UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 10-QSB

(Mark One)

  [x]             QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                  SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended      March 31, 2004
                                     --------------
                                OR

  [ ]             TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                           OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to

                  Commission file number    1-8594
                                            ------

                         PRESIDENTIAL REALTY CORPORATION
                        ---------------------------------
         (Exact name of small business issuer as specified in its charter)

         Delaware                                      13-1954619
        --------                                       ----------
(State or other jurisdiction of                   (I.R.S.  Employer
 incorporation or organization)                    Identification No.)

180 South Broadway, White Plains, New York 10605
-------------------------------------------------
(Address of principal executive offices)

Issuer's telephone number, including area code  914-948-1300
                                                ------------
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such fling requirements for the past 90 days.
Yes       x         No
       --------          --------

The number of shares outstanding of each of the issuer's classes of common stock
as of the close of business on May 7, 2004 was 478,840 shares of Class A common
and 3,314,013 shares of Class B common.

Transitional Small Business Disclosure Format (check one):
Yes               No   x
    -----            ------





                PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES
                -------------------------------------------------


                              Index to Form 10-QSB
                           For the Three Months Ended
                                 March 31, 2004






Part I   Financial Information (Unaudited)

  Item 1.         Financial Statements
                           Consolidated Balance Sheets
                           Consolidated Statements of Operations
                           Consolidated Statements of Cash Flows
                           Notes to Consolidated
                             Financial Statements

  Item 2.         Management's Discussion and Analysis of
                    Financial Condition and Results of Operations

                  Quantitative and Qualitative Disclosures
                    about Market Risk

  Item 3.         Controls and Procedures


Part II  Other Information

  Item 6.         Exhibits and Reports on Form 8-K









<TABLE>
PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
<CAPTION>



                                                                                      March 31,            December 31,
                                                                                        2004                   2003
                                                                                    --------------        ---------------
Assets
<S>                                                                                    <C>                    <C>
  Real estate (Note 2)                                                                $21,706,244            $21,733,005
    Less: accumulated depreciation                                                      6,751,596              6,617,535
                                                                                    --------------        ---------------

  Net real estate                                                                      14,954,648             15,115,470
                                                                                    --------------        ---------------

  Mortgage portfolio (Note 3):
    Sold properties and other - net                                                    21,356,993             21,375,192
    Related parties - net                                                                 303,249                316,573
                                                                                    --------------        ---------------

  Net mortgage portfolio (of which $136,657 in 2004
      and $112,730 in 2003 are due within one year)                                    21,660,242             21,691,765
                                                                                    --------------        ---------------

  Assets related to discontinued operations (Note 4)                                   22,089,071             22,158,540
  Prepaid expenses and deposits in escrow                                               1,492,946              1,198,753
  Other receivables (net of valuation allowance of
    $272,278 in 2004 and $180,613 in 2003)                                              1,018,915                770,360
  Cash and cash equivalents                                                             1,628,346              1,372,818
  Other assets                                                                            788,057                803,062
                                                                                    --------------        ---------------

Total Assets                                                                          $63,632,225            $63,110,768
                                                                                    ==============        ===============

Liabilities and Stockholders' Equity

  Liabilities:
    Mortgage debt (of which $270,235 in 2004 and
      $261,799 in 2003 are due within one year)                                       $16,678,369            $16,741,884
    Liabilities related to discontinued operations (Note 4)                            21,358,445             21,472,782
    Contractual pension and postretirement benefits liabilities (Note 10)               3,395,001              3,396,393
    Defined benefit plan liability (Note 11)                                            1,379,201              1,393,341
    Accrued liabilities                                                                 1,279,212              1,129,188
    Accounts payable                                                                      307,406                344,067
    Distributions from partnership in excess of investment and earnings (Note 5)        2,400,815              2,411,112
    Other liabilities                                                                     489,521                444,238
                                                                                    --------------        ---------------

Total Liabilities                                                                      47,287,970             47,333,005
                                                                                    --------------        ---------------


Minority Interest in Consolidated Partnership (Note 6)                                     63,544                 69,346
                                                                                    --------------        ---------------


  Stockholders' Equity:
     Common stock; par value $.10 per share
       Class A, authorized 700,000 shares, issued 478,940 shares
          and 100 shares held in treasury                                                  47,894                 47,894
       Class B        March 31, 2004                   December 31, 2003                  331,551                330,667
       -----------     ----------------------          -----------------
      Authorized:         10,000,000                          10,000,000
      Issued:              3,315,507                           3,306,674
      Treasury:                1,897                               1,897

    Additional paid-in capital                                                          3,253,473              3,189,840
    Retained earnings                                                                  15,733,181             15,374,021
    Accumulated other comprehensive loss (Note 8)                                      (2,843,480)            (2,845,097)
    Treasury stock (at cost)                                                              (21,408)               (21,408)
    Notes receivable for exercise of stock options                                       (220,500)              (367,500)
                                                                                    --------------        ---------------

Total Stockholders' Equity                                                             16,280,711             15,708,417
                                                                                    --------------        ---------------

Total Liabilities and Stockholders' Equity                                            $63,632,225            $63,110,768
                                                                                    ==============        ===============



  See notes to consolidated financial statements.
</TABLE>



<TABLE>
PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
<CAPTION>





                                                                        THREE MONTHS ENDED MARCH 31,
                                                                       ----------------------------------

                                                                          2004                  2003
                                                                       ------------          ------------
Revenues:
<S>                                                                     <C>                   <C>
  Rental                                                                $1,340,475            $1,390,032
  Interest on mortgages - sold properties and other                        732,576               623,569
  Interest on mortgages - related parties                                  159,075               101,129
  Other revenues                                                             9,314                 5,438
                                                                       ------------          ------------

Total                                                                    2,241,440             2,120,168
                                                                       ------------          ------------

Costs and Expenses:
  General and administrative                                               836,440               828,640
  Depreciation on non-rental property                                        5,252                 6,290
  Rental property:
    Operating expenses                                                     781,925               752,043
    Interest on mortgage debt                                              310,214               296,000
    Real estate taxes                                                      161,189               155,902
    Depreciation on real estate                                            144,176               142,884
    Amortization of mortgage costs                                           9,024                 6,588
                                                                       ------------          ------------

Total                                                                    2,248,220             2,188,347
                                                                       ------------          ------------

Other Income:
  Investment income                                                         11,828                27,587
  Equity in income of partnership                                           66,097                82,470
                                                                       ------------          ------------

Income before minority interest and net gain
  from sales of properties                                                  71,145                41,878

Minority interest                                                           (2,948)               (4,705)
                                                                       ------------          ------------

Income before net gain from sales of properties                             68,197                37,173

Net gain from sales of properties                                          913,945               908,492
                                                                       ------------          ------------

Income from continuing operations                                          982,142               945,665

Loss from discontinued operations (Note 4)                                 (16,913)             (127,764)
                                                                       ------------          ------------

Net Income                                                                $965,229              $817,901
                                                                       ============          ============


Earnings per Common Share (basic and diluted):
  Income before net gain from sales of properties                            $0.02                 $0.01

  Net gain from sales of properties                                           0.24                  0.24
                                                                       ------------          ------------

  Income from continuing operations                                           0.26                  0.25

  Loss from discontinued operations                                          (0.01)                (0.03)
                                                                       ------------          ------------

  Net Income per Common Share - basic                                        $0.25                 $0.22
                                                                       ============          ============
                              - diluted                                      $0.25                 $0.22
                                                                       ============          ============

Cash Distributions per Common Share                                          $0.16                 $0.16
                                                                       ============          ============

Weighted Average Number of Shares Outstanding - basic                    3,787,700             3,753,072
                                                                       ============          ============
                                              - diluted                  3,794,900             3,756,401
                                                                       ============          ============

See notes to consolidated financial statements.
</TABLE>







<TABLE>
PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
<CAPTION>


                                                                         THREE MONTHS ENDED MARCH 31,
                                                                     ------------------------------------

                                                                         2004                   2003
                                                                     --------------         -------------
Cash Flows from Operating Activities:
<S>                                                                     <C>                   <C>
  Cash received from rental properties                                  $1,200,275            $1,378,274
  Interest received                                                        839,779               723,625
  Distributions received from partnership                                   55,800                79,051
  Miscellaneous income                                                       8,690                 4,814
  Interest paid on rental property mortgage debt                          (305,125)             (296,735)
  Cash disbursed for rental property operations                         (1,099,274)           (1,009,966)
  Cash disbursed for general and administrative costs                     (851,293)           (1,036,237)
                                                                     --------------         -------------

Net cash used in continuing operations                                    (151,148)             (157,174)
Net cash (used in) provided by discontinued operations                     (52,060)               94,407
                                                                     --------------         -------------

Net cash used in operating activities                                     (203,208)              (62,767)
                                                                     --------------         -------------

Cash Flows from Investing Activities:
  Cash flows from continuing operations:
    Payments received on notes receivable                                   69,809             2,476,786
    Payments disbursed for investments in notes receivable                     -              (1,500,000)
    Payments of taxes payable on gain from sale                                -                (498,750)
    Payments disbursed for additions and improvements                      (86,047)              (35,682)
    Proceeds from sales of co-op apartments                              1,015,828                    -
    Purchase of additional interest in partnership                             -                 (39,443)
    Other                                                                      -                  (8,216)
                                                                     --------------         -------------

                                                                           999,590               394,695
                                                                     --------------         -------------

   Cash flows from discontinued operations:
     Payments disbursed for additions and improvements                      (7,463)              (21,202)
                                                                     --------------         -------------

                                                                            (7,463)              (21,202)
                                                                     --------------         -------------

Net cash provided by investing activities                                  992,127               373,493
                                                                     --------------         -------------

Cash Flows from Financing Activities:
  Cash flows from continuing operations:
    Principal payments on mortgage debt                                    (63,515)              (57,782)
    Mortgage costs paid                                                     (8,347)                   -
    Distributions to minority partners                                      (8,750)                   -
    Cash distributions on common stock                                    (606,069)             (600,735)
    Cash received from loan repayment by officer                           147,000                    -
    Proceeds from dividend reinvestment and share purchase plan             41,675                69,223
                                                                     --------------         -------------

                                                                          (498,006)             (589,294)
                                                                     --------------         -------------

   Cash flows from discontinued operations:
    Principal payments on mortgage debt                                    (35,385)              (57,680)
                                                                     --------------         -------------

                                                                           (35,385)              (57,680)
                                                                     --------------         -------------

Net cash used in financing activities                                     (533,391)             (646,974)
                                                                     --------------         -------------

Net Increase (Decrease) in Cash and Cash Equivalents                       255,528              (336,248)

Cash and Cash Equivalents, Beginning of Period                           1,372,818             6,738,768
                                                                     --------------         -------------

Cash and Cash Equivalents, End of Period                                $1,628,346            $6,402,520
                                                                     ==============         =============



See notes to consolidated financial statements.
</TABLE>






<TABLE>
PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
<CAPTION>


                                                                                  THREE MONTHS ENDED MARCH 31,
                                                                              ------------------------------------------

                                                                                   2004                       2003
                                                                              ----------------           ---------------

<S>                                                                            <C>                        <C>
Reconciliation of Net Income to Net Cash
  Used in Operating Activities

Net Income                                                                           $965,229                  $817,901
                                                                              ----------------           ---------------


Adjustments to reconcile net income to net cash used in continuing operations:
    Net gain from sales of properties                                                (913,945)                 (908,492)
    Loss from discontinued operations                                                  16,913                   127,764
    Equity in income of partnership                                                   (66,097)                  (82,470)
    Depreciation and amortization                                                     158,452                   155,762
    Issuance of stock for fees and expenses                                             5,710                     5,231
    Amortization of discounts on notes and fees                                       (38,286)                  (36,464)
    Minority interest                                                                   2,948                     4,705
    Distributions received from  partnership                                           55,800                    79,051

    Changes in assets and liabilities:
    Increase in other receivables                                                    (196,567)                  (83,911)
    Increase (decrease) in accounts payable and accrued liabilities                     7,485                  (126,522)
    Increase in other liabilities                                                      57,514                    70,877
    Increase in prepaid expenses, deposits in escrow
      and deferred charges                                                           (205,680)                 (179,982)
    Other                                                                                (624)                     (624)
                                                                              ----------------           ---------------

Total adjustments                                                                  (1,116,377)                 (975,075)
                                                                              ----------------           ---------------

Net cash used in continuing operations                                               (151,148)                 (157,174)
                                                                              ----------------           ---------------


Discontinued operations:

  Loss from Discontinued Operations                                                   (16,913)                 (127,764)
                                                                              ----------------           ---------------

  Adjustments to reconcile loss to net cash (used in) provided by discontinued
    operations:
      Depreciation and amortization                                                        -                    190,447
      Net change in operating assets and liabilities                                  (35,147)                   31,724
                                                                              ----------------           ---------------

  Total adjustments                                                                   (35,147)                  222,171
                                                                              ----------------           ---------------

Net cash (used in) provided by discontinued operations                                (52,060)                   94,407
                                                                              ----------------           ---------------

Net cash used in operating activities                                               ($203,208)                 ($62,767)
                                                                              ================           ===============



See notes to consolidated financial statements.
</TABLE>



PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2004

Presidential Realty Corporation ("Presidential" or the "Company"), a Real Estate
Investment Trust ("REIT"), is engaged principally in the ownership of income
producing real estate and in the holding of notes and mortgages secured by real
estate. Presidential operates in a single business segment, investments in real
estate related assets.

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. Principles of Consolidation - The consolidated financial statements include
the accounts of Presidential Realty Corporation and its wholly owned
subsidiaries. Additionally, the consolidated financial statements include 100%
of the account balances of UTB Associates, a partnership in which Presidential
is the general partner and owns a 75% interest. All significant intercompany
balances and transactions have been eliminated.

B. Net Income Per Share - Basic net income per share data is computed by
dividing net income by the weighted average number of shares of Class A and
Class B common stock outstanding during each period. Diluted net income per
share is computed by dividing net income by the weighted average shares
outstanding, including the dilutive effect, if any, of stock options
outstanding. The dilutive effect of stock options is calculated using the
treasury stock method.

C. Basis of Presentation - The accompanying unaudited consolidated financial
statements have been prepared in accordance with accounting principles generally
accepted in the United States of America for interim financial information. The
results for such interim periods are not necessarily indicative of the results
to be expected for the year. In the opinion of management, all adjustments
(consisting of only normal recurring accruals) considered necessary for a fair
presentation of the results for the respective periods have been reflected.
These consolidated financial statements and accompanying notes should be read in
conjunction with the Company's Form 10-K for the year ended December 31, 2003.

D. Management Estimates - In preparing the consolidated financial statements in
conformity with accounting principles generally accepted in the United States of
America, management is required to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities as of the date of the consolidated balance sheets and the
reported amounts of income and expense for the reporting period. Actual results
could differ from those estimates.

E. Discontinued Operations - The Company complies with the provisions of
Statement of Financial Accounting Standards ("SFAS") No. 144, "Accounting for
the Impairment or Disposal of Long-Lived Assets". This statement requires that
the results of operations, including impairment, gains and losses related to the
properties that have been sold or properties that are intended to be sold be
presented as discontinued operations in the statements of operations for all
periods presented and the assets and liabilities of properties intended to be
sold are to be separately classified on the balance sheet. Properties designated
as held for sale are carried at the lower of cost or fair value less costs to
sell and are not depreciated.

F. Adoption of Recent Accounting Pronouncements - In January of 2003, the
Financial Accounting Standards Board ("FASB") issued Interpretation No. 46,
"Consolidation of Variable Interest Entities", which was amended by
Interpretation No. 46(R) in December of 2003. This Interpretation clarifies the
application of existing accounting pronouncements to certain entities in which
equity investors do not have the characteristics of a controlling financial
interest or do not have sufficient equity at risk for the entity to finance its
activities without additional subordinated financial support from other parties.
As it applied to Presidential, Interpretation No. 46(R) was immediately
effective for all variable interest entities on March 31, 2004. The adoption of
Interpretation No. 46 had no impact on the Company's consolidated financial
statements.


2. REAL ESTATE

         Real estate is comprised of the following:

                                     March 31,              December 31,
                                       2004                     2003
                                     -----------             -----------

Land                                 $ 2,575,377             $ 2,595,475
Buildings                             18,963,021              18,970,670
Furniture and equipment                  167,846                 166,860
                                     -----------             -----------
Total real estate                    $21,706,244             $21,733,005
                                     ===========             ===========

For the period ended March 31, 2004, four of the properties owned by the Company
represented 30%, 19%, 15% and 12% of total rental revenue and 28%, 19%, 16% and
13% of total rental revenue for the period ended March 31, 2003.


3. MORTGAGE PORTFOLIO

The components of the net mortgage portfolio at March 31, 2004 and December 31,
2003 are as follows:

                              Sold
                           Properties            Related
March 31, 2004              and Other            Parties             Total
--------------             -----------          ----------         -----------

Notes receivable           $28,605,148           $359,777          $28,964,925
Less: Discounts              1,014,765             56,528            1,071,293
      Deferred gains         6,233,390                               6,233,390
                           -----------           --------          -----------
Net mortgage portfolio     $21,356,993           $303,249          $21,660,242
                           ===========           ========          ===========

December 31, 2003
-----------------

Notes receivable           $28,656,210           $378,524          $29,034,734
Less: Discounts              1,047,628             61,951            1,109,579
      Deferred gains         6,233,390                               6,233,390
                           -----------           --------          -----------
Net mortgage portfolio     $21,375,192           $316,573          $21,691,765
                           ===========           ========          ===========

At March 31, 2004, all of the notes in the Company's mortgage portfolio are
current in accordance with their terms, as modified.


4. DISCONTINUED OPERATIONS

For the periods ended March 31, 2004 and 2003, loss from discontinued operations
includes income from the Continental Gardens property, which is under contract
for sale, and loss from the Preston Lake Apartments property, which had been
marketed for sale. Both of these properties have been designated as held for
sale.

As a result of the Company's default on the first mortgage note secured by the
Preston Lake Apartments property and the appointment of a receiver by the
mortgagee in late February, 2004, the loss from operations for the 2004 period
reflects only two months for the Preston Lake Apartments property.




The following table summarizes the loss from the properties being held for sale:

                                                   Three Months Ended
                                                         March 31,
                                                 -----------------------
                                                2004                  2003
                                                ----                  ----
Revenues:
   Rental                                     $ 791,214            $1,070,993
                                              ---------            ----------
Rental property expenses:
   Operating expenses                          348,094               469,447
   Interest on mortgage debt                   339,293               435,973
   Real estate taxes                           120,813               101,667
   Depreciation on real estate                                       182,182
   Amortization of mortgage costs                                      8,265
                                              --------            ----------
Total                                          808,200             1,197,534
                                              --------            ----------

Other income:
   Investment income                                73                (1,223)
                                              --------            ----------

Loss from discontinued operations            $( 16,913)           $ (127,764)
                                             =========            ==========

In 2003, the Company entered into a contract for the sale of the Continental
Gardens property in Miami, Florida for a sales price of $21,500,000. The sale is
expected to close in the second or third quarter of 2004. If the sale is
completed pursuant to this contract, the gain from the sale, for financial
reporting purposes, is estimated to be approximately $11,200,000. Presidential
intends to utilize all or a portion of the net proceeds from the sale to
purchase another property or properties and to treat the sale and purchase as a
tax free exchange under Section 1031 of the Internal Revenue Code ("IRC"). There
can be no assurances, however, that the sale will close or that the amount
ultimately realized will not change from the amount described herein or that a
satisfactory exchange property will be found. However, if a successful tax free
exchange under Section 1031 of the IRC does not occur, the Company would be
subject to tax on its undistributed capital gains.

In 2003, the Company also decided to sell Preston Lake Apartments, a 320-unit
apartment property in Tucker, Georgia. Based upon offers made by prospective
purchasers, the Company estimated that the fair value of the property, less
costs to sell, was below the $16,204,950 net carrying value of the property.
Therefore, in 2003, based on its decision to sell the property in the near term,
rather than to hold it as a long-term investment, the Company recorded an
impairment charge in the amount of $3,110,000 to reduce the carrying value of
the assets related to discontinued operations to their estimated fair value less
costs to sell.

In February, 2004, the Company decided not to make the monthly payment due
February 1, 2004 on the first mortgage note secured by Preston Lake Apartments.
The outstanding principal balance of the mortgage debt on February 1, 2004 was
$13,595,028. The mortgage note is nonrecourse and the Company has no personal
liability for repayment of the indebtedness. The holder of the first mortgage
commenced foreclosure proceedings and Presidential consented to the appointment
of a receiver for the property. The Company continued to attempt to sell the
property for a price approximately equal to the outstanding principal balance of
the mortgage. On May 4, 2004, the property was sold in a foreclosure sale by the
holder of the first mortgage.

The combined assets and liabilities of the Continental Gardens and the Preston
Lake Apartments properties are segregated in the consolidated balance sheets.
The components are as follows:

                                               March 31,         December 31,
                                                2004                  2003
                                              -----------        ------------
Assets related to discontinued operations:
  Land                                        $ 4,688,000         $ 4,688,000
  Buildings                                    20,396,577          20,392,964
  Furniture and equipment                         249,997             246,147
  Less: accumulated depreciation               (3,661,054)         (3,661,054)
                                               -----------         -----------
  Net real estate                              21,673,520          21,666,057
  Other assets                                    415,551             492,483
                                               -----------         -----------
Total                                         $22,089,071         $22,158,540
                                               ===========         ===========

Liabilities related to
 discontinued operations:
 Mortgage debt                                $21,165,849         $21,201,234
 Other liabilities                                192,596             271,548
                                              -----------         -----------
Total                                         $21,358,445         $21,472,782
                                              ===========         ===========


5. DISTRIBUTIONS FROM PARTNERSHIP IN EXCESS OF INVESTMENT AND EARNINGS

PDL, Inc. (a wholly owned subsidiary of Presidential) is the general partner of
PDL, Inc. and Associates Limited Co-Partnership ("Home Mortgage Partnership").
The partnership owns and operates an office building in Hato Rey, Puerto Rico.
Presidential and PDL, Inc. have an aggregate 31% general and limited partner
interest in Home Mortgage Partnership at March 31, 2004. The Company accounts
for its investment in this partnership under the equity method because it
exercises significant influence, but not control, over the partnership's
affairs.

The Company's interest in the Home Mortgage Partnership has a negative basis and
therefore is classified as a liability on the Company's consolidated balance
sheets, under the caption "distributions from partnership in excess of
investment and earnings". The negative basis is solely due to the refinancing of
the mortgage on the property owned by the partnership and the distribution of
the proceeds to the partners in excess of their investment in prior years, and
not due to partnership operating losses.

<TABLE>
Summary financial information for Home Mortgage Partnership is as follows:
<CAPTION>

                                                                March 31,                 December 31,
                                                                  2004                        2003
                                                              ------------                ------------
Condensed Balance Sheets
<S>                                                           <C>                         <C>
  Net real estate                                             $  4,242,261                $  4,295,672
  Prepaid expenses and deposits in
   escrow                                                          772,110                     742,795
  Cash and cash equivalents                                        712,344                     813,306
  Receivables and other assets                                     558,386                     567,474
                                                              ------------                ------------
  Total Assets                                                $  6,285,101                $  6,419,247
                                                              ============                ============

  Nonrecourse mortgage debt                                   $ 16,477,125                $ 16,531,798
  Other liabilities                                                638,976                     751,666
                                                              ------------                ------------
  Total Liabilities                                             17,116,101                  17,283,464
  Partners' Deficiency                                         (10,831,000)                (10,864,217)
                                                              ------------                ------------
  Total Liabilities and
   Partners' Deficiency                                       $  6,285,101                $  6,419,247
                                                              ============                ============
On the Company's Consolidated
  Balance Sheets:
  Distributions from partnership in
    excess of investment and earnings                         $  2,400,815                $  2,411,112
                                                              ============                ============

                                                                     Three Months Ended
                                                                          March 31,
                                                          2004                            2003
                                                      -----------                      ----------
Condensed Statements of Operations
  Revenues                                            $ 1,094,462                       $1,105,806
  Interest on mortgage debt                              (307,875)                        (308,314)
  Other expenses                                         (574,857)                        (534,111)
  Investment income                                         1,487                            2,650
                                                      -----------                       ----------
  Net Income                                          $   213,217                       $  266,031
                                                      ===========                       ==========

On the Company's Consolidated
  Statement of Operations:
  Equity in income of partnership                     $    66,097                       $   82,470
                                                      ===========                       ==========
</TABLE>

6. MINORITY INTEREST IN CONSOLIDATED PARTNERSHIP

Presidential is the general partner of UTB Associates, a partnership in which
Presidential has a 75% interest at March 31, 2004. As the general partner of UTB
Associates, Presidential exercises effective control over this partnership
through its ability to manage the affairs of the partnership in the ordinary
course of business, including the ability to approve the partnership's budgets,
and through its significant equity interest. Accordingly, Presidential
consolidates this partnership in the accompanying financial statements. The
minority interest reflects the minority partners' equity in the partnership.

7. INCOME TAXES

Presidential has elected to qualify as a Real Estate Investment Trust under the
Internal Revenue Code. A REIT which distributes at least 90% of its real estate
investment trust taxable income to its shareholders each year by the end of the
following year and which meets certain other conditions will not be taxed on
that portion of its taxable income which is distributed to its shareholders.

For the year ended December 31, 2003, the Company had taxable income (before
distributions to stockholders) of approximately $952,000 ($.25 per share), which
included approximately $791,000 ($.21 per share) of capital gains. This taxable
income will be reduced by the $154,000 ($.03 per share) of its 2003
distributions that were not utilized in reducing the Company's 2002 taxable
income. In addition, the Company may elect to apply any eligible year 2004
distributions to reduce its 2003 taxable income.

As previously stated, in order to retain REIT status, Presidential is required
to distribute 90% of its REIT taxable income (exclusive of capital gains).
Presidential distributed all of the required 90% ($.04 per share) of its 2003
REIT taxable income in 2003, exclusive of capital gains. In addition, although
no assurances can be given, it is the Company's present intention to distribute
all of its remaining 2003 taxable income in 2004, therefore, no provision for
income taxes was made at December 31, 2003.

Furthermore, the Company had taxable income (before distributions to
stockholders) for the three months ended March 31, 2004 of approximately
$779,000 ($.20 per share), which is comprised of an ordinary loss of
approximately $124,000 ($.04 per share) and capital gains of approximately
$903,000 ($.24 per share). This amount will be reduced by 2004 distributions
that were not utilized in reducing the Company's 2003 taxable income and by any
eligible 2005 distributions that the Company may elect to utilize as a reduction
of its 2004 taxable income.

Presidential intends to continue to maintain its REIT status. Presidential has,
for tax purposes, reported the gain from the sale of certain of its properties
using the installment method.

8. COMPREHENSIVE INCOME

The Company's other comprehensive income consists of the changes in the net
unrealized gain on securities available for sale and the minimum pension
liability adjustments, if any. Thus, comprehensive income, which consists of net
income plus or minus other comprehensive income, is as follows:

                                                       Three Months Ended
                                                            March 31,
                                                        2004           2003
                                                      --------       --------

Net income                                            $965,229       $817,901

Other comprehensive income-
  Net unrealized gain on securities
    available for sale                                   1,617            458
                                                      --------       --------

Comprehensive income                                  $966,846       $818,359
                                                      ========       ========

9. COMMITMENTS AND CONTINGENCIES

Presidential is not a party to any material legal proceedings. The Company may
be a party to routine litigation incidental to the ordinary course of its
business.

In the opinion of management, all of the Company's properties are adequately
covered by insurance in accordance with normal insurance practices. The Company
is not aware of any environmental issues at any of its properties. The presence,
with or without the Company's knowledge, of hazardous substances at any of its
properties could have an adverse effect on the Company's operating results and
financial condition.


10. CONTRACTUAL PENSION AND POSTRETIREMENT BENEFITS

The following table sets forth the components of net periodic benefit costs:

                                       Contractual       Contractual
                                    Pension Benefits   Postretirement Benefits
                                  Three Months Ended    Three Months Ended
                                        March 31,             March 31,
                                    2004      2003       2004     2003
                                  -------   -------     -------  -------

Service cost                     $ 10,370   $ 9,367    $ 5,000  $ 4,666
Interest cost                      37,825    38,657     10,250   10,155
Amortization of prior
  service cost                     (6,173)   (6,173)    (2,400)  (2,403)
Recognized actuarial loss          61,704    48,410      6,750    6,716
                                  -------   -------     -------  -------

Net periodic benefit cost        $103,726   $90,261    $19,600  $19,134
                                 ========   =======    =======  =======

During the quarter ended March 31, 2004, the Company made contributions of
$113,577 and $11,141 for contractual pension benefits and postretirement
benefits, respectively. The Company anticipates additional contributions of
$345,063 and $49,500 for contractual pension benefits and postretirement
benefits, respectively, for the remainder of 2004.


11. DEFINED BENEFIT PLAN

The following table sets forth the components of net periodic benefit costs:

                                              Three Months Ended
                                                 March 31,
                                               2004         2003
                                             --------     --------

Service cost                                 $ 97,010     $123,062
Interest cost                                  85,710       70,421
Expected return on plan assets                (77,131)     (53,521)
Amortization of prior service cost              3,154        3,154
Amortization of accumulated loss               15,741       16,439
                                             --------     --------
Net periodic benefit cost                    $124,484     $159,555
                                             ========     ========

During the quarter ended March 31, 2004, the Company made contributions of
$138,624 to the defined benefit plan. The Company anticipates additional
contributions of $407,730 to the plan during the remainder of 2004.


PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
         FINANCIAL CONDITION AND RESULTS OF OPERATIONS
         FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003

Critical Accounting Policies
----------------------------

In preparing the consolidated financial statements in conformity with accounting
principles generally accepted in the United States of America ("GAAP"),
management is required to make estimates and assumptions that affect the
financial statements and disclosures. These estimates require management's most
difficult, complex or subjective judgments. The Company's critical accounting
policies are described in its Form 10-K for the year ended December 31, 2003.
There have been no significant changes in the Company's critical accounting
policies since December 31, 2003.

Results of Operations

Financial Information for the three months ended March 31, 2004 and 2003:
------------------------------------------------------------------------

Continuing Operations:

Revenues increased by $121,272 primarily as a result of increases in interest
income on mortgages-sold properties and other and an increase in interest income
on mortgages-related parties, offset by a decrease in rental revenues.

Rental revenues decreased by $49,557 primarily due to decreases in rental
revenue of $26,039 at the Fairlawn Gardens property and $21,725 at the Mapletree
Industrial Center property as a result of increased vacancies at these
properties. The increased vacancy loss at the Fairlawn Gardens property was a
result of flood damage to apartments in 2003 and the Company is in the process
of repairing the damage and expects to rent these vacated units in the near
future. The increased vacancy loss at the Mapletree Industrial Center property
was the result of a major tenant going out of business and vacating their rental
space upon the expiration of their lease.

Interest on mortgages-sold properties and other increased by $109,007 primarily
due to interest income of $108,062 earned on the $4,500,000 loan made in
October, 2003.

Interest on mortgages-related parties increased by $57,946 primarily as a result
of an increase of $82,000 in payments of interest income received on the
Consolidated Loans. This increase was partially offset by a decrease of $18,377
in interest income on the Overlook note receivable which was repaid in March,
2003.

Costs and expenses increased by $59,873 primarily due to increases in rental
property operating expenses and mortgage interest expense.

Rental property operating expenses increased by $29,882 primarily as a result of
increases of $14,607 in repairs and maintenance expense and an increase of
$9,382 in bad debt expense.

Mortgage interest expense increased by $14,214 as a result of the new $1,200,000
mortgage on the Building Industries Center property which the Company obtained
in December, 2003.

Other income decreased by $32,132 primarily as a result of a $16,373 decrease in
equity in income of partnership, due to lower earnings of the Home Mortgage
Partnership. In addition, investment income decreased by $15,759 primarily as a
result of decreased interest earned on lower cash investment balances.

Income from continuing operations before net gain from sales of properties
increased by $31,024 from $37,173 in 2003 to $68,197 in 2004. This increase was
primarily due to the increased interest income of $166,953 on the Company's
mortgage portfolio. These increases were offset by a $102,668 decrease in income
from rental property operations and a $32,132 decrease in other income.

Net gain from sales of properties depends on the timing of sales or the receipt
of installments or prepayments on purchase money notes. In 2004, the net gain
from sales of properties was $913,945 compared with $908,492 in 2003:

Gain from sales recognized for the three months
  ended March 31,                                  2004               2003
                                                 --------           --------
  Sale of property:
    330 West 72nd St. apartment unit             $560,265           $
    Sherwood House apartment unit                 334,868
    Emily Towers apartment unit                    18,812

  Deferred gains recognized upon receipt of
    principal payments on notes:
     Overlook                                                         880,927
     Cooperative apartments notes                                      27,565
                                                 --------            --------

  Net gain                                       $913,945            $908,492
                                                 ========            ========


The Company has two properties that are classified as discontinued operations,
the Continental Gardens property in Miami, Florida and the Preston Lake
Apartments property in Tucker, Georgia. In 2003, the Company entered into a
contract for the sale of the Continental Gardens property and the sale is
expected to close in the second or third quarter of 2004. In the third quarter
of 2003, the Company began to market the Preston Lake Apartments property for
sale (see Discontinued Operations below).

Loss from discontinued operations was $16,913 in 2004 compared to $127,764 in
2003. The 2004 period only has two months of operations for the Preston Lake
Apartments property compared to three months of operations in the 2003 period.
The Preston Lake Apartments property went into receivership at the end of
February, 2004, and subsequent to March 31, 2004, the property was sold at a
foreclosure sale by the holder of the first mortgage.

The following table compares the total loss from discontinued operations for the
periods ended March 31, for properties included in discontinued operations:

                                                     2004             2003
                                                   ---------        ---------

Income (loss) from discontinued operations:

Preston Lake Apartments, Tucker, GA               $(122,496)       $(186,412)
Continental Gardens, Miami, FL                      105,583           58,648
                                                  ---------        ---------

Total loss from discontinued operations           $ (16,913)       $(127,764)
                                                  =========        =========


Funds from Operations

Funds from operations ("FFO") represents net income computed in accordance with
GAAP, excluding gains or losses from sales of properties (including properties
classified as discontinued operations), plus depreciation and amortization on
real estate. FFO is calculated in accordance with the National Association of
Real Estate Investment Trusts' ("NAREIT") definition. There are no material
legal or functional restrictions on the use of FFO. FFO should not be considered
as an alternative to net income as an indicator of the Company's operating
performance. Management considers FFO a supplemental measure of operating
performance and uses FFO as a measure for reviewing the Company's operating
performance between periods and for comparing performance to other REITs.

FFO is summarized in the following table:

                                                   2004              2003
                                                 ---------        ---------
Net Income                                       $ 965,229        $ 817,901
Net gain from sale of properties                  (913,945)        (908,492)
Depreciation and amortization on:
  Real estate                                      144,176          142,884
  Real estate of discontinued operations                            182,182
  Real estate of partnership                        23,710           23,757
                                                 ---------        ---------
Funds From Operations                            $ 219,170        $ 258,232
                                                 =========        =========

Distributions paid to shareholders               $ 606,069        $ 600,735
                                                 =========        =========

FFO payout ratio (1)                                 276.5%          232.6%
                                                 =========        =========



(1)      In the first quarter of 2004 and 2003, the Company decided to
         maintain its cash dividend at the quarterly rate of $.16 per
         share despite the fact the dividends paid exceeded funds from
         operations. As a result of balloon payments received on the
         Company's mortgage portfolio and proceeds from sales of
         properties, the Company had funds available to it for
         distribution to shareholders in addition to funds from
         operations. See Liquidity and Capital Resources below.

Balance Sheet

Prepaid expenses and deposits in escrow increased by $294,193 as a result of
increases of $301,795 in prepaid expenses (primarily insurance and real estate
tax).

Other receivables increased by $248,555 primarily as a result of increases of
$92,842 in damage settlement claims due from insurance carriers for fire and
flood damage which occurred at three properties in 2003 and an increase in
accrued interest receivable of $49,458. In addition, $81,838 was due from escrow
from the sale of a co-op apartment in late March, 2004, which payment was
received in April, 2004. Included in other receivables is a $60,500 receivable
which is due from the rental property management company that manages the
Company's rental properties. This receivable is for operating advances made by
the Company to the management company in December, 2003 and in the first quarter
of 2004. The collectability of these advances is doubtful and as a result, at
March 31, 2004, the Company set up a $60,500 allowance for doubtful accounts for
these advances and charged bad debt expense for the $60,500.

In January, 2004, three directors of the Company were each given 1,000 shares of
the Company's Class B common stock as partial payment for directors' fees for
the 2004 year. The shares were valued at $7.614 per share, which was the market
value of the Class B common stock at the grant date, and, accordingly, the
Company recorded $22,842 in prepaid directors' fees (to be amortized during
2004) based on the market value of the stock. The Company recorded additions to
the Company's Class B common stock of $300 at par value of $.10 per share and
$22,542 to additional paid-in capital.

Forward-Looking Statements

Certain statements made in this report may constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such
forward-looking statements include statements regarding the intent, belief or
current expectations of the Company and its management and involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among other things, the
following: general economic and business conditions, which will, among other
things, affect the demand for apartments or commercial space, availability and
credit worthiness of prospective tenants, lease rents and the terms and
availability of financing; adverse changes in the real estate markets including,
among other things, competition with other companies; risks of real estate
development and acquisition; governmental actions and initiatives; and
environment/safety requirements.

Liquidity and Capital Resources

Management believes that the Company has sufficient liquidity and capital
resources to carry on its existing business and, barring any unforeseen
circumstances, to pay the dividends required to maintain REIT status in the
foreseeable future. Except as discussed herein, management is not aware of any
other trends, events, commitments or uncertainties that will have a significant
effect on liquidity.

Presidential obtains funds for working capital and investment from its available
cash and cash equivalents, from operating activities, from refinancing of
mortgage loans on its real estate equities or from sales of such equities, and
from repayments on its mortgage portfolio. The Company also has at its disposal
a presently unused $250,000 unsecured line of credit and a $250,000 commercial
loan available from a lending institution.

During the first quarter of 2004 and the year of 2003, the Company paid cash
distributions to shareholders which exceeded cash flows from operating
activities. Periodically the Company receives balloon payments on its mortgage
portfolio, net proceeds from sales of cooperative apartments and net proceeds
from sales of discontinued operations. These payments are available to the
Company for distribution to its shareholders or the Company may retain these
payments for future investment. The Company may in the future, as it did in the
first quarter of 2004 and the year of 2003, pay dividends in excess of its cash
flow from operating activities if management believes that the Company's
liquidity and capital resources are sufficient to pay such dividends.

The Company does not have a specific policy as to the retention or distribution
of capital gains. The Company's dividend policy regarding capital gains for
future periods will be based upon many factors including, but not limited to,
the Company's present and projected liquidity, its desire to retain funds
available for additional investment, its historical dividend rate and its
ability to reduce taxes by paying dividends. While the Company expects to
maintain the annual $.64 dividend rate in 2004, no assurances can be given that
the present dividend rate will be maintained in the future.

At March 31, 2004, Presidential had $1,628,346 in available cash and cash
equivalents, an increase of $255,528 from the $1,372,818 at December 31, 2003.
This increase in cash and cash equivalents was due to cash provided by investing
activities of $992,127, offset by cash used in operating activities of $203,208
and cash used in financing activities of $533,391.

Operating Activities

Cash from operating activities includes interest on the Company's mortgage
portfolio, net cash received from (disbursed for) rental property operations and
distributions received from the Home Mortgage Partnership. In 2004, cash
received from interest on the Company's mortgage portfolio was $839,779 and
distributions received from the Home Mortgage Partnership were $55,800. Cash
disbursed for rental property operations was $212,874. Net cash received from
(disbursed for) rental property operations is net of distributions to minority
partners but before additions and improvements and mortgage amortization.

Investing Activities

Presidential holds a portfolio of mortgage notes receivable. During 2004, the
Company received principal payments of $69,809 on its mortgage portfolio of
which $31,943 represented prepayments and balloon payments. Prepayments and
balloon payments are sporadic and cannot be relied upon as a regular source of
liquidity.

During the first quarter of 2004, the Company invested $86,047 in additions and
improvements to its properties.

The Company owns a small portfolio of cooperative apartments, which are located
in New York and Connecticut. These apartments are held for the production of
rental income and are not marketed for sale. On occasion, the Company will
receive purchase offers for some of these apartments and will make sales if the
purchase price is agreeable to management. In 2004, the Company sold three
cooperative apartments which were located in the New York metropolitan area. The
net cash proceeds from the sale of those apartments were $1,015,828.

Financing Activities

The Company's indebtedness at March 31, 2004, consisted of $16,678,369 of
mortgage debt. The mortgage debt, which is collateralized by individual
properties, is nonrecourse to the Company with the exception of the $1,196,225
Building Industries Center mortgage and the $184,962 Mapletree Industrial Center
mortgage, which are collateralized by the properties and are recourse to
Presidential. In addition, some of the Company's mortgages provide for Company
liability for damages resulting from specified acts or circumstances, such as
for environmental liabilities and fraud. Generally, mortgage debt repayment is
serviced with cash flow from the operations of the individual properties. During
the first quarter of 2004, the Company made $63,515 of principal payments on
mortgage debt.

The mortgages on the Company's properties are at fixed rates of interest. With
the exception of three mortgages which will be fully amortized by periodic
principal payments, the remaining mortgages have balloon payments due at
maturity.

During the first quarter of 2004, the Company received a $147,000 repayment on a
note receivable from an officer for a loan made in 1999 for the exercise of
stock options.

During the first quarter of 2004, Presidential declared and paid cash
distributions of $606,069 to its shareholders and received proceeds from its
dividend reinvestment and share purchase plan of $41,675.

Discontinued Operations

The sale of the Continental Gardens property is expected to close in the second
or third quarter of 2004 for a sales price of $21,500,000. If the sale is
completed pursuant to the contract, the gain from the sale for financial
reporting purposes is estimated to be approximately $11,200,000. Presidential
intends to utilize all or a portion of the estimated net cash proceeds of
$12,300,000 from the sale to purchase another property or properties and treat
the sale and purchase as a tax free exchange under Section 1031 of the Internal
Revenue Code ("IRC"). There can be no assurances, however, that the sale will
close or that the amount ultimately realized will not change from the amount
described herein or that a satisfactory exchange property will be found.
However, if a successful tax free exchange under Section 1031 of the IRC does
not occur, the Company would be subject to tax on its undistributed capital
gains.

In the third quarter of 2003, the Company decided to sell the Preston Lake
Apartments property. Based upon offers made by prospective purchasers, the
Company estimated that the fair value of the property, less costs to sell, was
below the $16,204,950 carrying value of the property (net of accumulated
depreciation of $1,628,334). Therefore, in 2003, the Company recorded an
impairment charge in the amount of $3,110,000 to reduce the carrying value of
the assets related to discontinued operations to their estimated fair value less
costs to sell.

The Company decided not to make the monthly payment due February 1, 2004 on the
first mortgage note secured by Preston Lake Apartments. The holder of the first
mortgage commenced foreclosure proceedings and Presidential consented to the
appointment of a receiver for the property. The Company continued to attempt to
sell the property for a price approximately equal to the $13,595,028 outstanding
principal balance of the mortgage. The mortgage note is nonrecourse and the
Company has no personal liability for repayment of the indebtedness. On May 4,
2004, the property was sold in a foreclosure sale by the holder of the first
mortgage.

At March 31, 2004, assets related to discontinued operations were $22,089,071
and liabilities related to discontinued operations were $21,358,445.

Cash used in discontinued operations for the three months ended March 31, 2004
was as follows: cash used in operating activities was $52,060, cash used in
investing activities was $7,463 and cash used in financing activities was
$35,385.


Consolidated Loans

Presidential holds two nonrecourse loans (the "Consolidated Loans"), which were
collateralized by substantially all of the remaining assets of Ivy Properties,
Ltd. and its affiliates "(Ivy"). At March 31, 2004, the Consolidated Loans have
an outstanding principal balance of $4,770,050 and a net carrying value of zero.
Pursuant to existing agreements, the Company is entitled to receive, as payments
of principal and interest on the Consolidated Loans, 25% of the cash flow of
Scorpio Entertainment, Inc. ("Scorpio"), a company owned by two of the Ivy
principals (Messrs. Baruch and Viertel), to carry on theatrical productions.
Amounts received by Presidential from Scorpio will be applied to unpaid and
unaccrued interest on the Consolidated Loans and recognized as income. The
Company anticipates that these amounts could be significant over the next
several years. However, the continued profitability of any theatrical production
is by its nature uncertain and management believes that any estimate of payments
from Scorpio on the Consolidated Loans for future periods is too speculative to
project. During the period ended March 31, 2004, the Company received payments
of $143,000 from Scorpio. At March 31, 2004, the unpaid and unaccrued interest
was $3,436,148.


QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company's financial instruments consist primarily of mortgage notes
receivable and mortgage notes payable. Substantially all of these instruments
bear interest at fixed rates, so the Company's cash flows from them are not
directly impacted by changes in market rates of interest. Changes in market
rates of interest impact the fair values of these fixed rate assets and
liabilities. However, because the Company generally holds its notes receivable
until maturity and repays its notes payable at maturity or upon sale of the
related properties, any fluctuations in values do not impact the Company's
earnings, balance sheet or cash flows. However, since some of the Company's
mortgage notes payable are at fixed rates of interest and provide for yield
maintenance payments upon prepayment prior to maturity, if market interest rates
are lower than the interest rates on the mortgage notes payable, the Company's
ability to sell the properties securing the notes may be adversely affected and
the net proceeds of any sale may be reduced because of the yield maintenance
requirements. The Company does not own any derivative financial instruments or
engage in hedging activities.

ITEM 3.  CONTROLS AND PROCEDURES

a)       As of the end of the period covered by this quarterly report on Form
         10-QSB, the Company carried out an evaluation, under the supervision
         and with the participation of our Chief Executive Officer and Chief
         Financial Officer, of the effectiveness of the design and operation of
         its disclosure controls and procedures. Based on this evaluation, our
         Chief Executive Officer and Chief Financial Officer concluded that our
         disclosure controls and procedures are effective in timely alerting
         them to material information required to be included in this report.

b)       There has been no change in the Company's internal control over
         financial reporting that occurred during the Company's most recent
         fiscal quarter that has materially affected or is reasonably likely to
         materially affect the Company's internal control over financial
         reporting.




PART II - OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K.

(a)  Exhibits

     31.1  Certification of Chief Executive Officer of the Company
           pursuant to Rule 13a-14(a) of the Securities Exchange Act of
           1934, as amended.

     31.2  Certification of Chief Financial Officer of the Company
           pursuant to Rule 13a-14(a) of the Securities Exchange Act of
           1934, as amended.

     32.1  Certification of Chief Executive Officer of the Company pursuant
           to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
           the Sarbanes-Oxley Act of 2002.

     32.2  Certification of Chief Financial Officer of the Company pursuant
           to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
           the Sarbanes-Oxley Act of 2002.


(b)  No reports on Form 8-K have been filed during the quarter ended March
     31, 2004.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

PRESIDENTIAL REALTY CORPORATION
        (Registrant)



DATE:    May 10, 2004                 By: /s/ Jeffrey F. Joseph
                                          ---------------------
                                          Jeffrey F. Joseph
                                          President and Chief Executive Officer



DATE:    May 10, 2004                By: /s/ Elizabeth Delgado
                                         ---------------------
                                         Elizabeth Delgado
                                         Treasurer