Apartment Report

Year Ended 2017-12-31

310 East 49 St
#3H
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 869
Receivables (Note 3) 185
Prepaid expenses (Note 4) 130
Total Current Assets 1,184
Reserve fund (Notes 2 and 5) 5,578
Property and Improvements: (Notes 2 and 6)
Land 11,636
Building 24,168
Building improvements 19,777
Total 55,580
Less: accumulated depreciation (34,375)
Net Property and Improvements 21,206
Other Assets:
Investment in NCB stock (Note 2) 154
Unamortized credit line finance costs 67
Utility deposit 4
Total Other Assets 225
Total Assets 28,193
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 281
Real estate tax abatements 537
Mortgage payable - current portion 312
Prepaid maintenance and laundry income 130
Building improvements payable 49
Accrued mortgage interest 47
Total Current Liabilities 1,356
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 15,323
Unamortized mortgage finance costs (Note 2) (373)
Total Long-Term Debt 14,950
Security deposits payable 212
Total Long-Term Liabilities 15,162
Total Liabilities 16,517
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 572
Additional paid-in capital 33,007
Accumulated deficit (21,904)
Total Stockholders’ Equity 11,676
Total Liabilities and Stockholders’ Equity 28,193

OPERATIONS

OPERATIONS
Revenues
Maintenance 10,687
Operating assessment 1,119
Shareholder and other fees 294
Interest and dividend income 102
Transfer fees (Note 2) 110
Laundry income 65
Total Revenues 12,376
Cost of Operations
Administrative expenses Schedule 1 705
Operating expenses Schedule 2 5,093
Repairs and maintenance Schedule 3 654
Real estate tax 5,121
Mortgage interest 560
Corporation taxes 65
Total Cost of Operations 12,197
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 179
Noncash depreciation, amortization and mortgage finance interest costs (1,440)
Net Loss For The Year (1,261)