| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
948 |
|
|
| Receivables (Note 3) |
225 |
| Prepaid expenses (Note 4) |
114 |
| Total Current Assets |
1,287 |
|
|
| Reserve fund (Notes 2 and 5) |
5,596 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,552 |
|
|
| Building |
26,069 |
| Building improvements |
21,338 |
| Total |
59,958 |
| Less: accumulated depreciation |
(38,511) |
| Net Property and Improvements |
21,448 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
110 |
| Unamortized credit line finance costs |
64 |
| Utility deposit |
4 |
| Total Other Assets |
178 |
| Total Assets |
28,509 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
315 |
| Real estate tax abatements |
492 |
| Mortgage payable - current portion |
348 |
| Prepaid maintenance and laundry income |
103 |
| Building improvements payable |
53 |
| Accrued mortgage interest |
49 |
| Total Current Liabilities |
1,361 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
16,180 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(357) |
| Total Long-Term Debt |
15,823 |
| Security deposits payable |
237 |
| Total Long-Term Liabilities |
16,060 |
| Total Liabilities |
17,421 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
617 |
|
|
| Additional paid-in capital |
35,604 |
| Accumulated deficit |
(25,133) |
| Total Stockholders’ Equity |
11,088 |
|
|
| Total Liabilities and Stockholders’ Equity |
28,509 |