UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549
                                    ---------

                                    FORM 10-Q

                Quarterly Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

For the quarter ended June 30, 1999            Commission File Number 2-93980
                      --------------                                  -------

                           FJS PROPERTIES FUND I, L.P.
                           ---------------------------
             (Exact name of registrant as specified in its charter)

               Delaware                                     13-3252067
               --------                                     ----------
  (State or other jurisdiction of                      (I.R.S. Employer
  incorporation or organization)                      Identification No.)

            264 Route 537 East
            Colts Neck, New Jersey                             07722
            ----------------------                             -----
 (Address of principal executive offices)                   (Zip code)

Registrant's telephone number, including area code:     (908) 542-9209


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 of 15(d) of the  Securities  and  Exchange Act of 1934
during the preceding 12 months (or for such shorter  period that the  registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days.

                              Yes   X      No

Authorized 100,000 limited partnership  interests of which 16,788 have been sold
as of August 8, 1999.


<PAGE>



FJS PROPERTIES FUND I, L.P.
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INDEX
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Part I:  FINANCIAL INFORMATION (See Preliminary Note Below)

Item 1: Financial Statements

        Balance Sheets as of June 30, 1999 [Unaudited]
        and December 31, 1997 ....................................      1

        Statements of Operations for the three and six months ended
        June 30, 1999 and 1998 [Unaudited]........................      2

        Statement of Partners' Capital for the six months
        ended June 30, 1999 [Unaudited]...........................      3

        Statements of Cash Flows for the six months ended
        June 30, 1999 and 1998 [Unaudited]........................      4

        Notes to Financial Statements [Unaudited].................      5

Item 2: Management's Discussion and Analysis of Financial Condition
        and Results of Operations.................................      6

Part II: OTHER INFORMATION

Item 6: Exhibits and Reports on Form 8-K..........................      7

Signature ........................................................      8




                          .   .   .   .   .   .   .   .

Preliminary Note - In a recent letter,  the Staff of the Securities and Exchange
Commission  raised  the  issue  that  the  Partnership's  auditors  may  not  be
independent  of the  Partnership,  as  required  by law, in that a member of the
audit firm had a  relationship  with an entity which is a holder of  Partnership
interests.  Neither the Staff letter, nor any other information available to the
Partnership  indicates that there is any  inaccuracy in the "audited"  financial
statements.  As a  result  of  the  Staff's  position,  however,  the  "audited"
financial statements might be deemed to be unaudited.  The Partnership is in the
process of obtaining a new auditing firm to serve as the Partnership's principal
independent accountants to audit its financial statements, and, if necessary, to
review prior years' financials and confirm their accuracy.




<PAGE>



PART I - FINANCIAL INFORMATION
Item 1.  FINANCIAL STATEMENTS
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FJS PROPERTIES FUND I, L.P.
------------------------------------------------------------------------------


BALANCE SHEETS
------------------------------------------------------------------------------

                                                     June 30,    December 31,
                                                      1 9 9 9       1 9 9 8
                                                      -------       -------
                                                    [Unaudited]
                                                    -----------
Assets:
Current Assets:
  Cash and Cash Equivalents                         $  437,623   $   458,782
  Cash - Escrow                                        160,011       148,617
  Cash - Security Deposits                             128,593       125,397
  Other Current Assets                                  51,707        25,752
                                                    ----------   -----------

Total Current Assets                                   777,934       758,548
                                                    ----------   -----------

Property Investment:
  Land                                               2,296,804     2,296,804
  Buildings                                          6,569,125     6,569,125
  Furniture, Fixtures and Building Improvements      2,057,055     1,953,010
                                                    ----------   -----------

  Totals - At Cost                                  10,922,984    10,818,939
  Less: Accumulated Depreciation                    (4,912,161)   (4,772,099)
                                                    ----------   -----------

  Property Investment - Net                          6,010,823     6,046,840
                                                    ----------   -----------

  Other Assets                                         260,679       271,341
                                                    ----------   -----------

  Total Assets                                      $7,049,436   $ 7,076,729
                                                    ==========   ===========

Liabilities and Partners' Capital:
Current Liabilities:
  Accounts Payable                                  $   53,458   $    66,582
  Accrued Interest                                      38,063        38,371
  Other Accrued Expenses                               106,842         6,826
  Accounts Payable - Related Party                       4,518        19,707
  Tenant Security Deposits                             128,593       125,397
  Mortgage Payable - Current Portion                    81,198        77,641
  Deferred Income - Current Portion                      7,143         7,143
                                                    ----------   -----------

  Total Current Liabilities                            419,815       341,667
                                                    ----------   -----------

Long-Term Liabilities:
  Mortgage Payable - Non-Current Portion             4,603,198     4,644,938
  Deferred Income - Non-Current Portion                 21,428        25,000
                                                    ----------   -----------

  Total Long-Term Liabilities                        4,624,626     4,669,938
                                                    ----------   -----------

Partners' Capital:
  General Partner                                   (1,215,809)   (1,215,207)
  Limited Partners                                   3,220,804     3,280,331
                                                    ----------   -----------

  Total Partners' Capital                            2,004,995     2,065,124
                                                    ----------   -----------

  Total Liabilities and Partners' Capital           $7,049,436   $ 7,076,729
                                                    ==========   ===========

See Accompanying Notes to These Financial Statements.

                                         1

<PAGE>



FJS PROPERTIES FUND I, L.P.
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STATEMENTS OF OPERATIONS
[UNAUDITED]
------------------------------------------------------------------------------

<TABLE>


                                     Three months ended         Six months ended
                                          June 30,                  June 30,
                                          --------                  --------
                                     1 9 9 9      1 9 9 8      1 9 9 9     1 9 9 8
                                     -------      -------      -------     -------

<S>                                <C>         <C>          <C>         <C>
Rental Income                      $  561,425  $  530,643   $ 1,105,308 $ 1,057,208
Cost of Rental Income                 199,714     168,658       397,103     333,970
                                   ----------  ----------   ----------- -----------

  Gross Profit                        361,711     361,985       708,205     723,238
                                   ----------  ----------   ----------- -----------

Expenses:
  Selling, General and
   Administrative Expenses            162,446     162,724       320,418     335,928
  Depreciation and Amortization        76,927      71,288       152,267     141,251
                                   ----------  ----------   ----------- -----------

  Total Expenses                      239,373     234,012       472,685     477,179
                                   ----------  ----------   ----------- -----------

  Operating Income                    122,338     127,973       235,520     246,059
                                   ----------  ----------   ----------- -----------

Other [Income] and Expenses:
  Interest Income                      (4,371)     (6,509)       (9,171)    (12,982)
  Interest Expense                    114,192     114,866       228,850     230,919
  Other Expense                            --          --            --       2,900
                                   ----------  ----------   ----------- -----------

  Other Expenses - Net                109,821     108,357       219,679     220,837
                                   ----------  ----------   ----------- -----------

  Net Income                       $   12,517  $   19,616   $    15,841 $    25,222
                                   ==========  ==========   =========== ===========

  Income Per Limited Partnership
   Unit                            $      .74  $     1.16   $       .94 $      1.49
                                   ==========  ==========   =========== ===========

  Distributions Per Limited
   Partnership Unit                $     2.20  $     2.70   $      4.48 $      2.70
                                   ==========  ==========   =========== ===========

  Weighted Average Number of Limited
   Partnership Units Outstanding       16,788      16,788        16,788      16,788
                                   ==========  ==========   =========== ===========
</TABLE>


See Accompanying Notes to Financial Statements.


                                         2

<PAGE>



FJS PROPERTIES FUND I, L.P.
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STATEMENT OF PARTNERS' CAPITAL
[UNAUDITED]
------------------------------------------------------------------------------


                                                                        Total
                                           General       Limited       Partners'
                                           Partner       Partners      Capital
                                           -------       --------      -------


Partners' Capital - December 31, 1998    $(1,215,207)  $3,280,331   $ 2,065,124

  Net Income for the six months
   ended June 30, 1999                           158       15,683        15,841

  Distributions to Partners                     (760)     (75,210)      (75,970)
                                         -----------   ----------   -----------

  Partners' Capital - June 30, 1999
   [Unaudited]                           $(1,215,809)  $3,220,804   $ 2,004,995
                                         ===========   ==========   ===========


See Accompanying Notes to Financial Statements.


                                         3

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FJS PROPERTIES FUND I, L.P.
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STATEMENTS OF CASH FLOWS
[UNAUDITED]
------------------------------------------------------------------------------


                                                           Six months ended
                                                               June 30,
                                                               --------
                                                         1 9 9 9      1 9 9 8
                                                         -------      -------

Operating Activities:
  Net Income                                          $   15,841   $    25,222
                                                      ----------   -----------
  Adjustments to Reconcile Net Income to
     Net Cash Provided by Operating Activities:
   Depreciation                                          140,063       129,047
   Amortization                                           12,204        12,204

  Changes in Assets and Liabilities:
   [Increase] Decrease in:
     Escrow                                              (11,394)      (97,499)
     Security Deposits                                    (3,196)       (1,746)
     Other Current Assets                                (25,956       (22,265)
     Other Assets                                         (1,542)       (3,592)

   Increase [Decrease] in:
     Accounts Payable                                    (13,124)      (19,226)
     Accrued Interest                                       (308)       (2,080)
     Other Accrued Expenses                              100,015       108,700
     Accounts Payable - Related Party                    (15,189)      (16,824)
     Tenant Security Deposits                              3,196         1,746
     Deferred Income                                      (3,571)       (3,571)
                                                      ----------   -----------

   Total Adjustments                                     181,198        84,894
                                                      ----------   -----------

  Net Cash - Operating Activities                        197,039       110,116
                                                      ----------   -----------

Investing Activities:
  Capital Expenditures                                  (104,045)      (59,720)
                                                      ----------   -----------

Financing Activities:
  Principal Payments on Mortgages                        (38,183)      (34,372)
  Cash Distributions to Partners                         (75,970)      (45,787)
                                                      ----------   -----------

  Net Cash - Financing Activities                       (114,153)      (80,159)
                                                      ----------   -----------

  Net [Decrease] in Cash and Cash Equivalents            (21,159)      (29,763)

Cash and Cash Equivalents - Beginning of Periods         458,782       535,546
                                                      ----------   -----------

  Cash and Cash Equivalents - End of Periods          $  437,623   $   505,783
                                                      ==========   ===========

Supplemental Disclosure of Cash Flow Information:
  Cash paid for interest  during the six months ended June 30, 1999 and 1998 was
$229,157 and $232,329, respectively.

  For purposes of the statement of cash flows, the Company  considers all highly
liquid debt instruments  purchased with a maturity of three months or less to be
cash equivalents.


See Accompanying Notes to Financial Statements.

                                         4

<PAGE>



FJS PROPERTIES FUND I, L.P.
NOTES TO FINANCIAL STATEMENTS
[UNAUDITED]
------------------------------------------------------------------------------




[A] Significant Accounting Policies

Significant  accounting policies of FJS Properties Fund I, L.P. are set forth in
the Partnership's  Form 10-K for the year ended December 31, 1998, as filed with
the Securities and Exchange  Commission.  (See, also,  Preliminary Note on Index
page).

[B] Basis of Reporting

The balance sheet as of June 30, 1999,  the  statements  of  operations  for the
three and six months  ended June 30, 1999 and 1998,  the  statement of partners'
capital for the six months ended June 30, 1999, and the statements of cash flows
for the six  months  ended  June 30,  1999 and 1998  have been  prepared  by the
Partnership without audit. The accompanying  unaudited financial statements have
been prepared in accordance with generally  accepted  accounting  principles for
interim  financial  information and with the  instructions to Form 10-Q and Rule
10-01 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting  principles for complete
financial  statements.  In the opinion of the managing partner,  such statements
include all adjustments  [consisting  only of normal  recurring items] which are
considered  necessary for a fair  presentation of the financial  position of the
Partnership  at June 30, 1999,  and the results of its operations and cash flows
for the three months then ended. It is suggested that these financial statements
be read in  conjunction  with Form S-11 filed with the  Securities  and Exchange
Commission  on  April  25,  1985 and with the  financial  statements  and  notes
contained in the  Partnership's  Form 10-K for the year ended December 31, 1998.
(See, also, Preliminary Note on Index page).




                    .   .   .   .   .   .   .   .   .   .   .

                                        5

<PAGE>



Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
        AND RESULTS OF OPERATIONS
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LIQUIDITY AND CAPITAL RESOURCES

As of the present date,  the  Partnership  owns and operates one  Property,  the
Pavilion Apartments, and does not intend to acquire any other property.

Cash flow from Pavilion  should be sufficient to permit the  Partnership to make
the constant monthly payments due prior to maturity on the first mortgage and to
meet its monthly  operating  expenses.  However,  should there be a  significant
decrease in Pavilion's occupancy or rental rates, there can be no assurance that
the Partnership would be able to obtain sufficient funds to make such payments.

OPERATIONS

The  Partnership  has  operated the  Pavilion  Apartments,  located in West Palm
Beach, Florida since January 1985.

The  project  operated  with  occupancies  in the  low-90%  range for the second
quarter of 1999. As of August 9, 1999,  there were 28 vacant  apartments  with 3
scheduled  move-ins for August. 25 apartments were available for rent.  Physical
occupancy stands at 91.0%, with 92.0% of the apartments rented.

Rental income for the comparable  periods ended June 30, 1999,  showed increases
as compared to the prior year,  both for the three month periods,  from $530,643
to  $561,425  and the six month  periods  from  $1,057,208  to  $1,105,308.  The
increases were primarily  attributable to the increased  rental rates enjoyed by
the  Pavilion  Apartments  as well as a reduction in  vacancies.  Cost of Rental
Income,  consisting  mainly of real estate taxes,  repairs and  maintenance  and
utilities  increased from $168,658 to $199,714 and from $333,970 to $397,103 for
the comparable  three and six month periods of 1998 and 1999  respectively.  The
increase resulted  principally from increased  expenditures for replacements and
upgrades at the  Pavilion  as part of the  anticipated  $150,000  in  additional
improvements,  upgrades and replacements undertaking at the Pavilion Apartments.
Approximately  $34,000  in  replacements  in excess of the 1998  amount has been
incurred   during  the  second   quarter  of  1999.  In  addition,   capitalized
expenditures of approximately $83,000 was spent on replacement of shower and tub
enclosures, roof replacements,  sidewalk replacements and miscellaneous interior
replacements. The costs of these items was capitalized and will be amortized and
expensed over the applicable number of years.

Selling,  General and Administrative  Expenses remained substantially  unchanged
from 1998 to 1999, reflecting $335,928 and $320,418 for the comparable six month
periods and $162,724 and $162,446 for the comparable three month periods.

The Other  Expense  item of $2,900  under Other  Income and  Expenses  for 1998,
reflects the net cost to the Partnership of fees and expenses in connection with
the tender offer  completed  by an  unaffiliated  third party in December  1997.
Transfer  fees of $10,300  were  received and  administrative  and legal fees of
$13,200  were  incurred  in  connection  with the  review of the  documents  and
preparation of legal filings required to be made by the Partnership.  This was a
non-recurring income and expense and was not duplicated during the first quarter
of 1999.

Principally  as a result of the  increase  in Cost of Rental  Income,  Operating
Income  decreased for both comparable  three and six month periods,  to $122,338
and $235,520 from $127,973 and $246,059 for the comparable periods of 1998.

INFLATION

As of the present date,  inflation has not had a major impact on the  operations
of the Partnership.


                                        6

<PAGE>



PART II - OTHER INFORMATION
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Item 6.  Exhibits and Reports on Form 8-K

[a] Exhibits as required by Item 601 of Regulation S-K:

None Required

[b] Reports on Form 8-K:

None filed during the quarter for which this report is submitted



                                        7

<PAGE>


SIGNATURE
------------------------------------------------------------------------------




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.

                                          FJS PROPERTIES FUND I, L.P.


Date: August 9, 1999                  By: /s/ Andrew C. Alson
                                         --------------------------------
                                         Andrew C. Alson
                                         (President and Chief Financial Officer)
                                         FJS Properties, Inc.
                                         General Partner

                                        8