Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#13E
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 928
Accounts receivable 267
Prepaid expenses 218
Real estate tax escrow: self-controlled 1,584
Total Current Assets 2,997
Reserve Fund: (Note 4) 3,636
Total Current Assets and Reserve Fund 6,632
Property and Improvements: (Notes 2 and 3)
Land 4,724
Building 50,215
Building improvements 17,270
Total 72,209
Less: Accumulated depreciation 47,033
Net Property and Improvements 25,176
Other Assets and Deferred Charges:
Security deposits (contra) 215
Deferred mortgage closing costs (Note 5) 128
Total Other Assets and Deferred Charges 343
Total Assets 32,152
LIABILITIES
Current Liabilities:
Accrued mortgage interest 78
Accounts payable 308
Due to stockholders - real estate tax abatements 761
Advance maintenance 75
Wages and payroll taxes payable 79
Accrued real estate tax 35
Total Current Liabilities 1,336
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 18,479
Security deposits payable (contra) 215
Total Long-Term and Other Liabilities 18,694
Total Liabilities 20,030
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 795
Paid-in capital in excess of par value 47,115
Additional paid-in capital 3,012
Accumulated deficit (38,801)
Total Stockholders' Equity 12,122
Total Liabilities and Stockholders' Equity 32,152

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 13,715
Operating assessments (Note 6) 1,281
Garage lease (Note 7) 1,147
Cell tower income (Note 8) 67
Sublet fees 24
Laundry income 72
Interest and dividends 65
Late and other fees 12
Total Revenue 16,385
COST OF OPERATIONS
Administrative expenses 928
Operating expenses 5,740
Repairs and maintenance 624
Taxes 7,964
Mortgage interest 918
Total Cost Of Operations 16,174
Operating income before special items and depreciation and amortization 211
Apartment transfer fees (Note 2) 346
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 556
Less: Depreciation and amortization 1,734
Net Loss For The Year (1,177)