| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
980 |
| Accounts receivable |
282 |
| Prepaid expenses |
231 |
| Real estate tax escrow: self-controlled |
1,674 |
| Total Current Assets |
3,166 |
| Reserve Fund: (Note 4) |
3,841 |
| Total Current Assets and Reserve Fund |
7,008 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,991 |
| Building |
53,056 |
| Building improvements |
18,248 |
| Total |
76,294 |
| Less: Accumulated depreciation |
49,694 |
| Net Property and Improvements |
26,601 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
227 |
| Deferred mortgage closing costs (Note 5) |
135 |
| Total Other Assets and Deferred Charges |
363 |
| Total Assets |
33,971 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
82 |
| Accounts payable |
326 |
| Due to stockholders - real estate tax abatements |
804 |
| Advance maintenance |
79 |
| Wages and payroll taxes payable |
83 |
| Accrued real estate tax |
37 |
| Total Current Liabilities |
1,412 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
19,524 |
| Security deposits payable (contra) |
227 |
| Total Long-Term and Other Liabilities |
19,752 |
| Total Liabilities |
21,163 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
840 |
| Paid-in capital in excess of par value |
49,781 |
| Additional paid-in capital |
3,183 |
| Accumulated deficit |
(40,997) |
| Total Stockholders' Equity |
12,808 |
| Total Liabilities and Stockholders' Equity |
33,971 |