Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#2E
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 659
Accounts receivable 189
Prepaid expenses 155
Real estate tax escrow: self-controlled 1,126
Total Current Assets 2,129
Reserve Fund: (Note 4) 2,583
Total Current Assets and Reserve Fund 4,713
Property and Improvements: (Notes 2 and 3)
Land 3,356
Building 35,679
Building improvements 12,271
Total 51,306
Less: Accumulated depreciation 33,418
Net Property and Improvements 17,888
Other Assets and Deferred Charges:
Security deposits (contra) 153
Deferred mortgage closing costs (Note 5) 91
Total Other Assets and Deferred Charges 244
Total Assets 22,845
LIABILITIES
Current Liabilities:
Accrued mortgage interest 55
Accounts payable 219
Due to stockholders - real estate tax abatements 541
Advance maintenance 53
Wages and payroll taxes payable 56
Accrued real estate tax 25
Total Current Liabilities 949
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 13,130
Security deposits payable (contra) 153
Total Long-Term and Other Liabilities 13,283
Total Liabilities 14,232
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 565
Paid-in capital in excess of par value 33,477
Additional paid-in capital 2,140
Accumulated deficit (27,569)
Total Stockholders' Equity 8,613
Total Liabilities and Stockholders' Equity 22,845

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 9,745
Operating assessments (Note 6) 910
Garage lease (Note 7) 815
Cell tower income (Note 8) 48
Sublet fees 17
Laundry income 51
Interest and dividends 46
Late and other fees 9
Total Revenue 11,642
COST OF OPERATIONS
Administrative expenses 660
Operating expenses 4,078
Repairs and maintenance 443
Taxes 5,658
Mortgage interest 652
Total Cost Of Operations 11,492
Operating income before special items and depreciation and amortization 150
Apartment transfer fees (Note 2) 246
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 395
Less: Depreciation and amortization 1,232
Net Loss For The Year (837)