In 1998, Frankel won the Democratic nomination for Lieutenant Governor of New York in the 1998 statewide Primary Election.

She lost the general election on a ticket with then New York City Council Speaker Peter Vallone.

Republican Mary Donohue won the lieutenant governorship on a ticket with George Pataki.

In 2002, Frankel sought the lieutenant governorship again, but dropped out to foster party unity and endorsed Dennis Mehiel, who lost the general election on a ticket with State Comptroller Carl McCall.

Frankel was one of many names mentioned as a potential candidate for the New York's 29th congressional district election, 2010.