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Mix water, 1/2 cup of the sugar, 2 teaspoons of the vanilla and espresso powder in small saucepan. Bring to boil on medium heat, stirring occasionally until sugar is dissolved. Remove from heat. Cool slightly.
Meanwhile, stir cream cheese, remaining 1/2 cup sugar and remaining 1 teaspoon vanilla in medium bowl until well blended. Beat cream in separate large bowl with electric mixer on medium speed until soft peaks form. Add 1/4 of the whipped cream to cream cheese mixture. Stir gently with spatula until well blended. Add remaining whipped cream. Stir gently to incorporate whipped cream.
Dip 1/2 of the ladyfingers on both sides in coffee mixture. Arrange ladyfingers in single layer in bottom of 8-inch baking dish, cutting ladyfingers to fit if necessary. Spread half of the cream cheese mixture over ladyfingers. Dip remaining ladyfingers in remaining coffee mixture. Place over cream cheese mixture. Drizzle with any remaining coffee mixture. Spread remaining cream cheese mixture over ladyfingers. Cover.
Refrigerate at least 4 hours or until ready to serve. Just before serving, sprinkle top with cocoa powder.