Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#4J
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 1,040
Accounts receivable 299
Prepaid expenses 245
Real estate tax escrow: self-controlled 1,776
Total Current Assets 3,360
Reserve Fund: (Note 4) 4,076
Total Current Assets and Reserve Fund 7,435
Property and Improvements: (Notes 2 and 3)
Land 5,296
Building 56,293
Building improvements 19,361
Total 80,950
Less: Accumulated depreciation 52,726
Net Property and Improvements 28,224
Other Assets and Deferred Charges:
Security deposits (contra) 241
Deferred mortgage closing costs (Note 5) 144
Total Other Assets and Deferred Charges 385
Total Assets 36,044
LIABILITIES
Current Liabilities:
Accrued mortgage interest 87
Accounts payable 346
Due to stockholders - real estate tax abatements 853
Advance maintenance 84
Wages and payroll taxes payable 89
Accrued real estate tax 39
Total Current Liabilities 1,498
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 20,716
Security deposits payable (contra) 241
Total Long-Term and Other Liabilities 20,957
Total Liabilities 22,455
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 892
Paid-in capital in excess of par value 52,819
Additional paid-in capital 3,377
Accumulated deficit (43,498)
Total Stockholders' Equity 13,589
Total Liabilities and Stockholders' Equity 36,044

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 15,376
Operating assessments (Note 6) 1,436
Garage lease (Note 7) 1,286
Cell tower income (Note 8) 76
Sublet fees 27
Laundry income 81
Interest and dividends 73
Late and other fees 14
Total Revenue 18,368
COST OF OPERATIONS
Administrative expenses 1,041
Operating expenses 6,435
Repairs and maintenance 700
Taxes 8,928
Mortgage interest 1,029
Total Cost Of Operations 18,132
Operating income before special items and depreciation and amortization 236
Apartment transfer fees (Note 2) 387
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 624
Less: Depreciation and amortization 1,944
Net Loss For The Year (1,320)