Apartment Report

Year Ended 2011-12-31

310 Lexington Ave
#15B
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 156
Accounts receivable 273
Prepaid expenses 179
Real estate tax escrow: self-controlled 1,743
Total Current Assets 2,350
Reserve Fund: (Note 4) 3,814
Total Current Assets and Reserve Fund 6,164
Property and Improvements: (Notes 2 and 3)
Land 4,040
Building 42,947
Building improvements 14,934
Total 61,920
Less: Accumulated depreciation 41,687
Net Property and Improvements 20,233
Other Assets and Deferred Charges:
Security deposits (contra) 118
Deferred mortgage closing costs (Note 5) 85
Total Other Assets and Deferred Charges 203
Total Assets 26,600
LIABILITIES
Current Liabilities:
Accrued mortgage interest 67
Accounts payable 306
Due to stockholders - real estate tax abatements 742
Advance maintenance 85
Wages and payroll taxes payable 55
Accrued real estate tax 24
Total Current Liabilities 1,279
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 15,804
Security deposits payable (contra) 118
Total Long-Term and Other Liabilities 15,922
Total Liabilities 17,201
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 680
Paid-in capital in excess of par value 40,296
Additional paid-in capital 2,576
Accumulated deficit (34,153)
Total Stockholders' Equity 9,400
Total Liabilities and Stockholders' Equity 26,600

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 12,258
Operating assessments (Note 6) 1,236
Garage lease (Note 7) 983
Cell tower income (Note 8) 233
Sublet fees 94
Laundry income 62
Interest and dividends 55
Late and other fees 52
Total Revenue 14,974
COST OF OPERATIONS
Administrative expenses 572
Operating expenses 5,281
Repairs and maintenance 543
Taxes 7,588
Mortgage interest 785
Total Cost Of Operations 14,769
Operating income before special items and depreciation and amortization 205
Apartment transfer fees (Note 2) 220
Adjustment of prior year legal fees 93
INCOME BEFORE DEPRECIATION AND AMORTIZATION 519
Less: Depreciation and amortization 1,486
Net Loss For The Year (968)