| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,829 |
|
|
| Receivables (Note 3) |
434 |
| Prepaid expenses (Note 4) |
219 |
| Total Current Assets |
2,483 |
|
|
| Reserve fund (Notes 2 and 5) |
10,793 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
24,208 |
|
|
| Building |
50,279 |
| Building improvements |
41,154 |
| Total |
115,641 |
| Less: accumulated depreciation |
(74,275) |
| Net Property and Improvements |
41,366 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
211 |
| Unamortized credit line finance costs |
124 |
| Utility deposit |
8 |
| Total Other Assets |
343 |
| Total Assets |
54,985 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
608 |
| Real estate tax abatements |
950 |
| Mortgage payable - current portion |
672 |
| Prepaid maintenance and laundry income |
198 |
| Building improvements payable |
102 |
| Accrued mortgage interest |
95 |
| Total Current Liabilities |
2,625 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
31,206 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(688) |
| Total Long-Term Debt |
30,518 |
| Security deposits payable |
457 |
| Total Long-Term Liabilities |
30,975 |
| Total Liabilities |
33,600 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,191 |
|
|
| Additional paid-in capital |
68,669 |
| Accumulated deficit |
(48,475) |
| Total Stockholders’ Equity |
21,385 |
|
|
| Total Liabilities and Stockholders’ Equity |
54,985 |