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.
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