| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,565 |
|
|
| Receivables (Note 3) |
371 |
| Prepaid expenses (Note 4) |
188 |
| Total Current Assets |
2,124 |
|
|
| Reserve fund (Notes 2 and 5) |
9,233 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
20,709 |
|
|
| Building |
43,012 |
| Building improvements |
35,205 |
| Total |
98,926 |
| Less: accumulated depreciation |
(63,539) |
| Net Property and Improvements |
35,387 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
181 |
| Unamortized credit line finance costs |
106 |
| Utility deposit |
7 |
| Total Other Assets |
294 |
| Total Assets |
47,037 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
520 |
| Real estate tax abatements |
813 |
| Mortgage payable - current portion |
575 |
| Prepaid maintenance and laundry income |
170 |
| Building improvements payable |
87 |
| Accrued mortgage interest |
81 |
| Total Current Liabilities |
2,246 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
26,695 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(588) |
| Total Long-Term Debt |
26,107 |
| Security deposits payable |
391 |
| Total Long-Term Liabilities |
26,498 |
| Total Liabilities |
28,743 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,018 |
|
|
| Additional paid-in capital |
58,744 |
| Accumulated deficit |
(41,468) |
| Total Stockholders’ Equity |
18,294 |
|
|
| Total Liabilities and Stockholders’ Equity |
47,037 |