Apartment Report

Year Ended 2018-12-31

310 Lexington Ave
New York
NY 10016

310 Lexington Owners Corp.

Financial Statements

Balance Sheets

Assets
Cash - operating 44,806
Cash and cash equivalents - reserve fund 665,175
Bank certificates of deposits - reserve fund 249,118
Due from shareholders 48,828
Due from commercial tenants 15,471
Other receivables 1,405
Prepaid real estate taxes -0-
Prepaid expenses 23,379
Property and equipment - net 3,173,909
Investment in NCB stock 9,929
Security deposits held 127,444
Total Assets 4,359,464
Liabilities and Shareholders' Equity
Liabilities
Accounts payable and accrued expenses 75,343
Capital improvements payable -0-
Abatements payable 104,084
Maintenance charges received in advance 6,040
Deferred commercial rent 54,696
Mortgage payable 3,600,000
Less: Mortgage costs - net (26,218)
Security deposits payable 127,444
Total Liabilities 3,941,389
Shareholders' Equity
Capital stock 99,010
Additional paid-in capital 6,239,192
Retained earnings (deficit) (5,920,127)
Total Shareholders' Equity 418,075
Total Liabilities and Shareholders' Equity 4,359,464

Statements of Operations

Income
Maintenance charges 2,198,260
Less: Abatements (209,410)
Operating assessments 236,891
Commercial rent 203,351
Transfer fees 38,925
Laundry income 9,000
Other income 56,879
Total Income 2,533,896
Expenses
Real estate taxes 1,366,886
Less: Abatements (209,410)
Mortgage interest 140,160
Payroll and related expenses 682,081
Electric and gas 30,916
Heating 66,476
Water and sewer 55,608
Repairs and maintenance 113,882
Insurance 47,317
Management fees 56,593
Professional fees 42,352
Corporation taxes 13,352
Office and administration 23,369
Total Expenses 2,429,582
Income from Operations 104,314
Other Items
Capital assessment 443,683
Commercial rent - straight-line adjustment 8,586
Depreciation (259,250)
Interest - amortization of mortgage costs (4,221)
Net Income (Loss) 293,112