Apartment Report

Year Ended 2017-12-31

310 East 49 St
#8E
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 953
Receivables (Note 3) 202
Prepaid expenses (Note 4) 143
Total Current Assets 1,298
Reserve fund (Notes 2 and 5) 6,114
Property and Improvements: (Notes 2 and 6)
Land 12,755
Building 26,491
Building improvements 21,678
Total 60,925
Less: accumulated depreciation (37,680)
Net Property and Improvements 23,245
Other Assets:
Investment in NCB stock (Note 2) 168
Unamortized credit line finance costs 74
Utility deposit 4
Total Other Assets 246
Total Assets 30,903
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 308
Real estate tax abatements 589
Mortgage payable - current portion 342
Prepaid maintenance and laundry income 142
Building improvements payable 54
Accrued mortgage interest 51
Total Current Liabilities 1,486
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 16,796
Unamortized mortgage finance costs (Note 2) (409)
Total Long-Term Debt 16,387
Security deposits payable 232
Total Long-Term Liabilities 16,619
Total Liabilities 18,105
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 627
Additional paid-in capital 36,181
Accumulated deficit (24,010)
Total Stockholders’ Equity 12,798
Total Liabilities and Stockholders’ Equity 30,903

OPERATIONS

OPERATIONS
Revenues
Maintenance 11,714
Operating assessment 1,226
Shareholder and other fees 322
Interest and dividend income 112
Transfer fees (Note 2) 121
Laundry income 71
Total Revenues 13,566
Cost of Operations
Administrative expenses Schedule 1 773
Operating expenses Schedule 2 5,583
Repairs and maintenance Schedule 3 717
Real estate tax 5,613
Mortgage interest 614
Corporation taxes 71
Total Cost of Operations 13,370
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 196
Noncash depreciation, amortization and mortgage finance interest costs (1,579)
Net Loss For The Year (1,382)