Apartment Report

Year Ended 2017-12-31

310 East 49 St
#2J
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 825
Receivables (Note 3) 175
Prepaid expenses (Note 4) 124
Total Current Assets 1,124
Reserve fund (Notes 2 and 5) 5,295
Property and Improvements: (Notes 2 and 6)
Land 11,046
Building 22,942
Building improvements 18,774
Total 52,763
Less: accumulated depreciation (32,632)
Net Property and Improvements 20,131
Other Assets:
Investment in NCB stock (Note 2) 146
Unamortized credit line finance costs 64
Utility deposit 4
Total Other Assets 213
Total Assets 26,763
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 267
Real estate tax abatements 510
Mortgage payable - current portion 296
Prepaid maintenance and laundry income 123
Building improvements payable 46
Accrued mortgage interest 44
Total Current Liabilities 1,287
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 14,546
Unamortized mortgage finance costs (Note 2) (354)
Total Long-Term Debt 14,192
Security deposits payable 201
Total Long-Term Liabilities 14,393
Total Liabilities 15,680
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 543
Additional paid-in capital 31,334
Accumulated deficit (20,793)
Total Stockholders’ Equity 11,084
Total Liabilities and Stockholders’ Equity 26,763

OPERATIONS

OPERATIONS
Revenues
Maintenance 10,145
Operating assessment 1,062
Shareholder and other fees 279
Interest and dividend income 97
Transfer fees (Note 2) 105
Laundry income 61
Total Revenues 11,749
Cost of Operations
Administrative expenses Schedule 1 670
Operating expenses Schedule 2 4,835
Repairs and maintenance Schedule 3 621
Real estate tax 4,861
Mortgage interest 532
Corporation taxes 61
Total Cost of Operations 11,579
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 170
Noncash depreciation, amortization and mortgage finance interest costs (1,367)
Net Loss For The Year (1,197)