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Abu Dhabi’s Modon Holding PSC has formed a new joint venture with US developer Related Companies and Jersey City firm Panepinto Properties to develop Harborside 4, a 54-storey residential tower in downtown Jersey City, New Jersey.
Modon will hold a majority equity stake in the JV, which the company said was part of its strategy to expand its global portfolio and enhance its long-term recurring income.
Construction is set to begin in Q1 2026, with completion targeted in Q1 2029.
Financial details of the project have not been disclosed.
The JV 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 development scheme overlooking the Manhattan skyline.
(Writing by Bindu Rai, editing by Brinda Darasha)
