| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
977 |
|
|
| Receivables (Note 3) |
232 |
| Prepaid expenses (Note 4) |
117 |
| Total Current Assets |
1,327 |
|
|
| Reserve fund (Notes 2 and 5) |
5,768 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,938 |
|
|
| Building |
26,872 |
| Building improvements |
21,995 |
| Total |
61,805 |
| Less: accumulated depreciation |
(39,696) |
| Net Property and Improvements |
22,108 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
113 |
| Unamortized credit line finance costs |
66 |
| Utility deposit |
4 |
| Total Other Assets |
184 |
| Total Assets |
29,387 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
325 |
| Real estate tax abatements |
508 |
| Mortgage payable - current portion |
359 |
| Prepaid maintenance and laundry income |
106 |
| Building improvements payable |
54 |
| Accrued mortgage interest |
51 |
| Total Current Liabilities |
1,403 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
16,678 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(368) |
| Total Long-Term Debt |
16,310 |
| Security deposits payable |
244 |
| Total Long-Term Liabilities |
16,555 |
| Total Liabilities |
17,958 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
636 |
|
|
| Additional paid-in capital |
36,700 |
| Accumulated deficit |
(25,907) |
| Total Stockholders’ Equity |
11,429 |
|
|
| Total Liabilities and Stockholders’ Equity |
29,387 |