Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#14E
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 1,635
Accounts receivable 470
Prepaid expenses 385
Real estate tax escrow: self-controlled 2,794
Total Current Assets 5,284
Reserve Fund: (Note 4) 6,410
Total Current Assets and Reserve Fund 11,694
Property and Improvements: (Notes 2 and 3)
Land 8,329
Building 88,536
Building improvements 30,451
Total 127,315
Less: Accumulated depreciation 82,926
Net Property and Improvements 44,390
Other Assets and Deferred Charges:
Security deposits (contra) 379
Deferred mortgage closing costs (Note 5) 226
Total Other Assets and Deferred Charges 605
Total Assets 56,689
LIABILITIES
Current Liabilities:
Accrued mortgage interest 137
Accounts payable 544
Due to stockholders - real estate tax abatements 1,342
Advance maintenance 132
Wages and payroll taxes payable 139
Accrued real estate tax 61
Total Current Liabilities 2,356
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 32,581
Security deposits payable (contra) 379
Total Long-Term and Other Liabilities 32,961
Total Liabilities 35,316
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 1,403
Paid-in capital in excess of par value 83,072
Additional paid-in capital 5,312
Accumulated deficit (68,413)
Total Stockholders' Equity 21,373
Total Liabilities and Stockholders' Equity 56,689

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 24,182
Operating assessments (Note 6) 2,259
Garage lease (Note 7) 2,022
Cell tower income (Note 8) 119
Sublet fees 42
Laundry income 127
Interest and dividends 115
Late and other fees 21
Total Revenue 28,889
COST OF OPERATIONS
Administrative expenses 1,637
Operating expenses 10,120
Repairs and maintenance 1,101
Taxes 14,041
Mortgage interest 1,619
Total Cost Of Operations 28,517
Operating income before special items and depreciation and amortization 372
Apartment transfer fees (Note 2) 609
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 981
Less: Depreciation and amortization 3,057
Net Loss For The Year (2,076)