Apartment Report

Year Ended 2011-12-31

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 227
Accounts receivable 397
Prepaid expenses 260
Real estate tax escrow: self-controlled 2,537
Total Current Assets 3,421
Reserve Fund: (Note 4) 5,551
Total Current Assets and Reserve Fund 8,972
Property and Improvements: (Notes 2 and 3)
Land 5,880
Building 62,504
Building improvements 21,734
Total 90,118
Less: Accumulated depreciation 60,671
Net Property and Improvements 29,447
Other Assets and Deferred Charges:
Security deposits (contra) 171
Deferred mortgage closing costs (Note 5) 124
Total Other Assets and Deferred Charges 295
Total Assets 38,714
LIABILITIES
Current Liabilities:
Accrued mortgage interest 97
Accounts payable 445
Due to stockholders - real estate tax abatements 1,080
Advance maintenance 124
Wages and payroll taxes payable 80
Accrued real estate tax 34
Total Current Liabilities 1,861
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 23,001
Security deposits payable (contra) 171
Total Long-Term and Other Liabilities 23,173
Total Liabilities 25,033
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 (49,706)
Total Stockholders' Equity 13,680
Total Liabilities and Stockholders' Equity 38,714

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 17,840
Operating assessments (Note 6) 1,800
Garage lease (Note 7) 1,431
Cell tower income (Note 8) 339
Sublet fees 137
Laundry income 90
Interest and dividends 81
Late and other fees 76
Total Revenue 21,793
COST OF OPERATIONS
Administrative expenses 832
Operating expenses 7,685
Repairs and maintenance 790
Taxes 11,044
Mortgage interest 1,143
Total Cost Of Operations 21,494
Operating income before special items and depreciation and amortization 299
Apartment transfer fees (Note 2) 321
Adjustment of prior year legal fees 135
INCOME BEFORE DEPRECIATION AND AMORTIZATION 755
Less: Depreciation and amortization 2,163
Net Loss For The Year (1,408)