Apartment Report

Year Ended 2017-12-31

310 East 49 St
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Assets
Current Assets:
Cash and cash equivalents 108,914
Receivables (Note 3) 23,140
Prepaid expenses (Note 4) 16,342
Total Current Assets 148,396
Reserve fund (Notes 2 and 5) 698,957
Property and Improvements: (Notes 2 and 6)
Land 1,458,113
Building 3,028,388
Building improvements 2,478,155
Total 6,964,656
Less: accumulated depreciation (4,307,410)
Net Property and Improvements 2,657,246
Other Assets:
Investment in NCB stock (Note 2) 19,250
Unamortized credit line finance costs 8,412
Utility deposit 495
Total Other Assets 28,157
Total Assets 3,532,756
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 35,260
Real estate tax abatements 67,275
Mortgage payable - current portion 39,072
Prepaid maintenance and laundry income 16,265
Building improvements payable 6,132
Accrued mortgage interest 5,854
Total Current Liabilities 169,858
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 1,920,041
Unamortized mortgage finance costs (Note 2) (46,711)
Total Long-Term Debt 1,873,330
Security deposits payable 26,523
Total Long-Term Liabilities 1,899,853
Total Liabilities 2,069,711
Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding 71,711
Additional paid-in capital 4,136,062
Accumulated deficit (2,744,728)
Total Stockholders’ Equity 1,463,045
Total Liabilities and Stockholders’ Equity 3,532,756

OPERATIONS

Revenues
Maintenance 1,339,113
Operating assessment 140,193
Shareholder and other fees 36,866
Interest and dividend income 12,758
Transfer fees (Note 2) 13,821
Laundry income 8,100
Total Revenues 1,550,851
Cost of Operations
Administrative expenses Schedule 1 88,389
Operating expenses Schedule 2 638,205
Repairs and maintenance Schedule 3 81,917
Real estate tax 641,673
Mortgage interest 70,158
Corporation taxes 8,088
Total Cost of Operations 1,528,430
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs 22,421
Noncash depreciation, amortization and mortgage finance interest costs (180,454)
Net Loss For The Year (158,033)