Apartment Report

Year Ended 2011-12-31

310 Lexington Ave
#15A
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 171
Accounts receivable 298
Prepaid expenses 195
Real estate tax escrow: self-controlled 1,904
Total Current Assets 2,567
Reserve Fund: (Note 4) 4,166
Total Current Assets and Reserve Fund 6,733
Property and Improvements: (Notes 2 and 3)
Land 4,413
Building 46,911
Building improvements 16,312
Total 67,636
Less: Accumulated depreciation 45,535
Net Property and Improvements 22,101
Other Assets and Deferred Charges:
Security deposits (contra) 128
Deferred mortgage closing costs (Note 5) 93
Total Other Assets and Deferred Charges 222
Total Assets 29,056
LIABILITIES
Current Liabilities:
Accrued mortgage interest 73
Accounts payable 334
Due to stockholders - real estate tax abatements 811
Advance maintenance 93
Wages and payroll taxes payable 60
Accrued real estate tax 26
Total Current Liabilities 1,397
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 17,263
Security deposits payable (contra) 128
Total Long-Term and Other Liabilities 17,392
Total Liabilities 18,788
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 743
Paid-in capital in excess of par value 44,016
Additional paid-in capital 2,814
Accumulated deficit (37,306)
Total Stockholders' Equity 10,267
Total Liabilities and Stockholders' Equity 29,056

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 13,390
Operating assessments (Note 6) 1,351
Garage lease (Note 7) 1,074
Cell tower income (Note 8) 254
Sublet fees 103
Laundry income 68
Interest and dividends 60
Late and other fees 57
Total Revenue 16,356
COST OF OPERATIONS
Administrative expenses 625
Operating expenses 5,768
Repairs and maintenance 593
Taxes 8,289
Mortgage interest 858
Total Cost Of Operations 16,132
Operating income before special items and depreciation and amortization 224
Apartment transfer fees (Note 2) 241
Adjustment of prior year legal fees 102
INCOME BEFORE DEPRECIATION AND AMORTIZATION 567
Less: Depreciation and amortization 1,624
Net Loss For The Year (1,057)