Apartment Report

Year Ended 2018-12-31

310 East 49 St
#PHC
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents 1,153
Receivables (Note 3) 274
Prepaid expenses (Note 4) 138
Total Current Assets 1,565
Reserve fund (Notes 2 and 5) 6,802
Property and Improvements: (Notes 2 and 6)
Land 15,257
Building 31,688
Building improvements 25,937
Total 72,883
Less: accumulated depreciation (46,812)
Net Property and Improvements 26,071
Other Assets:
Investment in NCB stock (Note 2) 133
Unamortized credit line finance costs 78
Utility deposit 5
Total Other Assets 216
Total Assets 34,654
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 383
Real estate tax abatements 599
Mortgage payable - current portion 423
Prepaid maintenance and laundry income 125
Building improvements payable 64
Accrued mortgage interest 60
Total Current Liabilities 1,654
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 19,667
Unamortized mortgage finance costs (Note 2) (433)
Total Long-Term Debt 19,234
Security deposits payable 288
Total Long-Term Liabilities 19,522
Total Liabilities 21,176
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 750
Additional paid-in capital 43,279
Accumulated deficit (30,551)
Total Stockholders’ Equity 13,478
Total Liabilities and Stockholders’ Equity 34,654

OPERATIONS

OPERATIONS
Revenues
Maintenance 14,573
Operating assessment 1,536
Shareholder and other fees 306
Interest and dividend income 128
Transfer fees (Note 2) 89
Laundry income 85
Total Revenues 16,717
Cost of Operations
Administrative expenses Schedule 1 902
Operating expenses Schedule 2 6,889
Repairs and maintenance Schedule 3 1,030
Real estate tax 7,111
Mortgage interest 720
Corporation taxes 90
Total Cost of Operations 16,743
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (26)
Noncash depreciation, amortization and mortgage finance interest costs (1,805)
Net Loss For The Year (1,831)