| ASSETS | |
| CURRENT ASSETS | |
| Cash - Operating account | 539,954 | 
| Mortgage escrow deposits | 208,588 | 
| Merrill Lynch - Investments | 605,138 | 
| Receivables: | |
| Shareholders’ arrears | 24,193 | 
| Prepaid Expenses: | |
| Boiler contract | 1,824 | 
| Real estate taxes | -0- | 
| Corporate taxes | 8,055 | 
| Insurance | 5,148 | 
| TOTAL CURRENT ASSETS | 1,392,900 | 
| FUNDS | |
| BankUnited - Money Market | 199,987 | 
| Santander - Money Market | -0- | 
| National Cooperative Bank - restricted funds - (Note 6) | 100,340 | 
| TOTAL FUNDS | 300,327 | 
| PROPERTY AND EQUIPMENT | |
| Land | 1,006,264 | 
| Building | 9,056,380 | 
| Improvements | 2,646,885 | 
| Less: Accumulated depreciation | (10,716,513) | 
| NET PROPERTY AND EQUIPMENT | 1,993,016 | 
| OTHER ASSETS | |
| Security deposits | 49,417 | 
| NCB BI Stock - (Note 5) | 1,250 | 
| TOTAL OTHER ASSETS | 50,667 | 
| TOTAL ASSETS | 3,736,910 | 
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| CURRENT LIABILITIES | |
| Accounts payable and accrued expenses | 35,563 | 
| Accrued mortgage interest | 23,866 | 
| Prepaid maintenance charges | 35,519 | 
| Mortgage payable - current portion | 115,208 | 
| Real estate tax abatements and exemptions payable | 92,396 | 
| TOTAL CURRENT LIABILITIES | 302,552 | 
| LONG TERM AND OTHER LIABILITIES | |
| Mortgage payable - net of current portion - (Note 6) | 6,085,062 | 
| Less: Unamortized debt issuance costs - (Note 2) | (81,776) | 
| Security deposits payable | 71,765 | 
| TOTAL LONG TERM AND OTHER LIABILITIES | 6,075,051 | 
| TOTAL LIABILITIES | 6,377,603 | 
| STOCKHOLDERS’ DEFICIT | |
| Capital Stock - Common - Authorized 120,000 shares Issued 109,063 shares at $1 par value of which 711 shares are held as Treasury Stock | 109,063 | 
| Paid-in Capital in excess of par value | 3,382,582 | 
| Paid-in Capital - Treasury Stock | 710,643 | 
| Accumulated Deficit | (6,838,906) | 
| Less: Treasury Stock at cost - (Note 8) | (4,075) | 
| TOTAL STOCKHOLDERS’ DEFICIT | (2,640,693) | 
| TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 3,736,910 | 
| INCOME | |
| Income from Shareholders | |
| Maintenance charges | 2,212,331 | 
| Assessment - operations - (Note 9) | 219,762 | 
| Sublet fees | 22,629 | 
| Late fees | 4,450 | 
| Storage fees | 23,626 | 
| Move in/out fees | 9,500 | 
| Total Income from Shareholders | 2,492,298 | 
| Other Income | |
| Commercial - (Note 10) | 176,026 | 
| Antenna - (Note 11) | 27,780 | 
| Rental - (Note 8) | 18,437 | 
| Laundry | 18,000 | 
| Interest | 1,443 | 
| Miscellaneous | 1,559 | 
| NCB Patronage refund - (Note 5) | 22 | 
| Total Other Income | 243,267 | 
| TOTAL INCOME | 2,735,565 | 
| COST OF OPERATIONS | |
| Administrative expenses Schedule 1 | 151,073 | 
| Operating expenses Schedule 2 | 737,796 | 
| Maintenance expenses Schedule 3 | 89,365 | 
| Taxes Schedule 4 | 1,336,004 | 
| Financial expenses Schedule 5 | 295,609 | 
| TOTAL COST OF OPERATIONS | 2,609,847 | 
| INCOME FROM OPERATIONS BEFORE DEPRECIATION, AMORTIZATION AND CAPITAL ASSESSMENT | 125,718 | 
| Depreciation and amortization Schedule 6 | (106,011) | 
| Capital assessment - (Note 9) | 229,137 | 
| NET INCOME (LOSS) | 248,844 | 
| Beginning Accumulated Deficit | (7,087,730) | 
| Ending Accumulated Deficit | (6,838,906) |