| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,207 |
| Accounts receivable |
347 |
| Prepaid expenses |
284 |
| Real estate tax escrow: self-controlled |
2,062 |
| Total Current Assets |
3,900 |
| Reserve Fund: (Note 4) |
4,731 |
| Total Current Assets and Reserve Fund |
8,631 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
6,147 |
| Building |
65,345 |
| Building improvements |
22,474 |
| Total |
93,966 |
| Less: Accumulated depreciation |
61,204 |
| Net Property and Improvements |
32,762 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
280 |
| Deferred mortgage closing costs (Note 5) |
167 |
| Total Other Assets and Deferred Charges |
447 |
| Total Assets |
41,840 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
101 |
| Accounts payable |
401 |
| Due to stockholders - real estate tax abatements |
990 |
| Advance maintenance |
97 |
| Wages and payroll taxes payable |
103 |
| Accrued real estate tax |
45 |
| Total Current Liabilities |
1,739 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
24,047 |
| Security deposits payable (contra) |
280 |
| Total Long-Term and Other Liabilities |
24,327 |
| Total Liabilities |
26,065 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
1,035 |
| Paid-in capital in excess of par value |
61,312 |
| Additional paid-in capital |
3,920 |
| Accumulated deficit |
(50,493) |
| Total Stockholders' Equity |
15,774 |
| Total Liabilities and Stockholders' Equity |
41,840 |