Apartment Report

Year Ended 2011-12-31

330 3 Ave
New York
NY 10010

330 Third Avenue Owners' Corp.

Financial Statements

Balance Sheets

Assets
Cash 259,509
Cash - Real Estate Tax Escrow 263,288
Reserve Funds - Cash 308,267
Reserve Funds - Investments 504,995
Accounts Receivable 28,304
Accounts Receivable - Commercial 346,957
Allowance for Doubtful Receivable (346,957)
Prepaid Expenses 50,406
Environmental Escrow 16,758
Property and Equipment - Net 4,490,603
Investment in NCB Stock 12,774
Mortgage Costs - Net 20,634
Leasing Costs - Net -0-
Total Assets 5,955,538
Liabilities and Shareholders' Equity
Liabilities
Accounts Payable and Accrued Expenses 136,013
Capital Improvements Payable 15,177
Abatements Due to Shareholders 158,060
Maintenance Charges Received in Advance 36,290
Deferred Commercial Rent 141,703
Mortgage Payable 1,813,759
Security Deposits Payable 7,250
Total Liabilities 2,308,252
Shareholders’ Equity
Capital Stock 18,338
Additional Paid in Capital 8,994,751
Retained Earnings (Deficit) (5,365,803)
Total Shareholders’ Equity 3,647,286
Total Liabilities and Shareholders' Equity 5,955,538

Statements of Operations

Income
Maintenance Charges 2,726,714
Less: Abatements (313,105)
Operating Assessments 275,070
Commercial Rent 421,907
Less: Provision for Doubtful Receivable (193,043)
Laundry Income 22,000
Storage Fees 14,580
Transfer Fee Income 13,940
Investment Income 12,626
Other Income 59,340
Total Income 3,040,029
Expenses
Real Estate Taxes 1,668,079
Less: Abatements (313,105)
Interest Expense 102,107
Payroll and Related Expenses 701,687
Electric and Gas 65,837
Heating 130,386
Water and Sewer 96,295
Repairs and Maintenance 149,679
Insurance 88,634
Management Fees 85,407
Professional Fees 69,861
Corporation Taxes 26,216
Office and Administration 25,485
Total Expenses 2,896,568
Income From Operations 143,461
Other Items
Capital Assessments 197,909
Commercial Rent - Straight-Line Adjustment (Note 2) (141,703)
Provision for Doubtful Receivable - Straight-Line Adjustment -0-
Environmental Remediation Costs -0-
Depreciation and Amortization (118,254)
Net Income (Loss) 81,413