Abu Dhabi’s Modon forms joint venture to build 54-storey residential tower in New Jersey

Abu Dhabi’s Modon has formed a joint venture with two US-based companies to develop a waterfront luxury residential tower in the US.

The 54-storey Harborside 4 project in Jersey City in New Jersey is being developed by Modon with Related Companies and Panepinto Properties. It will include 800 rental apartments and condominiums, Modon said on Monday in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.

About 75 per cent of the residential apartments are earmarked for rental, while the remaining 25 per cent will be for sale.

Construction is scheduled to begin in the first quarter of 2026, with a completion target of the first quarter of 2029.

The company did not disclose the total value of the project but said a consortium of banks led by JP Morgan will provide construction financing.

“Harborside 4 is a natural progression in Modon’s global expansion, reflecting our commitment to investing in high-potential assets that create long-term value,” Jassem Al Zaabi, chairman of Modon Holding, said.

“This venture strengthens our international portfolio, supports our diversification strategy, and underscores Modon’s vision to develop high-quality urban destinations in key global markets.”

The joint venture will oversee the development of the project, with Related leading development and construction management, leasing and operations. Modon will hold a majority equity stake in the venture.

Set up 50 years ago, Related is a privately owned New York City-based company, with $70 billion in assets under management and more than $20 billion in construction delivered in the past decade.

An artist's rendering of the New Jersey project. Photo: Modon

The announcement comes as Modon, which is owned by the Abu Dhabi government, continues to expand.

Modon’s international property portfolio includes a 50 per cent joint venture to deliver the 2 Finsbury Avenue office towers in London, in partnership with British Land and GIC. It has also acquired La Zagaleta, a luxury residential golf estate project in Spain.

Last month, it also unveiled an investment in the Wellington International equestrian showgrounds in Palm Beach County, Florida, for a ultra-luxury real estate d