Apartment Report

Year Ended 2018-12-31

310 East 49 St
#2F
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 881
Receivables (Note 3) 209
Prepaid expenses (Note 4) 106
Total Current Assets 1,195
Reserve fund (Notes 2 and 5) 5,197
Property and Improvements: (Notes 2 and 6)
Land 11,657
Building 24,210
Building improvements 19,816
Total 55,682
Less: accumulated depreciation (35,764)
Net Property and Improvements 19,918
Other Assets:
Investment in NCB stock (Note 2) 102
Unamortized credit line finance costs 60
Utility deposit 4
Total Other Assets 165
Total Assets 26,476
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 293
Real estate tax abatements 457
Mortgage payable - current portion 324
Prepaid maintenance and laundry income 95
Building improvements payable 49
Accrued mortgage interest 46
Total Current Liabilities 1,264
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 15,026
Unamortized mortgage finance costs (Note 2) (331)
Total Long-Term Debt 14,695
Security deposits payable 220
Total Long-Term Liabilities 14,915
Total Liabilities 16,179
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 573
Additional paid-in capital 33,065
Accumulated deficit (23,341)
Total Stockholders’ Equity 10,297
Total Liabilities and Stockholders’ Equity 26,476

OPERATIONS

OPERATIONS
Revenues
Maintenance 11,133
Operating assessment 1,173
Shareholder and other fees 234
Interest and dividend income 98
Transfer fees (Note 2) 68
Laundry income 65
Total Revenues 12,772
Cost of Operations
Administrative expenses Schedule 1 689
Operating expenses Schedule 2 5,263
Repairs and maintenance Schedule 3 787
Real estate tax 5,433
Mortgage interest 550
Corporation taxes 69
Total Cost of Operations 12,791
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (20)
Noncash depreciation, amortization and mortgage finance interest costs (1,379)
Net Loss For The Year (1,399)