Kushner Companies in talks with Trump Organization over Pier Village hotel

Extell Development co-owns the Jersey Shore project with Kushner Companies

New York Weekend Edition /
Mar.March 11, 2018 09:00 AM

From left: Gary Barnett, Donald Trump, Jared Kushner and Pier Village. (Credit: Gage Skidmore, Lori Berkowitz, Alistair Gardiner for The Real Deal, and Jersey Shore Premier Properties)

Talk about keeping it in the family: Jared Kushner’s family business is in talks with President Donald Trump’s business to operate a hotel in the former’s Jersey Shore project, Pier Village.

Discussions have reportedly been ongoing for two years and a letter of intent has been signed between the two companies, Kushner Companies and the Trump Organization, for the latter to operate at least one hotel in the development, according to the New York Times.

Pier Village is co-owned by Kushner Companies and Extell Development, who bought the resort property for about $200 million in 2014. Last March, The Real Deal reported the third phase of the Pier Village development would include 269 new condo units as well as additional retail space and a hotel.

The Kushners and Trumps’ potential hotel deal raised questions from the Trump Organization’s external ethics adviser, which the Times cited as one of the reasons the deal has not yet been finalized.

Independent parties such as attorney Marilyn Glynn, formerly general counsel in the Office of Government Ethics, are also raising ethical concerns, however she noted that a deal between the Kushners and Trumps’ businesses does not intrinsically violate any ethical rules. To Glynn, the concern is more to do with the financial arrangements of both Trump and Kushner with their respective companies.

“I think the financial concerns trump the familial ones, so to speak,” she told the Times.

Kushner, who is currently a senior adviser to President Trump, resigned his position as CEO of Kushner Companies a little over a year ago to serve in the White House. Though Kushner sold some of his real estate assets, he kept a stake in Pier Village.

For as for Trump, he continues to own the Trump Organization, however the company is now managed by his sons. Most of his assets are in a revocable trust, as TRD reported.

The White House confirmed the two companies’ discussions over a potential hotel deal, but did not comment further. [NYT]Erin Hudson


Related Articles

arrow_forward_ios
Make Greenland Great Again? Trump wants to buy Arctic territory
Make Greenland Great Again? Trump wants to buy Arctic territory
Make Greenland Great Again? Trump wants to buy Arctic territory
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Big Silicon Valley firm grabs 34K sf in Soho
Big Silicon Valley firm grabs 34K sf in Soho
Big Silicon Valley firm grabs 34K sf in Soho
Behind the Vale: Conflict dogs Zelig Weiss and his hip hotel
Behind the Vale: Conflict dogs Zelig Weiss and his hip hotel
Behind the Vale: Conflict dogs Zelig Weiss and his hip hotel
Stephen Ross and Charles Kushner (Getty)
Stephen Ross, Charles Kushner, other titans paid no federal taxes for years
Stephen Ross, Charles Kushner, other titans paid no federal taxes for years
Last call? Cipriani facing possible foreclosure after mortgage default
Last call? Cipriani facing possible foreclosure after mortgage default
Last call? Cipriani facing possible foreclosure after mortgage default
Northpath Investments nabs Milford Plaza for $11M
Northpath Investments nabs Milford Plaza for $11M
Northpath Investments nabs Milford Plaza for $11M
Gov. Kathy Hochul (Getty, iStock)
Hochul opens $539M homeowner assistance fund
Hochul opens $539M homeowner assistance fund
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...