Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#2C
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 519
Accounts receivable 149
Prepaid expenses 122
Real estate tax escrow: self-controlled 886
Total Current Assets 1,676
Reserve Fund: (Note 4) 2,033
Total Current Assets and Reserve Fund 3,709
Property and Improvements: (Notes 2 and 3)
Land 2,642
Building 28,081
Building improvements 9,658
Total 40,380
Less: Accumulated depreciation 26,301
Net Property and Improvements 14,079
Other Assets and Deferred Charges:
Security deposits (contra) 120
Deferred mortgage closing costs (Note 5) 72
Total Other Assets and Deferred Charges 192
Total Assets 17,980
LIABILITIES
Current Liabilities:
Accrued mortgage interest 44
Accounts payable 172
Due to stockholders - real estate tax abatements 426
Advance maintenance 42
Wages and payroll taxes payable 44
Accrued real estate tax 19
Total Current Liabilities 747
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 10,334
Security deposits payable (contra) 120
Total Long-Term and Other Liabilities 10,454
Total Liabilities 11,201
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 445
Paid-in capital in excess of par value 26,347
Additional paid-in capital 1,685
Accumulated deficit (21,698)
Total Stockholders' Equity 6,779
Total Liabilities and Stockholders' Equity 17,980

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 7,670
Operating assessments (Note 6) 716
Garage lease (Note 7) 641
Cell tower income (Note 8) 38
Sublet fees 13
Laundry income 40
Interest and dividends 37
Late and other fees 7
Total Revenue 9,163
COST OF OPERATIONS
Administrative expenses 519
Operating expenses 3,210
Repairs and maintenance 349
Taxes 4,453
Mortgage interest 513
Total Cost Of Operations 9,045
Operating income before special items and depreciation and amortization 118
Apartment transfer fees (Note 2) 193
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 311
Less: Depreciation and amortization 970
Net Loss For The Year (658)