By Ziad Hamdi
Abu Dhabi-backed Modon Holding is making waves in the international real estate scene with its latest venture: a joint partnership to develop a luxury high-rise in Jersey City, New Jersey. This move underscores a growing trend among Gulf-based property developers to expand beyond their traditional markets and tap into the lucrative US luxury sector.
Modon Holding has formed a joint venture with prominent US developers Related Companies and Panepinto Properties to bring Harborside 4 to life—a 54-story waterfront tower that promises to redefine luxury living in downtown Jersey City. Modon holds a majority equity stake in the project, which will feature approximately 800 units, with 75% designated as high-end rental apartments and 25% as condominiums for sale.
Designed by acclaimed firm Handel Architects, the building will offer stunning, unobstructed views of the Manhattan skyline. Residents can expect premium amenities, including a state-of-the-art fitness club and concierge services. Its prime location provides easy access to Manhattan via PATH trains and ferries, with nearby retail and dining options like a Whole Foods Market just across the street. Construction is scheduled to commence in the first quarter of 2026, with completion targeted for Q1 2029. A banking consortium led by J.P. Morgan will handle the financing, ensuring smooth execution. Related Companies will oversee development, construction, leasing, and operations, leveraging their $70 billion in assets under management and decades of expertise. Panepinto Properties contributes local insight, having developed over 17 million square feet in Jersey City since 1977. H.E. Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, emphasized the project’s alignment with the company’s global ambitions: “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.” Group CEO Bill O’Regan added that the venture enhances Modon’s recurring income strategy while partnering with experts for excellence in design and execution.
Jeff Blau, CEO of Related Companies, highlighted the site’s appeal: “With an unmatched location just minutes from Manhattan in fast-growing Jersey City, Harborside 4 represents an exceptional opportunity to develop beautiful waterfront homes.” Joseph Panepinto Sr., Founder and CEO of Panepinto Properties, noted its role in Jersey City’s ongoing transformation into a premier residential and commercial hub.
Valued at around $17 billion by sovereign wealth tracker Global SWF, Modon Holding serves as Abu Dhabi’s government-mandated master developer for flagship projects like Hudayriyat Island and Reem Island, which are transforming the emirate into vibrant, mixed-use communities.
While most of its portfolio remains UAE-focused, Modon is steadily building an international presence.
Key assets include:
– A 50% joint venture for the 2 Finsbury Avenue office towers in London.
– ExCeL London and the Business Design Centre in London for events and exhibitions.
– A golf course development in Spain.
– An EDITION hotel outpost in Reykjavik, Iceland.
– A strategic investment in Wellington Lifestyle Partners in Florida, encompassing the Wellington International equestrian showgrounds, ultra-luxury residences, a hotel, marketplace, golf course and The Wanderers Club.
This Jersey City project builds on Modon’s recent US entry through the Florida equestrian investment, signaling a deliberate push into North American markets. Modon’s rapid evolution is tied to L’imad Holding, a newly formed Abu Dhabi government-owned entity that acquired a controlling 84.76% stake in Modon in October 2025 from prior shareholders like International Holding Company (IHC) and ADQ. L’imad, which lacks a public website or named leadership, positions itself as a “fourth pillar” in Abu Dhabi’s state-linked investment landscape, with Modon as its sole known holding.
Modon’s foray into the US is emblematic of a shift among Gulf property giants, once primarily domestic, now seeking diversification amid economic transitions away from oil dependency. Dubai’s Emaar Properties, the region’s largest listed developer, is similarly eyeing expansions into the US and China through acquisitions or joint ventures to capitalize on housing shortages in high-demand areas like California and New York.
As sovereign wealth funds from the Middle East pour billions into global real estate, projects like Harborside 4 highlight the appeal of stable, high-return assets in gateway cities. By blending Gulf capital with local expertise, these ventures are poised to reshape urban landscapes and foster cross-border economic ties.
This expansion not only diversifies portfolios but also brings innovative development approaches to mature markets, potentially influencing future trends in luxury real estate worldwide.
