Apartment Report

Year Ended 2017-12-31

310 East 49 St
#7H
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 924
Receivables (Note 3) 196
Prepaid expenses (Note 4) 139
Total Current Assets 1,259
Reserve fund (Notes 2 and 5) 5,929
Property and Improvements: (Notes 2 and 6)
Land 12,369
Building 25,689
Building improvements 21,021
Total 59,079
Less: accumulated depreciation (36,538)
Net Property and Improvements 22,540
Other Assets:
Investment in NCB stock (Note 2) 163
Unamortized credit line finance costs 71
Utility deposit 4
Total Other Assets 239
Total Assets 29,967
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 299
Real estate tax abatements 571
Mortgage payable - current portion 331
Prepaid maintenance and laundry income 138
Building improvements payable 52
Accrued mortgage interest 50
Total Current Liabilities 1,441
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 16,287
Unamortized mortgage finance costs (Note 2) (396)
Total Long-Term Debt 15,891
Security deposits payable 225
Total Long-Term Liabilities 16,116
Total Liabilities 17,557
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 608
Additional paid-in capital 35,085
Accumulated deficit (23,282)
Total Stockholders’ Equity 12,410
Total Liabilities and Stockholders’ Equity 29,967

OPERATIONS

OPERATIONS
Revenues
Maintenance 11,359
Operating assessment 1,189
Shareholder and other fees 313
Interest and dividend income 108
Transfer fees (Note 2) 117
Laundry income 69
Total Revenues 13,155
Cost of Operations
Administrative expenses Schedule 1 750
Operating expenses Schedule 2 5,414
Repairs and maintenance Schedule 3 695
Real estate tax 5,443
Mortgage interest 595
Corporation taxes 69
Total Cost of Operations 12,965
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 190
Noncash depreciation, amortization and mortgage finance interest costs (1,531)
Net Loss For The Year (1,341)