Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#3J
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 1,008
Accounts receivable 290
Prepaid expenses 237
Real estate tax escrow: self-controlled 1,722
Total Current Assets 3,257
Reserve Fund: (Note 4) 3,951
Total Current Assets and Reserve Fund 7,208
Property and Improvements: (Notes 2 and 3)
Land 5,134
Building 54,575
Building improvements 18,770
Total 78,480
Less: Accumulated depreciation 51,117
Net Property and Improvements 27,362
Other Assets and Deferred Charges:
Security deposits (contra) 234
Deferred mortgage closing costs (Note 5) 139
Total Other Assets and Deferred Charges 373
Total Assets 34,944
LIABILITIES
Current Liabilities:
Accrued mortgage interest 85
Accounts payable 335
Due to stockholders - real estate tax abatements 827
Advance maintenance 81
Wages and payroll taxes payable 86
Accrued real estate tax 38
Total Current Liabilities 1,452
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 20,084
Security deposits payable (contra) 234
Total Long-Term and Other Liabilities 20,317
Total Liabilities 21,770
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 865
Paid-in capital in excess of par value 51,207
Additional paid-in capital 3,274
Accumulated deficit (42,171)
Total Stockholders' Equity 13,175
Total Liabilities and Stockholders' Equity 34,944

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 14,906
Operating assessments (Note 6) 1,392
Garage lease (Note 7) 1,247
Cell tower income (Note 8) 73
Sublet fees 26
Laundry income 79
Interest and dividends 71
Late and other fees 13
Total Revenue 17,808
COST OF OPERATIONS
Administrative expenses 1,009
Operating expenses 6,238
Repairs and maintenance 678
Taxes 8,655
Mortgage interest 998
Total Cost Of Operations 17,579
Operating income before special items and depreciation and amortization 229
Apartment transfer fees (Note 2) 376
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 605
Less: Depreciation and amortization 1,884
Net Loss For The Year (1,280)