Apartment Report

Year Ended 2011-12-31

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 149
Accounts receivable 260
Prepaid expenses 171
Real estate tax escrow: self-controlled 1,662
Total Current Assets 2,242
Reserve Fund: (Note 4) 3,638
Total Current Assets and Reserve Fund 5,880
Property and Improvements: (Notes 2 and 3)
Land 3,854
Building 40,965
Building improvements 14,244
Total 59,062
Less: Accumulated depreciation 39,763
Net Property and Improvements 19,299
Other Assets and Deferred Charges:
Security deposits (contra) 112
Deferred mortgage closing costs (Note 5) 81
Total Other Assets and Deferred Charges 194
Total Assets 25,373
LIABILITIES
Current Liabilities:
Accrued mortgage interest 64
Accounts payable 292
Due to stockholders - real estate tax abatements 708
Advance maintenance 81
Wages and payroll taxes payable 53
Accrued real estate tax 22
Total Current Liabilities 1,220
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 15,075
Security deposits payable (contra) 112
Total Long-Term and Other Liabilities 15,187
Total Liabilities 16,407
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 (32,577)
Total Stockholders' Equity 8,966
Total Liabilities and Stockholders' Equity 25,373

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 11,692
Operating assessments (Note 6) 1,179
Garage lease (Note 7) 938
Cell tower income (Note 8) 222
Sublet fees 90
Laundry income 59
Interest and dividends 53
Late and other fees 50
Total Revenue 14,283
COST OF OPERATIONS
Administrative expenses 546
Operating expenses 5,037
Repairs and maintenance 518
Taxes 7,238
Mortgage interest 749
Total Cost Of Operations 14,087
Operating income before special items and depreciation and amortization 196
Apartment transfer fees (Note 2) 210
Adjustment of prior year legal fees 89
INCOME BEFORE DEPRECIATION AND AMORTIZATION 495
Less: Depreciation and amortization 1,418
Net Loss For The Year (923)