Olney is indeed the name of the neighborhood and sorry to say you wouldn't want to visit.
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Olney is named after the estate of Alexander Wilson (not the ornithologist), who resided on Rising Sun Avenue, near Tacony Creek. Wilson chose the name for his residence because of his love for the poet William Cowper, of Olney, England.
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The residents of north Philadelphia prefer to pronounce it with three syllables, "Awl-uh-knee"