Apartment Report

Year Ended 2018-12-31

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 835
Receivables (Note 3) 198
Prepaid expenses (Note 4) 100
Total Current Assets 1,133
Reserve fund (Notes 2 and 5) 4,925
Property and Improvements: (Notes 2 and 6)
Land 11,046
Building 22,942
Building improvements 18,778
Total 52,767
Less: accumulated depreciation (33,892)
Net Property and Improvements 18,875
Other Assets:
Investment in NCB stock (Note 2) 96
Unamortized credit line finance costs 57
Utility deposit 4
Total Other Assets 157
Total Assets 25,090
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 277
Real estate tax abatements 433
Mortgage payable - current portion 307
Prepaid maintenance and laundry income 90
Building improvements payable 46
Accrued mortgage interest 43
Total Current Liabilities 1,198
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 14,239
Unamortized mortgage finance costs (Note 2) (314)
Total Long-Term Debt 13,925
Security deposits payable 209
Total Long-Term Liabilities 14,134
Total Liabilities 15,332
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 543
Additional paid-in capital 31,334
Accumulated deficit (22,119)
Total Stockholders’ Equity 9,758
Total Liabilities and Stockholders’ Equity 25,090

OPERATIONS

OPERATIONS
Revenues
Maintenance 10,551
Operating assessment 1,112
Shareholder and other fees 222
Interest and dividend income 93
Transfer fees (Note 2) 65
Laundry income 61
Total Revenues 12,103
Cost of Operations
Administrative expenses Schedule 1 653
Operating expenses Schedule 2 4,988
Repairs and maintenance Schedule 3 745
Real estate tax 5,148
Mortgage interest 521
Corporation taxes 65
Total Cost of Operations 12,122
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (19)
Noncash depreciation, amortization and mortgage finance interest costs (1,307)
Net Loss For The Year (1,326)