Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#4G
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 688
Accounts receivable 198
Prepaid expenses 162
Real estate tax escrow: self-controlled 1,176
Total Current Assets 2,224
Reserve Fund: (Note 4) 2,698
Total Current Assets and Reserve Fund 4,922
Property and Improvements: (Notes 2 and 3)
Land 3,506
Building 37,265
Building improvements 12,816
Total 53,587
Less: Accumulated depreciation 34,903
Net Property and Improvements 18,683
Other Assets and Deferred Charges:
Security deposits (contra) 160
Deferred mortgage closing costs (Note 5) 95
Total Other Assets and Deferred Charges 255
Total Assets 23,860
LIABILITIES
Current Liabilities:
Accrued mortgage interest 58
Accounts payable 229
Due to stockholders - real estate tax abatements 565
Advance maintenance 55
Wages and payroll taxes payable 59
Accrued real estate tax 26
Total Current Liabilities 991
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 13,713
Security deposits payable (contra) 160
Total Long-Term and Other Liabilities 13,873
Total Liabilities 14,864
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 590
Paid-in capital in excess of par value 34,964
Additional paid-in capital 2,236
Accumulated deficit (28,795)
Total Stockholders' Equity 8,996
Total Liabilities and Stockholders' Equity 23,860

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 10,178
Operating assessments (Note 6) 951
Garage lease (Note 7) 851
Cell tower income (Note 8) 50
Sublet fees 18
Laundry income 54
Interest and dividends 49
Late and other fees 9
Total Revenue 12,159
COST OF OPERATIONS
Administrative expenses 689
Operating expenses 4,260
Repairs and maintenance 463
Taxes 5,910
Mortgage interest 681
Total Cost Of Operations 12,003
Operating income before special items and depreciation and amortization 156
Apartment transfer fees (Note 2) 256
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 413
Less: Depreciation and amortization 1,287
Net Loss For The Year (874)