Apartment Report

Year Ended 2018-12-31

310 East 49 St
#8D
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 1,687
Receivables (Note 3) 401
Prepaid expenses (Note 4) 202
Total Current Assets 2,291
Reserve fund (Notes 2 and 5) 9,959
Property and Improvements: (Notes 2 and 6)
Land 22,337
Building 46,392
Building improvements 37,972
Total 106,700
Less: accumulated depreciation (68,533)
Net Property and Improvements 38,168
Other Assets:
Investment in NCB stock (Note 2) 195
Unamortized credit line finance costs 114
Utility deposit 8
Total Other Assets 317
Total Assets 50,734
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 561
Real estate tax abatements 876
Mortgage payable - current portion 620
Prepaid maintenance and laundry income 183
Building improvements payable 94
Accrued mortgage interest 88
Total Current Liabilities 2,422
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 28,793
Unamortized mortgage finance costs (Note 2) (635)
Total Long-Term Debt 28,158
Security deposits payable 422
Total Long-Term Liabilities 28,580
Total Liabilities 31,002
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 1,099
Additional paid-in capital 63,360
Accumulated deficit (44,727)
Total Stockholders’ Equity 19,732
Total Liabilities and Stockholders’ Equity 50,734

OPERATIONS

OPERATIONS
Revenues
Maintenance 21,334
Operating assessment 2,248
Shareholder and other fees 449
Interest and dividend income 188
Transfer fees (Note 2) 131
Laundry income 124
Total Revenues 24,474
Cost of Operations
Administrative expenses Schedule 1 1,321
Operating expenses Schedule 2 10,086
Repairs and maintenance Schedule 3 1,507
Real estate tax 10,411
Mortgage interest 1,054
Corporation taxes 132
Total Cost of Operations 24,511
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (37)
Noncash depreciation, amortization and mortgage finance interest costs (2,643)
Net Loss For The Year (2,681)