Apartment Report

Year Ended 2017-12-31

310 East 49 St
#10D
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 1,717
Receivables (Note 3) 365
Prepaid expenses (Note 4) 258
Total Current Assets 2,340
Reserve fund (Notes 2 and 5) 11,019
Property and Improvements: (Notes 2 and 6)
Land 22,988
Building 47,744
Building improvements 39,069
Total 109,801
Less: accumulated depreciation (67,908)
Net Property and Improvements 41,893
Other Assets:
Investment in NCB stock (Note 2) 303
Unamortized credit line finance costs 133
Utility deposit 8
Total Other Assets 444
Total Assets 55,695
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 556
Real estate tax abatements 1,061
Mortgage payable - current portion 616
Prepaid maintenance and laundry income 256
Building improvements payable 97
Accrued mortgage interest 92
Total Current Liabilities 2,678
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 30,270
Unamortized mortgage finance costs (Note 2) (736)
Total Long-Term Debt 29,534
Security deposits payable 418
Total Long-Term Liabilities 29,952
Total Liabilities 32,630
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 1,131
Additional paid-in capital 65,207
Accumulated deficit (43,272)
Total Stockholders’ Equity 23,065
Total Liabilities and Stockholders’ Equity 55,695

OPERATIONS

OPERATIONS
Revenues
Maintenance 21,112
Operating assessment 2,210
Shareholder and other fees 581
Interest and dividend income 201
Transfer fees (Note 2) 218
Laundry income 128
Total Revenues 24,450
Cost of Operations
Administrative expenses Schedule 1 1,393
Operating expenses Schedule 2 10,062
Repairs and maintenance Schedule 3 1,291
Real estate tax 10,116
Mortgage interest 1,106
Corporation taxes 128
Total Cost of Operations 24,096
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 353
Noncash depreciation, amortization and mortgage finance interest costs (2,845)
Net Loss For The Year (2,491)