on a prime Jersey City waterfront site. The project targets completion in Q1 2029, with construction starting next quarter.​

Harborside 4, designed by Handel Architects, will offer 800 luxury rental apartments and condominiums with Manhattan skyline views, a fitness club, and concierge services. About 75% of units will be rentals for recurring income, while 25% go to condo sales. The site sits near PATH trains, ferries, and amenities like Whole Foods.​

Related Companies will manage development, construction, leasing, and operations, leveraging $70 billion in assets and $20 billion in recent builds. Panepinto Properties adds local expertise from 17 million square feet developed in Jersey City since 1977. J.P. Morgan-led banks provide financing.​

Leadership Perspectives

H.E. Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said: “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. Partnering with Related and Panepinto brings together institutions with the expertise and ambition to help shape vibrant, future-ready communities, and reinforces Modon’s position as a trusted international investment partner.”

Also read: Modon’s AED5bn Hudayriyat Deal: Abu Dhabi’s Next Sell-Out Like Bashayer?

He added that 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.”

Bill O’Regan, Group CEO of Modon Holding, said: “Harborside 4 aligns strongly with our international growth strategy, combining a prime development opportunity with a structured delivery plan and partners with deep capability and Modon’s goal to enhance its long-term recurring income.”​

Bruce A. Beal, Jr, President of Related Companies, said: “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 fast-growing Jersey City, Harborside 4 represents an exceptional opportunity to develop beautiful waterfront homes for discerning residents alongside partners and investors who share our vision of creating dynamic urban living environments.”​

Joseph Panepinto, Sr., Founder and CEO of Panepinto Properties, said: “Acquiring Harborside 4 strengthens our role in the ongoing redevelopment of Jersey City’s waterfront and beyond. An area that once served industrial uses has been steadily emerging as a premier, contemporary, residential, and commercial destination creating jobs and income for all residents of the city. This property aligns with that broader vision.”​

UAE Firms Eyeing US Opportunities

UAE developers like Modon are diversifying into the $110 trillion US market, following successes in Dubai’s off-plan surge and Abu Dhabi’s stable yields of 5.9-6.3%. Jersey City’s waterfront sees strong demand, with Q2 2025 sales volume at $379 million and inventory up 21% quarterly, per local reports. CBRE notes low 2.8% multifamily vacancy despite supply growth.​

Also read: Modon Strategic Investment in Wellington Backs Major US Luxury Project

Modon’s portfolio spans London’s 2 Finsbury Avenue, Spain’s La Zagaleta, and Florida’s Wellington equestrian grounds, plus ADNEC and ExCel venues. This move fits Abu Dhabi’s non-oil push amid Dubai’s mid-luxury boom.​

Indian investors, who poured AED 35 billion into UAE real estate in 2024, may find Jersey City appealing for diversification beyond Dubai’s 7-9% yields. Stable US rental income and NYC proximity offer hedges against volatility, with golden visa-like residency paths via investment.​

Harborside 4 signals UAE capital’s US pivot, blending rental stability with condo upside in a market where waterfront homes yield competitively near NYC. For Indian investors active in Dubai, it presents a low-vacancy gateway to American assets, potentially via UAE firms’ platforms, amid CEPA-boosted ties.