Apartment Report

Year Ended 2017-12-31

310 East 49 St
#5D
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 1,596
Receivables (Note 3) 339
Prepaid expenses (Note 4) 239
Total Current Assets 2,174
Reserve fund (Notes 2 and 5) 10,239
Property and Improvements: (Notes 2 and 6)
Land 21,360
Building 44,364
Building improvements 36,303
Total 102,027
Less: accumulated depreciation (63,100)
Net Property and Improvements 38,927
Other Assets:
Investment in NCB stock (Note 2) 282
Unamortized credit line finance costs 123
Utility deposit 7
Total Other Assets 412
Total Assets 51,752
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 517
Real estate tax abatements 986
Mortgage payable - current portion 572
Prepaid maintenance and laundry income 238
Building improvements payable 90
Accrued mortgage interest 86
Total Current Liabilities 2,488
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 28,127
Unamortized mortgage finance costs (Note 2) (684)
Total Long-Term Debt 27,443
Security deposits payable 389
Total Long-Term Liabilities 27,831
Total Liabilities 30,320
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 1,051
Additional paid-in capital 60,590
Accumulated deficit (40,208)
Total Stockholders’ Equity 21,433
Total Liabilities and Stockholders’ Equity 51,752

OPERATIONS

OPERATIONS
Revenues
Maintenance 19,617
Operating assessment 2,054
Shareholder and other fees 540
Interest and dividend income 187
Transfer fees (Note 2) 202
Laundry income 119
Total Revenues 22,719
Cost of Operations
Administrative expenses Schedule 1 1,295
Operating expenses Schedule 2 9,349
Repairs and maintenance Schedule 3 1,200
Real estate tax 9,400
Mortgage interest 1,028
Corporation taxes 118
Total Cost of Operations 22,390
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 328
Noncash depreciation, amortization and mortgage finance interest costs (2,644)
Net Loss For The Year (2,315)