Apartment Report

Year Ended 2018-12-31

310 East 49 St
#7A
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 885
Receivables (Note 3) 210
Prepaid expenses (Note 4) 106
Total Current Assets 1,202
Reserve fund (Notes 2 and 5) 5,224
Property and Improvements: (Notes 2 and 6)
Land 11,718
Building 24,337
Building improvements 19,920
Total 55,974
Less: accumulated depreciation (35,951)
Net Property and Improvements 20,022
Other Assets:
Investment in NCB stock (Note 2) 102
Unamortized credit line finance costs 60
Utility deposit 4
Total Other Assets 166
Total Assets 26,615
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 294
Real estate tax abatements 460
Mortgage payable - current portion 325
Prepaid maintenance and laundry income 96
Building improvements payable 49
Accrued mortgage interest 46
Total Current Liabilities 1,271
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 15,105
Unamortized mortgage finance costs (Note 2) (333)
Total Long-Term Debt 14,772
Security deposits payable 221
Total Long-Term Liabilities 14,993
Total Liabilities 16,263
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 576
Additional paid-in capital 33,238
Accumulated deficit (23,463)
Total Stockholders’ Equity 10,351
Total Liabilities and Stockholders’ Equity 26,615

OPERATIONS

OPERATIONS
Revenues
Maintenance 11,192
Operating assessment 1,179
Shareholder and other fees 235
Interest and dividend income 98
Transfer fees (Note 2) 69
Laundry income 65
Total Revenues 12,839
Cost of Operations
Administrative expenses Schedule 1 693
Operating expenses Schedule 2 5,291
Repairs and maintenance Schedule 3 791
Real estate tax 5,461
Mortgage interest 553
Corporation taxes 69
Total Cost of Operations 12,858
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (20)
Noncash depreciation, amortization and mortgage finance interest costs (1,387)
Net Loss For The Year (1,406)