| Long-Term Debt – Mortgages |
5. Long-Term Debt – Mortgages:
| | |
Current
Annual
Interest
Rate | | |
Final
Payment
Date | |
October 31,
2022 | | |
July 31,
2022 | |
| (1) Bond St. building, Brooklyn, NY | |
| 4.375 | % | |
12/1/2024 | |
$ | 2,487,511 | | |
$ | 2,759,236 | |
| (2) Fishkill building | |
| 3.98 | % | |
4/1/2025 | |
| 3,655,819 | | |
| 3,691,796 | |
| Deferred financing costs | |
| | | |
| |
| (83,215 | ) | |
| (92,743 | ) |
| Net | |
| | | |
| |
$ | 6,060,115 | | |
$ | 6,358,289 | |
| (1) | In November 2019, the Company refinanced the remaining balance
of a $6,000,000, 3.54% interest rate loan with another bank for $5,255,920 plus an additional $144,080 for a total of $5,400,000. The
interest rate on the new loan is fixed at 4.375%. The loan is self-liquidating over a period of five years and secured by the Nine Bond
Street land and building in Brooklyn, New York. |
| (2) | In March 2020, the Company obtained a loan with a bank in the
amount of $4,000,000 to finance renovations and brokerage commissions relating to space leased to a community college at the Fishkill,
New York building. The loan is secured by the Fishkill, New York land and building; amortized over a 20-year period with an interest
rate of 3.98% and is due in five years. |
|