Apartment Report

Year Ended 2011-12-31

310 Lexington Ave
#8J
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 231
Accounts receivable 403
Prepaid expenses 265
Real estate tax escrow: self-controlled 2,577
Total Current Assets 3,475
Reserve Fund: (Note 4) 5,639
Total Current Assets and Reserve Fund 9,114
Property and Improvements: (Notes 2 and 3)
Land 5,973
Building 63,495
Building improvements 22,079
Total 91,547
Less: Accumulated depreciation 61,633
Net Property and Improvements 29,914
Other Assets and Deferred Charges:
Security deposits (contra) 174
Deferred mortgage closing costs (Note 5) 126
Total Other Assets and Deferred Charges 300
Total Assets 39,328
LIABILITIES
Current Liabilities:
Accrued mortgage interest 99
Accounts payable 452
Due to stockholders - real estate tax abatements 1,097
Advance maintenance 126
Wages and payroll taxes payable 81
Accrued real estate tax 35
Total Current Liabilities 1,890
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 23,366
Security deposits payable (contra) 174
Total Long-Term and Other Liabilities 23,540
Total Liabilities 25,430
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 (50,494)
Total Stockholders' Equity 13,897
Total Liabilities and Stockholders' Equity 39,328

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 18,123
Operating assessments (Note 6) 1,828
Garage lease (Note 7) 1,454
Cell tower income (Note 8) 344
Sublet fees 139
Laundry income 91
Interest and dividends 82
Late and other fees 77
Total Revenue 22,139
COST OF OPERATIONS
Administrative expenses 846
Operating expenses 7,807
Repairs and maintenance 803
Taxes 11,219
Mortgage interest 1,161
Total Cost Of Operations 21,835
Operating income before special items and depreciation and amortization 304
Apartment transfer fees (Note 2) 326
Adjustment of prior year legal fees 138
INCOME BEFORE DEPRECIATION AND AMORTIZATION 767
Less: Depreciation and amortization 2,198
Net Loss For The Year (1,430)