Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#8B
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 632
Accounts receivable 182
Prepaid expenses 149
Real estate tax escrow: self-controlled 1,080
Total Current Assets 2,043
Reserve Fund: (Note 4) 2,478
Total Current Assets and Reserve Fund 4,521
Property and Improvements: (Notes 2 and 3)
Land 3,220
Building 34,225
Building improvements 11,771
Total 49,216
Less: Accumulated depreciation 32,056
Net Property and Improvements 17,160
Other Assets and Deferred Charges:
Security deposits (contra) 147
Deferred mortgage closing costs (Note 5) 87
Total Other Assets and Deferred Charges 234
Total Assets 21,914
LIABILITIES
Current Liabilities:
Accrued mortgage interest 53
Accounts payable 210
Due to stockholders - real estate tax abatements 519
Advance maintenance 51
Wages and payroll taxes payable 54
Accrued real estate tax 24
Total Current Liabilities 911
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 12,595
Security deposits payable (contra) 147
Total Long-Term and Other Liabilities 12,741
Total Liabilities 13,652
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 542
Paid-in capital in excess of par value 32,113
Additional paid-in capital 2,053
Accumulated deficit (26,446)
Total Stockholders' Equity 8,262
Total Liabilities and Stockholders' Equity 21,914

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 9,348
Operating assessments (Note 6) 873
Garage lease (Note 7) 782
Cell tower income (Note 8) 46
Sublet fees 16
Laundry income 49
Interest and dividends 45
Late and other fees 8
Total Revenue 11,168
COST OF OPERATIONS
Administrative expenses 633
Operating expenses 3,912
Repairs and maintenance 425
Taxes 5,428
Mortgage interest 626
Total Cost Of Operations 11,024
Operating income before special items and depreciation and amortization 144
Apartment transfer fees (Note 2) 236
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 379
Less: Depreciation and amortization 1,182
Net Loss For The Year (803)