| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,808 |
| Receivables (Note 3) |
384 |
| Prepaid expenses (Note 4) |
271 |
| Total Current Assets |
2,464 |
| Reserve fund (Notes 2 and 5) |
11,604 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
24,208 |
| Building |
50,279 |
| Building improvements |
41,144 |
| Total |
115,631 |
| Less: accumulated depreciation |
(71,514) |
| Net Property and Improvements |
44,117 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
320 |
| Unamortized credit line finance costs |
140 |
| Utility deposit |
8 |
| Total Other Assets |
467 |
| Total Assets |
58,653 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
585 |
| Real estate tax abatements |
1,117 |
| Mortgage payable - current portion |
649 |
| Prepaid maintenance and laundry income |
270 |
| Building improvements payable |
102 |
| Accrued mortgage interest |
97 |
| Total Current Liabilities |
2,820 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
31,877 |
| Unamortized mortgage finance costs (Note 2) |
(776) |
| Total Long-Term Debt |
31,102 |
| Security deposits payable |
440 |
| Total Long-Term Liabilities |
31,542 |
| Total Liabilities |
34,362 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,191 |
| Additional paid-in capital |
68,669 |
| Accumulated deficit |
(45,569) |
| Total Stockholders’ Equity |
24,290 |
| Total Liabilities and Stockholders’ Equity |
58,653 |