Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#14F
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 3,215
Accounts receivable 924
Prepaid expenses 756
Real estate tax escrow: self-controlled 5,491
Total Current Assets 10,386
Reserve Fund: (Note 4) 12,600
Total Current Assets and Reserve Fund 22,987
Property and Improvements: (Notes 2 and 3)
Land 16,371
Building 174,033
Building improvements 59,856
Total 250,260
Less: Accumulated depreciation 163,005
Net Property and Improvements 87,255
Other Assets and Deferred Charges:
Security deposits (contra) 745
Deferred mortgage closing costs (Note 5) 444
Total Other Assets and Deferred Charges 1,190
Total Assets 111,432
LIABILITIES
Current Liabilities:
Accrued mortgage interest 270
Accounts payable 1,069
Due to stockholders - real estate tax abatements 2,638
Advance maintenance 259
Wages and payroll taxes payable 274
Accrued real estate tax 121
Total Current Liabilities 4,630
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 64,044
Security deposits payable (contra) 745
Total Long-Term and Other Liabilities 64,790
Total Liabilities 69,420
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 2,757
Paid-in capital in excess of par value 163,292
Additional paid-in capital 10,441
Accumulated deficit (134,478)
Total Stockholders' Equity 42,012
Total Liabilities and Stockholders' Equity 111,432

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 47,535
Operating assessments (Note 6) 4,440
Garage lease (Note 7) 3,975
Cell tower income (Note 8) 234
Sublet fees 84
Laundry income 251
Interest and dividends 227
Late and other fees 42
Total Revenue 56,787
COST OF OPERATIONS
Administrative expenses 3,218
Operating expenses 19,893
Repairs and maintenance 2,163
Taxes 27,600
Mortgage interest 3,182
Total Cost Of Operations 56,056
Operating income before special items and depreciation and amortization 731
Apartment transfer fees (Note 2) 1,198
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 1,928
Less: Depreciation and amortization 6,009
Net Loss For The Year (4,081)