Apartment Report

Year Ended 2018-12-31

310 East 49 St
#7J
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 904
Receivables (Note 3) 215
Prepaid expenses (Note 4) 108
Total Current Assets 1,227
Reserve fund (Notes 2 and 5) 5,333
Property and Improvements: (Notes 2 and 6)
Land 11,962
Building 24,844
Building improvements 20,335
Total 57,140
Less: accumulated depreciation (36,700)
Net Property and Improvements 20,440
Other Assets:
Investment in NCB stock (Note 2) 104
Unamortized credit line finance costs 61
Utility deposit 4
Total Other Assets 170
Total Assets 27,169
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 300
Real estate tax abatements 469
Mortgage payable - current portion 332
Prepaid maintenance and laundry income 98
Building improvements payable 50
Accrued mortgage interest 47
Total Current Liabilities 1,297
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 15,419
Unamortized mortgage finance costs (Note 2) (340)
Total Long-Term Debt 15,079
Security deposits payable 226
Total Long-Term Liabilities 15,305
Total Liabilities 16,602
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 588
Additional paid-in capital 33,931
Accumulated deficit (23,952)
Total Stockholders’ Equity 10,567
Total Liabilities and Stockholders’ Equity 27,169

OPERATIONS

OPERATIONS
Revenues
Maintenance 11,425
Operating assessment 1,204
Shareholder and other fees 240
Interest and dividend income 100
Transfer fees (Note 2) 70
Laundry income 66
Total Revenues 13,106
Cost of Operations
Administrative expenses Schedule 1 708
Operating expenses Schedule 2 5,401
Repairs and maintenance Schedule 3 807
Real estate tax 5,575
Mortgage interest 564
Corporation taxes 71
Total Cost of Operations 13,126
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (20)
Noncash depreciation, amortization and mortgage finance interest costs (1,415)
Net Loss For The Year (1,436)