| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,058 |
| Accounts receivable |
304 |
| Prepaid expenses |
249 |
| Real estate tax escrow: self-controlled |
1,807 |
| Total Current Assets |
3,419 |
| Reserve Fund: (Note 4) |
4,148 |
| Total Current Assets and Reserve Fund |
7,566 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,389 |
| Building |
57,284 |
| Building improvements |
19,702 |
| Total |
82,375 |
| Less: Accumulated depreciation |
53,654 |
| Net Property and Improvements |
28,721 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
245 |
| Deferred mortgage closing costs (Note 5) |
146 |
| Total Other Assets and Deferred Charges |
392 |
| Total Assets |
36,679 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
89 |
| Accounts payable |
352 |
| Due to stockholders - real estate tax abatements |
868 |
| Advance maintenance |
85 |
| Wages and payroll taxes payable |
90 |
| Accrued real estate tax |
40 |
| Total Current Liabilities |
1,524 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
21,081 |
| Security deposits payable (contra) |
245 |
| Total Long-Term and Other Liabilities |
21,326 |
| Total Liabilities |
22,850 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
907 |
| Paid-in capital in excess of par value |
53,749 |
| Additional paid-in capital |
3,437 |
| Accumulated deficit |
(44,264) |
| Total Stockholders' Equity |
13,828 |
| Total Liabilities and Stockholders' Equity |
36,679 |