Apartment Report

Year Ended 2011-12-31

310 Lexington Ave
#7D
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 224
Accounts receivable 391
Prepaid expenses 257
Real estate tax escrow: self-controlled 2,502
Total Current Assets 3,374
Reserve Fund: (Note 4) 5,475
Total Current Assets and Reserve Fund 8,848
Property and Improvements: (Notes 2 and 3)
Land 5,799
Building 61,645
Building improvements 21,435
Total 88,879
Less: Accumulated depreciation 59,837
Net Property and Improvements 29,042
Other Assets and Deferred Charges:
Security deposits (contra) 169
Deferred mortgage closing costs (Note 5) 122
Total Other Assets and Deferred Charges 291
Total Assets 38,182
LIABILITIES
Current Liabilities:
Accrued mortgage interest 96
Accounts payable 439
Due to stockholders - real estate tax abatements 1,065
Advance maintenance 123
Wages and payroll taxes payable 79
Accrued real estate tax 34
Total Current Liabilities 1,835
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 22,685
Security deposits payable (contra) 169
Total Long-Term and Other Liabilities 22,854
Total Liabilities 24,689
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 977
Paid-in capital in excess of par value 57,840
Additional paid-in capital 3,698
Accumulated deficit (49,023)
Total Stockholders' Equity 13,492
Total Liabilities and Stockholders' Equity 38,182

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 17,595
Operating assessments (Note 6) 1,775
Garage lease (Note 7) 1,411
Cell tower income (Note 8) 334
Sublet fees 135
Laundry income 89
Interest and dividends 79
Late and other fees 75
Total Revenue 21,494
COST OF OPERATIONS
Administrative expenses 821
Operating expenses 7,580
Repairs and maintenance 779
Taxes 10,892
Mortgage interest 1,127
Total Cost Of Operations 21,199
Operating income before special items and depreciation and amortization 295
Apartment transfer fees (Note 2) 316
Adjustment of prior year legal fees 134
INCOME BEFORE DEPRECIATION AND AMORTIZATION 745
Less: Depreciation and amortization 2,134
Net Loss For The Year (1,389)