Apartment Report

Year Ended 2017-12-31

310 East 49 St
#11C
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 1,787
Receivables (Note 3) 380
Prepaid expenses (Note 4) 268
Total Current Assets 2,435
Reserve fund (Notes 2 and 5) 11,468
Property and Improvements: (Notes 2 and 6)
Land 23,924
Building 49,687
Building improvements 40,659
Total 114,270
Less: accumulated depreciation (70,672)
Net Property and Improvements 43,598
Other Assets:
Investment in NCB stock (Note 2) 316
Unamortized credit line finance costs 138
Utility deposit 8
Total Other Assets 462
Total Assets 57,963
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 579
Real estate tax abatements 1,104
Mortgage payable - current portion 641
Prepaid maintenance and laundry income 267
Building improvements payable 101
Accrued mortgage interest 96
Total Current Liabilities 2,787
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 31,502
Unamortized mortgage finance costs (Note 2) (766)
Total Long-Term Debt 30,736
Security deposits payable 435
Total Long-Term Liabilities 31,171
Total Liabilities 33,958
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 1,177
Additional paid-in capital 67,861
Accumulated deficit (45,033)
Total Stockholders’ Equity 24,004
Total Liabilities and Stockholders’ Equity 57,963

OPERATIONS

OPERATIONS
Revenues
Maintenance 21,971
Operating assessment 2,300
Shareholder and other fees 605
Interest and dividend income 209
Transfer fees (Note 2) 227
Laundry income 133
Total Revenues 25,445
Cost of Operations
Administrative expenses Schedule 1 1,450
Operating expenses Schedule 2 10,471
Repairs and maintenance Schedule 3 1,344
Real estate tax 10,528
Mortgage interest 1,151
Corporation taxes 133
Total Cost of Operations 25,077
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 368
Noncash depreciation, amortization and mortgage finance interest costs (2,961)
Net Loss For The Year (2,593)