Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#10E
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 843
Accounts receivable 242
Prepaid expenses 198
Real estate tax escrow: self-controlled 1,441
Total Current Assets 2,725
Reserve Fund: (Note 4) 3,306
Total Current Assets and Reserve Fund 6,030
Property and Improvements: (Notes 2 and 3)
Land 4,295
Building 45,656
Building improvements 15,702
Total 65,653
Less: Accumulated depreciation 42,763
Net Property and Improvements 22,890
Other Assets and Deferred Charges:
Security deposits (contra) 196
Deferred mortgage closing costs (Note 5) 117
Total Other Assets and Deferred Charges 312
Total Assets 29,233
LIABILITIES
Current Liabilities:
Accrued mortgage interest 71
Accounts payable 280
Due to stockholders - real estate tax abatements 692
Advance maintenance 68
Wages and payroll taxes payable 72
Accrued real estate tax 32
Total Current Liabilities 1,215
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 16,801
Security deposits payable (contra) 196
Total Long-Term and Other Liabilities 16,997
Total Liabilities 18,212
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 723
Paid-in capital in excess of par value 42,838
Additional paid-in capital 2,739
Accumulated deficit (35,279)
Total Stockholders' Equity 11,021
Total Liabilities and Stockholders' Equity 29,233

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 12,470
Operating assessments (Note 6) 1,165
Garage lease (Note 7) 1,043
Cell tower income (Note 8) 61
Sublet fees 22
Laundry income 66
Interest and dividends 59
Late and other fees 11
Total Revenue 14,897
COST OF OPERATIONS
Administrative expenses 844
Operating expenses 5,219
Repairs and maintenance 568
Taxes 7,241
Mortgage interest 835
Total Cost Of Operations 14,706
Operating income before special items and depreciation and amortization 192
Apartment transfer fees (Note 2) 314
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 506
Less: Depreciation and amortization 1,576
Net Loss For The Year (1,071)