Harborside 4 Joint Venture To Deliver Jersey City Residential Tower

Modon Holding PSC has agreed a new joint venture to develop Harborside 4, a 54‑storey residential tower on one of the last major waterfront plots in downtown Jersey City, New Jersey, USA. Construction is scheduled to start in Q1 2026, with completion expected in Q1 2029.

Modon will hold a majority equity interest in the Harborside 4 joint venture, alongside Related Companies and Panepinto Properties. The project marks another step in Modon’s strategy to expand and diversify its global real estate portfolio through income‑producing, international assets in established urban locations.

Harborside 4 is being designed by Handel Architects and will include 800 rental apartments and condominiums. The tower will offer direct views of the Manhattan skyline and a range of lifestyle amenities, including a high‑end fitness club and concierge services, positioned to appeal to residents seeking waterfront city living.

The scheme’s residential mix is structured so that about 75 percent of the apartments remain as rental units, aimed at generating stable, recurring income for the joint venture partners. The remaining roughly 25 percent of units will be marketed as condominiums for sale, creating a balanced income and capital‑recycling approach.

Related will lead development, construction management, leasing and operations at Harborside 4, drawing on more than 50 years of integrated real estate experience. The company reports $70 billion in assets under management and has delivered over $20 billion of construction during the past decade across major US markets.

Panepinto Properties, active in Jersey City since 1977, has delivered more than 17 million square feet of development in the city. The company contributes local insight, relationships and a long history of participation in the evolution of Jersey City’s waterfront and wider urban regeneration initiatives.

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A banking consortium led by J.P. Morgan will provide construction financing for Harborside 4. The site sits a short distance from Manhattan, with PATH cross‑Hudson rail links and ferry services nearby. Local amenities include retail, dining and community services, with a Whole Foods market positioned directly across the street from the development.

Harborside 4 significance for Modon Holding and Jersey City waterfront

Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said that Harborside 4 fits Modon’s global investment direction, focused on high‑potential assets that can deliver sustained 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," he added.

Bill O’Regan, Group CEO of Modon Holding, highlighted the role of the partners in long‑term execution of Harborside 4. O’Regan said, "We will work hand-in-hand with Related and Panepinto to oversee all critical phases of the development, contributing to Harborside becoming a well-run, high-performing community over the long term. This investment reinforces our vision to build and enhance the resilience of our diversified global portfolio."

Bruce A. Beal, Jr, President of Related Companies, underlined the location and positioning of the Harborside 4 project. Beal said, "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."

Reflecting on Jersey City’s wider redevelopment, Joseph Panepinto, Sr., Founder and CEO of Panepinto Properties, stated, "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."

For Modon, Related and Panepinto, Harborside 4 links long‑term income, condominium sales and urban regeneration on the Jersey City waterfront. The project aligns Modon’s global portfolio objectives with Related’s development platform and Panepinto’s local track record, supported by institutional bank financing and strong transport access to Manhattan.

With inputs from WAM