Apartment Report

Year Ended 2011-12-31

310 Lexington Ave
#8F
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 154
Accounts receivable 268
Prepaid expenses 176
Real estate tax escrow: self-controlled 1,716
Total Current Assets 2,314
Reserve Fund: (Note 4) 3,755
Total Current Assets and Reserve Fund 6,070
Property and Improvements: (Notes 2 and 3)
Land 3,978
Building 42,286
Building improvements 14,704
Total 60,968
Less: Accumulated depreciation 41,046
Net Property and Improvements 19,922
Other Assets and Deferred Charges:
Security deposits (contra) 116
Deferred mortgage closing costs (Note 5) 84
Total Other Assets and Deferred Charges 200
Total Assets 26,191
LIABILITIES
Current Liabilities:
Accrued mortgage interest 66
Accounts payable 301
Due to stockholders - real estate tax abatements 731
Advance maintenance 84
Wages and payroll taxes payable 54
Accrued real estate tax 23
Total Current Liabilities 1,259
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 15,561
Security deposits payable (contra) 116
Total Long-Term and Other Liabilities 15,677
Total Liabilities 16,936
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 670
Paid-in capital in excess of par value 39,676
Additional paid-in capital 2,537
Accumulated deficit (33,628)
Total Stockholders' Equity 9,255
Total Liabilities and Stockholders' Equity 26,191

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 12,070
Operating assessments (Note 6) 1,217
Garage lease (Note 7) 968
Cell tower income (Note 8) 229
Sublet fees 93
Laundry income 61
Interest and dividends 55
Late and other fees 51
Total Revenue 14,744
COST OF OPERATIONS
Administrative expenses 563
Operating expenses 5,199
Repairs and maintenance 534
Taxes 7,471
Mortgage interest 773
Total Cost Of Operations 14,542
Operating income before special items and depreciation and amortization 202
Apartment transfer fees (Note 2) 217
Adjustment of prior year legal fees 92
INCOME BEFORE DEPRECIATION AND AMORTIZATION 511
Less: Depreciation and amortization 1,464
Net Loss For The Year (953)