Apartment Report

Year Ended 2017-12-31

310 East 49 St
#9E
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 966
Receivables (Note 3) 205
Prepaid expenses (Note 4) 145
Total Current Assets 1,317
Reserve fund (Notes 2 and 5) 6,202
Property and Improvements: (Notes 2 and 6)
Land 12,938
Building 26,872
Building improvements 21,989
Total 61,799
Less: accumulated depreciation (38,221)
Net Property and Improvements 23,578
Other Assets:
Investment in NCB stock (Note 2) 171
Unamortized credit line finance costs 75
Utility deposit 4
Total Other Assets 250
Total Assets 31,347
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 313
Real estate tax abatements 597
Mortgage payable - current portion 347
Prepaid maintenance and laundry income 144
Building improvements payable 54
Accrued mortgage interest 52
Total Current Liabilities 1,507
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 17,037
Unamortized mortgage finance costs (Note 2) (414)
Total Long-Term Debt 16,623
Security deposits payable 235
Total Long-Term Liabilities 16,858
Total Liabilities 18,365
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 636
Additional paid-in capital 36,700
Accumulated deficit (24,355)
Total Stockholders’ Equity 12,982
Total Liabilities and Stockholders’ Equity 31,347

OPERATIONS

OPERATIONS
Revenues
Maintenance 11,882
Operating assessment 1,244
Shareholder and other fees 327
Interest and dividend income 113
Transfer fees (Note 2) 123
Laundry income 72
Total Revenues 13,761
Cost of Operations
Administrative expenses Schedule 1 784
Operating expenses Schedule 2 5,663
Repairs and maintenance Schedule 3 727
Real estate tax 5,694
Mortgage interest 623
Corporation taxes 72
Total Cost of Operations 13,562
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 199
Noncash depreciation, amortization and mortgage finance interest costs (1,601)
Net Loss For The Year (1,402)