Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#2A
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 862
Accounts receivable 248
Prepaid expenses 203
Real estate tax escrow: self-controlled 1,472
Total Current Assets 2,784
Reserve Fund: (Note 4) 3,377
Total Current Assets and Reserve Fund 6,161
Property and Improvements: (Notes 2 and 3)
Land 4,388
Building 46,647
Building improvements 16,043
Total 67,078
Less: Accumulated depreciation 43,691
Net Property and Improvements 23,387
Other Assets and Deferred Charges:
Security deposits (contra) 200
Deferred mortgage closing costs (Note 5) 119
Total Other Assets and Deferred Charges 319
Total Assets 29,867
LIABILITIES
Current Liabilities:
Accrued mortgage interest 72
Accounts payable 286
Due to stockholders - real estate tax abatements 707
Advance maintenance 69
Wages and payroll taxes payable 73
Accrued real estate tax 32
Total Current Liabilities 1,241
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 17,166
Security deposits payable (contra) 200
Total Long-Term and Other Liabilities 17,366
Total Liabilities 18,607
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 739
Paid-in capital in excess of par value 43,768
Additional paid-in capital 2,798
Accumulated deficit (36,044)
Total Stockholders' Equity 11,261
Total Liabilities and Stockholders' Equity 29,867

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 12,741
Operating assessments (Note 6) 1,190
Garage lease (Note 7) 1,066
Cell tower income (Note 8) 63
Sublet fees 22
Laundry income 67
Interest and dividends 61
Late and other fees 11
Total Revenue 15,221
COST OF OPERATIONS
Administrative expenses 862
Operating expenses 5,332
Repairs and maintenance 580
Taxes 7,398
Mortgage interest 853
Total Cost Of Operations 15,025
Operating income before special items and depreciation and amortization 196
Apartment transfer fees (Note 2) 321
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 517
Less: Depreciation and amortization 1,611
Net Loss For The Year (1,094)