Authorities claim that the plane was operated by pilot Nathan Ulrich, 52, and carried Blumin, 40, and her two sons.
Ulrich, who piloted the plane, is known as the founder of Xootr, a manufacturer of folding scooters and folding bicycles.
His twin-engine MU-2B left Puerto Rico at about 11am and was destined for Titusville, Florida, but never arrived.
The businesswoman recalls a breakthrough moment for her company after iconic TV show Sex and the City filmed a scene at a rooftop pool inside Sky Studios, where Blumin helmed the first-ever event space.
"We can confirm that the plane carrying Jennifer Blumin and members of her family has gone missing after taking off from Puerto Rico yesterday", a statement from Skylight Group read.
Mr Ulrich's ex-wife Rae Dawn Chony, the daughter of comedian Tommy Chong, told the New York Daily News that if the plane went down she is certain it would be an equipment failure.
It vanished 37 miles east of the Bahamas - part of the Bermuda Triangle.More news: Rising Pune Supergiants Dark Horse to Win IPL 2017
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According to the Telegraph, the four were aboard a small airplane, flown by Ulrich, when they disappeared from air traffic control radar off the coast of Eleuthera in the Bahamas. The search for the missing aircraft had been concentrated in this area, according to NBC.
"There's no indication of significant adverse weather at the time", said Coast Guard spokesperson Lieutenant Commander Ryan Kelly said.
"I lost what I loved more than anything", James Ramsey told the Daily News Wednesday. The master looking up from his piece while the other kids play in the snow.
Over the years, the Bermuda Triangle has become synonymous with unusual disappearances.
"This idea that if you had a whoosh of methane bubbles from the sea floor, it could sink a ship", Helen Czerski, physicist and oceanographer from University College London, explains.
"These types of hexagonal shapes in the ocean are in essence air bombs", Dr. Cerveny said.
So, has the mystery of the Bermuda Triangle finally been solved?