Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#9E
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 818
Accounts receivable 235
Prepaid expenses 192
Real estate tax escrow: self-controlled 1,397
Total Current Assets 2,642
Reserve Fund: (Note 4) 3,205
Total Current Assets and Reserve Fund 5,847
Property and Improvements: (Notes 2 and 3)
Land 4,164
Building 44,268
Building improvements 15,225
Total 63,658
Less: Accumulated depreciation 41,463
Net Property and Improvements 22,195
Other Assets and Deferred Charges:
Security deposits (contra) 190
Deferred mortgage closing costs (Note 5) 113
Total Other Assets and Deferred Charges 303
Total Assets 28,344
LIABILITIES
Current Liabilities:
Accrued mortgage interest 69
Accounts payable 272
Due to stockholders - real estate tax abatements 671
Advance maintenance 66
Wages and payroll taxes payable 70
Accrued real estate tax 31
Total Current Liabilities 1,178
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 16,291
Security deposits payable (contra) 190
Total Long-Term and Other Liabilities 16,480
Total Liabilities 17,658
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 701
Paid-in capital in excess of par value 41,536
Additional paid-in capital 2,656
Accumulated deficit (34,207)
Total Stockholders' Equity 10,686
Total Liabilities and Stockholders' Equity 28,344

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 12,091
Operating assessments (Note 6) 1,129
Garage lease (Note 7) 1,011
Cell tower income (Note 8) 59
Sublet fees 21
Laundry income 64
Interest and dividends 58
Late and other fees 11
Total Revenue 14,445
COST OF OPERATIONS
Administrative expenses 818
Operating expenses 5,060
Repairs and maintenance 550
Taxes 7,020
Mortgage interest 809
Total Cost Of Operations 14,259
Operating income before special items and depreciation and amortization 186
Apartment transfer fees (Note 2) 305
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 491
Less: Depreciation and amortization 1,529
Net Loss For The Year (1,038)