Apartment Report

Year Ended 2017-12-31

310 East 49 St
#6G
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 1,620
Receivables (Note 3) 344
Prepaid expenses (Note 4) 243
Total Current Assets 2,207
Reserve fund (Notes 2 and 5) 10,395
Property and Improvements: (Notes 2 and 6)
Land 21,686
Building 45,040
Building improvements 36,856
Total 103,582
Less: accumulated depreciation (64,062)
Net Property and Improvements 39,520
Other Assets:
Investment in NCB stock (Note 2) 286
Unamortized credit line finance costs 125
Utility deposit 7
Total Other Assets 419
Total Assets 52,541
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 524
Real estate tax abatements 1,001
Mortgage payable - current portion 581
Prepaid maintenance and laundry income 242
Building improvements payable 91
Accrued mortgage interest 87
Total Current Liabilities 2,526
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 28,556
Unamortized mortgage finance costs (Note 2) (695)
Total Long-Term Debt 27,861
Security deposits payable 394
Total Long-Term Liabilities 28,256
Total Liabilities 30,782
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 1,067
Additional paid-in capital 61,514
Accumulated deficit (40,821)
Total Stockholders’ Equity 21,759
Total Liabilities and Stockholders’ Equity 52,541

OPERATIONS

OPERATIONS
Revenues
Maintenance 19,916
Operating assessment 2,085
Shareholder and other fees 548
Interest and dividend income 190
Transfer fees (Note 2) 206
Laundry income 120
Total Revenues 23,065
Cost of Operations
Administrative expenses Schedule 1 1,315
Operating expenses Schedule 2 9,492
Repairs and maintenance Schedule 3 1,218
Real estate tax 9,543
Mortgage interest 1,043
Corporation taxes 120
Total Cost of Operations 22,732
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 333
Noncash depreciation, amortization and mortgage finance interest costs (2,684)
Net Loss For The Year (2,350)