Apartment Report

Year Ended 2018-12-31

310 East 49 St
New York
NY 10017

310 East 49th Owners Corp.

Financial Statements

Balance Sheets

Assets
Current Assets:
Cash and cash equivalents 110,156
Receivables (Note 3) 26,153
Prepaid expenses (Note 4) 13,217
Total Current Assets 149,526
Reserve fund (Notes 2 and 5) 650,090
Property and Improvements: (Notes 2 and 6)
Land 1,458,113
Building 3,028,388
Building improvements 2,478,755
Total 6,965,256
Less: accumulated depreciation (4,473,712)
Net Property and Improvements 2,491,544
Other Assets:
Investment in NCB stock (Note 2) 12,729
Unamortized credit line finance costs 7,460
Utility deposit 495
Total Other Assets 20,684
Total Assets 3,311,844
Liabilities
Current Liabilities:
Accounts payable and accrued expenses 36,627
Real estate tax abatements 57,209
Mortgage payable - current portion 40,469
Prepaid maintenance and laundry income 11,938
Building improvements payable 6,132
Accrued mortgage interest 5,737
Total Current Liabilities 158,112
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7) 1,879,572
Unamortized mortgage finance costs (Note 2) (41,423)
Total Long-Term Debt 1,838,149
Security deposits payable 27,523
Total Long-Term Liabilities 1,865,672
Total Liabilities 2,023,784
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 (2,919,713)
Total Stockholders’ Equity 1,288,060
Total Liabilities and Stockholders’ Equity 3,311,844

OPERATIONS

Revenues
Maintenance 1,392,678
Operating assessment 146,764
Shareholder and other fees 29,288
Interest and dividend income 12,246
Transfer fees (Note 2) 8,535
Laundry income 8,100
Total Revenues 1,597,611
Cost of Operations
Administrative expenses Schedule 1 86,243
Operating expenses Schedule 2 658,383
Repairs and maintenance Schedule 3 98,392
Real estate tax 679,595
Mortgage interest 68,805
Corporation taxes 8,636
Total Cost of Operations 1,600,054
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs (2,443)
Noncash depreciation, amortization and mortgage finance interest costs (172,542)
Net Loss For The Year (174,985)