Apartment Report

Year Ended 2011-12-31

310 Lexington Ave
#7A
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 196
Accounts receivable 342
Prepaid expenses 225
Real estate tax escrow: self-controlled 2,188
Total Current Assets 2,951
Reserve Fund: (Note 4) 4,788
Total Current Assets and Reserve Fund 7,739
Property and Improvements: (Notes 2 and 3)
Land 5,072
Building 53,915
Building improvements 18,747
Total 77,734
Less: Accumulated depreciation 52,334
Net Property and Improvements 25,400
Other Assets and Deferred Charges:
Security deposits (contra) 148
Deferred mortgage closing costs (Note 5) 107
Total Other Assets and Deferred Charges 255
Total Assets 33,394
LIABILITIES
Current Liabilities:
Accrued mortgage interest 84
Accounts payable 384
Due to stockholders - real estate tax abatements 932
Advance maintenance 107
Wages and payroll taxes payable 69
Accrued real estate tax 30
Total Current Liabilities 1,605
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 19,841
Security deposits payable (contra) 148
Total Long-Term and Other Liabilities 19,988
Total Liabilities 21,593
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 854
Paid-in capital in excess of par value 50,587
Additional paid-in capital 3,234
Accumulated deficit (42,875)
Total Stockholders' Equity 11,800
Total Liabilities and Stockholders' Equity 33,394

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 15,389
Operating assessments (Note 6) 1,552
Garage lease (Note 7) 1,234
Cell tower income (Note 8) 292
Sublet fees 118
Laundry income 78
Interest and dividends 70
Late and other fees 65
Total Revenue 18,798
COST OF OPERATIONS
Administrative expenses 718
Operating expenses 6,629
Repairs and maintenance 681
Taxes 9,526
Mortgage interest 986
Total Cost Of Operations 18,540
Operating income before special items and depreciation and amortization 258
Apartment transfer fees (Note 2) 277
Adjustment of prior year legal fees 117
INCOME BEFORE DEPRECIATION AND AMORTIZATION 651
Less: Depreciation and amortization 1,866
Net Loss For The Year (1,215)