Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#4H
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 701
Accounts receivable 201
Prepaid expenses 165
Real estate tax escrow: self-controlled 1,197
Total Current Assets 2,263
Reserve Fund: (Note 4) 2,746
Total Current Assets and Reserve Fund 5,009
Property and Improvements: (Notes 2 and 3)
Land 3,568
Building 37,925
Building improvements 13,044
Total 54,537
Less: Accumulated depreciation 35,522
Net Property and Improvements 19,015
Other Assets and Deferred Charges:
Security deposits (contra) 162
Deferred mortgage closing costs (Note 5) 97
Total Other Assets and Deferred Charges 259
Total Assets 24,283
LIABILITIES
Current Liabilities:
Accrued mortgage interest 59
Accounts payable 233
Due to stockholders - real estate tax abatements 575
Advance maintenance 56
Wages and payroll taxes payable 60
Accrued real estate tax 26
Total Current Liabilities 1,009
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 13,956
Security deposits payable (contra) 162
Total Long-Term and Other Liabilities 14,119
Total Liabilities 15,128
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 601
Paid-in capital in excess of par value 35,584
Additional paid-in capital 2,275
Accumulated deficit (29,305)
Total Stockholders' Equity 9,155
Total Liabilities and Stockholders' Equity 24,283

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 10,359
Operating assessments (Note 6) 968
Garage lease (Note 7) 866
Cell tower income (Note 8) 51
Sublet fees 18
Laundry income 55
Interest and dividends 49
Late and other fees 9
Total Revenue 12,375
COST OF OPERATIONS
Administrative expenses 701
Operating expenses 4,335
Repairs and maintenance 471
Taxes 6,015
Mortgage interest 693
Total Cost Of Operations 12,216
Operating income before special items and depreciation and amortization 159
Apartment transfer fees (Note 2) 261
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 420
Less: Depreciation and amortization 1,310
Net Loss For The Year (889)