Abu Dhabi’s Modon to Build 54-Storey Tower in New Jersey

Abu Dhabi–based Modon Holding has expanded its international real estate presence by forming a joint venture to develop a 54-storey residential tower in Jersey City, New Jersey. The waterfront project, called Harborside 4, will deliver around 800 apartments overlooking the Hudson River and the Manhattan skyline.

The development marks a major step in Modon’s global expansion strategy. It also reflects the growing role of Gulf developers in leading property markets beyond the Middle East. Through this partnership, Modon aims to combine long-term income generation with world-class urban development expertise.

What the Joint Venture Includes

Modon has partnered with two established US real estate firms:

• Related Companies, a New York–based developer with more than five decades of experience and over $70 billion in assets under management.

• Panepinto Properties, a Jersey City–based firm with deep local market knowledge.

Under the joint venture structure, Modon will hold a majority equity stake. This positions the Abu Dhabi group as the lead investor. Related Companies will serve as development manager and oversee construction, leasing, and long-term operations. Meanwhile, Panepinto Properties will contribute local expertise and execution capability.

A banking consortium led by JPMorgan will provide construction financing, giving the project strong financial backing.

Harborside 4: Waterfront Residential Development

Harborside 4 will rise in downtown Jersey City, one of the fastest-growing residential markets in the United States. The tower will include roughly 800 homes across rental apartments and for-sale condominiums.

About 75 per cent of the units will operate as rentals, creating steady recurring income. The remaining 25 per cent will be sold as condominiums, allowing for capital returns.

The project design, led by Handel Architects, focuses on high-end urban living. Planned amenities include concierge services, fitness facilities, shared community spaces, and access to retail and waterfront leisure areas. Residents will also benefit from quick access to Manhattan via PATH trains and ferry services.

Timeline and Delivery Plan

Construction is scheduled to begin in the first quarter of 2026. Developers currently target completion by the first quarter of 2029.

This phased timeline accounts for permitting, financing, and construction sequencing. It also allows the partners to align delivery with market demand. The project will appeal to both long-term renters and buyers seeking premium homes near New York City.

Why the Project Matters for Modon

Expanding Into Global Markets

By entering the US residential market, Modon gains exposure to a mature, dollar-denominated sector. This move supports income stability and portfolio diversification. In addition, the partnership structure helps balance risk while leveraging experienced local and international operators.

Supporting a Global Strategy

Harborside 4 fits within Modon’s broader international investment vision. The group already holds a 50 per cent stake in London’s 2 Finsbury Avenue office towers with British Land and GIC. It also owns La Zagaleta, a luxury golf estate in Spain, and Wellington International, an equestrian destination in Florida.

Together, these assets diversify Modon’s revenue base across regions and sectors.

Building Resilient Income Streams

The mix of rental units and condominiums creates dual revenue channels. Rental income provides long-term stability, while unit sales offer capital appreciation. As a result, the project supports balance-sheet resilience across market cycles.

Why Jersey City Attracts Global Investors

Jersey City continues to gain popularity within the New York metropolitan area. Several factors drive demand:

• Proximity to Manhattan with fast rail and ferry links

• Waterfront lifestyle amenities, including parks and dining

• Ongoing urban regeneration and mixed-use development

The Hudson River waterfront remains especially desirable due to limited land supply. Consequently, projects like Harborside 4 carry strong long-term value.

Strength of the Development Partners

Related Companies

Founded in New York over 50 years ago, Related Companies manages more than $70 billion in assets. The firm has delivered over $20 billion in construction across large-scale urban developments worldwide. Its integrated development and operational expertise strengthens execution certainty.

Panepinto Properties

Panepinto has delivered more than 17 million square feet of development in Jersey City. Its local market insight complements Related’s global scale and Modon’s investment leadership.

Economic and Community Impact

The project will generate construction jobs and long-term employment in building management and local services. In addition, the new residential population will support nearby retail, hospitality, and community businesses.

The development also contributes to the evolution of downtown Jersey City as a live-work-play destination. Its waterfront location enhances urban vibrancy and long-term neighbourhood growth.

Strategic Significance for Gulf–US Property Ties

Modon’s US expansion reflects a wider trend of Gulf investors targeting American real estate. Stable returns, transparent regulation, and global city demand continue to attract capital.

Such partnerships promote knowledge exchange and co-creation of high-quality urban developments. They also strengthen economic links between Gulf capital and Western real estate markets.

Conclusion

The Harborside 4 joint venture represents a key milestone in Modon Holding’s international growth. Through strategic partnerships and a focus on long-term income, the 54-storey Jersey City tower reinforces the company’s global ambitions.

As construction begins in 2026 and completion approaches in 2029, Harborside 4 is set to become a prominent residential address. The project also highlights the expanding influence of Abu Dhabi developers in shaping future-ready urban living in major global cities.