| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,787 |
| Receivables (Note 3) |
380 |
| Prepaid expenses (Note 4) |
268 |
| Total Current Assets |
2,435 |
| Reserve fund (Notes 2 and 5) |
11,468 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
23,924 |
| Building |
49,687 |
| Building improvements |
40,659 |
| Total |
114,270 |
| Less: accumulated depreciation |
(70,672) |
| Net Property and Improvements |
43,598 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
316 |
| Unamortized credit line finance costs |
138 |
| Utility deposit |
8 |
| Total Other Assets |
462 |
| Total Assets |
57,963 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
579 |
| Real estate tax abatements |
1,104 |
| Mortgage payable - current portion |
641 |
| Prepaid maintenance and laundry income |
267 |
| Building improvements payable |
101 |
| Accrued mortgage interest |
96 |
| Total Current Liabilities |
2,787 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
31,502 |
| Unamortized mortgage finance costs (Note 2) |
(766) |
| Total Long-Term Debt |
30,736 |
| Security deposits payable |
435 |
| Total Long-Term Liabilities |
31,171 |
| Total Liabilities |
33,958 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,177 |
| Additional paid-in capital |
67,861 |
| Accumulated deficit |
(45,033) |
| Total Stockholders’ Equity |
24,004 |
| Total Liabilities and Stockholders’ Equity |
57,963 |