Apartment Report

Year Ended 2017-05-31

136 East 36 St
New York
NY 10016

136 East 36th Apartments Corp.

Financial Statements

BALANCE SHEETS

ASSETS
CURRENT ASSETS
Cash and Cash Equivalents:
Operating account 27,792
Money Market accounts 189,540
217,332
Shareholders’ arrears 3,584
Prepaid Expenses:
Insurance 18,835
Real estate taxes 61,830
New York State and City Corporate taxes -0-
TOTAL CURRENT ASSETS 301,581
RESERVE FUNDS
Charles Schwab
Cash 7
Merrill Lynch
Cash 400,000
Certificates of Deposit -0-
TOTAL RESERVE FUNDS 400,007
PROPERTY AND EQUIPMENT
Land 550,000
Building 987,237
Building improvements 1,014,745
Exterior renovation 667,762
Maintenance equipment 14,192
Storage units 3,826
Boiler replacement 125,030
Courtyard restoration 38,624
Sidewalk 16,790
Less: Accumulated depreciation (2,129,027)
NET PROPERTY AND EQUIPMENT 1,289,179
OTHER ASSET
Security deposit 2,300
TOTAL ASSETS 1,993,067
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses - Schedule 1 63,012
Accrued mortgage interest 3,654
Prepaid maintenance charges 12,755
Real estate tax abatements and exemptions payable 107,610
Move in/out deposits payable 500
TOTAL CURRENT LIABILITIES 187,531
LONG TERM AND OTHER LIABILITIES
Mortgage payable - (Note 4) 1,240,000
Less: Unamortized debt issuance costs - (Note 2) (23,892)
Security deposit payable 2,300
TOTAL LONG TERM AND OTHER LIABILITIES 1,218,408
TOTAL LIABILITIES 1,405,939
STOCKHOLDERS’ EQUITY
Capital Stock - Common - Authorized and Issued 29,855 shares at $1 par value of which 335 shares are held as Treasury Stock - (Note 5) 29,855
Paid-in Capital in excess of par value 626,391
Paid-in Capital - Treasury Stock 425,913
Accumulated Deficit (484,036)
Less: Treasury Stock at cost (10,995)
TOTAL STOCKHOLDERS’ EQUITY 587,128
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 1,993,067

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

INCOME
Income from Shareholders
Maintenance charges - Apartments 1,528,546
Less: Vacancy loss - (Note 5) (17,123)
Operating assessment - (Note 7) 120,146
Transfer fees - (Note 8) 34,722
Late charges 1,350
Sublet fees 4,418
Storage 6,921
Miscellaneous -0-
Total Income from Shareholders 1,678,980
Other Income
Rental - (Note 5) 27,600
Laundry 3,600
Interest 1,287
Real estate tax refund 12,122
Total Other Income 44,609
TOTAL INCOME 1,723,589
COST OF OPERATIONS
Administrative expenses Schedule 2 123,992
Operating expenses Schedule 3 666,132
Maintenance expenses Schedule 4 103,022
Taxes Schedule 5 722,176
Financial expenses Schedule 6 48,235
TOTAL COST OF OPERATIONS 1,663,557
INCOME (LOSS) FROM OPERATIONS BEFORE DEPRECIATION 60,032
Depreciation Schedule 7 (62,107)
NET LOSS (2,075)
Beginning Accumulated Deficit (481,961)
Ending Accumulated Deficit (484,036)