Apartment Report

Year Ended 2017-12-31

310 East 49 St
#7G
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 1,644
Receivables (Note 3) 349
Prepaid expenses (Note 4) 247
Total Current Assets 2,240
Reserve fund (Notes 2 and 5) 10,551
Property and Improvements: (Notes 2 and 6)
Land 22,011
Building 45,716
Building improvements 37,410
Total 105,136
Less: accumulated depreciation (65,023)
Net Property and Improvements 40,113
Other Assets:
Investment in NCB stock (Note 2) 291
Unamortized credit line finance costs 127
Utility deposit 7
Total Other Assets 425
Total Assets 53,329
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 532
Real estate tax abatements 1,016
Mortgage payable - current portion 590
Prepaid maintenance and laundry income 246
Building improvements payable 93
Accrued mortgage interest 88
Total Current Liabilities 2,564
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 28,984
Unamortized mortgage finance costs (Note 2) (705)
Total Long-Term Debt 28,279
Security deposits payable 400
Total Long-Term Liabilities 28,680
Total Liabilities 31,244
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 1,083
Additional paid-in capital 62,437
Accumulated deficit (41,434)
Total Stockholders’ Equity 22,086
Total Liabilities and Stockholders’ Equity 53,329

OPERATIONS

OPERATIONS
Revenues
Maintenance 20,215
Operating assessment 2,116
Shareholder and other fees 557
Interest and dividend income 193
Transfer fees (Note 2) 209
Laundry income 122
Total Revenues 23,411
Cost of Operations
Administrative expenses Schedule 1 1,334
Operating expenses Schedule 2 9,634
Repairs and maintenance Schedule 3 1,237
Real estate tax 9,687
Mortgage interest 1,059
Corporation taxes 122
Total Cost of Operations 23,073
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 338
Noncash depreciation, amortization and mortgage finance interest costs (2,724)
Net Loss For The Year (2,386)