Apartment Report

Year Ended 2011-12-31

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 130
Accounts receivable 226
Prepaid expenses 149
Real estate tax escrow: self-controlled 1,448
Total Current Assets 1,953
Reserve Fund: (Note 4) 3,169
Total Current Assets and Reserve Fund 5,121
Property and Improvements: (Notes 2 and 3)
Land 3,356
Building 35,679
Building improvements 12,406
Total 51,441
Less: Accumulated depreciation 34,633
Net Property and Improvements 16,809
Other Assets and Deferred Charges:
Security deposits (contra) 98
Deferred mortgage closing costs (Note 5) 71
Total Other Assets and Deferred Charges 169
Total Assets 22,099
LIABILITIES
Current Liabilities:
Accrued mortgage interest 55
Accounts payable 254
Due to stockholders - real estate tax abatements 617
Advance maintenance 71
Wages and payroll taxes payable 46
Accrued real estate tax 20
Total Current Liabilities 1,062
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 13,130
Security deposits payable (contra) 98
Total Long-Term and Other Liabilities 13,227
Total Liabilities 14,290
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 (28,373)
Total Stockholders' Equity 7,809
Total Liabilities and Stockholders' Equity 22,099

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 10,184
Operating assessments (Note 6) 1,027
Garage lease (Note 7) 817
Cell tower income (Note 8) 193
Sublet fees 78
Laundry income 51
Interest and dividends 46
Late and other fees 43
Total Revenue 12,440
COST OF OPERATIONS
Administrative expenses 475
Operating expenses 4,387
Repairs and maintenance 451
Taxes 6,304
Mortgage interest 652
Total Cost Of Operations 12,269
Operating income before special items and depreciation and amortization 171
Apartment transfer fees (Note 2) 183
Adjustment of prior year legal fees 77
INCOME BEFORE DEPRECIATION AND AMORTIZATION 431
Less: Depreciation and amortization 1,235
Net Loss For The Year (804)