Apartment Report

Year Ended 2018-12-31

310 East 49 St
#2H
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 865
Receivables (Note 3) 205
Prepaid expenses (Note 4) 104
Total Current Assets 1,174
Reserve fund (Notes 2 and 5) 5,106
Property and Improvements: (Notes 2 and 6)
Land 11,453
Building 23,787
Building improvements 19,470
Total 54,711
Less: accumulated depreciation (35,140)
Net Property and Improvements 19,571
Other Assets:
Investment in NCB stock (Note 2) 100
Unamortized credit line finance costs 59
Utility deposit 4
Total Other Assets 162
Total Assets 26,014
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 288
Real estate tax abatements 449
Mortgage payable - current portion 318
Prepaid maintenance and laundry income 94
Building improvements payable 48
Accrued mortgage interest 45
Total Current Liabilities 1,242
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 14,764
Unamortized mortgage finance costs (Note 2) (325)
Total Long-Term Debt 14,438
Security deposits payable 216
Total Long-Term Liabilities 14,654
Total Liabilities 15,896
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 563
Additional paid-in capital 32,488
Accumulated deficit (22,934)
Total Stockholders’ Equity 10,117
Total Liabilities and Stockholders’ Equity 26,014

OPERATIONS

OPERATIONS
Revenues
Maintenance 10,939
Operating assessment 1,153
Shareholder and other fees 230
Interest and dividend income 96
Transfer fees (Note 2) 67
Laundry income 64
Total Revenues 12,549
Cost of Operations
Administrative expenses Schedule 1 677
Operating expenses Schedule 2 5,171
Repairs and maintenance Schedule 3 773
Real estate tax 5,338
Mortgage interest 540
Corporation taxes 68
Total Cost of Operations 12,568
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (19)
Noncash depreciation, amortization and mortgage finance interest costs (1,355)
Net Loss For The Year (1,374)