| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,153 |
|
|
| Receivables (Note 3) |
274 |
| Prepaid expenses (Note 4) |
138 |
| Total Current Assets |
1,565 |
|
|
| Reserve fund (Notes 2 and 5) |
6,802 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
15,257 |
|
|
| Building |
31,688 |
| Building improvements |
25,937 |
| Total |
72,883 |
| Less: accumulated depreciation |
(46,812) |
| Net Property and Improvements |
26,071 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
133 |
| Unamortized credit line finance costs |
78 |
| Utility deposit |
5 |
| Total Other Assets |
216 |
| Total Assets |
34,654 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
383 |
| Real estate tax abatements |
599 |
| Mortgage payable - current portion |
423 |
| Prepaid maintenance and laundry income |
125 |
| Building improvements payable |
64 |
| Accrued mortgage interest |
60 |
| Total Current Liabilities |
1,654 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
19,667 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(433) |
| Total Long-Term Debt |
19,234 |
| Security deposits payable |
288 |
| Total Long-Term Liabilities |
19,522 |
| Total Liabilities |
21,176 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
750 |
|
|
| Additional paid-in capital |
43,279 |
| Accumulated deficit |
(30,551) |
| Total Stockholders’ Equity |
13,478 |
|
|
| Total Liabilities and Stockholders’ Equity |
34,654 |