| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
601 |
| Accounts receivable |
1,048 |
| Prepaid expenses |
688 |
| Real estate tax escrow: self-controlled |
6,703 |
| Total Current Assets |
9,040 |
| Reserve Fund: (Note 4) |
14,669 |
| Total Current Assets and Reserve Fund |
23,709 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
15,539 |
| Building |
165,180 |
| Building improvements |
57,437 |
| Total |
238,155 |
| Less: Accumulated depreciation |
160,336 |
| Net Property and Improvements |
77,819 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
452 |
| Deferred mortgage closing costs (Note 5) |
328 |
| Total Other Assets and Deferred Charges |
780 |
| Total Assets |
102,309 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
256 |
| Accounts payable |
1,175 |
| Due to stockholders - real estate tax abatements |
2,855 |
| Advance maintenance |
328 |
| Wages and payroll taxes payable |
212 |
| Accrued real estate tax |
90 |
| Total Current Liabilities |
4,918 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
60,786 |
| Security deposits payable (contra) |
452 |
| Total Long-Term and Other Liabilities |
61,238 |
| Total Liabilities |
66,156 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
2,617 |
| Paid-in capital in excess of par value |
154,984 |
| Additional paid-in capital |
9,910 |
| Accumulated deficit |
(131,358) |
| Total Stockholders' Equity |
36,153 |
| Total Liabilities and Stockholders' Equity |
102,309 |