60 EAST 42ND STREET ASSOCIATES L.L.C.

CIK:0000090794|SEC Filings

Condensed Statements of Operations (USD $)	3 Months Ended		6 Months Ended
Condensed Statements of Operations (USD $)	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Revenue:
Basic rent income, from a related party	$ 1,879,844	$ 1,868,604	$ 3,748,612	$ 3,737,200
Advance of additional rent income, from a related party	263,450	263,450	526,900	526,900
Total rent income	2,143,294	2,132,054	4,275,512	4,264,100
Dividend and other income	140	195	367	418
Total revenue	2,143,434	2,132,249	4,275,879	4,264,518
Expenses:
Interest on mortgages	1,364,014	1,362,892	2,701,905	2,733,888
Supervisory services to a related party	49,134	48,478	98,269	96,956
Depreciation of building and tenant improvements and equipment	1,010,357	743,812	1,817,854	1,397,208
Amortization of leasing costs	154,079	208,150	274,935	286,083
Formation transaction expenses	132,363	56,229	333,598	82,822
Professional fees, including amounts to a related party	345,470	68,677	713,070	154,358
Other	23,866	15,887	40,841	15,887
Total expenses	3,079,283	2,504,125	5,980,472	4,767,202
Net loss	$ (935,849)	$ (371,876)	$ (1,704,593)	$ (502,684)
Loss per $10,000 participation unit, based on 700 participation units outstanding during each period	$ (1,336.93)	$ (531.25)	$ (2,435.13)	$ (718.12)
Distributions per $10,000 participation unit consisted of the following:
Income
Return of capital	$ 373.72	$ 373.72	$ 747.44	$ 747.44
Total distributions	$ 373.72	$ 373.72	$ 747.44	$ 747.44

Condensed Statements of Cash Flows (USD $)	6 Months Ended
Condensed Statements of Cash Flows (USD $)	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities:
Net loss	$ (1,704,593)	$ (502,684)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation of building and tenant improvements and equipment	1,817,854	1,397,208
Amortization of leasing costs	274,935	286,083
Amortization of mortgage refinancing costs	203,702	181,808
Leasing costs paid	(707,575)
Changes in operating assets and liabilities:
Other receivable		(5,844)
Prepaid insurance	15,764	(31,617)
Rent receivable	(11,075)
Due to Supervisor, a related party	171,249	(171,210)
Accrued expenses	10,118	(19,500)
Accrued supervisory fees to a related party		(81,265)
Accrued mortgage interest	6,383	(5,392)
Net cash provided by operating activities	76,762	1,047,587
Cash flows from investing activities:
Purchase of building and tenant improvements	(2,547,185)	(947,932)
Net cash used in investing activities	(2,547,185)	(947,932)
Cash flows from financing activities:
Receivable from Participants-NYS estimated tax	(47,248)
Refinancing costs	(394,088)
Proceeds from mortgage payable	4,382,397
Repayment of mortgages payable	(1,234,434)	(1,168,067)
Distributions to Participants	(523,210)	(523,210)
Deferred costs	(513,634)	(1,999,293)
Net cash provided by (used in) financing activities	1,669,783	(3,690,570)
Net decrease in cash and cash equivalents	(800,640)	(3,590,915)
Cash and cash equivalents, beginning of period	2,095,727	10,466,377
Cash and cash equivalents, end of period	1,295,087	6,875,462
Supplemental disclosure of cash flow information:
Cash paid for interest	2,491,820	2,557,470
Non-cash investing and financing activities:
Deferred costs included in Due to Supervisor, a related party	296,499	297,983
Purchase of Building and tenant improvements included in payable to Lessee, a related party	$ 2,215,574	$ 2,045,392

Condensed Balance Sheets (USD $)	Jun. 30, 2013	Dec. 31, 2012
Building: One Grand Central Place, located at 60 East 42nd Street and 301 Madison Avenue, New York, N.Y.
Total real estate, net	$ 70,538,558	$ 67,615,604
Cash and cash equivalents	1,295,087	2,095,727
Due from Supervisor, a related party	87,202	87,202
Receivable from Participants - NYS estimated tax	47,248
Rent receivable	11,075
Prepaid insurance		15,764
Deferred costs	3,669,736	3,310,685
Leasing costs, less accumulated amortization of $1,639,896 in 2013 and $1,749,117 in 2012	3,475,858	3,043,218
Mortgage refinancing costs, less accumulated amortization of $2,392,550 in 2013 and $2,188,848 in 2012	875,169	684,783
Total assets	79,999,933	76,852,983
Liabilities:
Mortgages payable	92,257,412	89,109,449
Accrued mortgage interest	423,929	417,546
Payable to Lessee, a related party	2,215,574	21,951
Due to Supervisor, a related party	805,699	789,033
Accrued expenses	14,533	4,415
Total liabilities	95,717,147	90,342,394
Commitments and contingencies
Members' deficiency (at March 31, 2013 and December 31, 2012, there were 700 units (at $10,000 per unit) of participation units outstanding)	(15,717,214)	(13,489,411)
Total liabilities and members' deficiency	79,999,933	76,852,983
Building [Member]
Building: One Grand Central Place, located at 60 East 42nd Street and 301 Madison Avenue, New York, N.Y.
Real estate	16,960,000	16,960,000
Less: accumulated depreciation	(16,960,000)	(16,960,000)
Building Improvements and Equipment [Member]
Building: One Grand Central Place, located at 60 East 42nd Street and 301 Madison Avenue, New York, N.Y.
Real estate	68,910,171	68,039,708
Less: accumulated depreciation	(14,794,995)	(13,918,390)
Total real estate, net	54,115,176	54,121,318
Tenant Improvements [Member]
Building: One Grand Central Place, located at 60 East 42nd Street and 301 Madison Avenue, New York, N.Y.
Real estate	12,636,874	8,779,779
Less: accumulated depreciation	(3,453,492)	(2,525,493)
Total real estate, net	9,183,382	6,254,286
Land [Member]
Building: One Grand Central Place, located at 60 East 42nd Street and 301 Madison Avenue, New York, N.Y.
Total real estate, net	$ 7,240,000	$ 7,240,000