0000892626-14-000271.txt : 20141106 0000892626-14-000271.hdr.sgml : 20141106 20141106154127 ACCESSION NUMBER: 0000892626-14-000271 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20140930 FILED AS OF DATE: 20141106 DATE AS OF CHANGE: 20141106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JMB 245 PARK AVENUE ASSOCIATES LTD CENTRAL INDEX KEY: 0000747159 STANDARD INDUSTRIAL CLASSIFICATION: LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552] IRS NUMBER: 363265541 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13545 FILM NUMBER: 141200453 BUSINESS ADDRESS: STREET 1: C/O JMB REALTY CORPORATION STREET 2: 900 N MICHIGAN AVE CITY: CHICAGO STATE: IL ZIP: 60611 BUSINESS PHONE: 312 915 1960 MAIL ADDRESS: STREET 1: C/O JMB REALTY CORPORATION STREET 2: 900 N MICHIGAN AVE CITY: CHICAGO STATE: IL ZIP: 60611 10-Q 1 park-20140930.htm JMB/245 PARK - 10Q - 9/30/14

United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

Quarterly Report under Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

For the quarter ended September 30, 2014 Commission file #0-13545

 

 

JMB/245 PARK AVENUE ASSOCIATES, LTD.

(Exact name of registrant as specified in its charter)

 

 

Illinois

(State of organization)

36-3265541

(I.R.S. Employer Identification No.)

   

900 N. Michigan Ave., Chicago, Illinois

(Address of principal executive office)

60611

(Zip Code)

 

Registrant's telephone number, including area code: 312-915-1987

 

 

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 (the "Exchange Act") during the preceding 12 months (or for such a shorter period that registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act.

 

  Large accelerated filer ☐   Accelerated filer ☐  
  Non-accelerated filer ☐   Smaller reporting company ☒  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒

 

 

1
 

TABLE OF CONTENTS

 

 

 

Part I   FINANCIAL INFORMATION    
         
Item 1.   Financial Statements 3  
         
Item 2.  

Management’s Discussion and Analysis of Financial Condition

and Results of Operations

 8  
         
Item 4.   Controls and Procedures 10  
         
Part II  OTHER INFORMATION    
         
Item 1.   Legal Proceedings 11  
         
Item 1A.   Risk Factors 11  
         
Item 6.   Exhibits 11  
         
SIGNATURES 12  

 

2
 

 

Part I.  Financial Information

     Item 1.  Financial Statements

 

JMB/245 PARK AVENUE ASSOCIATES, LTD.

(A Limited Partnership)

and Consolidated Venture

 

Consolidated Balance Sheets

 

September 30, 2014 and December 31, 2013

 

 

 

September 30,

2014

(Unaudited)

  

December 31,

2013

Assets
Current assets:          
    Cash and cash equivalents $ 3,341    $ -- 
          Total assets $ 3,341    $ -- 
           
Liabilities and Partners’ Capital Accounts (Deficits)
Current liabilities:          
   Accounts payable $ 4,314    $ 10,130 

    Demand note payable to an affiliate, including accrued

      interest of $3,568,899 at September 30, 2014 and

      $3,289,248 at December 31, 2013

   9,038,183      8,628,532 
           
Commitments and contingencies          
           
          Total liabilities   9,042,497      8,638,662 
           
Partners’ capital accounts (deficits):          
    General partners:          
      Capital contributions   26,664,247      26,664,247 
      Cumulative cash distributions   (480,000)     (480,000)
      Cumulative net losses   (11,110,873)     (11,086,843)
          Total general partners’ capital account   15,073,374      15,097,404 

    Limited partners (915 interests at September 30,

      2014 and December 31, 2013):

          
      Capital contributions, net of offering costs   113,057,394      113,057,394 
      Cumulative cash distributions   (7,520,000)     (7,520,000)
      Cumulative net losses   (129,649,924)     (129,273,460)
          Total limited partners’ capital account   (24,112,530)     (23,736,066)
           
          Total partners’ capital accounts (deficits)   (9,039,156)     (8,638,662)
           
          Total liabilities and partners’ capital accounts (deficits) $ 3,341    $ -- 

 

 

See accompanying notes to consolidated financial statements.

3
 

 

JMB/245 PARK AVENUE ASSOCIATES, LTD.

(a Limited Partnership)

and Consolidated Venture

 

Consolidated Statements of Operations

 

Three and Nine Months Ended September 30, 2014 and 2013

(Unaudited)

 

 

 

 

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

  2014   2013   2014   2013
Expenses:                      
  Interest to an affiliate $ 95,618    $ 89,966    $ 279,651    $ 262,793 
  Professional services   12,500      13,443      64,693      87,090 
  General and administrative   15,303      16,518      56,150      57,778 
                       
       Total expenses   123,421      119,927      400,494      407,661 
                       
      Net loss $ (123,421)   $ (119,927)   $ (400,494)   $ (407,661)
                       

      Net loss per limited

        partnership interests

 $ (126)   $ (122)   $ (411)   $ (415)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

4
 

 

JMB/245 PARK AVENUE ASSOCIATES, LTD.

(a Limited Partnership)

and Consolidated Venture

 

Consolidated Statements of Cash Flows

 

Nine Months Ended September 30, 2014 and 2013

(Unaudited)

 

 

 

  2014   2013
Cash flows from operating activities:          
    Net loss $ (400,494)   $ (407,661)
    Changes in:          
        Accounts payable   (5,816)     2,327 
        Interest payable to an affiliate   279,651      262,793 
            Net cash used in operating activities   (126,659)     (142,541)
           
Cash flows from financing activities:          
    Fundings of demand note payable   130,000      145,000 
            Net cash provided by financing activities   130,000      145,000 
           
            Net increase in cash   3,341      2,459 
           
            Cash and cash equivalents, beginning of period   0      5,770 
           
            Cash and cash equivalents, end of period $ 3,341    $ 8,229 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

5
 

 

JMB/245 PARK AVENUE ASSOCIATES, LTD.

(a Limited Partnership)

and Consolidated Venture

 

Notes to Consolidated Financial Statements

 

September 30, 2014 and 2013

(Unaudited)

 

 

General

 

Readers of this quarterly report should refer to the Partnership's audited financial statements for the fiscal year ended December 31, 2013, which are included in the Partnership's 2013 Annual Report on Form 10-K (File No. 0-13545) filed on March 11, 2014, as certain footnote disclosures which would substantially duplicate those contained in such audited financial statements have been omitted from this report. Capitalized terms used but not defined in this quarterly report have the same meanings as in the Partnership's 2013 Annual Report on Form 10-K.

 

JMB/245 Park Avenue Associates, Ltd. (the "Partnership"), through JMB 245 Park Avenue Holding Company, LLC ("245 Park Holding"), owns an approximate .5% general partner interest in Brookfield Financial Properties, L.P. ("BFP, LP"), formerly known as World Financial Properties, L.P. The ownership is represented by 567.375 Class A Units. BFP, LP is a limited partnership that holds equity investments in commercial office buildings, certain of which are owned subject to ground leases of the underlying land. Business activities consist primarily of rentals to a variety of commercial companies and the ultimate sale or disposition of such real estate. 245 Park Holding is a limited liability company in which the Partnership is a 99% member and BFP Property GP Corp. ("BFP GP"), which is an affiliate of the managing general partner of BFP, LP, is a 1% member. The accompanying consolidated financial statements include the accounts of the Partnership and its majority-owned limited liability company, 245 Park Holding. The effect of all transactions between the Partnership and its consolidated venture has been eliminated.

 

The Partnership discontinued the application of the equity method of accounting, recorded its investment at zero, and no longer recognizes its share of earnings or losses from BFP, LP, because the Partnership has no future funding obligations to BFP, LP, has not received distributions from BFP, LP, has no indication from BFP, LP that it intends to make distributions in the future, has no influence or control over the day-to-day affairs of BFP, LP, and its investment in BFP, LP has been reduced to less than 1%.

 

The preparation of financial statements in accordance with GAAP requires the Partnership to make estimates and assumptions that affect the reported or disclosed amount of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

6
 

 

The Partnership's future liquidity and ability to continue as a going concern is dependent upon additional cash advances from JMB Realty Corporation ("JMB") and there is no assurance that such advances will be made. JMB's advances, as well as consolidated balances from prior notes, are evidenced by a demand note (the "Demand Note"), dated December 1, 2004, which Demand Note is secured by the Partnership's indirect interest in BFP, LP. JMB is under no obligation to make further advances and has the right to require repayment of the Demand Note together with accrued and unpaid interest at any time. This uncertainty and the fact that the Partnership has a net capital deficiency raise substantial doubt about the Partnership's ability to continue as a going concern. No adjustments to these consolidated financial statements for this uncertainty have been made.

 

The Financial Accounting Standards Board recently issued ASU 2013-07, introducing new accounting guidance on when and how an entity should apply the liquidation basis of accounting. Under the new guidance, liquidation basis of accounting should only be used when liquidation is imminent, as defined in the guidance. Liquidation basis of accounting requires an entity to measure its assets at the estimated amount of cash or other consideration that it expects to collect and its liabilities at the amount otherwise prescribed under U.S. GAAP. The guidance is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. The guidance was adopted by the Partnership as of January 1, 2014. The Partnership has assessed the new guidance and concluded that the liquidation of the Partnership is not imminent, as defined in the guidance. The Partnership will continue to monitor whether liquidation is imminent and, thereby, evaluate whether liquidation basis of accounting is required.

 

Transactions with Affiliates

 

The operations of the Partnership since 2005 have been funded entirely by cash advances from JMB which totaled $1,987,000 as of September 30, 2014 ($130,000 of which was funded during the nine months ended September 30, 2014) and which, together with the amount owed and rolled over from prior notes, are evidenced by the Demand Note. Additional cash advances totaling $10,000 were made by JMB under the Demand Note through November 6, 2014, the date this report was filed. The Demand Note, which had an outstanding balance of unpaid principal and accrued interest at September 30, 2014 of $9,038,183 accrues interest at prime plus 1 percent, 4.25% at September 30, 2014, with interest compounded quarterly and included in principal, and is secured by the Partnership's interest in BFP, LP. JMB is under no obligation to make further advances and has the right to require repayment of the Demand Note together with accrued and unpaid interest at any time.

 

In accordance with the Partnership Agreement, JMB Park Avenue, Inc., the Corporate General Partner, and its affiliates are entitled to receive payment or reimbursement for salaries and salary-related expenses of its employees, certain of its officers, and other direct expenses relating to the administration of the Partnership and the operation of the Partnership's real property investments. Additionally, the Corporate General Partner and its affiliates are entitled to reimbursements for portfolio management, legal and accounting services. The Partnership incurred costs of $23,238 and $23,774 for the nine months ended September 30, 2014 and 2013, respectively, for these services. The Partnership owed the Corporate General Partner and its affiliates $2,601 and $0 for these services at September 30, 2014 and December 31, 2013, respectively.

 

Any reimbursable amounts currently payable to the Corporate General Partner and its affiliates do not bear interest.

7
 

 

Adjustments

 

In the opinion of the Corporate General Partner, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation (assuming the Partnership continues as a going concern) have been made to the accompanying financial statements as of September 30, 2014 and December 31, 2013, and for the three and nine months ended September 30, 2014 and 2013.

 

 

Part I.  Financial Information

 

    Item 2.  Management’s Discussion and Analysis of Financial Condition and

                  Results of Operations

 

Liquidity and Capital Resources

 

Capitalized terms used herein but not defined have the same meanings as in the Partnership's 2013 Annual Report on Form 10-K.

 

The Partnership's future liquidity and ability to continue as a going concern are dependent upon additional cash advances from JMB and there is no assurance that such advances will continue to be made. This uncertainty and the fact that the Partnership has a net capital deficiency raise substantial doubt about the Partnership's ability to continue as a going concern. The operations of the Partnership since 2005 have been funded entirely by cash advances from JMB which totaled $1,987,000 as of September 30, 2014 ($130,000 of which was funded during the nine months ended September 30, 2014) and which, together with the amount owed and rolled over from prior notes, are evidenced by the Demand Note. Additional cash advances totaling $10,000 were made by JMB under the Demand Note through November 6, 2014, the date that this report was filed. The Demand Note, which had an outstanding balance of unpaid principal and accrued interest at September 30, 2014 of $9,038,183, accrues interest at prime plus 1 percent, 4.25% at September 30, 2014, with interest compounded quarterly and included in principal, and is secured by the Partnership's interest in BFP, LP. JMB is under no obligation to make further advances and has the right to require repayment of advances previously made together with accrued and unpaid interest at any time. These conditions raise substantial doubt about the Partnership's ability to continue as a going concern.

 

BFP, LP has the right, among other things, to sell the BFP 245 Interest and any of its other assets and to effect a reorganization without the consent of the Partnership. Under certain circumstances, the Partnership may have obligations for Federal or state withholding or estimated tax payments on behalf of certain Holders of Interests. Notwithstanding any such obligations, the Partnership believes that the Holders of Interests have the ultimate responsibility for the timely filing of state and Federal tax returns and the payment of all related taxes, including the reimbursement to the Partnership of all withholding tax payments or estimated tax payments made on their behalf.

8
 

 

The Partnership holds, through 245 Park Holding, an approximate .5% interest in BFP, LP. Persons who are interested in obtaining information concerning BFP, LP should be aware that Brookfield Property Partners L.P. (“BPP”) which owns Brookfield Office Properties, Inc. (“BOP”) files periodic reports and other information, which includes information about BFP, LP and its assets and operations, with the U.S. Securities and Exchange Commission ("SEC") pursuant to the Securities Exchange Act of 1934. BPP's filings with the SEC are available to the public through the SEC's Electronic Data Gathering, Analysis and Retrieval (EDGAR) system accessible through the SEC's web site at http://www.sec.gov. Interested persons also may read and copy any report, statement or other information that BPP has filed with the SEC at its Public Reference Room, 450 Fifth Street, N.W., Washington, D.C. 20549, or may call the SEC for more information on obtaining information from the SEC's public reference rooms. On June 20, 2014, BOP became a private company and is no longer required to file with the SEC. This description is provided for informational purposes only. The Partnership does not prepare, and is not responsible for the preparation of, any of BPP or BOP’s reports or other information it files with the SEC including, but not limited to, those concerning the business and financial results of BFP, LP. Those reports and other information are not intended to be incorporated by reference into this report on Form 10-Q, and the Partnership has no responsibility for the accuracy of any information included in BBP or BOP's reports or other information.

 

BFP, LP has a substantial amount of indebtedness outstanding. Any proceeds from the sale of the buildings in which BFP, LP has an interest would likely be first applied to repayment of the mortgage and other indebtedness of BFP, LP and also likely to be retained for future investment. In any event, any net proceeds obtained by the Partnership could then be available to satisfy the Demand Note (the balance of which exceeds the maximum potential amount to be received on redemption of its interest in BFP, LP). Only after such applications would any remaining proceeds be available to be distributed to the Holders of Interests. Similarly, in the event of a sale or other disposition of the Retained Interest (including a redemption), the Partnership's share of the proceeds of such sale or disposition would first be applied to satisfy the Demand Note. Only after such application would remaining proceeds, if any, be available to be distributed to the Holders of Interests.

 

The outstanding balance of the Demand Note at September 30, 2014 is approximately $9,038,000 and such Demand Note continues to accrue interest and be increased in principal amount by additional advances from JMB. As such amount exceeds the maximum proceeds payable to the Partnership under the amended limited partnership agreement of BFP, LP at September 30, 2014, it is unlikely that the Holders of Interests will ever receive any further distributions from the Partnership. However, it is expected that Holders of Interests will be allocated a substantial amount of gain for Federal and state income tax purposes as a result of transactions which may occur over the remaining term of the Partnership. These transactions include (i) a sale or other disposition of the 245 Park Avenue property or other properties in which BFP, LP owns an interest; (ii) a sale or other disposition of the Partnership's indirect interest in BFP, LP (including a redemption of the Retained Interest); or (iii) a significant reduction in the indebtedness of the 245 Park Avenue property or other indebtedness of the Partnership for Federal and state income tax purposes. Moreover, none of these transactions is expected to result in Holders of Interests receiving any significant cash distributions. The amount of gain for Federal and state income tax purposes to be allocated to a Holder of Interests over the remaining term of the Partnership is expected to be, at a minimum, equal to all or most of the amount of such Holder's deficit capital account for tax purposes. Such gain may be offset by suspended losses from prior years (if any) that have been allocated to the Holder of Interests. The actual tax liability of each Holder of Interests will depend on such Holder's own tax situation.

9
 

 

Results of Operations

 

The operations of the Partnership since 2005 have been funded entirely by cash advances from JMB which totaled $1,987,000 as of September 30, 2014 ($130,000 of which was funded during the nine months ended September 30, 2014) and which, together with the amount owed and rolled over from prior notes, are evidenced by the Demand Note at September 30, 2014.

 

The increase in demand note payable to an affiliate at September 30, 2014 as compared to December 31, 2013 is due to fundings totaling $130,000 and interest of approximately $280,000 added to the principal in 2014.

 

The increase in interest expense to an affiliate for the three and nine months ended September 30, 2014 as compared to the three and nine months ended September 30, 2013 is due to additional fundings and accrued, compounded interest under the Demand Note.

 

The decrease in professional services for the nine months ended September 30, 2014 as compared to the nine months ended September 30, 2013 is primarily due to the timing of audit work performed.

 

 

Item 4.  Controls and Procedures

 

Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-15(e) of the Securities Exchange Act of 1934 promulgated thereunder, the principal executive officer and the principal financial officer of the Partnership have evaluated the effectiveness of the Partnership's disclosure controls and procedures as of the end of the period covered by this report. Based on such evaluation, the principal executive officer and the principal financial officer have concluded that the Partnership's disclosure controls and procedures were effective as of the end of the period covered by this report to ensure that information required to be disclosed in this report was recorded, processed, summarized and reported within the time period specified in the applicable rules and form of the Securities and Exchange Commission for this report. The Partnership's disclosure controls and procedures do not include the disclosure controls and procedures of BFP, LP, which the Partnership has no ability to control.

 

Changes in Internal Control over Financial Reporting

 

There were no significant changes to our internal control over financial reporting (as defined in Rule 13a-15(f) or Rule 15d-15(f) of the Securities Exchange Act of 1934) during the three and nine months ended September 30, 2014 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

10
 

 

Part II.  Other Information

 

    Item 1.  Legal Proceedings

 

The Partnership is not subject to any material pending legal proceedings.

 

 

    Item 1A. Risk Factors

 

There has been no known material changes from risk factors as previously disclosed in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2013.

 

 

    Item 6.  Exhibits

 

  a. Exhibits.
       
    3.1. Amended and Restated Agreement of Limited Partnership of the Partnership is hereby incorporated herein by reference to the Partnership's Report for June 30, 2002 on Form 10-Q (File No. 0-13545) dated August 21, 2002.
       
    3.2. Amendment to the Amended and Restated Agreement of Limited Partnership of JMB/245 Park Avenue Associates, Ltd. by and between JMB Park Avenue, Inc. and Park Associates, L.P. dated January 1, 1994 is hereby incorporated herein by reference to Exhibit 3-B to the Partnership's Report for March 31, 1995 on Form 10-Q (File No. 0-13545) dated May 11, 1995.
       
    4.1. Security Agreement, dated May 7, 2001, by JMB/245 Park Avenue Associates, Ltd. in favor of JMB Realty Corporation is hereby incorporated herein by reference to the Partnership's Report for September 30, 2004 on Form 10-Q (File No. 0-13545) dated November 10, 2004.
       
    4.2. Promissory Note, payable on demand, dated December 1, 2004, is hereby incorporated herein by reference to the Partnership's Report for December 1, 2004 on Form 8-K (File No. 0-13545), dated December 7, 2004.
       
    31.1. Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities and Exchange Act of 1934, as amended, is filed herewith.
       
    31.2. Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities and Exchange Act of 1934, as amended, is filed herewith.
       
    32 Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith.

 

11
 

 

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 thereunto duly authorized.

 

  JMB/245 PARK AVENUE ASSOCIATES, LTD.
     
  By:

JMB Park Avenue, Inc.

Corporate General Partner

     
    GAILEN J. HULL
  By: Gailen J. Hull, Vice President
  Date: November 6, 2014

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person in the capacities and on the date indicated.

 

 

    GAILEN J. HULL
  By:

Gailen J. Hull, Chief Financial Officer

and Principal Accounting Officer

  Date: November 6, 2014

 

 

12

 EX-31.1 2 exh-311.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER

Exhibit 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(a)/RULE 15d-14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

I, Patrick J. Meara, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of JMB/245 Park Avenue Associates, Ltd. for the period ended September 30, 2014;
     
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
     
  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

 

 
 

 

     
  d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
     
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
     
  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

Date: November 6, 2014    
       
       
      /s/ Patrick Meara
      Chief Executive Officer

 

 

 EX-31.2 3 exh-312.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER

Exhibit 31.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13a-14(a)/RULE 15d-14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

I, Gailen J. Hull, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of JMB/245 Park Avenue Associates, Ltd. for the period ended September 30, 2014;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
     
  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

 

 
 

 

     
  d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
     
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
     
  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

Date: November 6, 2014    
       
       
      /s/ Gailen J. Hull
     

Chief Financial Officer and

Principal Accounting Officer

 

 

 EX-32 4 exh-32.htm CERTIFICATIONS PURSUANT TO 18 USC SECTION 1350

Exhibit 32

 

 

CERTIFICATIONS OF

CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

The following statement is provided by the undersigned to accompany the Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed pursuant to any provision of the Securities Exchange Act of 1934 or any other securities law:

 

Each of the undersigned certifies that the foregoing Report on Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m) and that the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of JMB/245 PARK AVENUE ASSOCIATES, LTD.

 

 

 

By: /s/ Patrick J. Meara   By: /s/ Gailen J. Hull
 

Patrick J. Meara

Chief Executive Officer

    

Gailen J. Hull

Chief Financial Officer and

Principal Accounting Officer

 

 

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Transactions With Affiliates Footnotes (Details Narrative) (USD $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Dec. 31, 2013
Notes to Financial Statements      
Cash advances funded from JMB for operations of the Partnership $ 1,987,000    
Demand note, outstanding balance of unpaid principal and accrued interest 9,038,183    
Reimbursement entitlements, portfolio management, legal and accounting services 23,238 23,774  
Owed the Corporate General Partner and its affiliates from the Partnership $ 2,601   $ 0
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Adjustments
 9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Adjustments

Adjustments

 

In the opinion of the Corporate General Partner, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation (assuming the Partnership continues as a going concern) have been made to the accompanying financial statements as of September 30, 2014 and December 31, 2013, and for the three and nine months ended September 30, 2014 and 2013.

 
XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Balance Sheets (USD $)
Sep. 30, 2014
Dec. 31, 2013
Current assets:    
Cash and cash equivalents $ 3,341 $ 0
Total assets 3,341 0
Current liabilities:    
Accounts payable 4,314 10,130
Demand note payable to an affiliate 9,038,183 8,628,532
Commitments and contingencies    
Total liabilities 9,042,497 8,638,662
General partners:    
Capital contributions 26,664,247 26,664,247
Cumulative cash distributions (480,000) (480,000)
Cumulative net losses (11,110,873) (11,086,843)
Total general partners capital account 15,073,374 15,097,404
Limited partners:    
Capital contributions, net of offering costs 113,057,394 113,057,394
Cumulative cash distributions (7,520,000) (7,520,000)
Cumulative net losses (129,649,924) (129,273,460)
Total limited partners capital account (24,112,530) (23,736,066)
Total partners capital accounts (deficits) (9,039,156) (8,638,662)
Total liabilities and partners capital accounts (deficits) $ 3,341 $ 0
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
General
 9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
General

General

 

Readers of this quarterly report should refer to the Partnership's audited financial statements for the fiscal year ended December 31, 2013, which are included in the Partnership's 2013 Annual Report on Form 10-K (File No. 0-13545) filed on March 11, 2014, as certain footnote disclosures which would substantially duplicate those contained in such audited financial statements have been omitted from this report. Capitalized terms used but not defined in this quarterly report have the same meanings as in the Partnership's 2013 Annual Report on Form 10-K.

 

JMB/245 Park Avenue Associates, Ltd. (the "Partnership"), through JMB 245 Park Avenue Holding Company, LLC ("245 Park Holding"), owns an approximate .5% general partner interest in Brookfield Financial Properties, L.P. ("BFP, LP"), formerly known as World Financial Properties, L.P. The ownership is represented by 567.375 Class A Units. BFP, LP is a limited partnership that holds equity investments in commercial office buildings, certain of which are owned subject to ground leases of the underlying land. Business activities consist primarily of rentals to a variety of commercial companies and the ultimate sale or disposition of such real estate. 245 Park Holding is a limited liability company in which the Partnership is a 99% member and BFP Property GP Corp. ("BFP GP"), which is an affiliate of the managing general partner of BFP, LP, is a 1% member. The accompanying consolidated financial statements include the accounts of the Partnership and its majority-owned limited liability company, 245 Park Holding. The effect of all transactions between the Partnership and its consolidated venture has been eliminated.

 

The Partnership discontinued the application of the equity method of accounting, recorded its investment at zero, and no longer recognizes its share of earnings or losses from BFP, LP, because the Partnership has no future funding obligations to BFP, LP, has not received distributions from BFP, LP, has no indication from BFP, LP that it intends to make distributions in the future, has no influence or control over the day-to-day affairs of BFP, LP, and its investment in BFP, LP has been reduced to less than 1%.

 

The preparation of financial statements in accordance with GAAP requires the Partnership to make estimates and assumptions that affect the reported or disclosed amount of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

 

The Partnership's future liquidity and ability to continue as a going concern is dependent upon additional cash advances from JMB Realty Corporation ("JMB") and there is no assurance that such advances will be made. JMB's advances, as well as consolidated balances from prior notes, are evidenced by a demand note (the "Demand Note"), dated December 1, 2004, which Demand Note is secured by the Partnership's indirect interest in BFP, LP. JMB is under no obligation to make further advances and has the right to require repayment of the Demand Note together with accrued and unpaid interest at any time. This uncertainty and the fact that the Partnership has a net capital deficiency raise substantial doubt about the Partnership's ability to continue as a going concern. No adjustments to these consolidated financial statements for this uncertainty have been made.

 

The Financial Accounting Standards Board recently issued ASU 2013-07, introducing new accounting guidance on when and how an entity should apply the liquidation basis of accounting. Under the new guidance, liquidation basis of accounting should only be used when liquidation is imminent, as defined in the guidance. Liquidation basis of accounting requires an entity to measure its assets at the estimated amount of cash or other consideration that it expects to collect and its liabilities at the amount otherwise prescribed under U.S. GAAP. The guidance is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. The guidance was adopted by the Partnership as of January 1, 2014. The Partnership has assessed the new guidance and concluded that the liquidation of the Partnership is not imminent, as defined in the guidance. The Partnership will continue to monitor whether liquidation is imminent and, thereby, evaluate whether liquidation basis of accounting is required.

 
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Transactions With Affiliates Footnotes
 9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Transactions With Affiliates Footnotes

Transactions with Affiliates

 

The operations of the Partnership since 2005 have been funded entirely by cash advances from JMB which totaled $1,987,000 as of September 30, 2014 ($130,000 of which was funded during the nine months ended September 30, 2014) and which, together with the amount owed and rolled over from prior notes, are evidenced by the Demand Note. Additional cash advances totaling $10,000 were made by JMB under the Demand Note through November 6, 2014, the date this report was filed. The Demand Note, which had an outstanding balance of unpaid principal and accrued interest at September 30, 2014 of $9,038,183 accrues interest at prime plus 1 percent, 4.25% at September 30, 2014, with interest compounded quarterly and included in principal, and is secured by the Partnership's interest in BFP, LP. JMB is under no obligation to make further advances and has the right to require repayment of the Demand Note together with accrued and unpaid interest at any time.

 

In accordance with the Partnership Agreement, JMB Park Avenue, Inc., the Corporate General Partner, and its affiliates are entitled to receive payment or reimbursement for salaries and salary-related expenses of its employees, certain of its officers, and other direct expenses relating to the administration of the Partnership and the operation of the Partnership's real property investments. Additionally, the Corporate General Partner and its affiliates are entitled to reimbursements for portfolio management, legal and accounting services. The Partnership incurred costs of $23,238 and $23,774 for the nine months ended September 30, 2014 and 2013, respectively, for these services. The Partnership owed the Corporate General Partner and its affiliates $2,601 and $0 for these services at September 30, 2014 and December 31, 2013, respectively.

 

Any reimbursable amounts currently payable to the Corporate General Partner and its affiliates do not bear interest.

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Balance Sheets (Parenthetical) (USD $)
Sep. 30, 2014
Dec. 31, 2013
Statement of Financial Position [Abstract]    
Accrued interest of demand note payable $ 3,568,899 $ 3,289,248
Interest of limited partners 915 915
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Document and Entity Information (USD $)
 9 Months Ended
Sep. 30, 2014
Oct. 01, 2014
Document And Entity Information    
Entity Registrant Name JMB 245 PARK AVENUE ASSOCIATES LTD  
Entity Central Index Key 0000747159  
Document Type 10-Q  
Document Period End Date Sep. 30, 2014  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Public Float   $ 0
Entity Common Stock, Shares Outstanding   567,375
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2014  
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Statements of Operations (Unaudited) (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Income Statement [Abstract]        
Interest to an affiliate $ 95,618 $ 89,966 $ 279,651 $ 262,793
Professional services 12,500 13,443 64,693 87,090
General and administrative 15,303 16,518 56,150 57,778
Total expenses 123,421 119,927 400,494 407,661
Net loss (123,421) (119,927) (400,494) (407,661)
Net loss per limited partnership interests $ (126) $ (122) $ (411) $ (415)
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Statements of Cash Flows (Unaudited) (USD $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net loss $ (400,494) $ (407,661)
Changes in:    
Accounts payable (5,816) 2,327
Interest payable to an affiliate 279,651 262,793
Net cash used in operating activities (126,659) (142,541)
Cash flows from financing activities:    
Fundings of demand note payable 130,000 145,000
Net cash provided by financing activities 130,000 145,000
Net increase in cash 3,341 2,459
Cash and cash equivalents, beginning of period 0 5,770
Cash and cash equivalents, end of period $ 3,341 $ 8,229
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