Steve Ostroff discussed the plans for the New Frankford Community Y building (4704 Leiper Street) at the Northwood Civic Association meeting on November 18th. After a grilling by a skeptical audience concerned about the possibility of negative uses of the building, he managed to calm the fears of many in the Northwood residents.
Although he and his partner, Mavrakis Stylianos, apparently have no specific plans, the objective is to get some tenant or tenants into the building to make some money. Ostroff is a major investor in Frankford and he has a substantial investment in this building to protect. He understands the mansion part of the property is on the historic register and as such cannot be altered. He said he had no plans to do so.
This deal could be a win for Frankford and Northwood. A historic building will be protected and returned to some productive use. The sale of the building could also become a windfall for other nonprofits in Frankford. If the nonprofit Corporation which owns the building sells its property and then liquidates its assets, under those circumstances, the proceeds must go to another nonprofit. How that is handled would be up to the Board of Directors but it should stay in Frankford.