Apartment Report

Year Ended 2011-12-31

200 East 36 St
#12B
New York
NY 10016

BALANCE SHEETS
Assets
Current Assets:
Cash and cash equivalents	1,947
Receivables (Note 3)	2,960
Prepaid expenses (Note 4)	454
Total Current Assets	5,361
Reserve fund (Notes 2 and 5)	6,008
Property and Improvements: (Notes 2 and 6)
Land	23,677
Building	94,707
Building improvements and equipment	22,510
Total	140,894
Less: accumulated depreciation	83,222
Net Property and Improvements	57,672
Other Assets:
Cash - security deposits	716
Unamortized mortgage finance costs (Note 2)	622
Deferred ieasing commissions (Note 2)	199
Total Other Assets	1,537
Total Assets	70,578
Liabilities
Current Liabilities:
Accounts payable	681
Real estate tax abatements	829
Accrued mortgage interest	254
Building improvements payable	179
Advance maintenance	75
Total Current Liabilities	2,017
Long-Term Liabilities:
Mortgage payable (Note 7)	51,869
Security deposits payable	620
Total Long-Term Liabilities	52,490
Total Liabilities	54,507
Stockholders’ Equity
Common stock - $4.00 par value, 50,000 shares authorized, 47,364 shares issued and outstanding	378
Additional paid-in capital	79,011
Accumulated deficit	(63,319)
Total Stackholders' Equity	16,070
Total Liabilities and Stockholders' Equity	70,578

STATEMENTS OF OPERATIONS
Revenues
Maintenance	15,445
Commercial and professional	3,536
Operating assessment	1,555
Electricity charges rebilled	837
Other sharehalder fees	319
Laundry income	48
Total Revenues	21,739
Cost of Operations
Administrative expenses Schedule 1	950
Operating expenses Schedule 2	8,496
Repairs and maintenance Schedule 3	991
Real estate tax	8,866
Interest expense	2,987
Corporation taxes	114
Total Cost of Operations	22,404
Loss from operations before other items and depreciation and amortization	(664)
Interest income	76
Transfer fees (Note 2)	601
Income Before Depreciation and Amortization	12
Depreciation and amortization	(3,652)
Net Loss For The Year	(3,640)