Apartment Report

Year Ended 2010-12-31

200 East 36 St
#15F
New York
NY 10016

BALANCE SHEETS
Assets
Current Assets:
Cash and cash equivalents	2,260
Receivables (Note 3)	3,955
Prepaid expenses (Note 4)	678
Total Current Assets	6,893
Reserve fund (Notes 2 and 5)	9,194
Property and Improvements: (Notes 2 and 6)
Land	32,195
Building	128,782
Building improvements and equipment	29,823
Total	190,800
Less: accumulated depreciation	108,367
Net Property and Improvements	82,433
Other Assets:
Cash - security deposits	1,086
Unamortized mortgage finance costs (Note 2)	921
Deferred ieasing commissions (Note 2)	364
Total Other Assets	2,371
Total Assets	100,891
Liabilities
Current Liabilities:
Accounts payable	865
Real estate tax abatements	1,125
Accrued mortgage interest	345
Building improvements payable	-0-
Advance maintenance	137
Total Current Liabilities	2,472
Long-Term Liabilities:
Mortgage payable (Note 7)	70,531
Security deposits payable	1,086
Total Long-Term Liabilities	71,617
Total Liabilities	74,089
Stockholders’ Equity
Common stock - $4.00 par value, 50,000 shares authorized, 47,364 shares issued and outstanding	514
Additional paid-in capital	107,438
Accumulated deficit	(81,151)
Total Stackholders' Equity	26,801
Total Liabilities and Stockholders' Equity	100,891

STATEMENTS OF OPERATIONS
Revenues
Maintenance	20,368
Commercial and professional	5,229
Operating assessment	1,976
Electricity charges rebilled	1,219
Other sharehalder fees	396
Laundry income	65
Total Revenues	29,253
Cost of Operations
Administrative expenses Schedule 1	1,133
Operating expenses Schedule 2	11,234
Repairs and maintenance Schedule 3	1,153
Real estate tax	11,600
Interest expense	4,062
Corporation taxes	149
Total Cost of Operations	29,331
Loss from operations before other items and depreciation and amortization	(78)
Interest income	122
Transfer fees (Note 2)	67
Income Before Depreciation and Amortization	111
Depreciation and amortization	(5,029)
Net Loss For The Year	(4,918)