Business
ZAWYA-PRESSR: Modon Holding forms joint venture with Related Companies and Panepinto Properties to deliver Harborside 4
ZAWYA-PRESSR: Modon Holding forms joint venture with Related Companies and Panepinto Properties to deliver Harborside 4
About this update from Modon Holding Psc
Modon acquires a majority equity stake in Harborside 4, a prime 54-story development scheme in downtown Jersey City which will deliver 800 luxury rental apartments and condos in Q1 2029Joint venture with Related and Panepinto supports Modon’s ongoing strategy to diversify its global portfolio through high quality investments and strong international partnershipsAbu Dhabi, United Arab Emirates : Modon Holding PSC (“Modon”) today announced a new joint venture to deliver Harborside 4, a 54-story residential tower on one of the last prime waterfront sites in downtown Jersey City, New Jersey, USA. Modon will hold a majority equity stake alongside leading US developer Related Companies and long-established Jersey City firm Panepinto Properties (the “Joint Venture”), marking a further milestone in the Group’s strategy to scale its diversified global portfolio.Harborside 4, designed by Handel Architects, will bring 800 luxury rental apartments and condominiums to downtown Jersey City, with the building offering unobstructed views of the Manhattan skyline and premium lifestyle and hospitality amenities including a marquee fitness club and concierge services. The site is minutes from Manhattan via PATH cross-Hudson rail services and ferry connections, with retail, dining and community amenities on the doorstep, including a Whole Foods market across the street. The development scheme will feature approximately 75% of residential apartments being retained for rentals generating stable recurring income, with the remaining approximately 25% being marketed as condos for sale. Construction is set to begin in Q1 2026, with completion targeted in Q1 2029.The joint venture will jointly oversee the development of the scheme, with Related leading development and construction management, leasing and operations. Related contributes more than 50 years of integrated development and management expertise, with $70 billion in assets under management and over $20 billion in construction delivered over the past decade. Panepinto Properties, which has delivered more than 17 million square feet of development in Jersey City since 1977, brings deep local knowledge and a long-standing commitment to the community in Jersey City. A consortium of banks led by J.P. Morgan will provide construction financing for the development scheme.H.E. Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Ho...