Apartment Report

Year Ended 2017-12-31

310 East 49 St
#3B
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 839
Receivables (Note 3) 178
Prepaid expenses (Note 4) 126
Total Current Assets 1,143
Reserve fund (Notes 2 and 5) 5,383
Property and Improvements: (Notes 2 and 6)
Land 11,229
Building 23,323
Building improvements 19,085
Total 53,637
Less: accumulated depreciation (33,173)
Net Property and Improvements 20,464
Other Assets:
Investment in NCB stock (Note 2) 148
Unamortized credit line finance costs 65
Utility deposit 4
Total Other Assets 217
Total Assets 27,207
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 272
Real estate tax abatements 518
Mortgage payable - current portion 301
Prepaid maintenance and laundry income 125
Building improvements payable 47
Accrued mortgage interest 45
Total Current Liabilities 1,308
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 14,787
Unamortized mortgage finance costs (Note 2) (360)
Total Long-Term Debt 14,427
Security deposits payable 204
Total Long-Term Liabilities 14,631
Total Liabilities 15,940
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 552
Additional paid-in capital 31,853
Accumulated deficit (21,138)
Total Stockholders’ Equity 11,267
Total Liabilities and Stockholders’ Equity 27,207

OPERATIONS

OPERATIONS
Revenues
Maintenance 10,313
Operating assessment 1,080
Shareholder and other fees 284
Interest and dividend income 98
Transfer fees (Note 2) 106
Laundry income 62
Total Revenues 11,944
Cost of Operations
Administrative expenses Schedule 1 681
Operating expenses Schedule 2 4,915
Repairs and maintenance Schedule 3 631
Real estate tax 4,942
Mortgage interest 540
Corporation taxes 62
Total Cost of Operations 11,771
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 173
Noncash depreciation, amortization and mortgage finance interest costs (1,390)
Net Loss For The Year (1,217)