| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,663 |
|
|
| Receivables (Note 3) |
395 |
| Prepaid expenses (Note 4) |
200 |
| Total Current Assets |
2,257 |
|
|
| Reserve fund (Notes 2 and 5) |
9,814 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
22,011 |
|
|
| Building |
45,716 |
| Building improvements |
37,419 |
| Total |
105,145 |
| Less: accumulated depreciation |
(67,534) |
| Net Property and Improvements |
37,612 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
192 |
| Unamortized credit line finance costs |
113 |
| Utility deposit |
7 |
| Total Other Assets |
312 |
| Total Assets |
49,995 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
553 |
| Real estate tax abatements |
864 |
| Mortgage payable - current portion |
611 |
| Prepaid maintenance and laundry income |
180 |
| Building improvements payable |
93 |
| Accrued mortgage interest |
87 |
| Total Current Liabilities |
2,387 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
28,373 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(625) |
| Total Long-Term Debt |
27,748 |
| Security deposits payable |
415 |
| Total Long-Term Liabilities |
28,164 |
| Total Liabilities |
30,550 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,083 |
|
|
| Additional paid-in capital |
62,437 |
| Accumulated deficit |
(44,075) |
| Total Stockholders’ Equity |
19,444 |
|
|
| Total Liabilities and Stockholders’ Equity |
49,995 |