Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#12J
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 1,310
Accounts receivable 376
Prepaid expenses 308
Real estate tax escrow: self-controlled 2,237
Total Current Assets 4,231
Reserve Fund: (Note 4) 5,133
Total Current Assets and Reserve Fund 9,364
Property and Improvements: (Notes 2 and 3)
Land 6,669
Building 70,895
Building improvements 24,383
Total 101,947
Less: Accumulated depreciation 66,403
Net Property and Improvements 35,545
Other Assets and Deferred Charges:
Security deposits (contra) 304
Deferred mortgage closing costs (Note 5) 181
Total Other Assets and Deferred Charges 485
Total Assets 45,393
LIABILITIES
Current Liabilities:
Accrued mortgage interest 110
Accounts payable 435
Due to stockholders - real estate tax abatements 1,075
Advance maintenance 106
Wages and payroll taxes payable 112
Accrued real estate tax 49
Total Current Liabilities 1,886
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 26,089
Security deposits payable (contra) 304
Total Long-Term and Other Liabilities 26,393
Total Liabilities 28,279
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 1,123
Paid-in capital in excess of par value 66,519
Additional paid-in capital 4,253
Accumulated deficit (54,781)
Total Stockholders' Equity 17,114
Total Liabilities and Stockholders' Equity 45,393

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 19,364
Operating assessments (Note 6) 1,809
Garage lease (Note 7) 1,619
Cell tower income (Note 8) 95
Sublet fees 34
Laundry income 102
Interest and dividends 92
Late and other fees 17
Total Revenue 23,133
COST OF OPERATIONS
Administrative expenses 1,311
Operating expenses 8,104
Repairs and maintenance 881
Taxes 11,243
Mortgage interest 1,296
Total Cost Of Operations 22,835
Operating income before special items and depreciation and amortization 298
Apartment transfer fees (Note 2) 488
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 786
Less: Depreciation and amortization 2,448
Net Loss For The Year (1,662)