Apartment Report

Year Ended 2018-12-31

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 1,614
Receivables (Note 3) 383
Prepaid expenses (Note 4) 194
Total Current Assets 2,190
Reserve fund (Notes 2 and 5) 9,523
Property and Improvements: (Notes 2 and 6)
Land 21,360
Building 44,364
Building improvements 36,312
Total 102,036
Less: accumulated depreciation (65,537)
Net Property and Improvements 36,499
Other Assets:
Investment in NCB stock (Note 2) 186
Unamortized credit line finance costs 109
Utility deposit 7
Total Other Assets 303
Total Assets 48,516
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 537
Real estate tax abatements 838
Mortgage payable - current portion 593
Prepaid maintenance and laundry income 175
Building improvements payable 90
Accrued mortgage interest 84
Total Current Liabilities 2,316
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 27,534
Unamortized mortgage finance costs (Note 2) (607)
Total Long-Term Debt 26,928
Security deposits payable 403
Total Long-Term Liabilities 27,331
Total Liabilities 29,647
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 1,051
Additional paid-in capital 60,590
Accumulated deficit (42,772)
Total Stockholders’ Equity 18,869
Total Liabilities and Stockholders’ Equity 48,516

OPERATIONS

OPERATIONS
Revenues
Maintenance 20,402
Operating assessment 2,150
Shareholder and other fees 429
Interest and dividend income 179
Transfer fees (Note 2) 125
Laundry income 119
Total Revenues 23,404
Cost of Operations
Administrative expenses Schedule 1 1,263
Operating expenses Schedule 2 9,645
Repairs and maintenance Schedule 3 1,441
Real estate tax 9,956
Mortgage interest 1,008
Corporation taxes 127
Total Cost of Operations 23,440
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (36)
Noncash depreciation, amortization and mortgage finance interest costs (2,528)
Net Loss For The Year (2,563)