| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,155 |
| Accounts receivable |
332 |
| Prepaid expenses |
272 |
| Real estate tax escrow: self-controlled |
1,972 |
| Total Current Assets |
3,730 |
| Reserve Fund: (Note 4) |
4,525 |
| Total Current Assets and Reserve Fund |
8,256 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,880 |
| Building |
62,504 |
| Building improvements |
21,497 |
| Total |
89,881 |
| Less: Accumulated depreciation |
58,543 |
| Net Property and Improvements |
31,338 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
268 |
| Deferred mortgage closing costs (Note 5) |
160 |
| Total Other Assets and Deferred Charges |
427 |
| Total Assets |
40,021 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
97 |
| Accounts payable |
384 |
| Due to stockholders - real estate tax abatements |
947 |
| Advance maintenance |
93 |
| Wages and payroll taxes payable |
98 |
| Accrued real estate tax |
43 |
| Total Current Liabilities |
1,663 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
23,001 |
| Security deposits payable (contra) |
268 |
| Total Long-Term and Other Liabilities |
23,269 |
| Total Liabilities |
24,932 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
990 |
| Paid-in capital in excess of par value |
58,646 |
| Additional paid-in capital |
3,750 |
| Accumulated deficit |
(48,298) |
| Total Stockholders' Equity |
15,088 |
| Total Liabilities and Stockholders' Equity |
40,021 |