Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#4A
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 910
Accounts receivable 262
Prepaid expenses 214
Real estate tax escrow: self-controlled 1,555
Total Current Assets 2,942
Reserve Fund: (Note 4) 3,569
Total Current Assets and Reserve Fund 6,510
Property and Improvements: (Notes 2 and 3)
Land 4,637
Building 49,290
Building improvements 16,952
Total 70,879
Less: Accumulated depreciation 46,166
Net Property and Improvements 24,712
Other Assets and Deferred Charges:
Security deposits (contra) 211
Deferred mortgage closing costs (Note 5) 126
Total Other Assets and Deferred Charges 337
Total Assets 31,560
LIABILITIES
Current Liabilities:
Accrued mortgage interest 77
Accounts payable 303
Due to stockholders - real estate tax abatements 747
Advance maintenance 73
Wages and payroll taxes payable 78
Accrued real estate tax 34
Total Current Liabilities 1,311
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 18,139
Security deposits payable (contra) 211
Total Long-Term and Other Liabilities 18,350
Total Liabilities 19,661
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 781
Paid-in capital in excess of par value 46,247
Additional paid-in capital 2,957
Accumulated deficit (38,087)
Total Stockholders' Equity 11,899
Total Liabilities and Stockholders' Equity 31,560

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 13,463
Operating assessments (Note 6) 1,257
Garage lease (Note 7) 1,126
Cell tower income (Note 8) 66
Sublet fees 24
Laundry income 71
Interest and dividends 64
Late and other fees 12
Total Revenue 16,083
COST OF OPERATIONS
Administrative expenses 911
Operating expenses 5,634
Repairs and maintenance 613
Taxes 7,817
Mortgage interest 901
Total Cost Of Operations 15,876
Operating income before special items and depreciation and amortization 207
Apartment transfer fees (Note 2) 339
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 546
Less: Depreciation and amortization 1,702
Net Loss For The Year (1,156)