| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,737 |
|
|
| Receivables (Note 3) |
412 |
| Prepaid expenses (Note 4) |
208 |
| Total Current Assets |
2,357 |
|
|
| Reserve fund (Notes 2 and 5) |
10,249 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
22,988 |
|
|
| Building |
47,744 |
| Building improvements |
39,079 |
| Total |
109,810 |
| Less: accumulated depreciation |
(70,530) |
| Net Property and Improvements |
39,280 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
201 |
| Unamortized credit line finance costs |
118 |
| Utility deposit |
8 |
| Total Other Assets |
326 |
| Total Assets |
52,213 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
577 |
| Real estate tax abatements |
902 |
| Mortgage payable - current portion |
638 |
| Prepaid maintenance and laundry income |
188 |
| Building improvements payable |
97 |
| Accrued mortgage interest |
90 |
| Total Current Liabilities |
2,493 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
29,632 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(653) |
| Total Long-Term Debt |
28,979 |
| Security deposits payable |
434 |
| Total Long-Term Liabilities |
29,413 |
| Total Liabilities |
31,906 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,131 |
|
|
| Additional paid-in capital |
65,207 |
| Accumulated deficit |
(46,030) |
| Total Stockholders’ Equity |
20,307 |
|
|
| Total Liabilities and Stockholders’ Equity |
52,213 |