<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20459
FORM 10-Q
(Mark One)
X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1999
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to _________
Commission File Number 0-13500
1626 New York Associates Limited Partnership
(Exact name of Registrant as specified in its charter)
Massachusetts 04-2808184
- ------------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
Five Cambridge Center, Cambridge, MA 02142-1493
- ------------------------------------------ ------------------------------------
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (617) 234-3000
---------------------
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
----- -----
1 of 15
<PAGE>
1626 NEW YORK ASSOCIATES LIMITED PARTNERSHIP
FORM 10-Q JUNE 30, 1999
PART 1 - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Consolidated Balance Sheets (Unaudited)
(In Thousands, Except Unit Data)
<TABLE>
<CAPTION>
June 30, December 31,
1999 1998
--------------------- ---------------------
<S> <C> <C>
ASSETS
Real estate:
Land $ 10,270 $ 10,270
Buildings and improvements, net of accumulated
depreciation of $54,006 and $51,925 as of
June 30, 1999 and December 31, 1998, respectively 37,066 38,490
--------------------- ---------------------
47,336 48,760
Other Assets:
Cash and cash equivalents 143 291
Restricted cash 4,284 2,410
Accounts receivable, net of reserves of $18 and $85 as of
June 30, 1999 and December 31, 1998, respectively 68 104
Prepaid expenses and other assets 1,839 1,825
Deferred rent receivable 7,272 7,669
Deferred costs, net 3,784 3,974
--------------------- ---------------------
Total Assets $ 64,726 $ 65,033
===================== =====================
</TABLE>
See notes to consolidated financial statements.
2 of 15
<PAGE>
1626 NEW YORK ASSOCIATES LIMITED PARTNERSHIP
FORM 10-Q JUNE 30, 1999
Consolidated Balance Sheets (Unaudited)
(In Thousands, Except Unit Data)
(Continued)
LIABILITIES AND PARTNERS' DEFICIT
<TABLE>
<CAPTION>
June 30, December 31,
1999 1998
--------------------- ---------------------
<S> <C> <C>
Liabilities:
Mortgage notes payable to affiliates $ 75,450 $ 75,450
Notes and loans payable and accrued interest
to general partners and affiliates 38,709 35,114
Accounts payable, accrued expenses, security
deposits and other liabilities 3,860 3,717
Accrued interest on mortgage notes to affiliates 60,183 58,667
--------------------- ---------------------
Total Liabilities 178,202 172,948
--------------------- ---------------------
Commitments and Contingencies
Partners' Deficit:
Limited Partners Deficit - Units of Investor
Limited Partnership Interest
$250,000 stated value per unit; authorized, issued
and outstanding -1,340 as of June 30, 1999 and
December 31, 1998 (117,090) (111,791)
Less: investor notes (68) (68)
--------------------- ---------------------
(117,158) (111,859)
General Partners' Equity 3,682 3,944
--------------------- ---------------------
Total Partners' Deficit (113,476) (107,915)
--------------------- ---------------------
Total Liabilities and Partners' Deficit $ 64,726 $ 65,033
===================== =====================
</TABLE>
See notes to consolidated financial statements.
3 of 15
<PAGE>
1626 NEW YORK ASSOCIATES LIMITED PARTNERSHIP
FORM 10-Q JUNE 30, 1999
Consolidated Statements of Operations (Unaudited)
(In Thousands, Except Unit Data)
<TABLE>
<CAPTION>
For the Six Months Ended
June 30, June 30,
1999 1998
--------------------- ---------------------
<S> <C> <C>
Revenues:
Rent and escalation income $ 6,378 $ 18,246
Interest and other income 140 224
Gain on sale of property - 17,046
--------------------- ---------------------
Total revenues 6,518 35,516
--------------------- ---------------------
Expenses:
Interest on obligations to affiliates 5,809 11,429
Interest - 1,115
Depreciation and amortization 2,404 5,327
Real estate and other taxes 1,626 3,530
Utilities 558 1,458
Cleaning and security 675 1,758
Asset and property management fees 239 226
Repairs and maintenance 161 609
Payroll 314 531
General and administrative 88 527
Professional fees 205 251
Provision for doubtful accounts - 60
--------------------- ---------------------
Total expenses 12,079 26,821
--------------------- ---------------------
Net (loss) income $ (5,561) $ 8,695
===================== =====================
Net loss allocated to general partners $ (262) $ (311)
===================== =====================
Net (loss) income allocated to investor limited partners $ (5,299) $ 9,006
===================== =====================
Net (loss) income per unit of investor limited
partnership interest $ (3,954.48) $ 6,720.90
===================== =====================
</TABLE>
See notes to consolidated financial statements.
4 of 15
<PAGE>
1626 NEW YORK ASSOCIATES LIMITED PARTNERSHIP
FORM 10-Q JUNE 30, 1999
Consolidated Statements of Operations (Unaudited)
(In Thousands, Except Unit Data)
<TABLE>
<CAPTION>
For the Three Months Ended
June 30, June 30,
1999 1998
--------------------- ---------------------
<S> <C> <C>
Revenues:
Rental and escalation income $ 3,239 $ 8,221
Interest and other income 79 115
--------------------- ---------------------
Total revenues 3,318 8,336
--------------------- ---------------------
Expenses:
Interest on obligations to affiliates 3,024 5,618
Interest - 563
Depreciation and amortization 1,206 2,646
Real estate and other taxes 814 1,780
Utilities 249 755
Cleaning and security 331 899
Asset and property management fees 121 119
Repairs and maintenance 81 354
Payroll 147 274
General and administrative 51 300
Professional fees 123 135
Provision for doubtful accounts - -
--------------------- ---------------------
Total expenses 6,147 13,443
--------------------- ---------------------
Net loss $ (2,829) $ (5,107)
===================== =====================
Net loss allocated to general partners $ (134) $ (221)
===================== =====================
Net loss allocated to investor limited partners $ (2,695) $ (4,886)
===================== =====================
Net loss per unit of investor limited partnership
interest $ (2,011.19) $ (3,646.27)
===================== =====================
</TABLE>
See notes to consolidated financial statements.
5 of 15
<PAGE>
1626 NEW YORK ASSOCIATES LIMITED PARTNERSHIP
FORM 10-Q JUNE 30, 1999
Consolidated Statement of Partners' Deficit (Unaudited)
(In Thousands, Except Unit Data)
<TABLE>
<CAPTION>
Units of
Investor Investor
Limited Limited General Total
Partnership Partners' Partners' Partners'
Interest (Deficit) Equity Deficit
-------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C> <C>
Balance - December 31, 1998 1,340 $ (111,859) $ 3,944 $ (107,915)
Net loss - (5,299) (262) (5,561)
-------------------- -------------------- -------------------- --------------------
.
Balance - June 30, 1999 1,340 $ (117,158) $ 3,682 $ (113,476)
==================== ==================== ==================== ====================
</TABLE>
See notes to consolidated financial statements.
6 of 15
<PAGE>
1626 NEW YORK ASSOCIATES LIMITED PARTNERSHIP
FORM 10-Q JUNE 30, 1999
Consolidated Statement of Cash Flows (Unaudited)
<TABLE>
<CAPTION>
For the Six Months Ended
(In Thousands) June 30, June 30,
1999 1998
--------------------- --------------------
<S> <C> <C>
Cash Flows from Operating Activities:
Net (loss) income $ (5,561) $ 8,695
Adjustments to reconcile net (loss) income to net cash
used in operating activities:
Depreciation 2,081 4,527
Amortization 372 800
Change in deferred rent receivable 397 (2,091)
Gain on sale of property - (17,046)
Provision for doubtful accounts (67) 56
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable, prepaid
expenses and other assets (114) 2,143
Increase (decrease) in accounts payable, accrued expenses,
security deposits and other liabilities 143 (2,342)
--------------------- --------------------
Net cash used in operating activities (2,749) (5,258)
--------------------- --------------------
Cash Flows from Investing Activities:
Net proceeds from sale of property - 50,389
Additions to buildings and improvements (657) (3,293)
Increase in deferred leasing costs (182) (1,581)
--------------------- --------------------
Net cash (used in) provided by investing activities (839) 45,515
--------------------- --------------------
Cash Flows from Financing Activities:
Payment of accrued interest on mortgage notes to affiliates - (5,252)
Increase in accrued mortgage interest 1,516 7,138
Principal payments on mortgage notes to affiliates - (7,270)
Increase in notes payable and accrued interest to
general partners and affiliates 3,595 5,895
Principal payments on other mortgage notes - (37,867)
Increase in restricted cash (1,671) (2,610)
Payment of deferred financing costs - (177)
Deferred purchase price obligation payment - (209)
--------------------- --------------------
Net cash provided by (used in) financing activities 3,440 (40,352)
--------------------- --------------------
Net decrease in cash and cash equivalents (148) (95)
Cash and cash equivalents, beginning of period 291 221
--------------------- --------------------
Cash and cash equivalents, end of period $ 143 $ 126
===================== ====================
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest $ 1,849 $ 9,254
===================== ====================
Supplemental Disclosure of Non-Cash Investing Activities:
Sale of Property in 1998. See Note 4.
</TABLE>
See notes to consolidated financial statements.
7 of 15
<PAGE>
1626 NEW YORK ASSOCIATES LIMITED PARTNERSHIP
FORM 10-Q JUNE 30, 1999
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. General
The accompanying consolidated financial statements, footnotes and
discussions should be read in conjunction with the consolidated financial
statements, related footnotes and discussions contained in the
Partnership's Annual Report on Form 10-K for the year ended December 31,
1998.
The financial information contained herein is unaudited. In the opinion of
management, all adjustments necessary for a fair presentation of such
financial information have been included. All adjustments are of a normal
recurring nature except as discussed in Note 4. Certain amounts have been
reclassified to conform to the June 30, 1999 presentation. The balance
sheet at December 31, 1998 was derived from audited financial statements
at such date.
1626 New York Associates Limited Partnership (the "Investor Partnership")
was organized to acquire and own a 99% general partnership interest in and
serve as a general partner of Nineteen New York Properties Limited
Partnership (the "Operating Partnership"). The Investor Partnership and
the Operating Partnership are collectively referred to as the
"Partnerships."
As of June 30, 1999, the Operating Partnership owned one commercial rental
property located in New York City (the "Property").
The results of operations for the six months ended June 30, 1999 and 1998,
are not necessarily indicative of the results to be expected for the full
year.
2. Plan of Operation
The Partnerships have maturing mortgage debt, totaling approximately
$66,000,000 which was due in February 1999, but was extended to August 31,
1999. Based on the current value of the remaining Property, it is highly
unlikely the Partnerships will be able to meet their 1999 obligations.
Accordingly, it appears there is a substantial likelihood that the
remaining Property, if not sold, will be lost through foreclosure in 1999.
In the event that the Property is sold, all proceeds would be used to
satisfy any related outstanding indebtedness. This raises substantial
doubt about the Partnerships' ability to continue as a going concern.
3. Debt Modification with Related Parties
On October 22, 1998, the debt securing the Partnership's remaining
property, 757 Third Avenue, was restructured into two non-recourse loans.
The first component in the amount of $27,193,000, bears interest at 295
basis points over 30-day LIBOR (8.17% at June 30, 1999), and was
scheduled to mature on February 1, 1999, but has been extended to August
31, 1999. The second component in the amount of $48,257,000, bears
interest at 9% and matures on February 28, 2016. A mandatory prepayment of
$7,500,000 against the second component was due on February 1, 1999, but
has been extended to August 31, 1999.
8 of 15
<PAGE>
1626 NEW YORK ASSOCIATES LIMITED PARTNERSHIP
FORM 10-Q JUNE 30, 1999
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3. Debt Modification with Related Parties (Continued)
A third component of the Modified Loan is an unsecured note (the
"Unsecured Note") representing the additional financing expected to be
drawn upon by the Operating Partnership to fund capital improvements and
tenant lease-up costs with respect to the remaining property. However, any
borrowings under this credit line are subject to the lender's discretion.
Accordingly, it is possible that the Operating Partnership may not be able
to borrow against this credit line each time it deems it necessary. The
outstanding balance against the Unsecured Note was $21,051,000 as of June
30, 1999 and is included in notes payable and accrued interest to general
partners and affiliates. The Unsecured Note bears interest at a fixed
annual rate 14% through February 28, 1999 and then 16.75% thereafter and
was scheduled to mature on February 28, 1998, but was extended to August
31, 1999.
4. Sale of Property
On January 13, 1998, the Partnership sold its 1372 Broadway property to an
unaffiliated third party for $52,000,000. All of the proceeds were used to
partially satisfy the approximately $94,000,000 allocated portion of the
Modified Loan (including accrued and unpaid interest), with the
unsatisfied portion of the Modified Loan being reallocated among the
remaining properties. For financial reporting purposes, the sale resulted
in a gain of approximately $17,046,000.
5. Transaction With Related Parties
For the six months ended June 30, 1999 and 1998, the Operating Partnership
paid $239,000 and $119,000, respectively, in asset and property management
fees to an affiliate of the General Partner.
9 of 15
<PAGE>
1626 NEW YORK ASSOCIATES LIMITED PARTNERSHIP
FORM 10-Q JUNE 30, 1999
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
The matters discussed in this Form 10-Q contain certain
forward-looking statements and involve risks and uncertainties
(including changing market conditions, competitive and regulatory
matters, etc.) detailed in the disclosure contained in this Form 10-Q
and the other filings with the Securities and Exchange Commission
made by the Registrant from time to time. The discussion of the
Registrant's liquidity, capital resources and results of operations,
including forward-looking statements pertaining to such matters, does
not take into account the effects of any changes to the Registrant's
operations. Accordingly, actual results could differ materially from
those projected in the forward-looking statements as a result of a
number of factors, including those identified herein.
This Item should be read in conjunction with the Consolidated
Financial Statements and other items contained elsewhere in this
Report.
Liquidity and Capital Resources
The Registrant serves as the general partner of Nineteen New York
Properties Limited Partnership (the "Partnership"). As of August 1,
1999, the Partnership's remaining property (the "Property") is an
office building located in New York City. The Registrant's sole
source of revenue is from distributions from the Partnership and
interest income on cash reserves. The Registrant is responsible for
its operating expenses. The Partnership receives rental revenue from
tenants and is responsible for operating expenses, administrative
expenses, capital improvements and debt service payments.
As of June 30, 1999, the Partnership has maturing debt, totaling
approximately $66,000,000, due on August 31, 1999. It is highly
unlikely that the Partnership will be able to meet its remaining
obligation. Accordingly, it appears there is a substantial likelihood
that the remaining Property, if not sold, will be lost through
foreclosure in 1999. In the event that the Property is sold, all
proceeds would be used to satisfy any related outstanding
indebtedness. This raises substantial doubt about the Registrant's
ability to continue as a going concern.
The debt securing the Partnership's remaining property, 757 Third
Avenue, was restructured into two non-recourse loans. The first
component in the amount of $27,193,000, bears interest at 295 basis
points over 30-day LIBOR (8.17% at June 30, 1999), and was scheduled
to mature on February 1, 1999, but was extended to August 31, 1999.
The second component in the amount of $48,257,000, bears interest at
9% and matures on February 28, 2016. A mandatory prepayment of
$7,500,000 against the second component was due on February 1, 1999,
but was extended to August 31, 1999.
As a result of the anticipated disposition of the Registrant's
remaining property in 1999, for tax purposes, the Registrant's
partners will be allocated substantial gains in 1999 due to recapture
of tax benefits received in prior years.
The Registrant's original objective of capital appreciation will not
be achieved and it is anticipated that the Registrant's partners will
not receive any future distributions. Accordingly, the Registrant's
partners will not receive a return of their original investment.
10 of 15
<PAGE>
1626 NEW YORK ASSOCIATES LIMITED PARTNERSHIP
FORM 10-Q-JUNE 30, 1999
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (Continued)
Liquidity and Capital Resources (Continued)
The Registrant and the Partnership had $143,000 of cash and cash
equivalents and $4,284,000 of restricted cash at June 30, 1999, as
compared to $291,000 and $2,410,000 respectively, at December 31,
1998. Restricted cash primarily includes amounts held in mortgage
collateral accounts. The $148,000 decrease in cash and cash
equivalents at June 30, 1999, as compared to December 31, 1998, was
due to $2,749,000 of cash used in operating activities and $839,000
of cash used in investing activities, which were partially offset by
$3,440,000 of cash provided by financing activities. Cash used in
investing activities included $657,000 of improvements to real
estate, the majority of which were tenant improvements, and $182,000
of cash expended on leasing activities. Cash provided by financing
activities included a $1,516,000 increase in accrued interest and a
$3,595,000 increase in notes payable and accrued interest to general
partners and affiliates. In addition, Registrant's restricted cash
increased by $1,671,000, due to an increase in restricted cash
operating accounts and borrowings against the Unsecured Note. All
other increases (decreases) in certain assets and liabilities are the
result of the timing of receipt and payment of various activities.
The Partnership's only other source of liquidity is an unsecured
credit line provided by Zeus that had an outstanding balance of
$21,051,000 at June 30, 1999. This credit line has been used by the
Partnership to fund capital improvements and tenant lease-up costs at
the remaining properties. However, any borrowings under this credit
line are subject to Zeus' discretion. It is anticipated that Zeus
will continue to fund capital improvements and tenant lease-up costs
at the remaining property.
Real Estate Market
The income and expenses of operating the Property owned by the
Partnership are subject to factor's outside its control, such as the
over-supply of similar properties, increases in unemployment,
population shifts, or changes in patterns or needs of users.
Expenses, such as local real estate taxes and miscellaneous expenses,
are subject to change and cannot always be reflected in rental rate
increases due to market conditions. In addition, there are risks
inherent in owning and operating office buildings because such
properties are labor intensive and are susceptible to the impact of
economic and other conditions outside the control of the Registrant.
Results of Operations
Six Months ended June 30, 1999 vs. June 30, 1998
The Registrant generated a net loss of approximately $5.6 million for
the six months ended June 30, 1999, as compared to net income of
approximately $8.7 million for the six months ended June 30, 1998.
The operations of the Registrant for the six months ended June 30,
1999, as compared to June 30, 1998, declined due to the gain on sale
of the Registrant's 1372 Broadway property in January 1998. In
October 1998, the Registrant transferred its 535 Fifth Avenue, 545
Fifth Avenue, 509 Fifth Avenue and 300 Park Avenue South properties
to their lender.
11 of 15
<PAGE>
1626 NEW YORK ASSOCIATES LIMITED PARTNERSHIP
FORM 10-Q-JUNE 30, 1999
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (Continued)
Results of Operations (Continued)
Rent and escalation income decreased to approximately $6.4 million
for the six months ended June 30, 1999, as compared to approximately
$18.2 million for the six months ended June 30, 1998. With respect to
the remaining property, 757 Third Avenue, rent and escalation income
decreased to approximately $6.4 million for the six months ended June
30, 1999, as compared to approximately $7.8 million for the six
months ended June 30, 1998. Rent and escalation income decreased due
to a decrease in occupancy, for the six months ended June 30, 1999,
as compared to 1998. Rental rates remained relatively constant.
Expenses decreased by approximately $14.7 million for the six months
ended June 30, 1999, as compared to 1998. With respect to the
remaining property, expenses increased by approximately $192,000 for
the six months ended June 30, 1999, as compared to 1998, as a result
of an increase in depreciation and management fees, which was
partially offset by a decrease in interest expense. All other
expenses remained relatively constant at the Registrant's 757 Third
Avenue property.
Depreciation expense increased due to the effect of the current and
prior years additions to fixed assets, primarily tenant improvements.
Management fees increased due to the change of the managing agent
that occurred in connection with the debt extension in 1998. Interest
expense decreased due to a decline in the interest rate on the debt
outstanding on Registrant's remaining property, which was slightly
offset by an increase in principal indebtedness on the Unsecured
Note.
As of August 1, 1999 and 1998, the current property's occupancy was
87% and 94%, respectively. During the first six months of 1999, the
Partnership signed renewal, extension, and expansion leases totaling
approximately 33,000 square feet at rental terms comparable to
buildings of similar quality in the market. The decrease in occupancy
is a direct result of certain lease terminations that occurred in the
fourth quarter of 1998.
Three Months ended June 30, 1999 vs. June 30, 1998
The Partnership generated a net loss of approximately $2.8 million
for the three months ended June 30, 1999, as compared to a net loss
of approximately $5.1 million for the three months ended June 30,
1998.
Rental and escalation income decreased to approximately $3.2 million
for the three months ended June 30, 1999 as compared to approximately
$8.2 million for the three months ended June 30, 1998. With respect
to the remaining property, rent and escalation income decreased to
approximately $3.2 million for the three months ended June 30, 1999,
as compared to approximately $3.9 million for the three months ended
June 30, 1998. Rent and escalation income decreased due to a decrease
in occupancy for the three months ended June 30, 1999 as compared to
1998. Rental rates remained relatively constant.
12 of 15
<PAGE>
1626 NEW YORK ASSOCIATES LIMITED PARTNERSHIP
FORM 10-Q-JUNE 30, 1999
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (Continued)
Three Months ended June 30, 1999 vs. June 30, 1998 (Continued)
Expenses decreased by approximately $7.3 million for the three months
ended June 30, 1999, as compared to 1998. With respect to the
remaining property, expenses increased by approximately $92,000 for
the three months ended June 30, 1999, as compared to 1998, as a
result of an increase in depreciation and management fees, which was
partially offset by a decrease in interest expense. All other
expenses remained relatively constant at the Registrant's 757 Third
Avenue property.
Year 2000
The Year 2000 Issue is the result of computer programs being written
using two digits rather than four to define the applicable year. The
Registrant is dependent upon the Managing General Partner and its
affiliates for management and administrative services. Any computer
programs or hardware that have date-sensitive software or embedded
chips may recognize a date using "00" as the year 1900 rather than
the year 2000. This could result in system failure or miscalculations
causing disruptions of operations, including, among other things, a
temporary inability to process transactions, send invoices, or engage
in similar normal business activities.
During the first half of 1998, the Managing General Partner and its
affiliates completed their assessment of the various computer
software and hardware used in connection with the management of the
Registrant. This review indicated that significantly all of the
computer programs used by the Managing General Partner and its
affiliates are off-the-shelf "packaged" computer programs which are
easily upgraded to be Year 2000 compliant. In addition, to the extent
that custom programs are utilized by the Managing General Partner and
its affiliates, such custom programs are Year 2000 compliant.
Following the completion of its assessment of the computer software
and hardware, the Managing General Partner and its affiliates began
upgrading those systems which required upgrading. To date,
significantly all of these systems have been upgraded. The Registrant
has to date not borne, nor is it expected that the Registrant will
bear, any significant costs in connection with the upgrade of those
systems requiring remediation.
To date, the Managing General Partner is not aware of any external
agent with a Year 2000 issue that would materially impact the
Registrant's results of operations, liquidity or capital resources.
However, the Managing General Partner has no means of ensuring that
external agents will be Year 2000 compliant. The Managing General
Partner does not believe that the inability of external agents to
complete their Year 2000 resolution process in a timely manner will
have a material impact on the financial position or results of
operations of the Registrant. However, the effect of non-compliance
by external agents is not readily determinable.
Item 3. Quantitative and Qualitative Disclosure About Market Risk
None
13 of 15
<PAGE>
1626 NEW YORK ASSOCIATES LIMITED PARTNERSHIP
FORM 10-Q-JUNE 30, 1999
Part II - Other Information
Item 6. Exhibits and Reports on Form 8-K
a) Exhibit 27, Financial Data Schedule, is filed as an exhibit to
this report.
b) Reports on Form 8K:
No report on Form 8-K was filed during the period.
14 of 15
<PAGE>
1626 NEW YORK ASSOCIATES LIMITED PARTNERSHIP
FORM 10-Q-JUNE 30, 1999
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
1626 NEW YORK ASSOCIATES LIMITED PARTNERSHIP
BY: TWO WINTHROP PROPERTIES, INC.
MANAGING GENERAL PARTNER
BY: /s/ Michael L. Ashner
----------------------------------
Michael L. Ashner
Chief Executive Officer
BY: /s/ Thomas Staples
----------------------------------
Thomas Staples
Chief Financial Officer
DATED: August 13, 1999
15 of 15
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from 1626 New
York Associates Limited Partnership and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 4,427,000 <F1>
<SECURITIES> 0
<RECEIVABLES> 86,000
<ALLOWANCES> 18,000
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 101,342,000
<DEPRECIATION> 54,006,000
<TOTAL-ASSETS> 64,726,000
<CURRENT-LIABILITIES> 0
<BONDS> 174,342,000 <F2>
<COMMON> 0
0
0
<OTHER-SE> (113,476,000)
<TOTAL-LIABILITY-AND-EQUITY> 64,726,000
<SALES> 0
<TOTAL-REVENUES> 6,518,000
<CGS> 0
<TOTAL-COSTS> 6,182,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,809,000
<INCOME-PRETAX> (5,561,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> (5,561,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (5,561,000)
<EPS-BASIC> (3,954.48)
<EPS-DILUTED> (3,954.48)
<FN>
<F1>
Cash includes $4,284,000 of restricted cash.
<F2>
Includes accrued interest of $67,841,000.
</FN>
</TABLE>
