Apartment Report

Year Ended 2017-12-31

310 East 49 St
#9G
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 1,693
Receivables (Note 3) 360
Prepaid expenses (Note 4) 254
Total Current Assets 2,306
Reserve fund (Notes 2 and 5) 10,863
Property and Improvements: (Notes 2 and 6)
Land 22,662
Building 47,068
Building improvements 38,516
Total 108,246
Less: accumulated depreciation (66,946)
Net Property and Improvements 41,299
Other Assets:
Investment in NCB stock (Note 2) 299
Unamortized credit line finance costs 131
Utility deposit 8
Total Other Assets 438
Total Assets 54,907
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 548
Real estate tax abatements 1,046
Mortgage payable - current portion 607
Prepaid maintenance and laundry income 253
Building improvements payable 95
Accrued mortgage interest 91
Total Current Liabilities 2,640
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 29,842
Unamortized mortgage finance costs (Note 2) (726)
Total Long-Term Debt 29,116
Security deposits payable 412
Total Long-Term Liabilities 29,528
Total Liabilities 32,168
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 1,115
Additional paid-in capital 64,283
Accumulated deficit (42,659)
Total Stockholders’ Equity 22,739
Total Liabilities and Stockholders’ Equity 54,907

OPERATIONS

OPERATIONS
Revenues
Maintenance 20,813
Operating assessment 2,179
Shareholder and other fees 573
Interest and dividend income 198
Transfer fees (Note 2) 215
Laundry income 126
Total Revenues 24,104
Cost of Operations
Administrative expenses Schedule 1 1,374
Operating expenses Schedule 2 9,919
Repairs and maintenance Schedule 3 1,273
Real estate tax 9,973
Mortgage interest 1,090
Corporation taxes 126
Total Cost of Operations 23,755
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 348
Noncash depreciation, amortization and mortgage finance interest costs (2,805)
Net Loss For The Year (2,456)