| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,717 |
| Receivables (Note 3) |
365 |
| Prepaid expenses (Note 4) |
258 |
| Total Current Assets |
2,340 |
| Reserve fund (Notes 2 and 5) |
11,019 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
22,988 |
| Building |
47,744 |
| Building improvements |
39,069 |
| Total |
109,801 |
| Less: accumulated depreciation |
(67,908) |
| Net Property and Improvements |
41,893 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
303 |
| Unamortized credit line finance costs |
133 |
| Utility deposit |
8 |
| Total Other Assets |
444 |
| Total Assets |
55,695 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
556 |
| Real estate tax abatements |
1,061 |
| Mortgage payable - current portion |
616 |
| Prepaid maintenance and laundry income |
256 |
| Building improvements payable |
97 |
| Accrued mortgage interest |
92 |
| Total Current Liabilities |
2,678 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
30,270 |
| Unamortized mortgage finance costs (Note 2) |
(736) |
| Total Long-Term Debt |
29,534 |
| Security deposits payable |
418 |
| Total Long-Term Liabilities |
29,952 |
| Total Liabilities |
32,630 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,131 |
| Additional paid-in capital |
65,207 |
| Accumulated deficit |
(43,272) |
| Total Stockholders’ Equity |
23,065 |
| Total Liabilities and Stockholders’ Equity |
55,695 |