Apartment Report

Year Ended 2010-12-31

310 Lexington Ave
#PHB
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

BALANCE SHEETS

BALANCE SHEETS
ASSETS
Current Assets:
Cash and cash equivalents 2,258
Accounts receivable 649
Prepaid expenses 531
Real estate tax escrow: self-controlled 3,857
Total Current Assets 7,295
Reserve Fund: (Note 4) 8,850
Total Current Assets and Reserve Fund 16,145
Property and Improvements: (Notes 2 and 3)
Land 11,499
Building 122,233
Building improvements 42,040
Total 175,771
Less: Accumulated depreciation 114,487
Net Property and Improvements 61,284
Other Assets and Deferred Charges:
Security deposits (contra) 524
Deferred mortgage closing costs (Note 5) 312
Total Other Assets and Deferred Charges 836
Total Assets 78,265
LIABILITIES
Current Liabilities:
Accrued mortgage interest 190
Accounts payable 751
Due to stockholders - real estate tax abatements 1,853
Advance maintenance 182
Wages and payroll taxes payable 192
Accrued real estate tax 85
Total Current Liabilities 3,252
Long-Term and Other Liabilities:
Mortgage payable (Note 5) 44,982
Security deposits payable (contra) 524
Total Long-Term and Other Liabilities 45,505
Total Liabilities 48,757
STOCKHOLDERS' EQUITY
Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding 1,936
Paid-in capital in excess of par value 114,688
Additional paid-in capital 7,333
Accumulated deficit (94,451)
Total Stockholders' Equity 29,507
Total Liabilities and Stockholders' Equity 78,265

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS
REVENUE
Maintenance - Apartments 33,386
Operating assessments (Note 6) 3,118
Garage lease (Note 7) 2,792
Cell tower income (Note 8) 164
Sublet fees 59
Laundry income 176
Interest and dividends 159
Late and other fees 29
Total Revenue 39,884
COST OF OPERATIONS
Administrative expenses 2,260
Operating expenses 13,972
Repairs and maintenance 1,519
Taxes 19,385
Mortgage interest 2,235
Total Cost Of Operations 39,371
Operating income before special items and depreciation and amortization 513
Apartment transfer fees (Note 2) 841
Adjustment of prior year legal fees -0-
INCOME BEFORE DEPRECIATION AND AMORTIZATION 1,354
Less: Depreciation and amortization 4,221
Net Loss For The Year (2,866)