Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#15E
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 1,549
Accounts receivable 445
Prepaid expenses 364
Real estate tax escrow: self-controlled 2,646
Total Current Assets 5,004
Reserve Fund: (Note 4) 6,071
Total Current Assets and Reserve Fund 11,074
Property and Improvements: (Notes 2 and 3)
Land 7,887
Building 83,845
Building improvements 28,837
Total 120,570
Less: Accumulated depreciation 78,532
Net Property and Improvements 42,038
Other Assets and Deferred Charges:
Security deposits (contra) 359
Deferred mortgage closing costs (Note 5) 214
Total Other Assets and Deferred Charges 573
Total Assets 53,685
LIABILITIES
Current Liabilities:
Accrued mortgage interest 130
Accounts payable 515
Due to stockholders - real estate tax abatements 1,271
Advance maintenance 125
Wages and payroll taxes payable 132
Accrued real estate tax 58
Total Current Liabilities 2,231
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 30,855
Security deposits payable (contra) 359
Total Long-Term and Other Liabilities 31,214
Total Liabilities 33,445
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 1,328
Paid-in capital in excess of par value 78,670
Additional paid-in capital 5,030
Accumulated deficit (64,788)
Total Stockholders' Equity 20,240
Total Liabilities and Stockholders' Equity 53,685

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 22,901
Operating assessments (Note 6) 2,139
Garage lease (Note 7) 1,915
Cell tower income (Note 8) 113
Sublet fees 40
Laundry income 121
Interest and dividends 109
Late and other fees 20
Total Revenue 27,358
COST OF OPERATIONS
Administrative expenses 1,550
Operating expenses 9,584
Repairs and maintenance 1,042
Taxes 13,297
Mortgage interest 1,533
Total Cost Of Operations 27,006
Operating income before special items and depreciation and amortization 352
Apartment transfer fees (Note 2) 577
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 929
Less: Depreciation and amortization 2,895
Net Loss For The Year (1,966)