Apartment Report

Year Ended 2011-12-31

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 166
Accounts receivable 290
Prepaid expenses 190
Real estate tax escrow: self-controlled 1,853
Total Current Assets 2,499
Reserve Fund: (Note 4) 4,055
Total Current Assets and Reserve Fund 6,553
Property and Improvements: (Notes 2 and 3)
Land 4,295
Building 45,656
Building improvements 15,876
Total 65,826
Less: Accumulated depreciation 44,317
Net Property and Improvements 21,509
Other Assets and Deferred Charges:
Security deposits (contra) 125
Deferred mortgage closing costs (Note 5) 91
Total Other Assets and Deferred Charges 216
Total Assets 28,278
LIABILITIES
Current Liabilities:
Accrued mortgage interest 71
Accounts payable 325
Due to stockholders - real estate tax abatements 789
Advance maintenance 91
Wages and payroll taxes payable 59
Accrued real estate tax 25
Total Current Liabilities 1,359
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 16,801
Security deposits payable (contra) 125
Total Long-Term and Other Liabilities 16,926
Total Liabilities 18,285
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 (36,307)
Total Stockholders' Equity 9,993
Total Liabilities and Stockholders' Equity 28,278

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 13,031
Operating assessments (Note 6) 1,314
Garage lease (Note 7) 1,045
Cell tower income (Note 8) 247
Sublet fees 100
Laundry income 66
Interest and dividends 59
Late and other fees 55
Total Revenue 15,919
COST OF OPERATIONS
Administrative expenses 608
Operating expenses 5,614
Repairs and maintenance 577
Taxes 8,067
Mortgage interest 835
Total Cost Of Operations 15,700
Operating income before special items and depreciation and amortization 218
Apartment transfer fees (Note 2) 234
Adjustment of prior year legal fees 99
INCOME BEFORE DEPRECIATION AND AMORTIZATION 552
Less: Depreciation and amortization 1,580
Net Loss For The Year (1,029)