Apartment Report

Year Ended 2010-12-31

330 3 Ave
New York
NY 10010

330 Third Avenue Owners' Corp.

Financial Statements

Balance Sheets

Assets
Cash 171,944
Cash - Real Estate Tax Escrow 278,775
Reserve Funds - Cash 167,353
Reserve Funds - Investments 600,033
Accounts Receivable 18,603
Accounts Receivable - Commercial 153,914
Allowance for Doubtful Receivable (153,914)
Prepaid Expenses 40,985
Environmental Escrow 16,716
Property and Equipment - Net 4,499,813
Investment in NCB Stock 12,951
Mortgage Costs - Net 24,459
Leasing Costs - Net 29,050
Total Assets 5,860,682
Liabilities and Shareholders' Equity
Liabilities
Accounts Payable and Accrued Expenses 104,179
Capital Improvements Payable 136,288
Abatements Due to Shareholders 153,539
Maintenance Charges Received in Advance 32,136
Deferred Commercial Rent -0-
Mortgage Payable 1,858,678
Security Deposits Payable 9,989
Total Liabilities 2,294,809
Shareholders’ Equity
Capital Stock 18,338
Additional Paid in Capital 8,994,751
Retained Earnings (Deficit) (5,447,216)
Total Shareholders’ Equity 3,565,873
Total Liabilities and Shareholders' Equity 5,860,682

Statements of Operations

Income
Maintenance Charges 2,598,861
Less: Abatements (295,208)
Operating Assessments 258,566
Commercial Rent 354,557
Less: Provision for Doubtful Receivable (153,914)
Laundry Income 22,000
Storage Fees -0-
Transfer Fee Income 10,480
Investment Income 13,595
Other Income 57,418
Total Income 2,866,355
Expenses
Real Estate Taxes 1,590,421
Less: Abatements (295,208)
Interest Expense 104,545
Payroll and Related Expenses 696,389
Electric and Gas 74,566
Heating 126,077
Water and Sewer 91,119
Repairs and Maintenance 145,824
Insurance 83,039
Management Fees 85,407
Professional Fees 59,894
Corporation Taxes 24,319
Office and Administration 23,666
Total Expenses 2,810,058
Income From Operations 56,297
Other Items
Capital Assessments 70,050
Commercial Rent - Straight-Line Adjustment (Note 2) (22,609)
Provision for Doubtful Receivable - Straight-Line Adjustment (239,924)
Environmental Remediation Costs (13,211)
Depreciation and Amortization (85,920)
Net Income (Loss) (235,317)