| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,807 |
|
|
| Receivables (Note 3) |
429 |
| Prepaid expenses (Note 4) |
217 |
| Total Current Assets |
2,453 |
|
|
| Reserve fund (Notes 2 and 5) |
10,666 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
23,924 |
|
|
| Building |
49,687 |
| Building improvements |
40,669 |
| Total |
114,280 |
| Less: accumulated depreciation |
(73,401) |
| Net Property and Improvements |
40,879 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
209 |
| Unamortized credit line finance costs |
122 |
| Utility deposit |
8 |
| Total Other Assets |
339 |
| Total Assets |
54,338 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
601 |
| Real estate tax abatements |
939 |
| Mortgage payable - current portion |
664 |
| Prepaid maintenance and laundry income |
196 |
| Building improvements payable |
101 |
| Accrued mortgage interest |
94 |
| Total Current Liabilities |
2,594 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
30,838 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(680) |
| Total Long-Term Debt |
30,159 |
| Security deposits payable |
452 |
| Total Long-Term Liabilities |
30,610 |
| Total Liabilities |
33,205 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,177 |
|
|
| Additional paid-in capital |
67,861 |
| Accumulated deficit |
(47,904) |
| Total Stockholders’ Equity |
21,133 |
|
|
| Total Liabilities and Stockholders’ Equity |
54,338 |