Apartment Report

Year Ended 2018-12-31

310 East 49 St
#12A
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 947
Receivables (Note 3) 225
Prepaid expenses (Note 4) 114
Total Current Assets 1,285
Reserve fund (Notes 2 and 5) 5,587
Property and Improvements: (Notes 2 and 6)
Land 12,531
Building 26,027
Building improvements 21,303
Total 59,861
Less: accumulated depreciation (38,448)
Net Property and Improvements 21,413
Other Assets:
Investment in NCB stock (Note 2) 109
Unamortized credit line finance costs 64
Utility deposit 4
Total Other Assets 178
Total Assets 28,463
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 315
Real estate tax abatements 492
Mortgage payable - current portion 348
Prepaid maintenance and laundry income 103
Building improvements payable 53
Accrued mortgage interest 49
Total Current Liabilities 1,359
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 16,153
Unamortized mortgage finance costs (Note 2) (356)
Total Long-Term Debt 15,797
Security deposits payable 237
Total Long-Term Liabilities 16,034
Total Liabilities 17,393
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 616
Additional paid-in capital 35,546
Accumulated deficit (25,093)
Total Stockholders’ Equity 11,070
Total Liabilities and Stockholders’ Equity 28,463

OPERATIONS

OPERATIONS
Revenues
Maintenance 11,969
Operating assessment 1,261
Shareholder and other fees 252
Interest and dividend income 105
Transfer fees (Note 2) 73
Laundry income 70
Total Revenues 13,730
Cost of Operations
Administrative expenses Schedule 1 741
Operating expenses Schedule 2 5,658
Repairs and maintenance Schedule 3 846
Real estate tax 5,841
Mortgage interest 591
Corporation taxes 74
Total Cost of Operations 13,751
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (21)
Noncash depreciation, amortization and mortgage finance interest costs (1,483)
Net Loss For The Year (1,504)