| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
881 |
|
|
| Receivables (Note 3) |
209 |
| Prepaid expenses (Note 4) |
106 |
| Total Current Assets |
1,195 |
|
|
| Reserve fund (Notes 2 and 5) |
5,197 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,657 |
|
|
| Building |
24,210 |
| Building improvements |
19,816 |
| Total |
55,682 |
| Less: accumulated depreciation |
(35,764) |
| Net Property and Improvements |
19,918 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
102 |
| Unamortized credit line finance costs |
60 |
| Utility deposit |
4 |
| Total Other Assets |
165 |
| Total Assets |
26,476 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
293 |
| Real estate tax abatements |
457 |
| Mortgage payable - current portion |
324 |
| Prepaid maintenance and laundry income |
95 |
| Building improvements payable |
49 |
| Accrued mortgage interest |
46 |
| Total Current Liabilities |
1,264 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
15,026 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(331) |
| Total Long-Term Debt |
14,695 |
| Security deposits payable |
220 |
| Total Long-Term Liabilities |
14,915 |
| Total Liabilities |
16,179 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
573 |
|
|
| Additional paid-in capital |
33,065 |
| Accumulated deficit |
(23,341) |
| Total Stockholders’ Equity |
10,297 |
|
|
| Total Liabilities and Stockholders’ Equity |
26,476 |