Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#10J
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 1,241
Accounts receivable 357
Prepaid expenses 292
Real estate tax escrow: self-controlled 2,120
Total Current Assets 4,010
Reserve Fund: (Note 4) 4,865
Total Current Assets and Reserve Fund 8,875
Property and Improvements: (Notes 2 and 3)
Land 6,321
Building 67,195
Building improvements 23,111
Total 96,627
Less: Accumulated depreciation 62,937
Net Property and Improvements 33,690
Other Assets and Deferred Charges:
Security deposits (contra) 288
Deferred mortgage closing costs (Note 5) 172
Total Other Assets and Deferred Charges 459
Total Assets 43,024
LIABILITIES
Current Liabilities:
Accrued mortgage interest 104
Accounts payable 413
Due to stockholders - real estate tax abatements 1,019
Advance maintenance 100
Wages and payroll taxes payable 106
Accrued real estate tax 47
Total Current Liabilities 1,788
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 24,728
Security deposits payable (contra) 288
Total Long-Term and Other Liabilities 25,016
Total Liabilities 26,803
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 1,064
Paid-in capital in excess of par value 63,048
Additional paid-in capital 4,031
Accumulated deficit (51,922)
Total Stockholders' Equity 16,221
Total Liabilities and Stockholders' Equity 43,024

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 18,353
Operating assessments (Note 6) 1,714
Garage lease (Note 7) 1,535
Cell tower income (Note 8) 90
Sublet fees 32
Laundry income 97
Interest and dividends 88
Late and other fees 16
Total Revenue 21,926
COST OF OPERATIONS
Administrative expenses 1,242
Operating expenses 7,681
Repairs and maintenance 835
Taxes 10,656
Mortgage interest 1,228
Total Cost Of Operations 21,643
Operating income before special items and depreciation and amortization 282
Apartment transfer fees (Note 2) 462
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 745
Less: Depreciation and amortization 2,320
Net Loss For The Year (1,576)