| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 90,837 | 
| Shareholders' arrears receivable | 3,949 | 
| Miscellaneous receivables | 3,630 | 
| Prepaid expenses (Page 12) | 195,707 | 
| Contract work in progress (Note 13) | 10,509 | 
| Reserve fund (Page 12) | 649,865 | 
| Total current assets | 954,497 | 
| Land, Building and Equipment (Note 2) | |
| Land | 2,224,271 | 
| Building | 6,672,815 | 
| Building improvements | 1,981,466 | 
| Fixed equipment | 22,784 | 
| Oil burner | 22,400 | 
| Total land, building and equipment | 10,923,736 | 
| Less: accumulated depreciation | 7,444,951 | 
| Net land, building, equipment | 3,478,785 | 
| TOTAL ASSETS | 4,433,282 | 
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 155,307 | 
| Maintenance received in advance | 9,458 | 
| New York State Franchise tax payable (Note 5) | 56 | 
| Shareholders' deposits payable | 6,500 | 
| Mortgage note payable- current (Note 3) | 150,947 | 
| Total current liabilities | 322,268 | 
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 1,672,625 | 
| Total long term liabilities | 1,672,625 | 
| Total liabilities | 1,994,893 | 
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 67,164 | 
| Paid in capital | 7,077,134 | 
| Accumulated deficit | (4,705,909) | 
| Total stockholders equity | 2,438,389 | 
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 4,433,282 | 
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 1,664,569 | 
| Shareholder operating assessment (Note 9) | 141,044 | 
| Laundry income | 9,600 | 
| Interest and dividend income | 4,451 | 
| Late charges and miscellaneous income | 720 | 
| Total Revenue | 1,820,384 | 
| EXPENSES | |
| Administrative expenses (Page 13) | 134,457 | 
| Operating expenses (Page 13) | 513,806 | 
| Maintenance expenses (Page 14) | 145,969 | 
| Taxes (Page 14) | 834,949 | 
| Financial expenses (Page 14) | 72,421 | 
| Total Expenses | 1,701,602 | 
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 118,782 | 
| Add: Insurance proceeds (Page 14) | -0- | 
| Less: Depreciation (Page 14) | (76,248) | 
| Less: Realized loss on securities (Page 14) | -0- | 
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 42,534 | 
| Beginning accumulated deficit | (4,748,443) | 
| Ending accumulated deficit | (4,705,909) |