Apartment Report

Year Ended 2011-12-31

310 Lexington Ave
#2D
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 193
Accounts receivable 337
Prepaid expenses 221
Real estate tax escrow: self-controlled 2,153
Total Current Assets 2,904
Reserve Fund: (Note 4) 4,712
Total Current Assets and Reserve Fund 7,615
Property and Improvements: (Notes 2 and 3)
Land 4,991
Building 53,056
Building improvements 18,449
Total 76,495
Less: Accumulated depreciation 51,500
Net Property and Improvements 24,996
Other Assets and Deferred Charges:
Security deposits (contra) 145
Deferred mortgage closing costs (Note 5) 105
Total Other Assets and Deferred Charges 251
Total Assets 32,862
LIABILITIES
Current Liabilities:
Accrued mortgage interest 82
Accounts payable 378
Due to stockholders - real estate tax abatements 917
Advance maintenance 105
Wages and payroll taxes payable 68
Accrued real estate tax 29
Total Current Liabilities 1,580
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 19,524
Security deposits payable (contra) 145
Total Long-Term and Other Liabilities 19,670
Total Liabilities 21,249
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 840
Paid-in capital in excess of par value 49,781
Additional paid-in capital 3,183
Accumulated deficit (42,192)
Total Stockholders' Equity 11,612
Total Liabilities and Stockholders' Equity 32,862

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 15,144
Operating assessments (Note 6) 1,528
Garage lease (Note 7) 1,215
Cell tower income (Note 8) 287
Sublet fees 116
Laundry income 76
Interest and dividends 68
Late and other fees 64
Total Revenue 18,499
COST OF OPERATIONS
Administrative expenses 707
Operating expenses 6,524
Repairs and maintenance 671
Taxes 9,374
Mortgage interest 970
Total Cost Of Operations 18,245
Operating income before special items and depreciation and amortization 254
Apartment transfer fees (Note 2) 272
Adjustment of prior year legal fees 115
INCOME BEFORE DEPRECIATION AND AMORTIZATION 641
Less: Depreciation and amortization 1,836
Net Loss For The Year (1,195)