| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,614 |
|
|
| Receivables (Note 3) |
383 |
| Prepaid expenses (Note 4) |
194 |
| Total Current Assets |
2,190 |
|
|
| Reserve fund (Notes 2 and 5) |
9,523 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
21,360 |
|
|
| Building |
44,364 |
| Building improvements |
36,312 |
| Total |
102,036 |
| Less: accumulated depreciation |
(65,537) |
| Net Property and Improvements |
36,499 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
186 |
| Unamortized credit line finance costs |
109 |
| Utility deposit |
7 |
| Total Other Assets |
303 |
| Total Assets |
48,516 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
537 |
| Real estate tax abatements |
838 |
| Mortgage payable - current portion |
593 |
| Prepaid maintenance and laundry income |
175 |
| Building improvements payable |
90 |
| Accrued mortgage interest |
84 |
| Total Current Liabilities |
2,316 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
27,534 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(607) |
| Total Long-Term Debt |
26,928 |
| Security deposits payable |
403 |
| Total Long-Term Liabilities |
27,331 |
| Total Liabilities |
29,647 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,051 |
|
|
| Additional paid-in capital |
60,590 |
| Accumulated deficit |
(42,772) |
| Total Stockholders’ Equity |
18,869 |
|
|
| Total Liabilities and Stockholders’ Equity |
48,516 |