| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,173 |
| Accounts receivable |
337 |
| Prepaid expenses |
276 |
| Real estate tax escrow: self-controlled |
2,003 |
| Total Current Assets |
3,789 |
| Reserve Fund: (Note 4) |
4,597 |
| Total Current Assets and Reserve Fund |
8,387 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,973 |
| Building |
63,495 |
| Building improvements |
21,838 |
| Total |
91,306 |
| Less: Accumulated depreciation |
59,472 |
| Net Property and Improvements |
31,835 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
272 |
| Deferred mortgage closing costs (Note 5) |
162 |
| Total Other Assets and Deferred Charges |
434 |
| Total Assets |
40,655 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
99 |
| Accounts payable |
390 |
| Due to stockholders - real estate tax abatements |
962 |
| Advance maintenance |
95 |
| Wages and payroll taxes payable |
100 |
| Accrued real estate tax |
44 |
| Total Current Liabilities |
1,689 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
23,366 |
| Security deposits payable (contra) |
272 |
| Total Long-Term and Other Liabilities |
23,638 |
| Total Liabilities |
25,328 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
1,006 |
| Paid-in capital in excess of par value |
59,576 |
| Additional paid-in capital |
3,809 |
| Accumulated deficit |
(49,063) |
| Total Stockholders' Equity |
15,328 |
| Total Liabilities and Stockholders' Equity |
40,655 |