Olnick just supersized its planned expansion of the Lenox Terrace complex

Plan also entails 40K sf of retail space

New York /
Jan.January 09, 2018 11:05 AM

Lenox Terrace Redevelopment (Credit: YIMBY)

The Olnick Organization’s upcoming redevelopment of Lenox Terrace is getting even bigger.

Plans for expanding the residential complex now include more than 1,600 new apartments across five buildings, along with an additional 40,000 square feet of retail space and 15,000 square feet of community space, according to New York YIMBY. This is a significant increase from the 1,300 additional proposed new units that were announced in 2015.

Between 411 and 493 of the residential units would be affordable, and the expansion would also include about 200 parking spots. The first phase of the expansion should be done by 2022, and the whole project should be finished by 2027.

The complex, which currently has six towers holding about 1,700 residential units, is bounded by West 132nd and 135th streets and Malcolm X Boulevard and Fifth Avenue in Harlem.

The growth plans may not make current residents of Lenox Terrace very happy, as a 2014 survey from a tenant advocacy association found that most tenants were opposed to expanding the complex. Despite a city-wide rent freeze on stabilized units, tenants at the complex in late 2015 accused Olnick of raising rents illegally. [YIMBY]Eddie Small


Related Articles

arrow_forward_ios
Crow Holdings, Marcus Partners teaming up for luxury Westchester multifamily
Crow Holdings, Marcus Partners teaming up for luxury Westchester multifamily
Crow Holdings, Marcus Partners teaming up for luxury Westchester multifamily
Madison Realty Capital Co-Founders Josh Zegen and Brian Shatz with a rendering of the River North development (Madison Realty Capital, FXCollaborative)
Madison Realty’s altered plans for SI complex approved
Madison Realty’s altered plans for SI complex approved
Clockwise from left: Vornado's Steven Roth with 61-19 Junction Boulevard, Rego Park, Silverstein Properties' Larry Silverstein with 44-01 Northern Boulevard in Astoria and BEB Capital's Bert Brodsky with 1065 Atlantic Avenue in Bedford–Stuyvesant (Images via Google Maps, Getty Images, BEB Capital)
Vornado, Silverstein propose major mixed-use projects
Vornado, Silverstein propose major mixed-use projects
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
MTA plans mixed-use redevelopment for Greenpoint waterfront
MTA plans mixed-use redevelopment for Greenpoint waterfront
MTA plans mixed-use redevelopment for Greenpoint waterfront
Ex-partners’ feud stalls $140M development in Port Chester
Ex-partners’ feud stalls $140M development in Port Chester
Ex-partners’ feud stalls $140M development in Port Chester
Rendering of the Meadowlands Sports Arena with Convention Center (Meadowlands 2040 Foundation)
Convention center planned near American Dream mall
Convention center planned near American Dream mall
Scale’s $48M loan kicks off first phase of New Rochelle project
Scale’s $48M loan kicks off first phase of New Rochelle project
Scale’s $48M loan kicks off first phase of New Rochelle project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...