EMPIRE STATE BUILDING ASSOCIATES L.L.C.

CIK:0000032776|SEC Filings

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
Condensed Consolidated Statements of Operations (USD $)	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Revenue:
Rent income, from a related party	$ 3,050,970	$ 2,522,042	$ 5,896,327	$ 4,813,521
Interest and other income	1,279	474	1,850	1,000
Total revenue	3,052,249	2,522,516	5,898,177	4,814,521
Expenses:
Interest on mortgage	3,453,594	2,122,282	6,494,558	3,949,961
Supervisory services, to a related party	205,326	202,681	410,652	405,362
Depreciation of building and tenant improvements	2,895,366	1,874,586	5,311,319	3,423,756
Amortization of leasing costs	448,881	379,325	809,027	647,767
Formation transaction expenses	500,421	208,471	1,261,223	330,604
Professional fees, including amounts paid to a related party	1,144,277	205,949	2,440,414	427,474
Other	62,185	3,026	119,032	20,373
Total expenses	8,710,050	4,996,320	16,846,225	9,205,297
Net loss	(5,657,801)	(2,473,804)	(10,948,048)	(4,390,776)
Loss per $10,000 participation unit, based on 3,300 participation units outstanding during the period	$ (1,714.49)	$ (749.64)	$ (3,317.59)	$ (1,330.54)
Distributions per $10,000 participation unit consisted of the following:
Income
Return of capital	$ 294.65	$ 294.65	$ 4,605.66	$ 5,844.75
Total distributions	$ 294.65	$ 294.65	$ 4,605.66	$ 5,844.75

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
Condensed Consolidated Statements of Cash Flows (USD $)	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities:
Net loss	$ (10,948,048)	$ (4,390,776)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation of building and tenant improvements	5,311,319	3,423,756
Amortization of mortgage financing costs	2,723,066	1,359,955
Amortization of leasing costs	809,027	647,767
Changes in operating assets and liabilities:
Restricted cash	(72,560)	(127,462)
Other receivables	316,148	(243,256)
Other assets	61,042	(126,197)
Overage rent due from Sublessee, a related party	24,199,368	28,780,449
Due from Sublessee, a related party	113,645
Leasing costs paid	(4,963,619)	(1,752,779)
Accrued mortgage interest	72,559	47,404
Due to Supervisor, a related party	979,963	(219,391)
Accrued supervisory fees, to a related party	(846,000)	(1,107,000)
Accrued expenses	4,465	(24,831)
Net cash provided by operating activities	17,760,375	26,267,639
Cash flows from investing activities:
Purchase of building and tenant improvements	(17,781,516)	(33,289,998)
Advance to Sublessee		(15,060,562)
Increase (decrease) in due to/from Sublessee, a related party		(54,139)
Net cash used in investing activities	(17,781,516)	(48,404,699)
Cash flows from financing activities:
Proceeds from mortgage payable	50,000,000	30,000,000
Deferred costs	(1,484,875)	(3,210,459)
Financing costs	(1,738,789)	(1,173,319)
Distributions to Participants	(15,198,667)	(19,287,666)
Net cash provided by financing activities	31,577,669	6,328,556
Net increase (decrease) in cash and cash equivalents	31,556,528	(15,808,504)
Cash and cash equivalents, beginning of period	4,359,664	23,236,067
Cash and cash equivalents, end of period	35,916,192	7,427,563
Supplemental disclosure of cash flow information:
Cash paid for interest	3,698,933	2,542,602
Non-cash investing and financing activities:
Purchase of building and tenant improvements and improvements in progress included in Due to Sublessee, a related party	17,435,294	8,624,073
Deferred costs included in Due to Supervisor, a related party	$ 1,120,963	$ 1,189,397

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2013	Dec. 31, 2012
Real Estate:
Total real estate, net	$ 182,648,799	$ 149,607,378
Cash and cash equivalents	35,916,192	4,359,664
Restricted cash	781,354	708,794
Due from Supervisor, a related party	324,111	324,111
Overage rent due from Sublessee, a related party		24,199,368
Other receivables	175,424	491,572
Due from Sublessee, a related party	8,778,000	15,174,264
Deferred costs	13,609,564	12,403,174
Other assets		61,042
Leasing costs, less accumulated amortization of $2,597,052 in 2013 and $1,928,113 in 2012	24,156,134	20,001,542
Mortgage financing costs, less accumulated amortization of $7,098,234 in 2013 and $4,375,168 in 2012	6,384,933	7,369,210
Total assets	272,774,511	234,700,119
Liabilities:
Mortgage payable	269,000,000	219,000,000
Accrued mortgage interest	758,651	686,092
Due to Sublessee, a related party	17,435,294	3,146,689
Accrued supervisory fees, to a related party		846,000
Accrued expenses	31,324	26,859
Due to Supervisor, a related party	2,895,026	2,193,548
Total liabilities	290,120,295	225,899,188
Commitments and contingencies
Members' equity (deficiency) (at June 30, 2013 and December 31, 2012, there were 3,300 units (at $10,000 per unit) of participation units outstanding)	(17,345,784)	8,800,931
Total liabilities and members' equity (deficiency)	272,774,511	234,700,119
Building [Member]
Real Estate:
Real estate	38,933,801	38,933,801
Less: Accumulated depreciation	(11,189,964)	(10,690,833)
Total real estate, net	27,743,837	28,242,968
Building Improvements [Member]
Real Estate:
Real estate	61,826,131	45,641,988
Less: Accumulated depreciation	(2,475,802)	(1,731,973)
Total real estate, net	59,350,329	43,910,015
Building Improvements in Progress [Member]
Real Estate:
Total real estate, net	18,880,998	19,184,883
Tenant Improvements [Member]
Real Estate:
Real estate	66,176,460	43,703,979
Less: Accumulated depreciation	(11,053,413)	(6,985,055)
Total real estate, net	55,123,047	36,718,924
Land [Member]
Real Estate:
Total real estate, net	$ 21,550,588	$ 21,550,588