<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549
                                   FORM 10-QSB
                   QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


For the Quarter Ended September  30, 1997       Commission File Number 0-15740
                      -------------------                              -------

                  RIVERSIDE PARK ASSOCIATES LIMITED PARTNERSHIP
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       (exact name of small business issuer as specified in its charter)

             Delaware                                  04-2924048
-------------------------------           ------------------------------------
(State or other jurisdiction of           (I.R.S. Employer Identification No.)
 incorporation or organization)

Five Cambridge Center, Cambridge, MA                   02142-1493
----------------------------------------               ----------
(Address of principal executive offices)               (Zip Code)

Registrant's telephone number, including area code  (617) 234-3000
                                                    --------------

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities 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
                                            -----         -----

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                  Riverside Park Associates Limited Partnership

<TABLE>
<CAPTION>
BALANCE SHEETS

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                                                              September 30,       December 31,
                                                                  1997                1996
                                                               (Unaudited)          (Audited)
----------------------------------------------------------------------------------------------
<S>                                                           <C>                 <C>         
ASSETS

Investment in Real Estate
    Land                                                      $  6,357,564        $  6,357,564
    Building improvements and personal property                 66,716,880          66,162,838
                                                              ------------        ------------
                                                                73,074,444          72,520,402

    Less accumulated depreciation                               31,078,919          28,930,286
                                                              ------------        ------------

                                                                41,995,525          43,590,116

    Cash and cash equivalents                                    1,832,048           3,011,885
    Mortgage reserves held in escrow                               627,041             181,850
    Prepaid and other assets                                       204,142             542,719
    Deferred costs, net of accumulated
     amortization of $223,035 and $82,956, respectively          1,183,000           1,320,779
                                                              ------------        ------------

Total Assets                                                  $ 45,841,756        $ 48,647,349
                                                              ============        ============


LIABILITIES AND PARTNERS' CAPITAL

Liabilities
    Mortgage payable                                          $ 46,307,936        $ 46,736,982
    Accrued interest - mortgage                                         --             326,997
    Accounts payable                                                 6,868             167,445
    Accrued expenses                                               351,418             145,313
    Tenants' security deposits liability                           145,081             193,116
                                                              ------------        ------------

Total Liabilities                                               46,811,303          47,569,853
                                                              ------------        ------------

Partners' Capital
    Limited partners capital, 566 units
      authorized and outstanding,                                  191,393           2,177,025

    General partner's capital                                   (1,160,940)         (1,099,529)
                                                              ------------        ------------

Total Partners' Capital                                           (969,547)          1,077,496
                                                              ------------        ------------

Total Liabilities and Partners' Capital                       $ 45,841,756        $ 48,647,349
                                                              ============        ============
</TABLE>

                        See notes to financial statements
                                      - 2 -

<PAGE>

                  Riverside Park Associates Limited Partnership

<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
-----------------------------------------------------------------------------------------------------------------------
                                                  Three months ended September 30,      Nine months ended September 30,
For the nine and three months ended                    1997               1996              1997                1996
September 30, 1997 and 1996                        (Unaudited)        (Unaudited)        (Unaudited)        (Unaudited)
-----------------------------------------------------------------------------------------------------------------------
<S>                                                <C>                <C>                <C>                <C>        
Income
    Rental                                         $ 2,473,886        $ 2,347,651        $ 7,379,892        $ 7,204,856
    Interest on short-term
      investments                                       19,326             12,664             88,443             55,177
    Other                                              254,226            338,058            777,946            858,953
                                                   -----------        -----------        -----------        -----------
                                                     2,747,438          2,698,373          8,246,281          8,118,986
Expenses
    Leasing                                             84,110             70,384            180,953            174,103
    Payroll and benefits                               208,286            178,279            515,534            502,985
    General and administrative                          19,555             21,630             33,443             63,296
    Management fees                                    135,350            144,074            446,517            439,199
    Utilities                                          278,074            230,654            830,327            783,693
    Repairs and maintenance                            257,918            219,347            634,307            606,594
    Insurance                                           41,992             41,941            125,975            125,823
    Taxes                                              190,629            175,482            569,597            517,772
                                                   -----------        -----------        -----------        -----------
       Total operating expenses                      1,215,914          1,081,791          3,336,653          3,213,465

Other expenses
    Depreciation                                       716,211            739,077          2,148,633          2,217,231
    Amortization                                        46,694                 --            140,079            103,817
    Interest expense                                   996,913            892,276          2,948,144          3,045,157
    Other expenses                                      78,661             84,415            261,054            364,558
                                                   -----------        -----------        -----------        -----------
       Total expenses                                3,054,393          2,797,559          8,834,563          8,944,228

Net loss                                           $  (306,955)       $   (99,186)       $  (588,282)       $  (825,242)
                                                   ===========        ===========        ===========        ===========

Net loss allocated to general partner
                                                   $    (9,209)       $    (2,976)       $   (17,648)       $   (24,757)
                                                   ===========        ===========        ===========        ===========

Net loss allocated to limited partners             $  (297,746)       $   (96,210)       $  (570,634)       $  (800,485)
                                                   ===========        ===========        ===========        ===========

Net loss per unit outstanding - limited
partners                                           $      (526)       $      (170)       $    (1,008)       $    (1,414)
                                                   ===========        ===========        ===========        ===========


Weighted average number of units outstanding
                                                           566                566                566                566
                                                   ===========        ===========        ===========        ===========
</TABLE>

                        See notes to financial statements
                                      - 3 -

<PAGE>

                  Riverside Park Associates Limited Partnership

<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN PARTNERS' CAPITAL

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For the nine months ended            General             Limited              Total
September 30, 1997 and 1996         Partners'           Partners'           Partners'
(Unaudited)                          capital             capital             capital
--------------------------------------------------------------------------------------
<S>                               <C>                 <C>                 <C>         
Balance December 31, 1996         $ (1,099,529)       $  2,177,025        $  1,077,496
Net loss                               (17,648)           (570,634)           (588,282)
Distributions                          (43,763)         (1,414,998)         (1,458,761)
                                  ------------        ------------        ------------
Balance, September 30, 1997       $ (1,160,940)       $    191,393        $   (969,547)
                                  ============        ============        ============



Balance December 31, 1995         $   (952,194)       $ 11,324,006        $ 10,371,812
Net loss                               (24,757)           (800,485)           (825,242)
Distributions                         (232,253)         (7,509,504)         (7,741,757)
                                  ------------        ------------        ------------
Balance, September 30, 1996       $ (1,209,204)       $  3,014,017        $  1,804,813
                                  ============        ============        ============
</TABLE>

                        See notes to financial statements
                                      - 4 -

<PAGE>

                  Riverside Park Associates Limited Partnership

<TABLE>
<CAPTION>
STATEMENTS OF CASH FLOWS

---------------------------------------------------------------------------------------------------
For the nine months ended                                               1997                1996
September 30, 1997 and 1996                                         (Unaudited)         (Unaudited)
---------------------------------------------------------------------------------------------------
<S>                                                                <C>                 <C>          
Cash flow from operating activities:
    Net loss                                                       $   (588,282)       $   (825,242)
    Adjustments to reconcile net loss to
     net cash provided by operating activities:
      Depreciation                                                    2,148,633           2,217,231
      Amortization                                                      140,079             103,817
      Changes in assets and liabilities:
         Decrease (increase) in prepaid and other assets                338,577            (111,012)
         Increase (decrease) in accounts payable and accrued
           expenses                                                      45,528            (390,859)
         Decrease in tenants security deposits                          (48,035)             (7,041)
         Decrease in accrued mortgage interest                         (326,997)                 --
                                                                   ------------        ------------

Net cash provided by operating activities                             1,709,503             986,894
                                                                   ------------        ------------

Cash flows from investing activities:
    Acquisition of and improvements to property                        (554,042)           (487,628)
    Additions to deferred cost                                           (2,300)                 --
    Increase in mortgage reserves held in escrow                       (445,191)                 --
                                                                   ------------        ------------

Net cash used in investing activities                                (1,001,533)           (487,628)
                                                                   ------------        ------------

Cash flows from financing activities:
    Principal payments on mortgage note                                (429,046)        (38,114,269)
    Distributions to partners                                        (1,458,761)         (1,167,010)
    Proceeds from mortgage financing                                         --          47,000,000
    Additions to deferred loan cost                                          --          (1,397,725)
                                                                   ------------        ------------

Net cash (used in) provided by financing activities                  (1,887,807)          6,320,996
                                                                   ------------        ------------

Net (decrease) increase in cash and cash equivalents                 (1,179,837)          6,820,262

Cash and cash equivalents, beginning of period                        3,011,885           2,752,859
                                                                   ------------        ------------


Cash and cash equivalents, ending                                  $  1,832,048        $  9,573,121
                                                                   ============        ============

Supplemental disclosure of cash flow information:
Cash paid for interest                                             $  2,948,144        $  3,401,550
                                                                   ============        ============
</TABLE>

                        See notes to financial statements
                                      - 5 -

<PAGE>

                  Riverside Park Associates Limited Partnership

NOTES TO FINANCIAL STATEMENTS
September 30, 1997
(Unaudited)

1.       ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements included herein have been prepared by
Riverside Park Associates Limited Partnership (the "Partnership",) without
audit, pursuant to the rules and regulations of the Securities and Exchange
Commission. The Partnership's accounting and financial reporting policies
conform with generally accepted accounting principles and include adjustments in
interim periods considered necessary for a fair presentation of the results of
operations. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such rules and
regulations. It is suggested that these financial statements be read in
conjunction with the financial statements and notes thereto included in the
Partnership's Annual Report on Form 10-KSB for the year ended December 31, 1996.

The accompanying financial statements reflect the Partnership's results of
operations for an interim period and are not necessarily indicative of the
results of operations for the year ending December 31, 1997.

2.       TAXABLE INCOME

The Partnership's results of operations on a tax basis are expected to differ
from net loss for financial reporting purposes primarily due to the accounting
differences in the recognition of depreciation and amortization.

3.       RELATED PARTY TRANSACTIONS

The Partnership paid an affiliate of the General Partner property management
fees of $106,046 and $315,620 and $102,724 and $315,150 for the three and nine
months ended September 30, 1997 and 1996, respectively. An investor service fee
of $29,304 and $130,897 and $41,350 and $124,049 for the three and nine months
ended September 30, 1997 and 1996, respectively, was also paid to an affiliate
of the General Partner.

4.    RECLASSIFICATION

Certain items in the 1996 statements of operations have been reclassified to
conform with the current year presentation.

                                     - 6 -

<PAGE>
                  Riverside Park Associates Limited Partnership

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
         OPERATION

Liquidity and Capital Resources

The Partnership's sole asset is a 1,222 unit apartment complex known as
Riverside Park located in Fairfax County, Virginia. The property is leased to
tenants subject to leases of up to one year. The Partnership requires cash to
pay principal and interest on the mortgage loan encumbering the property and to
pay operating expenses in connection with the property, including management
fees and general and administrative expenses. The Partnership continues to have
positive cash flow after its operating and debt service requirements and
provides cash distributions to its partners. It is expected that the
Partnership's income will be sufficient in future years to continue to pay these
expenses as well as to provide for cash distributions to its partners.

The level of liquidity based on cash and cash equivalents experienced a
$1,179,837 decrease at September 30, 1997 as compared to December 31, 1996. The
decrease was due to $1,709,503 of net cash provided by operating activities
being offset by $1,001,533 of net cash used in investing activities and
$1,887,807 of cash used in financing activities. Investing activities consisted
of $554,042 of improvements to real estate, $445,191 of deposits to replacement
reserves and $2,300 in additions to deferred costs. Financing activities
consisted of $429,046 of mortgage principal payments and $1,458,761 of
distributions to limited partners. All other increases (decreases) in certain
assets and liabilities are the result of the timing of receipt and payment of
various operating activities.

The Washington, D.C. area apartment market is stable and remains competitive.
The Partnership continues to make capital improvements to the property to
enhance its competitiveness within the local market. The Partnership spent
$554,042 on capital improvements during the first nine months of 1997 compared
to $487,628 in the first nine months of 1996. Improvements include common area
hallway renovations and individual HVAC system replacements. As of September 30,
1997, the Partnership had a cash balance of approximately $1,832,048, as well as
$627,041 that is being held by the lender in a reserve account to complete unit
renovations as compared to $3,011,885 in cash and $181,850 in reserves at
December 31, 1996.

The property's mortgage loan is evidenced by a promissory note payable by the
Partnership to General Electric Credit Corporation "GECC" and secured by a
mortgage in favor of GECC on the property in the original amount of $47,000,000.
The mortgage loan, which bears interest at the rate LIBOR 2.75%, requires
monthly payments of principal and interest totaling $367,532. The mortgage loan
matures in September 2001, at which time a balloon payment of the remaining
outstanding principal balance will be due.

On November 27, 1995, an affiliate of the Managing General Partner acquired,
pursuant to a tender offer for a purchase price of $40,000 per unit,
approximately 35% of the total limited partnership units of the Registrant (200
units).

                                     - 7 -

<PAGE>

                  Riverside Park Associates Limited Partnership

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
         OPERATION (Continued)

Results of Operations

The Partnership's net loss declined from $825,242 for the nine months ended
September 30, 1996 to $588,282 for the nine months ended September 30, 1997.
Excluding noncash items such as depreciation and amortization, however, the
Partnership's property has generated positive cash flow, which the Partnership
used to make improvements to the property, pay down the loan encumbering the
property, and provide distributions to the partners.

The Partnership's rental revenue increased from $7,204,856 to $7,379,892 for the
first nine months of 1997 compared to the first nine months of 1996. Rental
income increased as a result of an increase in average rental charges from $672
per unit in 1996 to $704 per unit in 1997, which was partially offset by a
decrease in average occupancy to 96.1% in the nine months ended September 30,
1997 compared to 97% for the same nine months in 1996. Interest income increased
from $55,177 to $88,443 during the nine months ended September 30, 1996 and
1997, respectively, as a result of interest earnings on higher escrowed cash
balances.

Other income decreased from $858,953 in 1996 to $777,946 in 1997. This decrease
relates primarily to a decrease in corporate unit income.

The total operating costs of the Partnership's property remained relatively
stable increasing by less than 4% or $123,188 from $3,213,465 for the nine
months ended September 30, 1996 to $3,336,653 for the nine months ended
September 30, 1997. Higher leasing, payroll and benefits, management fees,
utilities, repairs and maintenance, and real estate taxes were partially offset
by reductions in general and administrative costs. The Partnership's
depreciation and amortization expense categories were consistent with the
results for the same period in 1996.

Interest expense decreased from $3,045,157 for the nine months ended September
30, 1996 to $2,948,144 for the nine months ended September 30, 1997 due to a
lower interest rate on the loan encumbering the property, which was refinanced
in September, 1996, and a reduction in the outstanding amount of principal due
to the monthly principal payments amounts.

Other expenses decreased from $364,558 to $261,054 in the first nine months of
1997 primarily as a result of a nonrecurring litigation fee incurred in 1996.

The results of operations in future quarters may differ from the results of
operations for the nine months ended September 30, 1997, due to inflation and
changing economic conditions which could affect occupancy levels, rental rates
and operating expenses.

                                     - 8 -

<PAGE>

                  Riverside Park Associates Limited Partnership

PART II - OTHER INFORMATION

Item 5 - Other Information

     On October 28, 1997, Insignia Financial Group ("Insignia") acquired 100% of
the Class B stock of First Winthrop Corporation ("FWC"), the sole shareholder of
the Registrant's General Partner. In connection with this transaction, a nominee
of Insignia was elected as a director of the General Partner and has been
appointed to the board of directors of the General Partner. The nominee has the
authority to appoint members to a newly created residential committee. This
committee is generally authorized to act on behalf of the General Partner in
managing the business activities of the Registrant. On October 28, 1997, the
partnership terminated Winthrop Management as the managing agent, and appointed
an affiliate of Insignia to assume management of the property. The General
Partner does not believe this transaction will have a material effect on the
affairs and operations of the Registrant.

     An affiliate of the Managing General Partner entered into an agreement to
sell all of its limited partnership units to IPTI, LLC, an affiliate of
Insignia. The transfer of these units took place October 27, 1997.

Item 6 - Exhibits and Reports on Form 8-K

     (a)  Exhibits

          27.   Financial Data Schedule

     (b)  Reports on Form 8-K

No report on Form 8-K was filed during the three months ended September 30,
1997.

                                     - 9 -

<PAGE>

                  Riverside Park Associates Limited Partnership


                                    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.

                                RIVERSIDE PARK ASSOCIATES
                                LIMITED PARTNERSHIP

                                By:   Winthrop Financial Associates, A Limited
                                      Partnership
                                      Its General Partner

Date: November 14, 1997         By:   /s/ Edward V. Williams
                                      ----------------------------------------
                                      Edward V. Williams
                                      Chief  Financial Officer

Date: November 14, 1997         By:   /s/ Richard J. McCready
                                      ----------------------------------------
                                      Richard J. McCready
                                      Chief Executive Officer

                                     - 10 -