Apartment Report

Year Ended 2011-12-31

310 Lexington Ave
#11G
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 169
Accounts receivable 295
Prepaid expenses 194
Real estate tax escrow: self-controlled 1,885
Total Current Assets 2,542
Reserve Fund: (Note 4) 4,125
Total Current Assets and Reserve Fund 6,667
Property and Improvements: (Notes 2 and 3)
Land 4,369
Building 46,449
Building improvements 16,151
Total 66,969
Less: Accumulated depreciation 45,086
Net Property and Improvements 21,883
Other Assets and Deferred Charges:
Security deposits (contra) 127
Deferred mortgage closing costs (Note 5) 92
Total Other Assets and Deferred Charges 219
Total Assets 28,769
LIABILITIES
Current Liabilities:
Accrued mortgage interest 72
Accounts payable 331
Due to stockholders - real estate tax abatements 803
Advance maintenance 92
Wages and payroll taxes payable 60
Accrued real estate tax 25
Total Current Liabilities 1,383
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 17,093
Security deposits payable (contra) 127
Total Long-Term and Other Liabilities 17,220
Total Liabilities 18,603
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 736
Paid-in capital in excess of par value 43,582
Additional paid-in capital 2,787
Accumulated deficit (36,938)
Total Stockholders' Equity 10,166
Total Liabilities and Stockholders' Equity 28,769

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 13,258
Operating assessments (Note 6) 1,337
Garage lease (Note 7) 1,063
Cell tower income (Note 8) 252
Sublet fees 102
Laundry income 67
Interest and dividends 60
Late and other fees 56
Total Revenue 16,195
COST OF OPERATIONS
Administrative expenses 619
Operating expenses 5,711
Repairs and maintenance 587
Taxes 8,207
Mortgage interest 849
Total Cost Of Operations 15,973
Operating income before special items and depreciation and amortization 222
Apartment transfer fees (Note 2) 238
Adjustment of prior year legal fees 101
INCOME BEFORE DEPRECIATION AND AMORTIZATION 561
Less: Depreciation and amortization 1,608
Net Loss For The Year (1,046)