In the past month, a new redevelopment in the Morningside Park Area of NYC was approved for free market status by the local housing authorities. The current owner, Ilio Mavlyanov of the Jasper Venture Group, has been at the forefront of this redevelopment since its purchase, hoping to retain the classic architectural significance of the property and add living space so more New Yorkers can call the Morningside Park area home.
Redeveloping the Property
In 2015, Ilio Mavlyanov and his real estate investment and development firm Jasper Venture Group were hunting for great properties to purchase in Manhattan. They were looking to add some creative redevelopment magic to neighborhoods that sorely needed it. The 364 West 119th Street property was auctioned in 2014 and delivered vacant. In 2015, Ilio Mavlyanov acquired the property using acquisition and construction loans from Banco Popular.
The property was initially built in 1910 as a brick row house. By the time it had gone up for auction more than a century later, its façade still retained many of the original architectural features. Mavlyanov and the Jasper team wanted to keep the ornate stonework and ironwork while revamping the interior for modern living. In 2017, the renovation team completely gutted the Mornisgside Park area property, and the Jasper team began working toward their creative redevelopment mission.
Mavlyanov's company hired Bernhardt Renovations to generally contract and manage the execution of the construction. The company is a staple among high-end real estate renovations and developments in NYC. With Bernhardt overseeing the renovations, Jasper Ventures Group has watched their newest residential investment go from 10 to 14 impressive units with modern finishes and open floor plans to provide NYC renters with the greatest value.
The Jasper Venture Goup property at 364 West 119th street provides tenants with a cozy interior environment with black and white artwork on the corridor walls showing old photos of New York as you enter the residence. There is also a fun backyard area, specific bike storage and other storage areas that will be complimentary to renters who decide to call it home.
Providing Renters With Options
Although the area is Harlem-adjacent, it is still an unofficial extension of the Upper West Side. It sports notable New York City landmarks like Columbia University and the Mount Sinai West hospital system.
The Morningside Park area also sits right in the middle of some of the city's greenest spaces. These include Central Park, Riverside Park and Morningside Park itself. All these caches of the great outdoors are just a few minutes' walk away from the neighborhood. The area is also close to the A, B, C and D express trains on West 125th street for those who don't fancy a walk. Residents who like to keep it local will find value in the area since it is close to many incredible restaurants, jazz clubs and the festive nightlife of Harlem.
* This is a contributed article and this content does not necessarily represent the views of sciencetimes.com
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