| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
898 |
|
|
| Receivables (Note 3) |
213 |
| Prepaid expenses (Note 4) |
108 |
| Total Current Assets |
1,218 |
|
|
| Reserve fund (Notes 2 and 5) |
5,297 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,880 |
|
|
| Building |
24,675 |
| Building improvements |
20,196 |
| Total |
56,751 |
| Less: accumulated depreciation |
(36,451) |
| Net Property and Improvements |
20,301 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
104 |
| Unamortized credit line finance costs |
61 |
| Utility deposit |
4 |
| Total Other Assets |
169 |
| Total Assets |
26,984 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
298 |
| Real estate tax abatements |
466 |
| Mortgage payable - current portion |
330 |
| Prepaid maintenance and laundry income |
97 |
| Building improvements payable |
50 |
| Accrued mortgage interest |
47 |
| Total Current Liabilities |
1,288 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
15,314 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(338) |
| Total Long-Term Debt |
14,977 |
| Security deposits payable |
224 |
| Total Long-Term Liabilities |
15,201 |
| Total Liabilities |
16,489 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
584 |
|
|
| Additional paid-in capital |
33,700 |
| Accumulated deficit |
(23,789) |
| Total Stockholders’ Equity |
10,495 |
|
|
| Total Liabilities and Stockholders’ Equity |
26,984 |