| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,025 |
| Accounts receivable |
295 |
| Prepaid expenses |
241 |
| Real estate tax escrow: self-controlled |
1,751 |
| Total Current Assets |
3,312 |
| Reserve Fund: (Note 4) |
4,018 |
| Total Current Assets and Reserve Fund |
7,331 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,221 |
| Building |
55,500 |
| Building improvements |
19,088 |
| Total |
79,810 |
| Less: Accumulated depreciation |
51,983 |
| Net Property and Improvements |
27,826 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
238 |
| Deferred mortgage closing costs (Note 5) |
142 |
| Total Other Assets and Deferred Charges |
379 |
| Total Assets |
35,536 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
86 |
| Accounts payable |
341 |
| Due to stockholders - real estate tax abatements |
841 |
| Advance maintenance |
83 |
| Wages and payroll taxes payable |
87 |
| Accrued real estate tax |
39 |
| Total Current Liabilities |
1,477 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
20,424 |
| Security deposits payable (contra) |
238 |
| Total Long-Term and Other Liabilities |
20,662 |
| Total Liabilities |
22,139 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
879 |
| Paid-in capital in excess of par value |
52,075 |
| Additional paid-in capital |
3,330 |
| Accumulated deficit |
(42,886) |
| Total Stockholders' Equity |
13,398 |
| Total Liabilities and Stockholders' Equity |
35,536 |