Apartment Report

Year Ended 2011-12-31

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 179
Accounts receivable 313
Prepaid expenses 205
Real estate tax escrow: self-controlled 2,000
Total Current Assets 2,698
Reserve Fund: (Note 4) 4,377
Total Current Assets and Reserve Fund 7,075
Property and Improvements: (Notes 2 and 3)
Land 4,637
Building 49,290
Building improvements 17,139
Total 71,065
Less: Accumulated depreciation 47,844
Net Property and Improvements 23,221
Other Assets and Deferred Charges:
Security deposits (contra) 135
Deferred mortgage closing costs (Note 5) 98
Total Other Assets and Deferred Charges 233
Total Assets 30,529
LIABILITIES
Current Liabilities:
Accrued mortgage interest 77
Accounts payable 351
Due to stockholders - real estate tax abatements 852
Advance maintenance 98
Wages and payroll taxes payable 63
Accrued real estate tax 27
Total Current Liabilities 1,467
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 18,139
Security deposits payable (contra) 135
Total Long-Term and Other Liabilities 18,273
Total Liabilities 19,741
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 (39,197)
Total Stockholders' Equity 10,788
Total Liabilities and Stockholders' Equity 30,529

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 14,069
Operating assessments (Note 6) 1,419
Garage lease (Note 7) 1,129
Cell tower income (Note 8) 267
Sublet fees 108
Laundry income 71
Interest and dividends 64
Late and other fees 60
Total Revenue 17,186
COST OF OPERATIONS
Administrative expenses 656
Operating expenses 6,061
Repairs and maintenance 623
Taxes 8,709
Mortgage interest 901
Total Cost Of Operations 16,950
Operating income before special items and depreciation and amortization 236
Apartment transfer fees (Note 2) 253
Adjustment of prior year legal fees 107
INCOME BEFORE DEPRECIATION AND AMORTIZATION 595
Less: Depreciation and amortization 1,706
Net Loss For The Year (1,110)