It’s perhaps the end of an era for the historic “Tavern on the Green,” which has operated in New York City’s Central Park for more than 75 years.

On New Year’s Eve (Dec. 31, 2009), the current owners — who are $8 million in debt and have declared bankruptcy — will serve their final suppers before handing the keys over to a new owner, Dean Poll, in 2010 and beyond. Poll was awarded a 20-year lease on the establishment earlier this year after promising to pump more than $25 million in renovations into the 27,000 square-foot landmark.

However, Poll may not have the intellectual rights to use the “Tavern on the Green” moniker, which is valued at about $19 million. In fact, a federal judge will rule on the issue next month to determine if it belongs to the LeRoy family (the current owners who have declared bankruptcy), according to the Associated Press.

In addition to the name, “everything that fills the current restaurant will be for sale starting Jan. 13, at a Guernsey’s auction,” including a century-old chandelier made of green glass, Tiffany stained glass, a mural depicting Central Park and “other over-the-top decor that has bewitched visitors for decades.”

Same name or not, the new Tavern on the Green (or Tavern on the Park if the name is off limits) will be completely different.

It will incorporate:

” … green building technology while a conservatory-style dining space will complement the original Victorian architecture. Poll also plans an outdoor cafe, bicycle racks and new public restrooms.”

Tavern on the Green was established in 1934. It is located in Central Park on Manhattan’s Upper West Side. The old fashioned eatery was and continues to be an extremely popular haunt, raking in a reported $38 million in gross revenues back in 2007 — “the second highest-grossing independently-owned restaurant in the United States.”

Whether or not Poll’s new vision can restore the Tavern to its glory days and achieve similar success remains to be seen, but it’s safe to say that he’ll be under the microscope the moment the clock strikes midnight to start the New Year.