Though it is one piece with the handlebars, you can raise the stem quite a bit (It will require loosening the bolt and giving a firm whack of a hammer to a piece of wood over the bolt to unstick the wedge)-- when it is raised though it does bring the handlebars closer.
BTW, congrats on the purchase!
Last edited by alr; 11-18-10 at 11:19 AM.
Reason: spelling