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Free Market Status Granted to Jasper Venture Group’s Project in Morningside Park Area

Free Market Status Granted to Jasper Venture Group’s Project in Morningside Park Area

Free Market Status Granted to Jasper Venture Group’s Project in Morningside Park Area

Tom Mohamed
Finance
Last updated: Apr 28, 2022 | Apr 18, 2022

Recently, a newer redevelopment at 364 West 119th Street in Morningside Park area, NYC was granted free market status by the Housing and Community Renewal in upper Manhattan (DHCR). Ilio Mavlyanov, CEO of Jasper Venture Group are the current owners of the property. It took three long years for the city to approve their application, likely due to a high volume of applications along with a delay attributed to the Covid-19 pandemic. The application was led by Susan Cornicello from Cornicello, Tendler, Baumel-Cornicello, LLP - New York, NY.

In 2015, Ilio Mavlyanov and his real estate investment and development firm Jasper Venture Group were on the hunt for great properties to purchase in Manhattan to which they could add their creative redevelopment magic. Eventually, selling to the prospective landlord with the best bid.

One year earlier, in 2014, the property was auctioned by the city and delivered vacant. In 2015 Ilio Mavlyanov acquired the property. At that time, Banco Popular provided acquisition and construction loans for 364 West 119th street..

The property at 364 West 119th was a brick row house originally built in 1910. When the building went up for auction in 2014, its facade retained desirable original architectural features, including ornate ironwork and stonework. These extraordinary old features created with a unique craftsmanship used during the turn of the century era are preserved today.

At that time Ilio Mavlyanov was a resident of upper Manhattan. He understood the treasures the neighborhood stored for future residents.

upper manhattan

The neighborhood around Morningside Park, though Harlem-adjacent, can be seen as an unofficial extension of the Upper West Side of the city, sporting such notable New York CIty landmarks as Columbia University and the Mount Sinai West hospital system. It sits in the middle of many of the most luminous green spaces the city owns. Riverside Park, Central Park, and Morningside Park are all within minutes walking distance of this neighborhood and the 364 West 119th street property. It is only blocks away from the express A,B,C, and D trains at West 125th street. And, it is only a few steps away from all the incredible restaurants, jazz clubs, and festive nightlife that Harlem provides.

These features made it all the more important for Jasper Venture Group to secure the property. In 2017, the Harlem property was completely gutted and the Jasper team began working toward their creative redevelopment mission for the property.

Bernhardt Renovations was brought in to generally contract and manage the execution of the redevelopment of 364 West 119th. Bernhardt Renovations is a staple among high end real estate renovations and developments in NYC, managing some of the most exclusive and exciting high end residential redevelopments in Manhattan and Brooklyn.

With Bernhardt overseeing the renovations, Jasper Ventures Group have watched their newest residential investment go from ten to fourteen impressive units with modern finishes and open floor plans to provide NYC renters the most bang for their buck.

The 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 along with a fun backyard area, specific bike storage as well as other storage areas that will be complimentary to renters who decide to call it home. Originally, the building allowed medical space in the cellar but Jasper Venture Group management decided to offer tenants the free storage as well as the bike storage instead.

renovations
Tom Mohamed | I understand and respect the confidence my clients put in me as a Colorado native and seasoned real estate professional, and I strive to meet their standards every day. For over 11 years, I have been a top producer. Prior to joining the real estate industry, I served in the US Army Infantry, including several tours in Iraq and Kuwait. These experiences taught me the discipline needed to create Colorado's most powerful real estate team.

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