UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 26, 2005
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Presidential Realty Corporation
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(Exact name of registrant as specified in its charter)
DELAWARE 1-8594 13-1954619
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(State or other
jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation) Identification
Number)
180 South Broadway, White Plains, New York 10605
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (914) 948-1300
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No change since last Report
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17CFR230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act(17CFR240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17CFR240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17CFR240.13e-4(c))
Item 2.01 Completion of Acquisition or Disposition of Assets
On January 26, 2005, Presidential Realty Corporation (the "Company" or
"Presidential") completed the sale of Farrington Apartments, a 224 unit garden
apartment property in Clearwater, Florida (the "Property") to Farrington
Apartments, LLC, a private real estate company not affiliated with Presidential.
The sales price was $9,325,965, of which $1,720,000 was paid in cash and the
$7,605,965 balance was paid by the assumption by the purchaser of the first
mortgage on the Property. In connection with the closing, Presidential gave the
purchaser a $300,000 credit against the purchase price for hurricane damage
sustained by the Property prior to closing and retained the insurance proceeds
of $253,000.
At June 30, 2004, the Property and the operations of the Property were
classified as discontinued operations on the Company's financial statements. As
a result, the assets and liabilities of the Property were classified separately
on the Company's balance sheet. For the nine months ended September 30, 2004,
loss from discontinued operations of the Property was $156,587 and at September
30, 2004 assets related to such discontinued operations were $9,228,298 and
liabilities related to such discontinued operations were $7,679,088.
Item 9.01 Financial Statements and Exhibits
Pro forma financial information relating to the sale of the Property is not
required because the assets and liabilities and the operations of the Property
were previously reported as discontinued operations in the Company's Form 10-QSB
filed for the nine months ended September 30, 2004 and will be reported as
discontinued operations in the Company's Form 10-KSB for the year ended December
31, 2004 which will be filed on or before March 31, 2005.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: January 31, 2005 PRESIDENTIAL REALTY CORPORATION
By: /s/ Jeffrey F. Joseph
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Jeffrey F. Joseph
President