Apartment Report

Year Ended 2018-12-31

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 893
Receivables (Note 3) 212
Prepaid expenses (Note 4) 107
Total Current Assets 1,212
Reserve fund (Notes 2 and 5) 5,270
Property and Improvements: (Notes 2 and 6)
Land 11,819
Building 24,548
Building improvements 20,093
Total 56,460
Less: accumulated depreciation (36,264)
Net Property and Improvements 20,196
Other Assets:
Investment in NCB stock (Note 2) 103
Unamortized credit line finance costs 60
Utility deposit 4
Total Other Assets 168
Total Assets 26,846
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 297
Real estate tax abatements 464
Mortgage payable - current portion 328
Prepaid maintenance and laundry income 97
Building improvements payable 50
Accrued mortgage interest 47
Total Current Liabilities 1,282
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 15,236
Unamortized mortgage finance costs (Note 2) (336)
Total Long-Term Debt 14,900
Security deposits payable 223
Total Long-Term Liabilities 15,123
Total Liabilities 16,405
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 581
Additional paid-in capital 33,527
Accumulated deficit (23,667)
Total Stockholders’ Equity 10,441
Total Liabilities and Stockholders’ Equity 26,846

OPERATIONS

OPERATIONS
Revenues
Maintenance 11,289
Operating assessment 1,190
Shareholder and other fees 237
Interest and dividend income 99
Transfer fees (Note 2) 69
Laundry income 66
Total Revenues 12,950
Cost of Operations
Administrative expenses Schedule 1 699
Operating expenses Schedule 2 5,337
Repairs and maintenance Schedule 3 798
Real estate tax 5,509
Mortgage interest 558
Corporation taxes 70
Total Cost of Operations 12,970
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (20)
Noncash depreciation, amortization and mortgage finance interest costs (1,399)
Net Loss For The Year (1,418)