Apartment Report

Year Ended 2016-12-31

159 Madison Ave
New York
NY 10016

159 Madison Owners Corp

Financial Statements

BALANCE SHEETS

ASSETS
CURRENT ASSETS
Cash - Operating account 539,954
Mortgage escrow deposits 208,588
Merrill Lynch - Investments 605,138
Receivables:
Shareholders’ arrears 24,193
Prepaid Expenses:
Boiler contract 1,824
Real estate taxes -0-
Corporate taxes 8,055
Insurance 5,148
TOTAL CURRENT ASSETS 1,392,900
FUNDS
BankUnited - Money Market 199,987
Santander - Money Market -0-
National Cooperative Bank - restricted funds - (Note 6) 100,340
TOTAL FUNDS 300,327
PROPERTY AND EQUIPMENT
Land 1,006,264
Building 9,056,380
Improvements 2,646,885
Less: Accumulated depreciation (10,716,513)
NET PROPERTY AND EQUIPMENT 1,993,016
OTHER ASSETS
Security deposits 49,417
NCB BI Stock - (Note 5) 1,250
TOTAL OTHER ASSETS 50,667
TOTAL ASSETS 3,736,910
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable and accrued expenses 35,563
Accrued mortgage interest 23,866
Prepaid maintenance charges 35,519
Mortgage payable - current portion 115,208
Real estate tax abatements and exemptions payable 92,396
TOTAL CURRENT LIABILITIES 302,552
LONG TERM AND OTHER LIABILITIES
Mortgage payable - net of current portion - (Note 6) 6,085,062
Less: Unamortized debt issuance costs - (Note 2) (81,776)
Security deposits payable 71,765
TOTAL LONG TERM AND OTHER LIABILITIES 6,075,051
TOTAL LIABILITIES 6,377,603
STOCKHOLDERS’ DEFICIT
Capital Stock - Common - Authorized 120,000 shares Issued 109,063 shares at $1 par value of which 711 shares are held as Treasury Stock 109,063
Paid-in Capital in excess of par value 3,382,582
Paid-in Capital - Treasury Stock 710,643
Accumulated Deficit (6,838,906)
Less: Treasury Stock at cost - (Note 8) (4,075)
TOTAL STOCKHOLDERS’ DEFICIT (2,640,693)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 3,736,910

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

INCOME
Income from Shareholders
Maintenance charges 2,212,331
Assessment - operations - (Note 9) 219,762
Sublet fees 22,629
Late fees 4,450
Storage fees 23,626
Move in/out fees 9,500
Total Income from Shareholders 2,492,298
Other Income
Commercial - (Note 10) 176,026
Antenna - (Note 11) 27,780
Rental - (Note 8) 18,437
Laundry 18,000
Interest 1,443
Miscellaneous 1,559
NCB Patronage refund - (Note 5) 22
Total Other Income 243,267
TOTAL INCOME 2,735,565
COST OF OPERATIONS
Administrative expenses Schedule 1 151,073
Operating expenses Schedule 2 737,796
Maintenance expenses Schedule 3 89,365
Taxes Schedule 4 1,336,004
Financial expenses Schedule 5 295,609
TOTAL COST OF OPERATIONS 2,609,847
INCOME FROM OPERATIONS BEFORE DEPRECIATION, AMORTIZATION AND CAPITAL ASSESSMENT 125,718
Depreciation and amortization Schedule 6 (106,011)
Capital assessment - (Note 9) 229,137
NET INCOME (LOSS) 248,844
Beginning Accumulated Deficit (7,087,730)
Ending Accumulated Deficit (6,838,906)