Apartment Report

Year Ended 2017-12-31

310 East 49 St
#12D
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 1,766
Receivables (Note 3) 375
Prepaid expenses (Note 4) 265
Total Current Assets 2,406
Reserve fund (Notes 2 and 5) 11,331
Property and Improvements: (Notes 2 and 6)
Land 23,639
Building 49,096
Building improvements 40,175
Total 112,910
Less: accumulated depreciation (69,831)
Net Property and Improvements 43,079
Other Assets:
Investment in NCB stock (Note 2) 312
Unamortized credit line finance costs 136
Utility deposit 8
Total Other Assets 456
Total Assets 57,272
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 572
Real estate tax abatements 1,091
Mortgage payable - current portion 633
Prepaid maintenance and laundry income 264
Building improvements payable 99
Accrued mortgage interest 95
Total Current Liabilities 2,754
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 31,127
Unamortized mortgage finance costs (Note 2) (757)
Total Long-Term Debt 30,370
Security deposits payable 430
Total Long-Term Liabilities 30,800
Total Liabilities 33,554
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 1,163
Additional paid-in capital 67,053
Accumulated deficit (44,497)
Total Stockholders’ Equity 23,719
Total Liabilities and Stockholders’ Equity 57,272

OPERATIONS

OPERATIONS
Revenues
Maintenance 21,709
Operating assessment 2,273
Shareholder and other fees 598
Interest and dividend income 207
Transfer fees (Note 2) 224
Laundry income 131
Total Revenues 25,142
Cost of Operations
Administrative expenses Schedule 1 1,433
Operating expenses Schedule 2 10,346
Repairs and maintenance Schedule 3 1,328
Real estate tax 10,403
Mortgage interest 1,137
Corporation taxes 131
Total Cost of Operations 24,779
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 363
Noncash depreciation, amortization and mortgage finance interest costs (2,925)
Net Loss For The Year (2,562)