Apartment Report

Year Ended 2011-12-31

200 East 36 St
#11C
New York
NY 10016

BALANCE SHEETS
Assets
Current Assets:
Cash and cash equivalents	1,638
Receivables (Note 3)	2,490
Prepaid expenses (Note 4)	382
Total Current Assets	4,510
Reserve fund (Notes 2 and 5)	5,054
Property and Improvements: (Notes 2 and 6)
Land	19,919
Building	79,674
Building improvements and equipment	18,937
Total	118,530
Less: accumulated depreciation	70,012
Net Property and Improvements	48,518
Other Assets:
Cash - security deposits	602
Unamortized mortgage finance costs (Note 2)	523
Deferred ieasing commissions (Note 2)	167
Total Other Assets	1,293
Total Assets	59,375
Liabilities
Current Liabilities:
Accounts payable	573
Real estate tax abatements	698
Accrued mortgage interest	213
Building improvements payable	150
Advance maintenance	63
Total Current Liabilities	1,697
Long-Term Liabilities:
Mortgage payable (Note 7)	43,636
Security deposits payable	522
Total Long-Term Liabilities	44,158
Total Liabilities	45,855
Stockholders’ Equity
Common stock - $4.00 par value, 50,000 shares authorized, 47,364 shares issued and outstanding	318
Additional paid-in capital	66,470
Accumulated deficit	(53,268)
Total Stackholders' Equity	13,519
Total Liabilities and Stockholders' Equity	59,375

STATEMENTS OF OPERATIONS
Revenues
Maintenance	12,993
Commercial and professional	2,975
Operating assessment	1,308
Electricity charges rebilled	704
Other sharehalder fees	268
Laundry income	40
Total Revenues	18,289
Cost of Operations
Administrative expenses Schedule 1	799
Operating expenses Schedule 2	7,147
Repairs and maintenance Schedule 3	834
Real estate tax	7,458
Interest expense	2,513
Corporation taxes	96
Total Cost of Operations	18,848
Loss from operations before other items and depreciation and amortization	(559)
Interest income	64
Transfer fees (Note 2)	505
Income Before Depreciation and Amortization	10
Depreciation and amortization	(3,072)
Net Loss For The Year	(3,062)