| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
922 |
|
|
| Receivables (Note 3) |
219 |
| Prepaid expenses (Note 4) |
111 |
| Total Current Assets |
1,252 |
|
|
| Reserve fund (Notes 2 and 5) |
5,442 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,206 |
|
|
| Building |
25,351 |
| Building improvements |
20,750 |
| Total |
58,306 |
| Less: accumulated depreciation |
(37,449) |
| Net Property and Improvements |
20,857 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
107 |
| Unamortized credit line finance costs |
62 |
| Utility deposit |
4 |
| Total Other Assets |
173 |
| Total Assets |
27,723 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
307 |
| Real estate tax abatements |
479 |
| Mortgage payable - current portion |
339 |
| Prepaid maintenance and laundry income |
100 |
| Building improvements payable |
51 |
| Accrued mortgage interest |
48 |
| Total Current Liabilities |
1,324 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
15,734 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(347) |
| Total Long-Term Debt |
15,387 |
| Security deposits payable |
230 |
| Total Long-Term Liabilities |
15,618 |
| Total Liabilities |
16,941 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
600 |
|
|
| Additional paid-in capital |
34,623 |
| Accumulated deficit |
(24,441) |
| Total Stockholders’ Equity |
10,782 |
|
|
| Total Liabilities and Stockholders’ Equity |
27,723 |