Apartment Report

Year Ended 2011-12-31

201 East 21 St
New York
NY 10010

Quaker Ridge Tenants Corp.

Financial Statements

Balance Sheets

Assets
Cash 3,209,662
Due From Shareholders 112,559
Due From Commercial Tenants 153,043
Prepaid Expenses 44,197
Property and Equipment - Net 11,134,903
Accrued Commercial Rent 152,602
Deferred Costs - Net 184,210
Security Deposits Held 99,219
Cash - Restricted 100,644
Total Assets 15,191,039
Liabilities and Shareholders' Equity
Liabilities
Accounts Payable and Accrued Expenses 260,344
Capital Improvements Payable 67,985
Abatements Payable 237,065
Income Received in Advance 32,697
Mortgage Payable 8,289,567
Security Deposits Payable 110,657
Total Liabilities 8,998,315
Shareholders’ Equity
Capital Stock 10,490
Additional Paid in Capital 13,363,218
Retained Earnings (Deficit) (7,180,984)
Total Shareholders’ Equity 6,192,724
Total Liabilities and Shareholders' Equity 15,191,039

Statements of Operations

Income
Maintenance Charges 3,147,486
Less: Abatements (471,897)
Operating Assessments 407,581
Energy Charges 800,008
Electric Income 215,653
Parking Income 182,546
Commercial Rent 648,426
Interest Income 28,520
Transfer Fees 141,840
Laundry Income 39,000
Other Income 43,236
Total Income 5,182,399
Expenses
Real Estate Taxes 2,405,247
Less: Abatements (471,897)
Mortgage Interest 350,843
Payroll and Related Expenses 832,945
Electric and Gas 409,029
Fuel Oil 279,032
Water and Sewer 153,157
Repairs and Maintenance 372,271
Insurance 85,468
Management Fees 95,000
Professional Fees 49,450
Corporation Taxes 31,631
Office and Administration 18,644
Total Expenses 4,610,820
Income From Operations 571,579
Other Items
Capital Assessments 389,932
Depreciation and Amortization (445,678)
Net Income (Loss) 515,833