Apartment Report

Year Ended 2011-12-31

310 Lexington Ave
#6B
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 117
Accounts receivable 203
Prepaid expenses 134
Real estate tax escrow: self-controlled 1,300
Total Current Assets 1,754
Reserve Fund: (Note 4) 2,846
Total Current Assets and Reserve Fund 4,600
Property and Improvements: (Notes 2 and 3)
Land 3,014
Building 32,045
Building improvements 11,143
Total 46,202
Less: Accumulated depreciation 31,105
Net Property and Improvements 15,097
Other Assets and Deferred Charges:
Security deposits (contra) 88
Deferred mortgage closing costs (Note 5) 64
Total Other Assets and Deferred Charges 151
Total Assets 19,848
LIABILITIES
Current Liabilities:
Accrued mortgage interest 50
Accounts payable 228
Due to stockholders - real estate tax abatements 554
Advance maintenance 64
Wages and payroll taxes payable 41
Accrued real estate tax 18
Total Current Liabilities 954
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 11,793
Security deposits payable (contra) 88
Total Long-Term and Other Liabilities 11,880
Total Liabilities 12,834
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 508
Paid-in capital in excess of par value 30,067
Additional paid-in capital 1,922
Accumulated deficit (25,483)
Total Stockholders' Equity 7,014
Total Liabilities and Stockholders' Equity 19,848

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 9,146
Operating assessments (Note 6) 923
Garage lease (Note 7) 734
Cell tower income (Note 8) 174
Sublet fees 70
Laundry income 46
Interest and dividends 41
Late and other fees 39
Total Revenue 11,173
COST OF OPERATIONS
Administrative expenses 427
Operating expenses 3,940
Repairs and maintenance 405
Taxes 5,662
Mortgage interest 586
Total Cost Of Operations 11,020
Operating income before special items and depreciation and amortization 153
Apartment transfer fees (Note 2) 164
Adjustment of prior year legal fees 69
INCOME BEFORE DEPRECIATION AND AMORTIZATION 387
Less: Depreciation and amortization 1,109
Net Loss For The Year (722)