Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#12E
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 898
Accounts receivable 258
Prepaid expenses 211
Real estate tax escrow: self-controlled 1,534
Total Current Assets 2,902
Reserve Fund: (Note 4) 3,521
Total Current Assets and Reserve Fund 6,423
Property and Improvements: (Notes 2 and 3)
Land 4,575
Building 48,629
Building improvements 16,725
Total 69,929
Less: Accumulated depreciation 45,547
Net Property and Improvements 24,381
Other Assets and Deferred Charges:
Security deposits (contra) 208
Deferred mortgage closing costs (Note 5) 124
Total Other Assets and Deferred Charges 332
Total Assets 31,137
LIABILITIES
Current Liabilities:
Accrued mortgage interest 76
Accounts payable 299
Due to stockholders - real estate tax abatements 737
Advance maintenance 72
Wages and payroll taxes payable 77
Accrued real estate tax 34
Total Current Liabilities 1,294
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 17,895
Security deposits payable (contra) 208
Total Long-Term and Other Liabilities 18,104
Total Liabilities 19,398
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 770
Paid-in capital in excess of par value 45,627
Additional paid-in capital 2,917
Accumulated deficit (37,576)
Total Stockholders' Equity 11,739
Total Liabilities and Stockholders' Equity 31,137

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 13,282
Operating assessments (Note 6) 1,241
Garage lease (Note 7) 1,111
Cell tower income (Note 8) 65
Sublet fees 23
Laundry income 70
Interest and dividends 63
Late and other fees 12
Total Revenue 15,867
COST OF OPERATIONS
Administrative expenses 899
Operating expenses 5,559
Repairs and maintenance 604
Taxes 7,712
Mortgage interest 889
Total Cost Of Operations 15,663
Operating income before special items and depreciation and amortization 204
Apartment transfer fees (Note 2) 335
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 539
Less: Depreciation and amortization 1,679
Net Loss For The Year (1,140)