Apartment Report

Year Ended 2018-12-31

310 East 49 St
#11B
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 999
Receivables (Note 3) 237
Prepaid expenses (Note 4) 120
Total Current Assets 1,356
Reserve fund (Notes 2 and 5) 5,895
Property and Improvements: (Notes 2 and 6)
Land 13,223
Building 27,463
Building improvements 22,479
Total 63,165
Less: accumulated depreciation (40,570)
Net Property and Improvements 22,595
Other Assets:
Investment in NCB stock (Note 2) 115
Unamortized credit line finance costs 68
Utility deposit 4
Total Other Assets 188
Total Assets 30,034
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 332
Real estate tax abatements 519
Mortgage payable - current portion 367
Prepaid maintenance and laundry income 108
Building improvements payable 56
Accrued mortgage interest 52
Total Current Liabilities 1,434
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 17,045
Unamortized mortgage finance costs (Note 2) (376)
Total Long-Term Debt 16,669
Security deposits payable 250
Total Long-Term Liabilities 16,919
Total Liabilities 18,353
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 650
Additional paid-in capital 37,508
Accumulated deficit (26,478)
Total Stockholders’ Equity 11,681
Total Liabilities and Stockholders’ Equity 30,034

OPERATIONS

OPERATIONS
Revenues
Maintenance 12,630
Operating assessment 1,331
Shareholder and other fees 266
Interest and dividend income 111
Transfer fees (Note 2) 77
Laundry income 73
Total Revenues 14,488
Cost of Operations
Administrative expenses Schedule 1 782
Operating expenses Schedule 2 5,971
Repairs and maintenance Schedule 3 892
Real estate tax 6,163
Mortgage interest 624
Corporation taxes 78
Total Cost of Operations 14,510
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (22)
Noncash depreciation, amortization and mortgage finance interest costs (1,565)
Net Loss For The Year (1,587)