| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,687 |
|
|
| Receivables (Note 3) |
401 |
| Prepaid expenses (Note 4) |
202 |
| Total Current Assets |
2,291 |
|
|
| Reserve fund (Notes 2 and 5) |
9,959 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
22,337 |
|
|
| Building |
46,392 |
| Building improvements |
37,972 |
| Total |
106,700 |
| Less: accumulated depreciation |
(68,533) |
| Net Property and Improvements |
38,168 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
195 |
| Unamortized credit line finance costs |
114 |
| Utility deposit |
8 |
| Total Other Assets |
317 |
| Total Assets |
50,734 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
561 |
| Real estate tax abatements |
876 |
| Mortgage payable - current portion |
620 |
| Prepaid maintenance and laundry income |
183 |
| Building improvements payable |
94 |
| Accrued mortgage interest |
88 |
| Total Current Liabilities |
2,422 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
28,793 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(635) |
| Total Long-Term Debt |
28,158 |
| Security deposits payable |
422 |
| Total Long-Term Liabilities |
28,580 |
| Total Liabilities |
31,002 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,099 |
|
|
| Additional paid-in capital |
63,360 |
| Accumulated deficit |
(44,727) |
| Total Stockholders’ Equity |
19,732 |
|
|
| Total Liabilities and Stockholders’ Equity |
50,734 |