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 March 31, 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 Identification No.)
 incorporation or organization)

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

Registrant's telephone number, including area code:       (732) 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 May 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 March 31, 1998 [Unaudited]
         and December 31, 1998........................................   1

         Statement of Operations for the three months ended
         March 31, 1999 and 1998 [Unaudited]..........................   2

         Statement of Partners' Capital for the three months
         ended March 31, 1999 [Unaudited].............................   3

         Statements of Cash Flows for the three months ended
         March 31, 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 III: 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
FJS PROPERTIES FUND I, L.P.
------------------------------------------------------------------------------


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

                                                        March 31,   December 31,
                                                         1 9 9 9       1 9 9 8
                                                       [Unaudited]
Assets:
Current Assets:
   Cash and Cash Equivalents                           $  445,565   $   458,782
  Cash - Escrow                                           221,936       148,617
  Cash - Security Deposits                                132,946       125,397
  Other Current Assets                                     13,178        25,752
                                                       ----------   -----------

Total Current Assets                                      813,625       758,548
                                                       ----------   -----------

Property Investment:
  Land                                                  2,296,804     2,296,804
  Buildings                                             6,569,125     6,569,125
  Furniture, Fixtures and Building Improvements          ,972,252     1,953,010
                                                       ----------   -----------

  Totals - At Cost                                     10,838,181    10,818,939
  Less: Accumulated Depreciation                       (4,841,336)   (4,772,099)
                                                       ----------   -----------

  Property Investment - Net                             5,996,845     6,046,840
                                                       ----------   -----------

Other Assets                                              266,281       271,341
                                                       ----------   -----------

  Total Assets                                         $7,076,751   $ 7,076,729
                                                       ==========   ===========

Liabilities and Partners' Capital:
Current Liabilities:
  Accounts Payable                                     $   60,145   $    66,582
  Accrued Interest                                         38,219        38,371
  Other Accrued Expenses                                   57,511         6,826
  Accounts Payable - Related Party                         19,781        19,707
  Tenant Security Deposits                                135,708       125,397
  Mortgage Payable - Current Portion                       79,398        77,641
  Deferred Income - Current Portion                         7,143         7,143
                                                       ----------   -----------

  Total Current Liabilities                               397,905       341,667
                                                       ----------   -----------

Long-Term Liabilities:
  Mortgage Payable - Non-Current Portion                4,624,321     4,644,938
  Deferred Income - Non-Current Portion                    23,214        25,000
                                                       ----------   -----------

  Total Long-Term Liabilities                           4,647,535     4,669,938
                                                       ----------   -----------

Partners' Capital:
  General Partner                                      (1,215,545)   (1,215,207)
  Limited Partners                                      3,246,856     3,280,331
                                                       ----------   -----------

  Total Partners' Capital                               2,031,311     2,065,124
                                                       ----------   -----------

  Total Liabilities and Partners' Capital              $7,076,751   $ 7,076,729
                                                       ==========   ===========

See Accompanying Notes to These Financial Statements.

                                         1

<PAGE>



PART I - FINANCIAL INFORMATION
Item 1:  Financial Statements

FJS PROPERTIES FUND I, L.P.
------------------------------------------------------------------------------


STATEMENTS OF OPERATIONS
[UNAUDITED]
------------------------------------------------------------------------------



                                                        Three months ended
                                                             March 31,
                                                        1 9 9 9      1 9 9 8
                                                        -------      -------


Rental Income                                        $  543,883   $   526,564
Cost of Rental Income                                   197,389       165,313
                                                     ----------   -----------

  Gross Profit                                          346,494       361,251
                                                     ----------   -----------

Expenses:
  Selling, General and Administrative Expenses          157,972       173,203
  Depreciation and Amortization                          75,340        69,963
                                                     ----------   -----------

  Total Expenses                                        233,312       243,166
                                                     ----------   -----------

  Operating Income                                      113,182       118,085
                                                     ----------   -----------

Other [Income] and Expenses:
  Interest Income                                        (4,800)       (6,473)
  Interest Expense                                      114,658       116,053
  Other Expense                                              --         2,900
                                                     ----------   -----------

  Other Expenses - Net                                  109,858       112,480
                                                     ----------   -----------

  Net Income                                         $    3,324   $     5,605
                                                     ==========   ===========

  Income Per Limited Partnership Unit                $      .20   $       .33
                                                     ==========   ===========

  Distributions Per Limited Partnership Unit         $     2.19   $      0.00
                                                     ==========   ===========
Weighted Average Number of Limited
  Partnership Units Outstanding                          16,788        16,788
                                                     ==========   ===========


See Accompanying Notes to These Financial Statements.


                                         2

<PAGE>



PART I - FINANCIAL INFORMATION
Item 1:  Financial Statements

FJS PROPERTIES FUND I, L.P.
------------------------------------------------------------------------------


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 three months
   ended March 31, 1999                          33        3,291         3,324

  Distributions to Partners                    (371)     (36,766)      (37,137)
                                        -----------   ----------   -----------

  Partners' Capital - March 31, 1999
   [Unaudited]                          $(1,215,545)  $3,246,856   $ 2,031,311
                                        ===========   ==========   ===========



See Accompanying Notes to These Financial Statements.

                                         3

<PAGE>



PART I - FINANCIAL INFORMATION
Item 1:  Financial Statements

FJS PROPERTIES FUND I, L.P.
------------------------------------------------------------------------------


STATEMENTS OF CASH FLOWS
[UNAUDITED]
------------------------------------------------------------------------------


                                                          Three months ended
                                                               March 31,
                                                          1 9 9 9      1 9 9 8
                                                          -------      -------
Operating Activities:
  Net Income                                           $    3,324   $     5,605
                                                       ----------   -----------
  Adjustments to Reconcile Net Income to
   Net Cash Provided by Operating Activities:
   Depreciation                                            69,237        63,861
   Amortization                                             6,102         6,102

  Changes in Assets and Liabilities:
   [Increase] Decrease in:
     Escrow                                               (73,318)      (75,618)
     Security Deposits                                     (7,549)       (3,650)
     Other Current Assets                                  12,573        17,927
     Other Assets                                          (1,042)       (2,438)

   Increase [Decrease] in:
     Accounts Payable                                      (6,437)       (5,504)
     Accrued Interest                                        (152)         (670)
     Other Accrued Expenses                                50,685        54,796
     Accounts Payable - Related Party                          75        (4,114)
     Tenant Security Deposits                              10,311         3,650
     Deferred Income                                       (1,786)       (1,785)
                                                       ----------   -----------

   Total Adjustments                                       58,699        52,557
                                                       ----------   -----------

   Net Cash - Operating Activities                         62,023        58,162

Investing Activities:
  Capital Expenditures                                    (19,242)      (17,160)

Financing Activities:
  Principal Payments on Mortgages                         (18,860)      (16,977)
  Cash Distributions to Partners                          (37,138)           --
                                                       ----------   -----------

  Net [Decrease] Increase in Cash and Cash Equivalents    (13,217)       24,025

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

  Cash and Cash Equivalents - End of Periods           $  445,565   $   559,571
                                                       ==========   ===========

Supplemental Disclosure of Cash Flow Information:
  Cash paid for  interest  during the three months ended March 31, 1999 and 1998
was $114,658 and $116,722 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 These 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 March 31, 1999,  the  statements  of operations  for the
three months ended March 31, 1999 and 1998,  the statement of partners'  capital
for the three months ended March 31, 1999,  and the statements of cash flows for
the three  months  ended  March 31,  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 March 31, 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>



FJS PROPERTIES FUND I, L.P.
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 first quarter
of 1999.  Physical  occupancy  stands at 93% as of May 10, 1999,  with 21 vacant
apartments  of which 10 have been rented with tenant  move-in  scheduled  during
May. Rental income for the three month period ended March 31, 1999, increased to
$543,883 as compared to $526,564  for the  comparable  period of the prior year.
This  increase was  attributable  to the  increased  rental rates enjoyed by the
Pavilion  Apartments  as well as a  reduction  in  rental  allowances  given  to
tenants.  This was offset  somewhat by an increase in  vacancies at the project.
Cost of Rental  Income,  consisting  mainly of real  estate  taxes,  repairs and
maintenance and utilities increased to $197,389 from $165,313 for the comparable
three month periods of 1999 and 1998 respectively.  The increase was principally
from  increased  replacements  at the  project.  During  1999,  the  Partnership
anticipates continuing an increased level of repairs,  replacements and upgrades
at  the  Pavilion.   Principal  items  included  in  the  projected   budget  of
approximately  $150,000 are:  Aluminum roof coating of the  buildings;  pressure
cleaning  and  spot  painting;  replacement  of  shower  and tub  enclosures  in
approximately  fifty units with concrete wall board and fiberglass  shower pans;
two new entrance  gates for the  property;  and seal coating and striping of the
parking  lots.  Further tree removal and trimming is also  contemplated  to help
prevent roof damage,  sidewalk  damage and damage to building  interiors.  It is
anticipated  that adequate  funds will be available from cash flow and operating
funds on hand to complete this work.

Selling,  General and Administrative  Expenses decreased to $157,972 as compared
to  $173,203  for the  comparable  three month  period of the prior  year.  This
reflects  decreases in professional  fees as well as reduced costs for insurance
coverage for the Pavilion.

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.

INFLATION

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


                                         6

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FJS PROPERTIES FUND I, L.P.
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PART II - OTHER INFORMATION
------------------------------------------------------------------------------



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>


FJS PROPERTIES FUND I, L.P.
------------------------------------------------------------------------------


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: May 11, 1999                By: /s/ Andrew C. Alson
                                     --------------------------------
                                      Andrew C. Alson
                                     (President and Chief Financial Officer)
                                      FJS Properties, Inc.
                                      General Partner


                                         8