Apartment Report

Year Ended 2017-12-31

310 East 49 St
#3A
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 827
Receivables (Note 3) 176
Prepaid expenses (Note 4) 124
Total Current Assets 1,126
Reserve fund (Notes 2 and 5) 5,305
Property and Improvements: (Notes 2 and 6)
Land 11,067
Building 22,985
Building improvements 18,808
Total 52,860
Less: accumulated depreciation (32,692)
Net Property and Improvements 20,168
Other Assets:
Investment in NCB stock (Note 2) 146
Unamortized credit line finance costs 64
Utility deposit 4
Total Other Assets 214
Total Assets 26,813
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 268
Real estate tax abatements 511
Mortgage payable - current portion 297
Prepaid maintenance and laundry income 123
Building improvements payable 47
Accrued mortgage interest 44
Total Current Liabilities 1,289
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 14,573
Unamortized mortgage finance costs (Note 2) (355)
Total Long-Term Debt 14,218
Security deposits payable 201
Total Long-Term Liabilities 14,419
Total Liabilities 15,709
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 544
Additional paid-in capital 31,392
Accumulated deficit (20,832)
Total Stockholders’ Equity 11,104
Total Liabilities and Stockholders’ Equity 26,813

OPERATIONS

OPERATIONS
Revenues
Maintenance 10,163
Operating assessment 1,064
Shareholder and other fees 280
Interest and dividend income 97
Transfer fees (Note 2) 105
Laundry income 61
Total Revenues 11,771
Cost of Operations
Administrative expenses Schedule 1 671
Operating expenses Schedule 2 4,844
Repairs and maintenance Schedule 3 622
Real estate tax 4,870
Mortgage interest 532
Corporation taxes 61
Total Cost of Operations 11,600
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 170
Noncash depreciation, amortization and mortgage finance interest costs (1,370)
Net Loss For The Year (1,199)