Apartment Report

Year Ended 2018-12-31

310 East 49 St
#10B
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 945
Receivables (Note 3) 224
Prepaid expenses (Note 4) 113
Total Current Assets 1,283
Reserve fund (Notes 2 and 5) 5,578
Property and Improvements: (Notes 2 and 6)
Land 12,511
Building 25,984
Building improvements 21,268
Total 59,764
Less: accumulated depreciation (38,386)
Net Property and Improvements 21,378
Other Assets:
Investment in NCB stock (Note 2) 109
Unamortized credit line finance costs 64
Utility deposit 4
Total Other Assets 177
Total Assets 28,417
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 314
Real estate tax abatements 491
Mortgage payable - current portion 347
Prepaid maintenance and laundry income 102
Building improvements payable 53
Accrued mortgage interest 49
Total Current Liabilities 1,357
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 16,127
Unamortized mortgage finance costs (Note 2) (355)
Total Long-Term Debt 15,772
Security deposits payable 236
Total Long-Term Liabilities 16,008
Total Liabilities 17,365
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 615
Additional paid-in capital 35,489
Accumulated deficit (25,052)
Total Stockholders’ Equity 11,052
Total Liabilities and Stockholders’ Equity 28,417

OPERATIONS

OPERATIONS
Revenues
Maintenance 11,950
Operating assessment 1,259
Shareholder and other fees 251
Interest and dividend income 105
Transfer fees (Note 2) 73
Laundry income 70
Total Revenues 13,708
Cost of Operations
Administrative expenses Schedule 1 740
Operating expenses Schedule 2 5,649
Repairs and maintenance Schedule 3 844
Real estate tax 5,831
Mortgage interest 590
Corporation taxes 74
Total Cost of Operations 13,729
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (21)
Noncash depreciation, amortization and mortgage finance interest costs (1,480)
Net Loss For The Year (1,501)