The city-owned Central Park restaurant went bankrupt and closed more than a year ago.
Trump's organization says he is ready to invest more than $20 million to restore it to its former glory, according to Trump Organization Vice President for Special Projects Ron Lieberman. It was once among the world's highest grossing restaurants, but it fell on hard times during the recession. It closed on New Year's Day 2010.
The problem came in part when the restaurant operator couldn't reach an agreement with the workers union.
Trump has already made a deal with the union.