Apartment Report

Year Ended 2011-12-31

201 East 37 St
New York
NY 10016

201 E. 37 Owners Corp.

Financial Statements

BALANCE SHEETS

ASSETS
Current Assets:
Cash and cash equivalents 186
Accounts receivable 13,481
Prepaid expenses 216,503
Total Current Assets 230,170
Reserve Fund: (Note 4) 1,042,171
Property and Improvements: (Notes 2 and 5)
Land 1,379,896
Building 3,441,544
Building improvements and equipment 1,275,360
Total 6,096,800
Less: Accumulated depreciation 3,864,177
Net Property and Improvements 2,232,623
Other Assets and Deferred Charges:
Cash security deposits 58,077
Investment in NCB Stock (Note 6) 1,250
Deferred mortgage closing costs (Note 2) 34,013
Total Other Assets and Deferred Charges 93,340
Total Assets 3,598,304
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accrued mortgage interest 8,156
Accounts payable and accrued expenses 76,326
Due to stockholders - real estate tax abatements 126,301
Accrued wages and payroll taxes 7,209
Advance maintenance 816
Total Current Liabilities 218,808
Long-Term and Other Liabilities:
Mortgage payable (Note 6) 1,600,000
Security deposits payable 67,627
Total Long-Term and Other Liabilities 1,667,627
Total Liabilities 1,886,435
Stockholders' Equity:
Common stock - $1.00 par value,130,000 shares authorized, 91,571 shares issued and outstanding 91,571
Paid-in capital in excess of par value 4,376,440
Accumulated deficit (2,756,142)
Total Stockholders' Equity 1,711,869
Total Liabilities and Stockholders' Equity 3,598,304

STATEMENTS OF OPERATIONS

REVENUE
Maintenance - Apartments 1,074,488
Commercial rent (Note 7) 379,807
Operating assessments (Note 8) 142,851
Electricity rebilled 73,007
Storage fees 15,940
Late charges and miscellaneous 5,025
Sublet fees 12,966
Interest and dividends 9,350
Total Revenue 1,713,434
COST OF OPERATIONS
Administrative expenses 95,116
Operating expenses 791,149
Repairs and maimtenance 60,585
Taxes 730,262
Mortgage interest (Note 6) 96,036
Total Cost Of Operations 1,773,148
Loss from operations before other item and depreciation and amortization (59,714)
Special repairs - water damages, net of insurance claims -0-
LOSS BEFORE DEPRECIATION AND AMORTIZATION (59,714)
Less: Depreciation and amortization 133,437
Net Loss For The Year (193,151)