Apartment Report

Year Ended 2017-12-31

159 Madison Ave
New York
NY 10016

159 Madison Owners Corp

Financial Statements

BALANCE SHEETS

ASSETS
CURRENT ASSETS
Cash - Operating account 485,303
Mortgage escrow deposits 178,907
Merrill Lynch - Investments 405,900
Receivables:
Shareholders’ arrears 14,878
Prepaid Expenses:
Boiler contract -0-
Real estate taxes 10,156
Corporate taxes 11,210
Insurance 5,329
TOTAL CURRENT ASSETS 1,111,683
FUNDS
BankUnited - Money Market 200,710
Santander - Money Market 201,023
National Cooperative Bank - restricted funds - (Note 6) 100,491
TOTAL FUNDS 502,224
PROPERTY AND EQUIPMENT
Land 1,006,264
Building 9,056,380
Improvements 2,662,740
Less: Accumulated depreciation (10,820,741)
NET PROPERTY AND EQUIPMENT 1,904,643
OTHER ASSETS
Security deposits 54,290
NCB BI Stock - (Note 5) 1,250
TOTAL OTHER ASSETS 55,540
TOTAL ASSETS 3,574,090
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable and accrued expenses 34,334
Accrued mortgage interest 23,422
Prepaid maintenance charges 30,833
Mortgage payable - current portion 120,539
Real estate tax abatements and exemptions payable 88,421
TOTAL CURRENT LIABILITIES 297,549
LONG TERM AND OTHER LIABILITIES
Mortgage payable - net of current portion - (Note 6) 5,964,523
Less: Unamortized debt issuance costs - (Note 2) (70,232)
Security deposits payable 78,638
TOTAL LONG TERM AND OTHER LIABILITIES 5,972,929
TOTAL LIABILITIES 6,270,478
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 (6,894,601)
Less: Treasury Stock at cost - (Note 8) (4,075)
TOTAL STOCKHOLDERS’ DEFICIT (2,696,388)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 3,574,090

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

INCOME
Income from Shareholders
Maintenance charges 2,286,076
Assessment - operations - (Note 9) 241,835
Sublet fees 19,569
Late fees 5,312
Storage fees 25,826
Move in/out fees 6,000
Total Income from Shareholders 2,584,618
Other Income
Commercial - (Note 10) 176,026
Antenna - (Note 11) 28,474
Rental - (Note 8) 18,558
Laundry 20,900
Interest 3,023
Miscellaneous 1,326
NCB Patronage refund - (Note 5) 51
Total Other Income 248,358
TOTAL INCOME 2,832,976
COST OF OPERATIONS
Administrative expenses Schedule 1 155,565
Operating expenses Schedule 2 797,639
Maintenance expenses Schedule 3 120,056
Taxes Schedule 4 1,442,295
Financial expenses Schedule 5 289,719
TOTAL COST OF OPERATIONS 2,805,274
INCOME FROM OPERATIONS BEFORE DEPRECIATION, AMORTIZATION AND CAPITAL ASSESSMENT 27,702
Depreciation and amortization Schedule 6 (104,228)
Capital assessment - (Note 9) 20,831
NET INCOME (LOSS) (55,695)
Beginning Accumulated Deficit (6,838,906)
Ending Accumulated Deficit (6,894,601)