Olnick to offer up new park space, renovations to get Lenox Terrace approval

Company hopes to launch approval process for rezoning by year’s end

Feb.February 05, 2018 10:15 AM

Lenox Terrace Redevelopment

The Olnick Organization is prepared to offer Lenox Terrace tenants several perks in a bid to win approval for its massive expansion of the property.

Olnick wants to launch a city approval process by the end of the year to win the right to build five new towers on the Harlem site, and as part of a tenant benefits agreement the company aims to negotiate, officials would renovate existing apartments, build new park space and give current tenants access to several amenities in the new buildings, such as roof terraces and gyms, according to Crain’s.

Lenox Terrace occupies 12.4 acres in Harlem, where it is bounded by West 132nd and 135th streets and Malcolm X Boulevard and Fifth Avenue. Olnick’s plans for the residential complex expanded earlier this year and now include more than 1,600 new apartments across five buildings, along with an extra 40,000 square feet of retail space and 15,000 square feet of community space. The company will have 30 percent of space in the new towers be for affordable housing.

Olnick has had trouble winning over Lenox Terrace tenants in the past. A 2014 survey found that most tenants opposed expanding the complex, and they accused the company in 2015 of illegally raising rents despite a city-wide freeze on stabilized units. [Crain’s] – Eddie Small

Related Articles

(Illustration by Dave Murray)

The squeeze on resi brokerages is forcing consolidation, cooperation

From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

(Credit: iStock)

Residential rents continue upward march in Manhattan, Brooklyn and Queens

Redfin's Glenn Kelman (Credit: iStock)

“It’s on like Donkey Kong”: Redfin scrambling to keep up with iBuyer demand