Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#11C
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 702
Accounts receivable 202
Prepaid expenses 165
Real estate tax escrow: self-controlled 1,199
Total Current Assets 2,267
Reserve Fund: (Note 4) 2,751
Total Current Assets and Reserve Fund 5,018
Property and Improvements: (Notes 2 and 3)
Land 3,574
Building 37,991
Building improvements 13,066
Total 54,632
Less: Accumulated depreciation 35,584
Net Property and Improvements 19,048
Other Assets and Deferred Charges:
Security deposits (contra) 163
Deferred mortgage closing costs (Note 5) 97
Total Other Assets and Deferred Charges 260
Total Assets 24,325
LIABILITIES
Current Liabilities:
Accrued mortgage interest 59
Accounts payable 233
Due to stockholders - real estate tax abatements 576
Advance maintenance 57
Wages and payroll taxes payable 60
Accrued real estate tax 26
Total Current Liabilities 1,011
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 13,981
Security deposits payable (contra) 163
Total Long-Term and Other Liabilities 14,144
Total Liabilities 15,154
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 602
Paid-in capital in excess of par value 35,646
Additional paid-in capital 2,279
Accumulated deficit (29,356)
Total Stockholders' Equity 9,171
Total Liabilities and Stockholders' Equity 24,325

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 10,377
Operating assessments (Note 6) 969
Garage lease (Note 7) 868
Cell tower income (Note 8) 51
Sublet fees 18
Laundry income 55
Interest and dividends 49
Late and other fees 9
Total Revenue 12,396
COST OF OPERATIONS
Administrative expenses 702
Operating expenses 4,343
Repairs and maintenance 472
Taxes 6,025
Mortgage interest 695
Total Cost Of Operations 12,237
Operating income before special items and depreciation and amortization 160
Apartment transfer fees (Note 2) 261
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 421
Less: Depreciation and amortization 1,312
Net Loss For The Year (891)