Apartment Report

Year Ended 2018-12-31

310 East 49 St
#6F
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 936
Receivables (Note 3) 222
Prepaid expenses (Note 4) 112
Total Current Assets 1,270
Reserve fund (Notes 2 and 5) 5,524
Property and Improvements: (Notes 2 and 6)
Land 12,389
Building 25,731
Building improvements 21,061
Total 59,181
Less: accumulated depreciation (38,011)
Net Property and Improvements 21,170
Other Assets:
Investment in NCB stock (Note 2) 108
Unamortized credit line finance costs 63
Utility deposit 4
Total Other Assets 176
Total Assets 28,139
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 311
Real estate tax abatements 486
Mortgage payable - current portion 344
Prepaid maintenance and laundry income 101
Building improvements payable 52
Accrued mortgage interest 49
Total Current Liabilities 1,343
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 15,970
Unamortized mortgage finance costs (Note 2) (352)
Total Long-Term Debt 15,618
Security deposits payable 234
Total Long-Term Liabilities 15,852
Total Liabilities 17,195
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 609
Additional paid-in capital 35,142
Accumulated deficit (24,808)
Total Stockholders’ Equity 10,944
Total Liabilities and Stockholders’ Equity 28,139

OPERATIONS

OPERATIONS
Revenues
Maintenance 11,833
Operating assessment 1,247
Shareholder and other fees 249
Interest and dividend income 104
Transfer fees (Note 2) 73
Laundry income 69
Total Revenues 13,574
Cost of Operations
Administrative expenses Schedule 1 733
Operating expenses Schedule 2 5,594
Repairs and maintenance Schedule 3 836
Real estate tax 5,774
Mortgage interest 585
Corporation taxes 73
Total Cost of Operations 13,595
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (21)
Noncash depreciation, amortization and mortgage finance interest costs (1,466)
Net Loss For The Year (1,487)