Apartment Report

Year Ended 2011-12-31

310 Lexington Ave
#9A
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 208
Accounts receivable 364
Prepaid expenses 239
Real estate tax escrow: self-controlled 2,325
Total Current Assets 3,135
Reserve Fund: (Note 4) 5,087
Total Current Assets and Reserve Fund 8,222
Property and Improvements: (Notes 2 and 3)
Land 5,389
Building 57,284
Building improvements 19,919
Total 82,592
Less: Accumulated depreciation 55,604
Net Property and Improvements 26,988
Other Assets and Deferred Charges:
Security deposits (contra) 157
Deferred mortgage closing costs (Note 5) 114
Total Other Assets and Deferred Charges 271
Total Assets 35,481
LIABILITIES
Current Liabilities:
Accrued mortgage interest 89
Accounts payable 408
Due to stockholders - real estate tax abatements 990
Advance maintenance 114
Wages and payroll taxes payable 74
Accrued real estate tax 31
Total Current Liabilities 1,705
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 21,081
Security deposits payable (contra) 157
Total Long-Term and Other Liabilities 21,237
Total Liabilities 22,943
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 907
Paid-in capital in excess of par value 53,749
Additional paid-in capital 3,437
Accumulated deficit (45,555)
Total Stockholders' Equity 12,538
Total Liabilities and Stockholders' Equity 35,481

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 16,351
Operating assessments (Note 6) 1,649
Garage lease (Note 7) 1,312
Cell tower income (Note 8) 310
Sublet fees 126
Laundry income 82
Interest and dividends 74
Late and other fees 70
Total Revenue 19,973
COST OF OPERATIONS
Administrative expenses 763
Operating expenses 7,044
Repairs and maintenance 724
Taxes 10,121
Mortgage interest 1,047
Total Cost Of Operations 19,699
Operating income before special items and depreciation and amortization 274
Apartment transfer fees (Note 2) 294
Adjustment of prior year legal fees 124
INCOME BEFORE DEPRECIATION AND AMORTIZATION 692
Less: Depreciation and amortization 1,983
Net Loss For The Year (1,291)