Apartment Report

Year Ended 2017-12-31

310 East 49 St
#8C
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 938
Receivables (Note 3) 199
Prepaid expenses (Note 4) 141
Total Current Assets 1,277
Reserve fund (Notes 2 and 5) 6,017
Property and Improvements: (Notes 2 and 6)
Land 12,552
Building 26,069
Building improvements 21,332
Total 59,953
Less: accumulated depreciation (37,079)
Net Property and Improvements 22,874
Other Assets:
Investment in NCB stock (Note 2) 166
Unamortized credit line finance costs 72
Utility deposit 4
Total Other Assets 242
Total Assets 30,411
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 304
Real estate tax abatements 579
Mortgage payable - current portion 336
Prepaid maintenance and laundry income 140
Building improvements payable 53
Accrued mortgage interest 50
Total Current Liabilities 1,462
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 16,528
Unamortized mortgage finance costs (Note 2) (402)
Total Long-Term Debt 16,126
Security deposits payable 228
Total Long-Term Liabilities 16,354
Total Liabilities 17,816
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 617
Additional paid-in capital 35,604
Accumulated deficit (23,627)
Total Stockholders’ Equity 12,594
Total Liabilities and Stockholders’ Equity 30,411

OPERATIONS

OPERATIONS
Revenues
Maintenance 11,527
Operating assessment 1,207
Shareholder and other fees 317
Interest and dividend income 110
Transfer fees (Note 2) 119
Laundry income 70
Total Revenues 13,350
Cost of Operations
Administrative expenses Schedule 1 761
Operating expenses Schedule 2 5,494
Repairs and maintenance Schedule 3 705
Real estate tax 5,524
Mortgage interest 604
Corporation taxes 70
Total Cost of Operations 13,157
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 193
Noncash depreciation, amortization and mortgage finance interest costs (1,553)
Net Loss For The Year (1,360)