Apartment Report

Year Ended 2012-12-31

201 East 37 St
New York
NY 10016

201 E. 37 Owners Corp.

Financial Statements

BALANCE SHEETS

ASSETS
Current Assets:
Cash and cash equivalents 4,589
Accounts receivable 14,668
Prepaid expenses 235,411
Total Current Assets 254,668
Reserve Fund: (Note 4) 1,013,175
Property and Improvements: (Notes 2 and 5)
Land 1,379,896
Building 3,441,544
Building improvements and equipment 1,287,072
Total 6,108,512
Less: Accumulated depreciation 3,991,733
Net Property and Improvements 2,116,779
Other Assets and Deferred Charges:
Cash security deposits 15,849
Investment in NCB Stock (Note 6) 1,250
Deferred mortgage closing costs (Note 2) 29,307
Total Other Assets and Deferred Charges 46,406
Total Assets 3,431,028
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accrued mortgage interest 8,156
Accounts payable and accrued expenses 110,244
Due to stockholders - real estate tax abatements 133,112
Accrued wages and payroll taxes 8,918
Advance maintenance 721
Total Current Liabilities 261,151
Long-Term and Other Liabilities:
Mortgage payable (Note 6) 1,600,000
Security deposits payable 19,849
Total Long-Term and Other Liabilities 1,619,849
Total Liabilities 1,881,000
Stockholders' Equity:
Common stock - $1.00 par value,130,000 shares authorized, 91,571 shares issued and outstanding 91,571
Paid-in capital in excess of par value 4,376,440
Accumulated deficit (2,917,983)
Total Stockholders' Equity 1,550,028
Total Liabilities and Stockholders' Equity 3,431,028

STATEMENTS OF OPERATIONS

REVENUE
Maintenance - Apartments 1,128,213
Commercial rent (Note 7) 398,844
Operating assessments (Note 8) 149,719
Electricity rebilled 69,158
Storage fees 19,680
Late charges and miscellaneous 13,419
Sublet fees 11,100
Interest and dividends 6,531
Total Revenue 1,796,664
COST OF OPERATIONS
Administrative expenses 97,384
Operating expenses 787,357
Repairs and maimtenance 65,160
Taxes 775,600
Mortgage interest (Note 6) 96,299
Total Cost Of Operations 1,821,800
Loss from operations before other item and depreciation and amortization (25,136)
Special repairs - water damages, net of insurance claims (4,443)
LOSS BEFORE DEPRECIATION AND AMORTIZATION (29,579)
Less: Depreciation and amortization 132,262
Net Loss For The Year (161,841)