Apartment Report

Year Ended 2011-12-31

310 Lexington Ave
#15F
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 305
Accounts receivable 532
Prepaid expenses 349
Real estate tax escrow: self-controlled 3,403
Total Current Assets 4,589
Reserve Fund: (Note 4) 7,446
Total Current Assets and Reserve Fund 12,035
Property and Improvements: (Notes 2 and 3)
Land 7,887
Building 83,845
Building improvements 29,155
Total 120,887
Less: Accumulated depreciation 81,386
Net Property and Improvements 39,501
Other Assets and Deferred Charges:
Security deposits (contra) 230
Deferred mortgage closing costs (Note 5) 167
Total Other Assets and Deferred Charges 396
Total Assets 51,932
LIABILITIES
Current Liabilities:
Accrued mortgage interest 130
Accounts payable 597
Due to stockholders - real estate tax abatements 1,449
Advance maintenance 167
Wages and payroll taxes payable 108
Accrued real estate tax 46
Total Current Liabilities 2,496
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 30,855
Security deposits payable (contra) 230
Total Long-Term and Other Liabilities 31,085
Total Liabilities 33,581
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 (66,677)
Total Stockholders' Equity 18,351
Total Liabilities and Stockholders' Equity 51,932

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 23,932
Operating assessments (Note 6) 2,414
Garage lease (Note 7) 1,920
Cell tower income (Note 8) 454
Sublet fees 184
Laundry income 121
Interest and dividends 108
Late and other fees 102
Total Revenue 29,234
COST OF OPERATIONS
Administrative expenses 1,117
Operating expenses 10,309
Repairs and maintenance 1,060
Taxes 14,814
Mortgage interest 1,533
Total Cost Of Operations 28,833
Operating income before special items and depreciation and amortization 401
Apartment transfer fees (Note 2) 430
Adjustment of prior year legal fees 182
INCOME BEFORE DEPRECIATION AND AMORTIZATION 1,013
Less: Depreciation and amortization 2,902
Net Loss For The Year (1,889)