Peanut-butter mousse with celery sorbet

Photograph: Jeff Gurwin

A few years back, before the West Village became a destination for bespoke cocktails and fussy food, my favorite neighborhood haunt was a place called Grange Hall. The food was simple, hearty, affordable, satisfying—and there was something magical about the space, a throwback to Holden Caulfield’s New York with a WPA aesthetic. Though Grange Hall had just been around for a decade, it felt as much a Village institution as the Corner Bistro or Chumley’s.

Since the Grange closed four years ago, the landmark space has been awaiting a tenant worthy of picking up where the former occupant left off. Commerce, the first restaurant from chef-owner Harold Moore and his partner Tony Zazula—refugees from still-in-limbo Montrachet—follows the same elite playbook as Graydon Carter’s Waverly Inn, transforming the place into a homey canteen for the Marc Jacobs–wearing set, who have been arriving in droves.

While prices, extravagant but not unusual by the new neighborhood standards, are hardly a throwback ($19 foie gras terrine, $27 cod with black truffles), the dining room certainly is. Walking in for the first time, I felt like I’d found a long-estranged friend—so much was the same and yet something was different. Had those rich leather banquettes been there before? And what of the Diego Rivera–style mural?

Moore’s high-end food taps into nostalgia of a different sort, with a surfeit of luxury ingredients bringing a dose of F. Scott Fitzgerald into a room that, incongruously, still shouts Joseph Mitchell.Our genial waitress, who seemed inured to the conversational roar (Commerce feels more cramped than Grange Hall, and boasts abysmal acoustics), cheerily projected suggestions from the ambitious menu, with its eclectic mix of Italian, French, Asian and classic American flavors.

The food, though pricey, generally left us happy. Moore’s oyster starter, essentially luxury chowder with diced potatoes and leeks in a frothy champagne-cream broth, was wonderful despite the presence of salmon roe (when I read “caviar” on the menu, I wrongly assumed it would be black). A lobster Newburg entrée, featuring beautifully poached tail and claw meat atop a chive- and tarragon-laced bisque, hearkened back to the locale’s speakeasy days. I couldn’t resist sopping up the liquid in both bowls—more soups than sauces—with house-baked brioche from the formidable bread basket.

Even Moore’s simpler dishes exhibit a penchant—mostly successful—for gilding the lily. A starter of handmade tortelloni struck a perfect sweet-sour balance with a spiced sweet-potato filling and a topping of toasted hazelnuts, brown butter and pomegranate seeds. Roasted chicken, from the section of the menu devoted to sharable entrées, promised to be much more extravagant, with foie gras bread stuffing. The dish requires considerable patience—our server informed us it can take up to an hour to cook. Sadly, it’s not worth the wait. With Michelin-star fanfare, the whole bird was presented in a copper pan before being whisked back to the kitchen for plating. The chicken, while perfectly tender, wasn’t nearly as decadent as promised, with the melted foie gras inside and truffle butter under the skin—neither ingredient leaving more than a whisper of an impression.

Pastry chef Josue Ramos’s gorgeous desserts, meanwhile, exhibit a level of grown-up polish that transcends the noise level and casual setting. Ramos takes risks that deliver rewards, subtly combining savory and sweet in a luscious peanut-butter mousse with celery sorbet and shaved celery salad. He offsets the rich creaminess in al dente coconut rice pudding with a tart spritz of lime and a refreshing scoop of mango sorbet. Neither, of course, is the sort of dessert you’d expect to find in a neighborhood spot. Which, at its core, is the real problem with Commerce. The service, decor and rowdy bar scene tell one side of the story. The sophisticated, pricey, often delicious food tells another. Together, the tale doesn’t really make sense.

50 Commerce St at Barrow St (212-524-2301). Subway: 1 to Christopher St–Sheridan Sq. Daily 5:30–11pm. Average main course: $28.