Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#1B
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 502
Accounts receivable 144
Prepaid expenses 118
Real estate tax escrow: self-controlled 857
Total Current Assets 1,621
Reserve Fund: (Note 4) 1,966
Total Current Assets and Reserve Fund 3,587
Property and Improvements: (Notes 2 and 3)
Land 2,555
Building 27,156
Building improvements 9,340
Total 39,050
Less: Accumulated depreciation 25,435
Net Property and Improvements 13,615
Other Assets and Deferred Charges:
Security deposits (contra) 116
Deferred mortgage closing costs (Note 5) 69
Total Other Assets and Deferred Charges 186
Total Assets 17,387
LIABILITIES
Current Liabilities:
Accrued mortgage interest 42
Accounts payable 167
Due to stockholders - real estate tax abatements 412
Advance maintenance 40
Wages and payroll taxes payable 43
Accrued real estate tax 19
Total Current Liabilities 723
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 9,993
Security deposits payable (contra) 116
Total Long-Term and Other Liabilities 10,110
Total Liabilities 10,832
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 430
Paid-in capital in excess of par value 25,479
Additional paid-in capital 1,629
Accumulated deficit (20,983)
Total Stockholders' Equity 6,555
Total Liabilities and Stockholders' Equity 17,387

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 7,417
Operating assessments (Note 6) 693
Garage lease (Note 7) 620
Cell tower income (Note 8) 36
Sublet fees 13
Laundry income 39
Interest and dividends 35
Late and other fees 7
Total Revenue 8,861
COST OF OPERATIONS
Administrative expenses 502
Operating expenses 3,104
Repairs and maintenance 338
Taxes 4,307
Mortgage interest 496
Total Cost Of Operations 8,747
Operating income before special items and depreciation and amortization 114
Apartment transfer fees (Note 2) 187
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 301
Less: Depreciation and amortization 938
Net Loss For The Year (637)