Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#5G
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 709
Accounts receivable 204
Prepaid expenses 167
Real estate tax escrow: self-controlled 1,211
Total Current Assets 2,291
Reserve Fund: (Note 4) 2,779
Total Current Assets and Reserve Fund 5,070
Property and Improvements: (Notes 2 and 3)
Land 3,611
Building 38,388
Building improvements 13,203
Total 55,202
Less: Accumulated depreciation 35,955
Net Property and Improvements 19,247
Other Assets and Deferred Charges:
Security deposits (contra) 164
Deferred mortgage closing costs (Note 5) 98
Total Other Assets and Deferred Charges 262
Total Assets 24,579
LIABILITIES
Current Liabilities:
Accrued mortgage interest 60
Accounts payable 236
Due to stockholders - real estate tax abatements 582
Advance maintenance 57
Wages and payroll taxes payable 60
Accrued real estate tax 27
Total Current Liabilities 1,021
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 14,127
Security deposits payable (contra) 164
Total Long-Term and Other Liabilities 14,291
Total Liabilities 15,312
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 608
Paid-in capital in excess of par value 36,018
Additional paid-in capital 2,303
Accumulated deficit (29,663)
Total Stockholders' Equity 9,267
Total Liabilities and Stockholders' Equity 24,579

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 10,485
Operating assessments (Note 6) 979
Garage lease (Note 7) 877
Cell tower income (Note 8) 52
Sublet fees 18
Laundry income 55
Interest and dividends 50
Late and other fees 9
Total Revenue 12,526
COST OF OPERATIONS
Administrative expenses 710
Operating expenses 4,388
Repairs and maintenance 477
Taxes 6,088
Mortgage interest 702
Total Cost Of Operations 12,365
Operating income before special items and depreciation and amortization 161
Apartment transfer fees (Note 2) 264
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 425
Less: Depreciation and amortization 1,326
Net Loss For The Year (900)