Apartment Report

Year Ended 2011-12-31

200 East 36 St
#15C
New York
NY 10016

BALANCE SHEETS
Assets
Current Assets:
Cash and cash equivalents	2,313
Receivables (Note 3)	3,516
Prepaid expenses (Note 4)	539
Total Current Assets	6,367
Reserve fund (Notes 2 and 5)	7,136
Property and Improvements: (Notes 2 and 6)
Land	28,124
Building	112,496
Building improvements and equipment	26,738
Total	167,358
Less: accumulated depreciation	98,853
Net Property and Improvements	68,505
Other Assets:
Cash - security deposits	851
Unamortized mortgage finance costs (Note 2)	739
Deferred ieasing commissions (Note 2)	236
Total Other Assets	1,826
Total Assets	83,834
Liabilities
Current Liabilities:
Accounts payable	809
Real estate tax abatements	985
Accrued mortgage interest	301
Building improvements payable	212
Advance maintenance	89
Total Current Liabilities	2,396
Long-Term Liabilities:
Mortgage payable (Note 7)	61,612
Security deposits payable	737
Total Long-Term Liabilities	62,349
Total Liabilities	64,745
Stockholders’ Equity
Common stock - $4.00 par value, 50,000 shares authorized, 47,364 shares issued and outstanding	449
Additional paid-in capital	93,852
Accumulated deficit	(75,212)
Total Stackholders' Equity	19,089
Total Liabilities and Stockholders' Equity	83,834

STATEMENTS OF OPERATIONS
Revenues
Maintenance	18,346
Commercial and professional	4,200
Operating assessment	1,847
Electricity charges rebilled	994
Other sharehalder fees	378
Laundry income	57
Total Revenues	25,823
Cost of Operations
Administrative expenses Schedule 1	1,128
Operating expenses Schedule 2	10,092
Repairs and maintenance Schedule 3	1,177
Real estate tax	10,531
Interest expense	3,548
Corporation taxes	136
Total Cost of Operations	26,612
Loss from operations before other items and depreciation and amortization	(789)
Interest income	90
Transfer fees (Note 2)	713
Income Before Depreciation and Amortization	14
Depreciation and amortization	(4,338)
Net Loss For The Year	(4,323)