I'd keep both but use Jersey.tv as your main url.
NewJerseyCity.tv is too long & difficult to brand but may be of use to you in the future if you want to do a side project to jersey.tv & focus on a certain area/feature of the City.
For now Keep both but redirect the long domain to Jersey.tv
When do you expect to have Jersey.tv up & running, i'll be curious ot see which areas you are focusing on & what your main features will be (I love looking & discussing new Geo .tv ideas right now, so many options at an exciting time for Geo .tv)
You should come over to development.tv, many Geo owners over there have been working on their developments.
Good Luck,
ROnnie