Apartment Report

Year Ended 2011-12-31

310 Lexington Ave
#7B
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 120
Accounts receivable 210
Prepaid expenses 138
Real estate tax escrow: self-controlled 1,341
Total Current Assets 1,808
Reserve Fund: (Note 4) 2,934
Total Current Assets and Reserve Fund 4,742
Property and Improvements: (Notes 2 and 3)
Land 3,108
Building 33,036
Building improvements 11,487
Total 47,631
Less: Accumulated depreciation 32,067
Net Property and Improvements 15,564
Other Assets and Deferred Charges:
Security deposits (contra) 90
Deferred mortgage closing costs (Note 5) 66
Total Other Assets and Deferred Charges 156
Total Assets 20,462
LIABILITIES
Current Liabilities:
Accrued mortgage interest 51
Accounts payable 235
Due to stockholders - real estate tax abatements 571
Advance maintenance 66
Wages and payroll taxes payable 42
Accrued real estate tax 18
Total Current Liabilities 984
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 12,157
Security deposits payable (contra) 90
Total Long-Term and Other Liabilities 12,248
Total Liabilities 13,231
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 523
Paid-in capital in excess of par value 30,997
Additional paid-in capital 1,982
Accumulated deficit (26,272)
Total Stockholders' Equity 7,231
Total Liabilities and Stockholders' Equity 20,462

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 9,429
Operating assessments (Note 6) 951
Garage lease (Note 7) 756
Cell tower income (Note 8) 179
Sublet fees 72
Laundry income 48
Interest and dividends 43
Late and other fees 40
Total Revenue 11,519
COST OF OPERATIONS
Administrative expenses 440
Operating expenses 4,062
Repairs and maintenance 418
Taxes 5,837
Mortgage interest 604
Total Cost Of Operations 11,361
Operating income before special items and depreciation and amortization 158
Apartment transfer fees (Note 2) 170
Adjustment of prior year legal fees 72
INCOME BEFORE DEPRECIATION AND AMORTIZATION 399
Less: Depreciation and amortization 1,143
Net Loss For The Year (744)