250 WEST 57TH ST ASSOCIATES L.L.C.

CIK:0000100412|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 minimum annual rent, from a related party	$ 962,923	$ 866,237	$ 1,924,083	$ 1,732,472
Advance of primary overage rent, from a related party	188,000	188,000	376,000	376,000
Total rent income	1,150,923	1,054,237	2,300,083	2,108,472
Interest and dividend income	156	164	394	350
Total revenue	1,151,079	1,054,401	2,300,477	2,108,822
Expenses:
Interest on mortgages	762,452	680,400	1,526,875	1,364,334
Supervisory services, to a related party	31,798	31,426	63,595	62,851
Depreciation of building and tenant improvements	620,068	438,025	1,236,060	838,534
Amortization of leasing costs	77,726	56,786	151,990	111,067
Formation transaction expenses	68,942	24,491	173,756	38,837
Professional fees, including amounts to a related party	192,793	49,229	398,265	103,003
Other	18,038	14,168	32,743	17,168
Total expenses	1,771,817	1,294,525	3,583,284	2,535,794
Net loss	$ (620,738)	$ (240,124)	$ (1,282,807)	$ (426,972)
Loss per $5,000 participation unit, based on 720 participation units outstanding during the period	$ (862.14)	$ (333.51)	$ (426,972.00)	$ (593.02)
Distributions per $5,000 participation unit consisted of the following:
Income
Return of capital	$ 250.00	$ 250.00	$ 500.00	$ 500.00
Total distributions	$ 250.00	$ 250.00	$ 500.00	$ 500.00

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	$ (1,282,807)	$ (426,972)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation of building and tenant improvements	1,236,060	838,534
Amortization of leasing costs	151,990	111,067
Amortization of mortgage refinancing costs	158,521	158,522
Changes in operating assets and liabilities:
Other assets	15,178	(75,503)
Deferred revenue	322,150
Due to Supervisor, a related party	66,018	(25,774)
Accrued mortgage interest	(6,191)	(3,717)
Accrued supervisory fees, a related party		(20,000)
Accrued expenses	8,540	(17,821)
Net cash provided by operating activities	669,459	538,336
Cash flows from investing activities:
Increase in payable to Lessee, a related party		16,984
Net cash provided by investing activities		16,984
Cash flows from financing activities:
Repayment of mortgages payable	(539,246)	(510,308)
Deferred costs	(454,613)	(377,170)
Distributions to Participants	(360,000)	(360,000)
Net cash used in financing activities	(1,353,859)	(1,247,478)
Net decrease in cash and cash equivalents	(684,400)	(692,158)
Cash and cash equivalents, beginning of period	3,320,599	2,325,024
Cash and cash equivalents, end of period	2,636,199	1,632,866
Supplemental disclosure of cash flow information:
Cash paid for interest	1,374,545	1,209,528
Supplemental information of non-cash, investing and financing activities:
Deferred costs included in Due to Supervisor, a related party	154,433	139,730
Purchase of building and tenant improvements included in Payable to Lessee, a related party	$ 6,030,664	$ 7,120,700

Condensed Balance Sheets (USD $)	Jun. 30, 2013	Dec. 31, 2012
Real Estate at 250-264 West 57th Street, New York, New York:
Total real estate, net	$ 45,869,289	$ 44,396,866
Cash and cash equivalents	2,636,199	3,320,599
Due from Supervisor, a related party	60,000	60,000
Deferred costs	1,939,357	1,752,344
Other assets	30,778	45,956
Leasing costs, less accumulated amortization of $1,086,684 in 2013 and $996,614 in 2012, respectively	1,984,957	1,400,573
Mortgage financing costs, less accumulated amortization of $1,738,718 in 2013 and $1,580,197 in 2012, respectively	489,104	647,623
Total assets	53,009,684	51,623,961
Liabilities:
Mortgages payable	52,361,389	52,900,635
Accrued mortgage interest	224,781	230,972
Payable to Lessee, a related party	6,767,038	3,322,181
Deferred revenue	322,150
Accrued expenses	16,010	7,470
Due to Supervisor, a related party	419,653	621,233
Total liabilities	60,111,021	57,082,491
Commitments and contingencies
Members' deficiency (at June 30, 2013 and December 31, 2012, there were 720 units (at $5,000 per unit) of participation units outstanding)	(7,101,337)	(5,458,530)
Total liabilities and members' deficiency	53,009,684	51,623,961
Building [Member]
Real Estate at 250-264 West 57th Street, New York, New York:
Real estate	4,940,682	4,940,682
Less: accumulated depreciation	(4,940,682)	(4,940,682)
Total real estate, net
Building Improvements [Member]
Real Estate at 250-264 West 57th Street, New York, New York:
Real estate	46,777,054	44,256,841
Less: accumulated depreciation	(8,012,016)	(7,423,289)
Total real estate, net	38,765,038	36,833,552
Tenant Improvements [Member]
Real Estate at 250-264 West 57th Street, New York, New York:
Real estate	6,921,375	6,733,105
Less: accumulated depreciation	(1,934,559)	(1,287,226)
Total real estate, net	4,986,816	5,445,879
Land [Member]
Real Estate at 250-264 West 57th Street, New York, New York:
Total real estate, net	$ 2,117,435	$ 2,117,435