Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#12G
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 886
Accounts receivable 255
Prepaid expenses 209
Real estate tax escrow: self-controlled 1,514
Total Current Assets 2,863
Reserve Fund: (Note 4) 3,473
Total Current Assets and Reserve Fund 6,336
Property and Improvements: (Notes 2 and 3)
Land 4,512
Building 47,968
Building improvements 16,498
Total 68,978
Less: Accumulated depreciation 44,929
Net Property and Improvements 24,050
Other Assets and Deferred Charges:
Security deposits (contra) 205
Deferred mortgage closing costs (Note 5) 122
Total Other Assets and Deferred Charges 328
Total Assets 30,714
LIABILITIES
Current Liabilities:
Accrued mortgage interest 74
Accounts payable 295
Due to stockholders - real estate tax abatements 727
Advance maintenance 71
Wages and payroll taxes payable 75
Accrued real estate tax 33
Total Current Liabilities 1,276
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 17,652
Security deposits payable (contra) 205
Total Long-Term and Other Liabilities 17,858
Total Liabilities 19,134
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 760
Paid-in capital in excess of par value 45,007
Additional paid-in capital 2,878
Accumulated deficit (37,066)
Total Stockholders' Equity 11,580
Total Liabilities and Stockholders' Equity 30,714

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 13,102
Operating assessments (Note 6) 1,224
Garage lease (Note 7) 1,096
Cell tower income (Note 8) 64
Sublet fees 23
Laundry income 69
Interest and dividends 62
Late and other fees 12
Total Revenue 15,652
COST OF OPERATIONS
Administrative expenses 887
Operating expenses 5,483
Repairs and maintenance 596
Taxes 7,607
Mortgage interest 877
Total Cost Of Operations 15,450
Operating income before special items and depreciation and amortization 201
Apartment transfer fees (Note 2) 330
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 532
Less: Depreciation and amortization 1,656
Net Loss For The Year (1,125)