92 Morningside Ave, New York, NY
On April 24, 2013, Jacobs Real Estate Advisors facilitated 90% of financing and closing of 92 Morningside Ave, New York, NY. The existing 7 story building will be rehabilitated and converted into 49 three bedroom units and 21 two bedroom units. An additional three floors will be constructed consisting of 6 luxury 3 bedroom units with 2 penthouses with Cathedral Ceilings.
The 79,245 sq ft building provides an opportunity for residents to have an urban lifestyle with a 4,000 sq ft recreational area off the front of the building. The Harlem community continues to see a FULL gentrification with residents from areas such as the Upper East Side and other affluent areas moving in with comparable rents.