Apartment Report

Year Ended 2018-12-31

310 East 49 St
#PHA
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 1,829
Receivables (Note 3) 434
Prepaid expenses (Note 4) 219
Total Current Assets 2,483
Reserve fund (Notes 2 and 5) 10,793
Property and Improvements: (Notes 2 and 6)
Land 24,208
Building 50,279
Building improvements 41,154
Total 115,641
Less: accumulated depreciation (74,275)
Net Property and Improvements 41,366
Other Assets:
Investment in NCB stock (Note 2) 211
Unamortized credit line finance costs 124
Utility deposit 8
Total Other Assets 343
Total Assets 54,985
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 608
Real estate tax abatements 950
Mortgage payable - current portion 672
Prepaid maintenance and laundry income 198
Building improvements payable 102
Accrued mortgage interest 95
Total Current Liabilities 2,625
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 31,206
Unamortized mortgage finance costs (Note 2) (688)
Total Long-Term Debt 30,518
Security deposits payable 457
Total Long-Term Liabilities 30,975
Total Liabilities 33,600
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 1,191
Additional paid-in capital 68,669
Accumulated deficit (48,475)
Total Stockholders’ Equity 21,385
Total Liabilities and Stockholders’ Equity 54,985

OPERATIONS

OPERATIONS
Revenues
Maintenance 23,122
Operating assessment 2,437
Shareholder and other fees 486
Interest and dividend income 203
Transfer fees (Note 2) 142
Laundry income 134
Total Revenues 26,524
Cost of Operations
Administrative expenses Schedule 1 1,432
Operating expenses Schedule 2 10,931
Repairs and maintenance Schedule 3 1,634
Real estate tax 11,283
Mortgage interest 1,142
Corporation taxes 143
Total Cost of Operations 26,565
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (41)
Noncash depreciation, amortization and mortgage finance interest costs (2,865)
Net Loss For The Year (2,905)