Apartment Report

Year Ended 2011-12-31

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 170
Accounts receivable 296
Prepaid expenses 194
Real estate tax escrow: self-controlled 1,893
Total Current Assets 2,553
Reserve Fund: (Note 4) 4,143
Total Current Assets and Reserve Fund 6,696
Property and Improvements: (Notes 2 and 3)
Land 4,388
Building 46,647
Building improvements 16,220
Total 67,255
Less: Accumulated depreciation 45,279
Net Property and Improvements 21,976
Other Assets and Deferred Charges:
Security deposits (contra) 128
Deferred mortgage closing costs (Note 5) 93
Total Other Assets and Deferred Charges 220
Total Assets 28,892
LIABILITIES
Current Liabilities:
Accrued mortgage interest 72
Accounts payable 332
Due to stockholders - real estate tax abatements 806
Advance maintenance 93
Wages and payroll taxes payable 60
Accrued real estate tax 26
Total Current Liabilities 1,389
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 17,166
Security deposits payable (contra) 128
Total Long-Term and Other Liabilities 17,294
Total Liabilities 18,682
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 (37,095)
Total Stockholders' Equity 10,210
Total Liabilities and Stockholders' Equity 28,892

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 13,314
Operating assessments (Note 6) 1,343
Garage lease (Note 7) 1,068
Cell tower income (Note 8) 253
Sublet fees 102
Laundry income 67
Interest and dividends 60
Late and other fees 57
Total Revenue 16,264
COST OF OPERATIONS
Administrative expenses 621
Operating expenses 5,736
Repairs and maintenance 590
Taxes 8,242
Mortgage interest 853
Total Cost Of Operations 16,041
Operating income before special items and depreciation and amortization 223
Apartment transfer fees (Note 2) 239
Adjustment of prior year legal fees 101
INCOME BEFORE DEPRECIATION AND AMORTIZATION 564
Less: Depreciation and amortization 1,614
Net Loss For The Year (1,051)