Apartment Report

Year Ended 2017-12-31

310 East 49 St
#2G
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 1,523
Receivables (Note 3) 323
Prepaid expenses (Note 4) 228
Total Current Assets 2,075
Reserve fund (Notes 2 and 5) 9,771
Property and Improvements: (Notes 2 and 6)
Land 20,384
Building 42,336
Building improvements 34,644
Total 97,363
Less: accumulated depreciation (60,216)
Net Property and Improvements 37,147
Other Assets:
Investment in NCB stock (Note 2) 269
Unamortized credit line finance costs 118
Utility deposit 7
Total Other Assets 394
Total Assets 49,386
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 493
Real estate tax abatements 940
Mortgage payable - current portion 546
Prepaid maintenance and laundry income 227
Building improvements payable 86
Accrued mortgage interest 82
Total Current Liabilities 2,375
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 26,841
Unamortized mortgage finance costs (Note 2) (653)
Total Long-Term Debt 26,188
Security deposits payable 371
Total Long-Term Liabilities 26,559
Total Liabilities 28,934
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 1,002
Additional paid-in capital 57,820
Accumulated deficit (38,370)
Total Stockholders’ Equity 20,453
Total Liabilities and Stockholders’ Equity 49,386

OPERATIONS

OPERATIONS
Revenues
Maintenance 18,720
Operating assessment 1,960
Shareholder and other fees 515
Interest and dividend income 178
Transfer fees (Note 2) 193
Laundry income 113
Total Revenues 21,680
Cost of Operations
Administrative expenses Schedule 1 1,236
Operating expenses Schedule 2 8,922
Repairs and maintenance Schedule 3 1,145
Real estate tax 8,970
Mortgage interest 981
Corporation taxes 113
Total Cost of Operations 21,367
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 313
Noncash depreciation, amortization and mortgage finance interest costs (2,523)
Net Loss For The Year (2,209)