Company Pays Over $5 Million for Former Downtown Jersey City Bank

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201 Newark Avenue Jersey City 2
201 Newark Avenue in Jersey City before Capital One closed the branch. Photo by Chris Fry/Jersey Digs.

An iconic Downtown Jersey City building that served as a bank for more than 90 years has spent 2020 under new ownership, but the specific plans for the edifice remain unclear.

The old Trust Company of New Jersey building at 201 Newark Avenue was sold by Capital One for $5.35 million back in December 2019, according to property sales records. The sale came roughly half a year after Capital One closed the branch that occupied the space.

Located at the corner of Jersey Avenue, the building is notable for having the New Jersey state seal engraved on its facade.

The new owner of the property, a firm named 201 Newark Ave Property, LLC, was initially registered out of the same address on Garfield Avenue as Landmark Developers and Landmark Hospitality.

A certificate of formation from the New Jersey Division of Revenue and Enterprise Services shows that 201 Newark Ave Property, LLC was incorporated in September 2019 with the business purpose listed as “restaurant +.”

Frank Cretella, the president of Landmark, was listed as the LLC’s registered agent. The firm later switched its registered address to a property in Plainfield that is also used by Landmark.

A separate firm called 201 Newark Ave Operations, LLC was registered with the state in December 2019, with Cretella once again being listed as the registered agent. The listed purpose of the business was “full service restaurant +.”

Landmark is the company behind restaurants such as Liberty House in Jersey City and Stone House at Stirling Ridge in Warren Township. The group has also been responsible for several development projects.

Jersey Digs sent a list of questions to Landmark about 201 Newark Avenue, but a senior project manager for the company said that they are not able to provide any comment at this time.

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4 COMMENTS

  1. This would make a lovely restaurant. It would also make a lovely duck pin bowling alley!
    Hopefully the restaurant will not be a mega bar (think Porta, Ashford). We need something more than that. Anything with recreation in mind.

  2. I think it would be a great events space for company holiday parties, fundraisers, weddings etc similar to Cipriani. Would be great if they could somehow make use of the roof with cabanas and do a rooftop lounge and fire pits.

  3. What a relief! I’ve been saying it should be a fabulous restaurant for years. There are some naysayers who believe that these Banks were a dime a dozen and don’t deserve preservation, but I think it’s an amazing space. Hopefully Capital One didn’t do too much damage with their ridiculous modifications.

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