Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#7G
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 757
Accounts receivable 217
Prepaid expenses 178
Real estate tax escrow: self-controlled 1,293
Total Current Assets 2,445
Reserve Fund: (Note 4) 2,966
Total Current Assets and Reserve Fund 5,411
Property and Improvements: (Notes 2 and 3)
Land 3,854
Building 40,965
Building improvements 14,089
Total 58,907
Less: Accumulated depreciation 38,369
Net Property and Improvements 20,538
Other Assets and Deferred Charges:
Security deposits (contra) 175
Deferred mortgage closing costs (Note 5) 105
Total Other Assets and Deferred Charges 280
Total Assets 26,229
LIABILITIES
Current Liabilities:
Accrued mortgage interest 64
Accounts payable 252
Due to stockholders - real estate tax abatements 621
Advance maintenance 61
Wages and payroll taxes payable 64
Accrued real estate tax 28
Total Current Liabilities 1,090
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 15,075
Security deposits payable (contra) 175
Total Long-Term and Other Liabilities 15,250
Total Liabilities 16,340
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 649
Paid-in capital in excess of par value 38,436
Additional paid-in capital 2,458
Accumulated deficit (31,654)
Total Stockholders' Equity 9,889
Total Liabilities and Stockholders' Equity 26,229

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 11,189
Operating assessments (Note 6) 1,045
Garage lease (Note 7) 936
Cell tower income (Note 8) 55
Sublet fees 20
Laundry income 59
Interest and dividends 53
Late and other fees 10
Total Revenue 13,367
COST OF OPERATIONS
Administrative expenses 757
Operating expenses 4,683
Repairs and maintenance 509
Taxes 6,497
Mortgage interest 749
Total Cost Of Operations 13,195
Operating income before special items and depreciation and amortization 172
Apartment transfer fees (Note 2) 282
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 454
Less: Depreciation and amortization 1,415
Net Loss For The Year (961)