Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#12A
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 1,155
Accounts receivable 332
Prepaid expenses 272
Real estate tax escrow: self-controlled 1,972
Total Current Assets 3,730
Reserve Fund: (Note 4) 4,525
Total Current Assets and Reserve Fund 8,256
Property and Improvements: (Notes 2 and 3)
Land 5,880
Building 62,504
Building improvements 21,497
Total 89,881
Less: Accumulated depreciation 58,543
Net Property and Improvements 31,338
Other Assets and Deferred Charges:
Security deposits (contra) 268
Deferred mortgage closing costs (Note 5) 160
Total Other Assets and Deferred Charges 427
Total Assets 40,021
LIABILITIES
Current Liabilities:
Accrued mortgage interest 97
Accounts payable 384
Due to stockholders - real estate tax abatements 947
Advance maintenance 93
Wages and payroll taxes payable 98
Accrued real estate tax 43
Total Current Liabilities 1,663
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 23,001
Security deposits payable (contra) 268
Total Long-Term and Other Liabilities 23,269
Total Liabilities 24,932
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 990
Paid-in capital in excess of par value 58,646
Additional paid-in capital 3,750
Accumulated deficit (48,298)
Total Stockholders' Equity 15,088
Total Liabilities and Stockholders' Equity 40,021

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 17,072
Operating assessments (Note 6) 1,595
Garage lease (Note 7) 1,428
Cell tower income (Note 8) 84
Sublet fees 30
Laundry income 90
Interest and dividends 81
Late and other fees 15
Total Revenue 20,395
COST OF OPERATIONS
Administrative expenses 1,156
Operating expenses 7,145
Repairs and maintenance 777
Taxes 9,913
Mortgage interest 1,143
Total Cost Of Operations 20,132
Operating income before special items and depreciation and amortization 262
Apartment transfer fees (Note 2) 430
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 693
Less: Depreciation and amortization 2,158
Net Loss For The Year (1,466)