Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#10A
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 1,090
Accounts receivable 313
Prepaid expenses 256
Real estate tax escrow: self-controlled 1,862
Total Current Assets 3,521
Reserve Fund: (Note 4) 4,272
Total Current Assets and Reserve Fund 7,793
Property and Improvements: (Notes 2 and 3)
Land 5,550
Building 59,002
Building improvements 20,293
Total 84,845
Less: Accumulated depreciation 55,263
Net Property and Improvements 29,582
Other Assets and Deferred Charges:
Security deposits (contra) 253
Deferred mortgage closing costs (Note 5) 151
Total Other Assets and Deferred Charges 403
Total Assets 37,778
LIABILITIES
Current Liabilities:
Accrued mortgage interest 92
Accounts payable 362
Due to stockholders - real estate tax abatements 894
Advance maintenance 88
Wages and payroll taxes payable 93
Accrued real estate tax 41
Total Current Liabilities 1,570
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 21,713
Security deposits payable (contra) 253
Total Long-Term and Other Liabilities 21,966
Total Liabilities 23,535
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 935
Paid-in capital in excess of par value 55,360
Additional paid-in capital 3,540
Accumulated deficit (45,592)
Total Stockholders' Equity 14,243
Total Liabilities and Stockholders' Equity 37,778

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 16,116
Operating assessments (Note 6) 1,505
Garage lease (Note 7) 1,348
Cell tower income (Note 8) 79
Sublet fees 28
Laundry income 85
Interest and dividends 77
Late and other fees 14
Total Revenue 19,252
COST OF OPERATIONS
Administrative expenses 1,091
Operating expenses 6,744
Repairs and maintenance 733
Taxes 9,357
Mortgage interest 1,079
Total Cost Of Operations 19,004
Operating income before special items and depreciation and amortization 248
Apartment transfer fees (Note 2) 406
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 654
Less: Depreciation and amortization 2,037
Net Loss For The Year (1,384)