Trumps, Kushners To Do Business On Jersey Shore Project: Report

The Trump Organization and Jared Kushner's family company plan to do business together on a Jersey Shore development, The New York Times reported on Saturday.

The Kushners are in private discussions to have President Donald Trump’s company manage at least one hotel at the center of Pier Village in Long Branch, according to The New York Times. The Kushner Companies and the Trump Organization reportedly have signed a letter of intent, though no deal is final and the Kushners are not required to inform city officials.

The report notes that the talks blur the line between family, business and politics in ways that "lack precedent:" Both Trump and Jared Kushner, the president’s senior adviser and son-in-law, retain financial interests in their family businesses.

The report notes that Jared Kushner has a stake in the $283 million expansion of Pier Village. Kushner has sold some holdings in Kushner Companies, but he has held on to a majority of his stake, including the ownership interest in the expansion.

CNN had also reported that Trump and Kushner retain financial interests in their respective businesses. The deal could raise questions about conflicts of interest, legal experts told The New York Times.

The White House declined to comment to the Times, even though both companies confirmed their discussions about the hotel at Pier Village.

Kushner Companies said in a statement that the Trumps "have zero equity of any type in our properties or businesses" and that the proposed Long Branch deal comes as a result of the company lacking a specialization in the hospitality industry, according to CNN.

Read the whole New York Times report here.

The City Council recently approved $20 million in taxpayer-backed bonds for the final phase of the Pier Village redevelopment project, according to a report in app.com.

The money will be used to pay for amenities for the $283 million addition that is expected to bring in more luxury condominiums and retail businesses to the beach, hundreds of new jobs and business opportunities for locals, according to the report. Council members voted to 5 to 0 in favor 0f the bonds.

The council had previously designated Pier Village's owners - Kushner Cos. and Extell Development Co. - as the redevelopers of Pier Village III, according to the report. The partners are operating as a limited-liability company called Pier Village III Urban Renewal Co. Jared Kushner, President Trump's son-in-law and adviser, still has a stake in Pier Village.

Patch photo