| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,105 |
| Accounts receivable |
317 |
| Prepaid expenses |
260 |
| Real estate tax escrow: self-controlled |
1,887 |
| Total Current Assets |
3,569 |
| Reserve Fund: (Note 4) |
4,329 |
| Total Current Assets and Reserve Fund |
7,898 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,625 |
| Building |
59,795 |
| Building improvements |
20,565 |
| Total |
85,985 |
| Less: Accumulated depreciation |
56,006 |
| Net Property and Improvements |
29,979 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
256 |
| Deferred mortgage closing costs (Note 5) |
153 |
| Total Other Assets and Deferred Charges |
409 |
| Total Assets |
38,286 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
93 |
| Accounts payable |
367 |
| Due to stockholders - real estate tax abatements |
906 |
| Advance maintenance |
89 |
| Wages and payroll taxes payable |
94 |
| Accrued real estate tax |
41 |
| Total Current Liabilities |
1,591 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
22,005 |
| Security deposits payable (contra) |
256 |
| Total Long-Term and Other Liabilities |
22,261 |
| Total Liabilities |
23,852 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
947 |
| Paid-in capital in excess of par value |
56,104 |
| Additional paid-in capital |
3,587 |
| Accumulated deficit |
(46,204) |
| Total Stockholders' Equity |
14,435 |
| Total Liabilities and Stockholders' Equity |
38,286 |