Apartment Report

Year Ended 2017-12-31

310 East 49 St
#4C
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 883
Receivables (Note 3) 188
Prepaid expenses (Note 4) 132
Total Current Assets 1,203
Reserve fund (Notes 2 and 5) 5,666
Property and Improvements: (Notes 2 and 6)
Land 11,819
Building 24,548
Building improvements 20,088
Total 56,455
Less: accumulated depreciation (34,916)
Net Property and Improvements 21,539
Other Assets:
Investment in NCB stock (Note 2) 156
Unamortized credit line finance costs 68
Utility deposit 4
Total Other Assets 228
Total Assets 28,636
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 286
Real estate tax abatements 545
Mortgage payable - current portion 317
Prepaid maintenance and laundry income 132
Building improvements payable 50
Accrued mortgage interest 47
Total Current Liabilities 1,377
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 15,564
Unamortized mortgage finance costs (Note 2) (379)
Total Long-Term Debt 15,185
Security deposits payable 215
Total Long-Term Liabilities 15,400
Total Liabilities 16,777
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 581
Additional paid-in capital 33,527
Accumulated deficit (22,249)
Total Stockholders’ Equity 11,859
Total Liabilities and Stockholders’ Equity 28,636

OPERATIONS

OPERATIONS
Revenues
Maintenance 10,855
Operating assessment 1,136
Shareholder and other fees 299
Interest and dividend income 103
Transfer fees (Note 2) 112
Laundry income 66
Total Revenues 12,571
Cost of Operations
Administrative expenses Schedule 1 716
Operating expenses Schedule 2 5,173
Repairs and maintenance Schedule 3 664
Real estate tax 5,201
Mortgage interest 569
Corporation taxes 66
Total Cost of Operations 12,389
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 182
Noncash depreciation, amortization and mortgage finance interest costs (1,463)
Net Loss For The Year (1,281)