| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,766 |
| Receivables (Note 3) |
375 |
| Prepaid expenses (Note 4) |
265 |
| Total Current Assets |
2,406 |
| Reserve fund (Notes 2 and 5) |
11,331 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
23,639 |
| Building |
49,096 |
| Building improvements |
40,175 |
| Total |
112,910 |
| Less: accumulated depreciation |
(69,831) |
| Net Property and Improvements |
43,079 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
312 |
| Unamortized credit line finance costs |
136 |
| Utility deposit |
8 |
| Total Other Assets |
456 |
| Total Assets |
57,272 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
572 |
| Real estate tax abatements |
1,091 |
| Mortgage payable - current portion |
633 |
| Prepaid maintenance and laundry income |
264 |
| Building improvements payable |
99 |
| Accrued mortgage interest |
95 |
| Total Current Liabilities |
2,754 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
31,127 |
| Unamortized mortgage finance costs (Note 2) |
(757) |
| Total Long-Term Debt |
30,370 |
| Security deposits payable |
430 |
| Total Long-Term Liabilities |
30,800 |
| Total Liabilities |
33,554 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,163 |
| Additional paid-in capital |
67,053 |
| Accumulated deficit |
(44,497) |
| Total Stockholders’ Equity |
23,719 |
| Total Liabilities and Stockholders’ Equity |
57,272 |