| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,139 |
| Accounts receivable |
327 |
| Prepaid expenses |
268 |
| Real estate tax escrow: self-controlled |
1,945 |
| Total Current Assets |
3,679 |
| Reserve Fund: (Note 4) |
4,463 |
| Total Current Assets and Reserve Fund |
8,142 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,799 |
| Building |
61,645 |
| Building improvements |
21,202 |
| Total |
88,646 |
| Less: Accumulated depreciation |
57,739 |
| Net Property and Improvements |
30,907 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
264 |
| Deferred mortgage closing costs (Note 5) |
157 |
| Total Other Assets and Deferred Charges |
421 |
| Total Assets |
39,471 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
96 |
| Accounts payable |
379 |
| Due to stockholders - real estate tax abatements |
934 |
| Advance maintenance |
92 |
| Wages and payroll taxes payable |
97 |
| Accrued real estate tax |
43 |
| Total Current Liabilities |
1,640 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
22,685 |
| Security deposits payable (contra) |
264 |
| Total Long-Term and Other Liabilities |
22,949 |
| Total Liabilities |
24,590 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
977 |
| Paid-in capital in excess of par value |
57,840 |
| Additional paid-in capital |
3,698 |
| Accumulated deficit |
(47,634) |
| Total Stockholders' Equity |
14,881 |
| Total Liabilities and Stockholders' Equity |
39,471 |