| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,589 |
|
|
| Receivables (Note 3) |
377 |
| Prepaid expenses (Note 4) |
191 |
| Total Current Assets |
2,157 |
|
|
| Reserve fund (Notes 2 and 5) |
9,378 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
21,035 |
|
|
| Building |
43,688 |
| Building improvements |
35,759 |
| Total |
100,481 |
| Less: accumulated depreciation |
(64,538) |
| Net Property and Improvements |
35,943 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
184 |
| Unamortized credit line finance costs |
108 |
| Utility deposit |
7 |
| Total Other Assets |
298 |
| Total Assets |
47,777 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
528 |
| Real estate tax abatements |
825 |
| Mortgage payable - current portion |
584 |
| Prepaid maintenance and laundry income |
172 |
| Building improvements payable |
88 |
| Accrued mortgage interest |
83 |
| Total Current Liabilities |
2,281 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
27,115 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(598) |
| Total Long-Term Debt |
26,517 |
| Security deposits payable |
397 |
| Total Long-Term Liabilities |
26,914 |
| Total Liabilities |
29,195 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,035 |
|
|
| Additional paid-in capital |
59,667 |
| Accumulated deficit |
(42,120) |
| Total Stockholders’ Equity |
18,582 |
|
|
| Total Liabilities and Stockholders’ Equity |
47,777 |