Apartment Report

Year Ended 2017-12-31

310 East 49 St
#10C
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 965
Receivables (Note 3) 205
Prepaid expenses (Note 4) 145
Total Current Assets 1,315
Reserve fund (Notes 2 and 5) 6,192
Property and Improvements: (Notes 2 and 6)
Land 12,918
Building 26,829
Building improvements 21,955
Total 61,702
Less: accumulated depreciation (38,161)
Net Property and Improvements 23,541
Other Assets:
Investment in NCB stock (Note 2) 171
Unamortized credit line finance costs 75
Utility deposit 4
Total Other Assets 249
Total Assets 31,298
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 312
Real estate tax abatements 596
Mortgage payable - current portion 346
Prepaid maintenance and laundry income 144
Building improvements payable 54
Accrued mortgage interest 52
Total Current Liabilities 1,505
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 17,010
Unamortized mortgage finance costs (Note 2) (414)
Total Long-Term Debt 16,596
Security deposits payable 235
Total Long-Term Liabilities 16,831
Total Liabilities 18,336
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 635
Additional paid-in capital 36,643
Accumulated deficit (24,316)
Total Stockholders’ Equity 12,962
Total Liabilities and Stockholders’ Equity 31,298

OPERATIONS

OPERATIONS
Revenues
Maintenance 11,864
Operating assessment 1,242
Shareholder and other fees 327
Interest and dividend income 113
Transfer fees (Note 2) 122
Laundry income 72
Total Revenues 13,739
Cost of Operations
Administrative expenses Schedule 1 783
Operating expenses Schedule 2 5,654
Repairs and maintenance Schedule 3 726
Real estate tax 5,685
Mortgage interest 622
Corporation taxes 72
Total Cost of Operations 13,541
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 199
Noncash depreciation, amortization and mortgage finance interest costs (1,599)
Net Loss For The Year (1,400)