| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
973 |
|
|
| Receivables (Note 3) |
231 |
| Prepaid expenses (Note 4) |
117 |
| Total Current Assets |
1,321 |
|
|
| Reserve fund (Notes 2 and 5) |
5,741 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,877 |
|
|
| Building |
26,745 |
| Building improvements |
21,891 |
| Total |
61,513 |
| Less: accumulated depreciation |
(39,509) |
| Net Property and Improvements |
22,004 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
112 |
| Unamortized credit line finance costs |
66 |
| Utility deposit |
4 |
| Total Other Assets |
183 |
| Total Assets |
29,248 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
323 |
| Real estate tax abatements |
505 |
| Mortgage payable - current portion |
357 |
| Prepaid maintenance and laundry income |
105 |
| Building improvements payable |
54 |
| Accrued mortgage interest |
51 |
| Total Current Liabilities |
1,396 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
16,599 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(366) |
| Total Long-Term Debt |
16,233 |
| Security deposits payable |
243 |
| Total Long-Term Liabilities |
16,477 |
| Total Liabilities |
17,873 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
633 |
|
|
| Additional paid-in capital |
36,527 |
| Accumulated deficit |
(25,785) |
| Total Stockholders’ Equity |
11,375 |
|
|
| Total Liabilities and Stockholders’ Equity |
29,248 |