| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,786 |
|
|
| Receivables (Note 3) |
424 |
| Prepaid expenses (Note 4) |
214 |
| Total Current Assets |
2,424 |
|
|
| Reserve fund (Notes 2 and 5) |
10,539 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
23,639 |
|
|
| Building |
49,096 |
| Building improvements |
40,185 |
| Total |
112,920 |
| Less: accumulated depreciation |
(72,527) |
| Net Property and Improvements |
40,393 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
206 |
| Unamortized credit line finance costs |
121 |
| Utility deposit |
8 |
| Total Other Assets |
335 |
| Total Assets |
53,691 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
594 |
| Real estate tax abatements |
927 |
| Mortgage payable - current portion |
656 |
| Prepaid maintenance and laundry income |
194 |
| Building improvements payable |
99 |
| Accrued mortgage interest |
93 |
| Total Current Liabilities |
2,563 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
30,471 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(672) |
| Total Long-Term Debt |
29,800 |
| Security deposits payable |
446 |
| Total Long-Term Liabilities |
30,246 |
| Total Liabilities |
32,809 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,163 |
|
|
| Additional paid-in capital |
67,053 |
| Accumulated deficit |
(47,334) |
| Total Stockholders’ Equity |
20,882 |
|
|
| Total Liabilities and Stockholders’ Equity |
53,691 |