By 1963 the Lower East Side was suffering from a shortage of schools and recreational spaces. An agreement was reached between Parks and the Board of Education to relinquish a portion of the park for the new Public School 126. In exchange, the Board of Education would build a recreation center and cede the vocational school to Parks. The Alfred E. Smith Recreation Center was opened in 1967 with a new gymnasium and community rooms. The Human Resources Administration maintains the vocational school as a family shelter.

Today, the park is an oasis in a vibrant neighborhood. A capital reconstruction project, completed in 1997, brought new life to the playground. New modular play equipment, animal art, a spray shower, and a fire engine slide were installed in the playground, now the site of the City Parks Foundation's "Summer Fun in the Playground" program. The park and recreation center have become what Smith hoped would be a "happier home for his neighbors."