Casa Don Manuel, as it will be called, is owned by the Sanchez family of Mahwah, who bought the property for $990,000 at an April auction.
The popular 17,000-square-foot banquet hall, a longtime landmark in Wayne and surrounding areas, closed in April 2017.
The Sanchez family also owns a Mexican restaurant in Suffern, N.Y., La Hacienda De Don Manuel.
Updates to the structure, floors, lights and paint will cost approximately $100,000, and investing in a liquor license will be about $450,000, he said.
Click here to follow Daily Voice Fort Lee and receive free news updates.