PDF page 63 · financial statements as of 2024-12-31
CRIE Due to Sponsor (Note 12)
Due to Shareholders
Security Deposit Payable
Prepaid Maintenance
Total Current Liabilities
LONG TERM LIABILITIES:
Mortgage Note Payable (Note 4)
Deferred Mortgage Costs
Total Long Term Liabilities
Total Liabilities
SHAREHOLDERS' EQUITY:
Common stock, $1 par value; I 00,000 shares
authorized, 46,592 shares issued and outstanding
Additional paid in capital
Accumulated deficit
Total Shareholders' Equity
Total Liabilities and Shareholders' Equity
2024
61,092
6,901
11,420
21,180
3,198
44,626
148 417
2,650,000
(36,938)
2,613,062
2,761,479
32,160
1,260,192
(2,556,579)
(1,264,227)
$ I 497,252
See Notes to Financial Statement
-3-
56,395
6,901
61,378
20,395
36,208
181,277
2,650,000
(41,919)
2,608,081
2,789,358
32,160
1,260,192
(2,516,462)
(1.224,110)
$ 1.565 248
PDF page 69 · financial statements as of 2024-12-31
385 Argyle Road Owners Corp.
A Cooperative Housing Corporation
Notes to the Financial Statements
December 31, 2024 and 2023
NOTE 4- MORTGAGE NOTE PAYABLE AND CREDIT LINE PAY ABLE
On June 3, 2022, the Corporation refinanced their underlying mortgage with New
York Community bank (NYCB). The mortgage is in the principal amount of
$2,650,000 for 10 years and is interest only. The interest rate is 3, 125% for the term
of the loan. The monthly debt service is $6,901, representing interest only. The loan
matures on July 1, 2032. The prepayment penalty is 4% in the pt two years, 3% in
years three, four and five, 2% in years six, seven and eight, 1 % in year nine, with the
last year free. In addition annual prepayments may be made on each loan tenn
anniversary date without prepayment penalties.
The Corporation also obtained a $500,000 Line of Credit at an interest rate of Prime
plus 1 %, with a floor of 4.25% and it is co terminus with the mortgage. There is no
outstanding balanc
PDF page 48 · effective period must be checked in the document
ration has fee title to the Premises
whether or not marketable or insurable;
27.1.3 there is no pending in rem action or foreclosure
action of any underlying mortgage affecting the
Premises; and
27.2 Purchaser shall give Seller Notice of any failure of
any of the conditions in Par. 27.1. If any condition in Par.
27.1 is not true and is not cured within a reasonable
period of time after giving said Notice then either Seller
or Purchaser shall have the option to cancel this
Contract pursuant to Par. 16.
28. Escrow Terms
28.1 The law firm of Kurzman Eisenberg Corbin &
Lever, LLP, with an address at One North Broadway,
12th Floor, White Plains, New York 10601, telephone
number (914) 285-9800, shall serve as escrow agent
("Escrow Agent") for Seller and Purchaser. Escrow
Agent has designated the following attorneys to serve as
signatories: Stuart Berg, Steven M. Goldman, Lee
Corbin, Jessica Goldsmith and Michael Friedman. All
designated signatories are admitted to practic