Greenhill & Co investment banker Jeffrey Buckalew, his wife and his children are believed to be among five people killed after a small aircraft crashed on to a New Jersey motorway.

The small plane went down on Interstate 287 by the town of Harding in the north of the state, said aviation officials.

The single-engine plane spiraled out of the sky and exploded upon impact, said witnesses.

TV news helicopter footage showed wreckage strewn across the motorway, which was closed in both directions.

Investment bank Greenhill & Co said in a statement that the dead were believed to include its managing directors Rakesh Chawla, 36, and Jeffrey Buckalew, 45.

Jeffrey Buckalew’s wife, Corrine, and their children, Jackson and Meriwether, are also thought to have died, the bank added.

Greenhill said the plane had belonged to Jeffrey Buckalew, describing him as “an experienced pilot, whose passion was flying”.

Robert Greenhill, chairman of the bank, said: “The firm is in deep mourning over the tragic and untimely death of two of its esteemed colleagues and members of Jeff’s family. Jeff was one of the first employees of Greenhill.

“He and Rakesh were extraordinary professionals who were highly respected by colleagues and clients alike. They will be sorely missed and our sympathies go out to their families and friends.”

A dog, also aboard the plane, is said to have been killed, authorities said.

Federal Aviation Administration spokesman Jim Peters said the aircraft was a turboprop Socata TBM-700.

It took off from New Jersey’s Teterboro Airport before disappearing from radar, he added.

The aircraft was bound for DeKalb-Peachtree Airport in Atlanta, Georgia.

Witnesses said a wing came off the plane in mid-air, and debris was scattered across almost a quarter of a mile.

A section of the aircraft landed in a tree near a home before it crashed in the middle of the motorway.

Interstate 287 is a busy motorway that wraps around the New York City area.

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