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B-114874 1 (1972-06-15)

handle is hein.gao/gaobaagjr0001 and id is 1 raw text is: 44, COMPTROLLER GENERAL OF THE UNI WASHINGTON, D.C. 2048 JUN 15 1972 B-114874 A r_1, Dear Senators Javits and Buckley and Representative Abzug: Your letter of March 8, 1972, requested that we update the comparison included in our February 14, 1972, report to Representative Abzug of the two alternatives--cQnstruction and leasing--for acquiring a postal vehicle maintenance facil- ity (VMF) in New York City on2t ebasis of new information Provided by the Sharp Development Corporation, the would-be lessor. In that report we compared the cost of constructing a VMF on a Postal Service-owned site, adjacent to the Morgan Postal Station, with the cost of leasing a similar VMF to be constructed by the Sharp Development Corporation, on land about two blocks from the Postal Service-owned site. The updating of this comparison is not feasible, however, lbecause the buildings proposed to be constructed by the Postal -2_ 2,Service and by the Sharp Development Corporation are different P.lo? in size, configuration, and vehicle accommodations from those on which the comparison had been based. Therefore, it was agreed with your office that we would present data showing the lease rate below which it would be advantageous for the Postal Service to lease rather than to construct a VMF to meet its current requirements. We concluded that the Postal Service should lease a VMF that meets its current requirements if the lease rate is less than $3.52 per square foot a year or $2,297,000 a year. Fur- ther details regarding our computation are contained in the enclosure. We have not requested the Postal Service or the Sharp Development Corporation to review or comment formally on the information in this report. We plan to make no further distribution of this report unless copies are specifically requested and then only after />96/

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