| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,638 |
|
|
| Receivables (Note 3) |
389 |
| Prepaid expenses (Note 4) |
197 |
| Total Current Assets |
2,224 |
|
|
| Reserve fund (Notes 2 and 5) |
9,668 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
21,686 |
|
|
| Building |
45,040 |
| Building improvements |
36,865 |
| Total |
103,591 |
| Less: accumulated depreciation |
(66,535) |
| Net Property and Improvements |
37,055 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
189 |
| Unamortized credit line finance costs |
111 |
| Utility deposit |
7 |
| Total Other Assets |
308 |
| Total Assets |
49,255 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
545 |
| Real estate tax abatements |
851 |
| Mortgage payable - current portion |
602 |
| Prepaid maintenance and laundry income |
178 |
| Building improvements payable |
91 |
| Accrued mortgage interest |
85 |
| Total Current Liabilities |
2,352 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
27,954 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(616) |
| Total Long-Term Debt |
27,338 |
| Security deposits payable |
409 |
| Total Long-Term Liabilities |
27,747 |
| Total Liabilities |
30,099 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,067 |
|
|
| Additional paid-in capital |
61,514 |
| Accumulated deficit |
(43,423) |
| Total Stockholders’ Equity |
19,157 |
|
|
| Total Liabilities and Stockholders’ Equity |
49,255 |