Apartment Report

Year Ended 2017-12-31

310 East 49 St
#2A
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 814
Receivables (Note 3) 173
Prepaid expenses (Note 4) 122
Total Current Assets 1,110
Reserve fund (Notes 2 and 5) 5,227
Property and Improvements: (Notes 2 and 6)
Land 10,904
Building 22,647
Building improvements 18,532
Total 52,082
Less: accumulated depreciation (32,211)
Net Property and Improvements 19,871
Other Assets:
Investment in NCB stock (Note 2) 144
Unamortized credit line finance costs 63
Utility deposit 4
Total Other Assets 211
Total Assets 26,418
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 264
Real estate tax abatements 503
Mortgage payable - current portion 292
Prepaid maintenance and laundry income 122
Building improvements payable 46
Accrued mortgage interest 44
Total Current Liabilities 1,270
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 14,358
Unamortized mortgage finance costs (Note 2) (349)
Total Long-Term Debt 14,009
Security deposits payable 198
Total Long-Term Liabilities 14,207
Total Liabilities 15,477
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 536
Additional paid-in capital 30,930
Accumulated deficit (20,525)
Total Stockholders’ Equity 10,941
Total Liabilities and Stockholders’ Equity 26,418

OPERATIONS

OPERATIONS
Revenues
Maintenance 10,014
Operating assessment 1,048
Shareholder and other fees 276
Interest and dividend income 95
Transfer fees (Note 2) 103
Laundry income 61
Total Revenues 11,597
Cost of Operations
Administrative expenses Schedule 1 661
Operating expenses Schedule 2 4,773
Repairs and maintenance Schedule 3 613
Real estate tax 4,798
Mortgage interest 525
Corporation taxes 60
Total Cost of Operations 11,430
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 168
Noncash depreciation, amortization and mortgage finance interest costs (1,349)
Net Loss For The Year (1,182)