Firefighters are currently making sure it did not spread.
The New York City Fire Department said that the fire started on the terrace and was quickly contained.
U.S. President was not currently at Tower but at Washington. D.C. at the time of the incident.
While Trump and the First Family now live in the White House, he maintains a palatial apartment in the 58-story tower.
So far, only one person has been reportedly injured in the fire incident in the building, which houses both residences and businesses.
Smoke was captured pouring out of the 21st floor of the building and reports said investigators were looking into what may have sparked the blaze.