| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,712 |
|
|
| Receivables (Note 3) |
406 |
| Prepaid expenses (Note 4) |
205 |
| Total Current Assets |
2,324 |
|
|
| Reserve fund (Notes 2 and 5) |
10,104 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
22,662 |
|
|
| Building |
47,068 |
| Building improvements |
38,525 |
| Total |
108,255 |
| Less: accumulated depreciation |
(69,531) |
| Net Property and Improvements |
38,724 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
198 |
| Unamortized credit line finance costs |
116 |
| Utility deposit |
8 |
| Total Other Assets |
321 |
| Total Assets |
51,473 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
569 |
| Real estate tax abatements |
889 |
| Mortgage payable - current portion |
629 |
| Prepaid maintenance and laundry income |
186 |
| Building improvements payable |
95 |
| Accrued mortgage interest |
89 |
| Total Current Liabilities |
2,457 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
29,213 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(644) |
| Total Long-Term Debt |
28,569 |
| Security deposits payable |
428 |
| Total Long-Term Liabilities |
28,997 |
| Total Liabilities |
31,454 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,115 |
|
|
| Additional paid-in capital |
64,283 |
| Accumulated deficit |
(45,379) |
| Total Stockholders’ Equity |
20,019 |
|
|
| Total Liabilities and Stockholders’ Equity |
51,473 |