Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#8D
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 1,173
Accounts receivable 337
Prepaid expenses 276
Real estate tax escrow: self-controlled 2,003
Total Current Assets 3,789
Reserve Fund: (Note 4) 4,597
Total Current Assets and Reserve Fund 8,387
Property and Improvements: (Notes 2 and 3)
Land 5,973
Building 63,495
Building improvements 21,838
Total 91,306
Less: Accumulated depreciation 59,472
Net Property and Improvements 31,835
Other Assets and Deferred Charges:
Security deposits (contra) 272
Deferred mortgage closing costs (Note 5) 162
Total Other Assets and Deferred Charges 434
Total Assets 40,655
LIABILITIES
Current Liabilities:
Accrued mortgage interest 99
Accounts payable 390
Due to stockholders - real estate tax abatements 962
Advance maintenance 95
Wages and payroll taxes payable 100
Accrued real estate tax 44
Total Current Liabilities 1,689
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 23,366
Security deposits payable (contra) 272
Total Long-Term and Other Liabilities 23,638
Total Liabilities 25,328
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 1,006
Paid-in capital in excess of par value 59,576
Additional paid-in capital 3,809
Accumulated deficit (49,063)
Total Stockholders' Equity 15,328
Total Liabilities and Stockholders' Equity 40,655

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 17,343
Operating assessments (Note 6) 1,620
Garage lease (Note 7) 1,450
Cell tower income (Note 8) 85
Sublet fees 30
Laundry income 91
Interest and dividends 83
Late and other fees 15
Total Revenue 20,718
COST OF OPERATIONS
Administrative expenses 1,174
Operating expenses 7,258
Repairs and maintenance 789
Taxes 10,070
Mortgage interest 1,161
Total Cost Of Operations 20,452
Operating income before special items and depreciation and amortization 267
Apartment transfer fees (Note 2) 437
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 704
Less: Depreciation and amortization 2,192
Net Loss For The Year (1,489)