Apartment Report

Year Ended 2018-12-31

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 879
Receivables (Note 3) 209
Prepaid expenses (Note 4) 105
Total Current Assets 1,193
Reserve fund (Notes 2 and 5) 5,188
Property and Improvements: (Notes 2 and 6)
Land 11,636
Building 24,168
Building improvements 19,781
Total 55,585
Less: accumulated depreciation (35,702)
Net Property and Improvements 19,883
Other Assets:
Investment in NCB stock (Note 2) 102
Unamortized credit line finance costs 60
Utility deposit 4
Total Other Assets 165
Total Assets 26,430
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 292
Real estate tax abatements 457
Mortgage payable - current portion 323
Prepaid maintenance and laundry income 95
Building improvements payable 49
Accrued mortgage interest 46
Total Current Liabilities 1,262
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 15,000
Unamortized mortgage finance costs (Note 2) (331)
Total Long-Term Debt 14,669
Security deposits payable 220
Total Long-Term Liabilities 14,889
Total Liabilities 16,151
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 572
Additional paid-in capital 33,007
Accumulated deficit (23,300)
Total Stockholders’ Equity 10,279
Total Liabilities and Stockholders’ Equity 26,430

OPERATIONS

OPERATIONS
Revenues
Maintenance 11,114
Operating assessment 1,171
Shareholder and other fees 234
Interest and dividend income 98
Transfer fees (Note 2) 68
Laundry income 65
Total Revenues 12,750
Cost of Operations
Administrative expenses Schedule 1 688
Operating expenses Schedule 2 5,254
Repairs and maintenance Schedule 3 785
Real estate tax 5,423
Mortgage interest 549
Corporation taxes 69
Total Cost of Operations 12,769
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (19)
Noncash depreciation, amortization and mortgage finance interest costs (1,377)
Net Loss For The Year (1,396)