April 2, 2017 / 2:53 AM / in 7 months

Gritty New Jersey a source of wealth for Trump's son-in-law

WASHINGTON (Reuters) - Roadside apartments, industrial lots and a trailer park in New Jersey counted among the sources of wealth for Jared Kushner, President Donald Trump’s son-in-law, before he took up his new role as a senior White House adviser.

FILE PHOTO -- Ivanka Trump and her husband Jared Kushner watch as German Chancellor Angela Merkel and U.S. President Donald Trump hold a joint news conference in the East Room of the White House in Washington, U.S., March 17, 2017. REUTERS/Jim Bourg/File Photo

A lengthy financial disclosure form released on Friday by the White House, along with scores of others for senior White House staffers, showed the downscale New Jersey roots of the family business run until recently by Ivanka Trump’s husband.

For instance, in the 12 months before he began his White House employment, Kushner made more than $2,500 in rental income from tenants of Union, New Jersey’s Park Lane Mobile Home Park.

A small, industrial lot nearby brought in no more than $5,000. In the town of Wayne, New Jersey, Kushner disclosed ownership of a block of street-level apartments that returned more than $15,000, according to the paperwork.

Kushner’s stakes in such holdings were among the smallest he reported. White House ethics officials said the legally required disclosure document gave a snapshot of the assets and positions Kushner held when he entered his new job as adviser to his father-in-law, and before he would have started selling assets that could pose conflicts of interest.

Kushner’s 54-page report also included most of the assets and income of his wife. It covered scores of assets worth six- and seven-figures. The New York Times reported the couple’s real estate and investment empire was worth as much as $741 million.

As reported, Kushner’s property portfolio did not rival the collection of glitzy hotels, casinos and golf courses owned, controlled or licensed by the president.

But Kushner reported an interest in the Puck Building, a landmark in New York City. It was one of his most valuable holdings and delivered millions of dollars in income.

Kushner’s grandfather anchored the family real estate business in northern New Jersey.

His father, Charles, built that empire until 2004 when he pleaded guilty to 18 counts of tax evasion, witness tampering and making unlawful campaign donations and was sentenced to two years in prison.

Reporting by Patrick Rucker; Editing by Kevin Drawbaugh and Tom Brown

Our Standards:The Thomson Reuters Trust Principles.
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