Although not politically popular, I can think of another use that comes with a somwhat ok funding stream:
Alternative to Incarceration.
Some of the funds that are presently spent to jail people on Rikers Island for misdemeanors could be used to create a day reporting center that focused on GED, drug rehab, vocational skills, etc.
Those failed to report, or acted like pricks while at the center, would join their incarcerated peers at Rikers. I doubt the political obstacles could be overcome though....
For better or worse, the change on Nostrand is going to make the change on Franklin look minor.