| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,540 |
|
|
| Receivables (Note 3) |
366 |
| Prepaid expenses (Note 4) |
185 |
| Total Current Assets |
2,090 |
|
|
| Reserve fund (Notes 2 and 5) |
9,088 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
20,384 |
|
|
| Building |
42,336 |
| Building improvements |
34,652 |
| Total |
97,371 |
| Less: accumulated depreciation |
(62,541) |
| Net Property and Improvements |
34,831 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
178 |
| Unamortized credit line finance costs |
104 |
| Utility deposit |
7 |
| Total Other Assets |
289 |
| Total Assets |
46,298 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
512 |
| Real estate tax abatements |
800 |
| Mortgage payable - current portion |
566 |
| Prepaid maintenance and laundry income |
167 |
| Building improvements payable |
86 |
| Accrued mortgage interest |
80 |
| Total Current Liabilities |
2,210 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
26,276 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(579) |
| Total Long-Term Debt |
25,697 |
| Security deposits payable |
385 |
| Total Long-Term Liabilities |
26,081 |
| Total Liabilities |
28,292 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,002 |
|
|
| Additional paid-in capital |
57,820 |
| Accumulated deficit |
(40,816) |
| Total Stockholders’ Equity |
18,007 |
|
|
| Total Liabilities and Stockholders’ Equity |
46,298 |