| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
950 |
|
|
| Receivables (Note 3) |
225 |
| Prepaid expenses (Note 4) |
114 |
| Total Current Assets |
1,289 |
|
|
| Reserve fund (Notes 2 and 5) |
5,605 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,572 |
|
|
| Building |
26,111 |
| Building improvements |
21,372 |
| Total |
60,055 |
| Less: accumulated depreciation |
(38,573) |
| Net Property and Improvements |
21,482 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
110 |
| Unamortized credit line finance costs |
64 |
| Utility deposit |
4 |
| Total Other Assets |
178 |
| Total Assets |
28,555 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
316 |
| Real estate tax abatements |
493 |
| Mortgage payable - current portion |
349 |
| Prepaid maintenance and laundry income |
103 |
| Building improvements payable |
53 |
| Accrued mortgage interest |
49 |
| Total Current Liabilities |
1,363 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
16,206 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(357) |
| Total Long-Term Debt |
15,849 |
| Security deposits payable |
237 |
| Total Long-Term Liabilities |
16,086 |
| Total Liabilities |
17,449 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
618 |
|
|
| Additional paid-in capital |
35,662 |
| Accumulated deficit |
(25,174) |
| Total Stockholders’ Equity |
11,106 |
|
|
| Total Liabilities and Stockholders’ Equity |
28,555 |