Ollie's was opened in 1989 by Arthur Cutler (who also owned Carmine's, an Italian restaurant that is now a famous NYC chain) in the building on the corner of 116th & Broadway that is owned by Barnard College. He originally intended to keep the Ollie's open 24 hours a day. 
Prior to Ollie's the space was home to an unsuccessful 50s-style hamburger restaurant called Rickie's that was only open for two years. Prior to Rickie's, the space was host to a Chock Full O' Nuts.
Cutler died in 1997 at the age of 53. Cutler told the New York Times that Ollie's was how his Chinese friends pronounced his name (Artie). 
Ollie's was fairly good, as long as you were all right with all the grease and MSG. Compared to the other Ollie's branches, it was not so good. But compared to other Chinese restaurants in Morningside Heights, it was upmarket and fairly tasty and reliable. The lo mein or chicken with broccoli were a step above the other Chinese joints in the neighborhood. Also, the noodle soups were excellent.
<googlemap lat="40.807975" lon="-73.964247" type="map" zoom="16" width="500" height="300" controls="small"> 40.807975, -73.964247, Ollie's (Chinese) </googlemap>