DISCONTINUED OPERATIONS

9 Months Ended

Sep. 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 nine months ended September 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		Nine Months Ended
	September 30,		September 30,
	2010		2010
Revenues:
Rental	$	295,630	$	913,686
Rental property expenses:
Operating expenses		183,531		602,379
Interest on mortgage debt		19,866		54,935
Real estate taxes		47,653		141,154
Depreciation		-		7,566
Amortization of mortgage costs		4,372		11,380
Total		255,422		817,414
Other income:
Investment income		171		299
Income from discontinued operations		40,379		96,571
Net gain from sales of discontinued operations		1,764,313		2,063,554
Total income from discontinued operations	$	1,804,692	$	2,160,125

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 was repaid in full 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 $780,664 (after repayment of the first mortgage on the property and expenses of sale) and the gain from sale for financial reporting purposes was $1,764,313.

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