DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2011

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

7.  DISCONTINUED OPERATIONS

Prior to the adoption of the liquidation basis of accounting, income from discontinued operations for the six months ended June 30, 2010 included the Building Industries Center in White Plains, New York (which consists of 23,500 square feet of commercial space), the Mapletree Industrial Center property in Palmer, Massachusetts (which consists of 385,000 square feet of commercial space), two cooperative apartment units in Riverdale, New York and two cooperative apartment units in New York, New York. The Building Industries Center property was sold in September, 2010. The four cooperative apartment units were sold in June, 2010.

The following table summarizes income for the above properties sold or held for sale:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2010		2010
Revenues:
Rental	$	301,583	$	618,056
Rental property expenses:
Operating expenses		191,709		418,848
Interest on mortgage debt		20,222		35,069
Real estate taxes		46,750		93,501
Depreciation		-		7,566
Amortization of mortgage costs		2,828		7,008
Total		261,509		561,992
Other income:
Investment income		93		128
Income from discontinued operations		40,167		56,192
Net gain from sales of discontinued operations		299,241		299,241
Total income from discontinued operations	$	339,408	$	355,433

During the quarter ended March 31, 2010, the Company designated its Mapletree Industrial Center in Palmer, Massachusetts as held for sale. The carrying value of the property at December 31, 2010 was $686,341, net of accumulated depreciation of $330,482. The property was subject to a first mortgage in the outstanding principal amount of $15,237 at December 31, 2010. The mortgage bore interest at the rate of 3.25% per annum, required monthly payments of principal and interest of $2,564 and matured on June 24, 2011.

In September, 2010, the Company sold its Building Industries Center property in White Plains, New York for a sales price of $2,150,000. The net proceeds of sale were $780,505 (after repayment of the first mortgage on the property and expenses of sale) and the gain from sale for financial reporting purposes was $1,764,154.

In June, 2010, the Company sold four cooperative apartment units in Riverdale, New York and New York, New York for a sales price of $403,500. The net proceeds of sale were $327,434 and the gain from sale for financial reporting purposes was $299,241.

The assets and liabilities of the Mapletree Industrial Center property are segregated in the consolidated balance sheet at December 31, 2010. The components are as follows:

	December 31,
	2010
Assets related to discontinued operations:
Land	$	79,100
Buildings		906,911
Furniture and equipment		30,812
Less: accumulated depreciation		(330,482	)
Net real estate		686,341
Other assets		60
	$	686,401
Liabilities related to discontinued operations:
Mortgage debt	$	15,237