Apartment Report

Year Ended 2018-12-31

310 East 49 St
#6J
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 890
Receivables (Note 3) 211
Prepaid expenses (Note 4) 107
Total Current Assets 1,208
Reserve fund (Notes 2 and 5) 5,251
Property and Improvements: (Notes 2 and 6)
Land 11,779
Building 24,463
Building improvements 20,023
Total 56,265
Less: accumulated depreciation (36,139)
Net Property and Improvements 20,127
Other Assets:
Investment in NCB stock (Note 2) 103
Unamortized credit line finance costs 60
Utility deposit 4
Total Other Assets 167
Total Assets 26,753
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 296
Real estate tax abatements 462
Mortgage payable - current portion 327
Prepaid maintenance and laundry income 96
Building improvements payable 50
Accrued mortgage interest 46
Total Current Liabilities 1,277
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 15,183
Unamortized mortgage finance costs (Note 2) (335)
Total Long-Term Debt 14,849
Security deposits payable 222
Total Long-Term Liabilities 15,071
Total Liabilities 16,348
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 579
Additional paid-in capital 33,411
Accumulated deficit (23,585)
Total Stockholders’ Equity 10,405
Total Liabilities and Stockholders’ Equity 26,753

OPERATIONS

OPERATIONS
Revenues
Maintenance 11,250
Operating assessment 1,186
Shareholder and other fees 237
Interest and dividend income 99
Transfer fees (Note 2) 69
Laundry income 65
Total Revenues 12,906
Cost of Operations
Administrative expenses Schedule 1 697
Operating expenses Schedule 2 5,318
Repairs and maintenance Schedule 3 795
Real estate tax 5,490
Mortgage interest 556
Corporation taxes 70
Total Cost of Operations 12,925
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (20)
Noncash depreciation, amortization and mortgage finance interest costs (1,394)
Net Loss For The Year (1,414)