Apartment Report

Year Ended 2018-12-31

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 948
Receivables (Note 3) 225
Prepaid expenses (Note 4) 114
Total Current Assets 1,287
Reserve fund (Notes 2 and 5) 5,596
Property and Improvements: (Notes 2 and 6)
Land 12,552
Building 26,069
Building improvements 21,338
Total 59,958
Less: accumulated depreciation (38,511)
Net Property and Improvements 21,448
Other Assets:
Investment in NCB stock (Note 2) 110
Unamortized credit line finance costs 64
Utility deposit 4
Total Other Assets 178
Total Assets 28,509
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 315
Real estate tax abatements 492
Mortgage payable - current portion 348
Prepaid maintenance and laundry income 103
Building improvements payable 53
Accrued mortgage interest 49
Total Current Liabilities 1,361
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 16,180
Unamortized mortgage finance costs (Note 2) (357)
Total Long-Term Debt 15,823
Security deposits payable 237
Total Long-Term Liabilities 16,060
Total Liabilities 17,421
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 617
Additional paid-in capital 35,604
Accumulated deficit (25,133)
Total Stockholders’ Equity 11,088
Total Liabilities and Stockholders’ Equity 28,509

OPERATIONS

OPERATIONS
Revenues
Maintenance 11,988
Operating assessment 1,263
Shareholder and other fees 252
Interest and dividend income 105
Transfer fees (Note 2) 73
Laundry income 70
Total Revenues 13,753
Cost of Operations
Administrative expenses Schedule 1 742
Operating expenses Schedule 2 5,667
Repairs and maintenance Schedule 3 847
Real estate tax 5,850
Mortgage interest 592
Corporation taxes 74
Total Cost of Operations 13,774
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (21)
Noncash depreciation, amortization and mortgage finance interest costs (1,485)
Net Loss For The Year (1,506)