Modon Holding PSC has agreed a new joint venture to develop Harborside 4 – a 54‑storey Build to Rent tower on one of the last major waterfront plots in downtown Jersey City, New Jersey, USA.
Harborside 4 is being designed by Handel Architects and will include 800 Build to Rent 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% of the apartments remain as rental units, aimed at generating stable, recurring income for the joint venture partners. The remaining 25% of units will be marketed as condominiums for sale, creating a balanced income and capital‑recycling approach.
Construction is scheduled to start in Q1 2026, with completion expected in Q1 2029. Modon Holding’s joint venture is with US developer Related Companies and Jersey City firm Panepinto Properties.
“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.”
Jassem Mohamed Bu Ataba Al Zaabi, Chairman, Modon Holding
Modon will hold a majority equity stake in the joint venture, which the company said was part of its strategy to expand its global portfolio and enhance its long-term recurring income.
The joint venture will jointly oversee the development, with Related leading development and construction management, leasing and operations.
A consortium of banks led by JP Morgan will provide construction financing for the scheme overlooking the Manhattan skyline. Financial details of the development have not been disclosed.
