Apartment Report

Year Ended 2011-12-31

310 Lexington Ave
#11J
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 251
Accounts receivable 438
Prepaid expenses 288
Real estate tax escrow: self-controlled 2,802
Total Current Assets 3,779
Reserve Fund: (Note 4) 6,132
Total Current Assets and Reserve Fund 9,911
Property and Improvements: (Notes 2 and 3)
Land 6,495
Building 69,045
Building improvements 24,009
Total 99,549
Less: Accumulated depreciation 67,020
Net Property and Improvements 32,528
Other Assets and Deferred Charges:
Security deposits (contra) 189
Deferred mortgage closing costs (Note 5) 137
Total Other Assets and Deferred Charges 326
Total Assets 42,765
LIABILITIES
Current Liabilities:
Accrued mortgage interest 107
Accounts payable 491
Due to stockholders - real estate tax abatements 1,193
Advance maintenance 137
Wages and payroll taxes payable 89
Accrued real estate tax 38
Total Current Liabilities 2,056
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 25,409
Security deposits payable (contra) 189
Total Long-Term and Other Liabilities 25,598
Total Liabilities 27,653
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 1,094
Paid-in capital in excess of par value 64,783
Additional paid-in capital 4,142
Accumulated deficit (54,907)
Total Stockholders' Equity 15,112
Total Liabilities and Stockholders' Equity 42,765

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 19,707
Operating assessments (Note 6) 1,988
Garage lease (Note 7) 1,581
Cell tower income (Note 8) 374
Sublet fees 151
Laundry income 99
Interest and dividends 89
Late and other fees 84
Total Revenue 24,074
COST OF OPERATIONS
Administrative expenses 920
Operating expenses 8,490
Repairs and maintenance 873
Taxes 12,199
Mortgage interest 1,262
Total Cost Of Operations 23,744
Operating income before special items and depreciation and amortization 330
Apartment transfer fees (Note 2) 354
Adjustment of prior year legal fees 150
INCOME BEFORE DEPRECIATION AND AMORTIZATION 834
Less: Depreciation and amortization 2,390
Net Loss For The Year (1,555)