| ASSETS | |
| CURRENT ASSETS | |
| Cash - Operating account | 485,303 | 
| Mortgage escrow deposits | 178,907 | 
| Merrill Lynch - Investments | 405,900 | 
| Receivables: | |
| Shareholders’ arrears | 14,878 | 
| Prepaid Expenses: | |
| Boiler contract | -0- | 
| Real estate taxes | 10,156 | 
| Corporate taxes | 11,210 | 
| Insurance | 5,329 | 
| TOTAL CURRENT ASSETS | 1,111,683 | 
| FUNDS | |
| BankUnited - Money Market | 200,710 | 
| Santander - Money Market | 201,023 | 
| National Cooperative Bank - restricted funds - (Note 6) | 100,491 | 
| TOTAL FUNDS | 502,224 | 
| PROPERTY AND EQUIPMENT | |
| Land | 1,006,264 | 
| Building | 9,056,380 | 
| Improvements | 2,662,740 | 
| Less: Accumulated depreciation | (10,820,741) | 
| NET PROPERTY AND EQUIPMENT | 1,904,643 | 
| OTHER ASSETS | |
| Security deposits | 54,290 | 
| NCB BI Stock - (Note 5) | 1,250 | 
| TOTAL OTHER ASSETS | 55,540 | 
| TOTAL ASSETS | 3,574,090 | 
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| CURRENT LIABILITIES | |
| Accounts payable and accrued expenses | 34,334 | 
| Accrued mortgage interest | 23,422 | 
| Prepaid maintenance charges | 30,833 | 
| Mortgage payable - current portion | 120,539 | 
| Real estate tax abatements and exemptions payable | 88,421 | 
| TOTAL CURRENT LIABILITIES | 297,549 | 
| LONG TERM AND OTHER LIABILITIES | |
| Mortgage payable - net of current portion - (Note 6) | 5,964,523 | 
| Less: Unamortized debt issuance costs - (Note 2) | (70,232) | 
| Security deposits payable | 78,638 | 
| TOTAL LONG TERM AND OTHER LIABILITIES | 5,972,929 | 
| TOTAL LIABILITIES | 6,270,478 | 
| 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 | (6,894,601) | 
| Less: Treasury Stock at cost - (Note 8) | (4,075) | 
| TOTAL STOCKHOLDERS’ DEFICIT | (2,696,388) | 
| TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 3,574,090 | 
| INCOME | |
| Income from Shareholders | |
| Maintenance charges | 2,286,076 | 
| Assessment - operations - (Note 9) | 241,835 | 
| Sublet fees | 19,569 | 
| Late fees | 5,312 | 
| Storage fees | 25,826 | 
| Move in/out fees | 6,000 | 
| Total Income from Shareholders | 2,584,618 | 
| Other Income | |
| Commercial - (Note 10) | 176,026 | 
| Antenna - (Note 11) | 28,474 | 
| Rental - (Note 8) | 18,558 | 
| Laundry | 20,900 | 
| Interest | 3,023 | 
| Miscellaneous | 1,326 | 
| NCB Patronage refund - (Note 5) | 51 | 
| Total Other Income | 248,358 | 
| TOTAL INCOME | 2,832,976 | 
| COST OF OPERATIONS | |
| Administrative expenses Schedule 1 | 155,565 | 
| Operating expenses Schedule 2 | 797,639 | 
| Maintenance expenses Schedule 3 | 120,056 | 
| Taxes Schedule 4 | 1,442,295 | 
| Financial expenses Schedule 5 | 289,719 | 
| TOTAL COST OF OPERATIONS | 2,805,274 | 
| INCOME FROM OPERATIONS BEFORE DEPRECIATION, AMORTIZATION AND CAPITAL ASSESSMENT | 27,702 | 
| Depreciation and amortization Schedule 6 | (104,228) | 
| Capital assessment - (Note 9) | 20,831 | 
| NET INCOME (LOSS) | (55,695) | 
| Beginning Accumulated Deficit | (6,838,906) | 
| Ending Accumulated Deficit | (6,894,601) |