FCC

Modon, Related, Panepinto form JV for Harborside 4 in Jersey City

2025-12-24

Abu Dhabi-based Modon Holding PSC has formed a joint venture with US real estate major Related Companies and Jersey City-based Panepinto Properties to develop Harborside 4, a 54-storey luxury residential tower on a prime waterfront site in downtown Jersey City, New Jersey.

Under the partnership, Modon will hold a majority equity stake alongside Related and Panepinto, marking another step in the group’s strategy to scale and diversify its global real estate portfolio. The project will be developed on one of the last remaining premium waterfront parcels in the city.

Designed by Handel Architects, Harborside 4 will comprise around 800 luxury rental apartments and condominiums, offering unobstructed views of the Manhattan skyline. The development will feature high-end lifestyle and hospitality amenities, including a marquee fitness club and concierge services. Around 75 per cent of the residential units will be retained as rental apartments to generate stable, recurring income, while the remaining 25 per cent will be sold as condominiums.

The site benefits from strong connectivity, with quick access to Manhattan via PATH rail services and ferry links, and proximity to retail and dining options, including a Whole Foods market located across the street. Construction is expected to begin in the first quarter of 2026, with completion targeted for the first quarter of 2029.

The joint venture will oversee all aspects of development, with Related Companies leading development and construction management, leasing and operations. Panepinto Properties will contribute local market expertise and long-standing community engagement in Jersey City. A consortium of banks led by J.P. Morgan will provide construction financing for the project.

Commenting on the development, HE Jassem Mohamed Bu Ataba Al Zaabi, Chairman, Modon Holding, said the project reflects Modon’s commitment to investing in high-potential assets that deliver long-term value and strengthen its international portfolio. Bill O’Regan, Group CEO, Modon Holding, added that the project aligns with the group’s international growth strategy and focus on enhancing long-term recurring income.

Related Companies and Panepinto Properties said the partnership will help deliver a high-quality waterfront community in one of the fastest-growing urban markets in the US.

Tags :