<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, 2003         Commission File Number 0-12210
                      ------------------                                -------



                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                  ---------------------------------------------
        (exact name of small business issuer as specified in its charter)



               Maryland                                    04-2801764
----------------------------------------      ----------------------------------
  (State or other jurisdiction of                      (I.R.S. Employer
   incorporation or organization)                      Identification No.)



7 Bulfinch Place, Suite 500, Boston, MA                       02114
---------------------------------------       ----------------------------------
(Address of principal executive offices)                   (Zip Code)



Registrant's telephone number, including area code (617) 570-4600
                                                   --------------




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
                                                   ------       -----





<PAGE>


PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP


PART 1 - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
BALANCE SHEETS

--------------------------------------------------------------------------------

                                                September 30,      December 31,
                                                    2003               2002
                                                (Unaudited)         (Audited)
--------------------------------------------------------------------------------

                                      ASSETS

Assets
     Cash and cash equivalents                   $ 1,760,148     $  2,253,338
                                                 --------------- ---------------

Total assets                                     $ 1,760,148     $  2,253,338
                                                 =============== ===============


                            LIABILITIES AND PARTNERS' CAPITAL

Liabilities and partners' capital
     Partners' capital                           $ 1,760,148     $  2,253,338
                                                 --------------- ---------------

Total liabilities and partners' capital          $ 1,760,148     $  2,253,338
                                                 =============== ===============







                        See notes to financial statements

                                       -2-



<PAGE>



PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

STATEMENTS OF OPERATIONS
(UNAUDITED)


<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------------------------------------

                                                   For the three months ended        For the nine months ended September
                                                         September 30,                               30,
                                              -------------------------------------  -------------------------------------
                                                    2003               2002                2003               2002
                                              ------------------ ------------------  ------------------ ------------------
<S>                                          <C>                <C>                 <C>               <C>
 INCOME:
    Interest                                  $    3,751         $   7,452           $    14,654        $    21,437
                                              ------------------ ------------------  ------------------ ------------------
                                              $    3,751         $   7,452           $    14,654        $    21,437
                                              ------------------ ------------------  ------------------ ------------------
 EXPENSES:
    Professional fees                              8,583            10,916                13,133             15,030
    Other                                            584                --                   584                 --
                                              ------------------ ------------------  ------------------ ------------------
                                                   9,167            10,916                13,717             15,030
                                              ------------------ ------------------  ------------------ ------------------
 Net income (loss)                            $   (5,416)        $  (3,464)           $      937        $     6,407
                                              ================== ==================  ================== ==================

 Net income (loss) per unit of limited
    partnership interest outstanding          $    (9.09)        $   (5.80)           $     1.57        $     10.75
                                              ================== ==================  ================== ==================
</TABLE>






                       See notes to financial statements

                                       -3-


<PAGE>


PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

STATEMENT OF CHANGES IN PARTNERS' CAPITAL

<TABLE>
<CAPTION>

-------------------------------------------------------------------------------------------------------------------------
                                                                    Linnaeus-
                                                                     Phoenix
For the Nine Months Ended                       Winthrop            Associates                               Total
September 30, 2003 and 2002                  Financial Co.,          Limited         Investor Limited      Partners'
(Unaudited)                                       Inc.             Partnership           Partners           Capital
-------------------------------------------------------------------------------------------------------------------------
<S>                                        <C>                 <C>                  <C>                <C>
Balance December 31, 2001                   $        (263,921)  $    (565,830)       $    2,475,302     $    1,645,551

Net income                                                 32              32                 6,343              6,407
                                            ------------------  -------------------  -----------------  -----------------

Balance, September 30, 2002                 $        (263,889)  $    (565,798)       $    2,481,645     $    1,651,958
                                            ==================  ===================  =================  =================

Balance December 31, 2002                   $        (260,894)  $    (562,803)       $    3,077,035     $    2,253,338

Net income                                                  5               5                   927                937

Contributions                                               -                    -            5,873              5,873

Distributions                                               -                    -         (500,000)          (500,000)
                                            ------------------  -------------------  -----------------  -----------------

Balance, September 30, 2003                 $        (260,889)  $    (562,798)       $    2,583,835     $    1,760,148
                                            ==================  ===================  =================  =================
</TABLE>







                       See notes to financial statements

                                      -4-

<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------

For the Nine Months Ended
September 30, 2003 and 2002 (Unaudited)                         2003               2002
-----------------------------------------------------------------------------------------------
<S>                                                      <C>                <C>
Cash flow from operating activities:
     Net income                                           $         937      $         6,407
                                                          ---------------    ------------------

Net cash provided by (used in) operating activities                 937                6,407
                                                          ---------------    ------------------

Cash flow from financing activities:
     Distributions to partners                                 (500,000)                   -
     Contributions from partners                                  5,873                    -
                                                          ------------------ ------------------

Net cash provided by (used in) financing activities            (494,127)                   -
                                                          ------------------ ------------------

Net increase (decrease) in cash and cash equivalents           (493,190)               6,407

Cash and cash equivalents at beginning of period              2,253,338            1,645,551
                                                          ------------------ ------------------

Cash and cash equivalents at end of period                $   1,760,148      $     1,651,958
                                                          ================== ==================
</TABLE>








                       See notes to financial statements

                                      -5-

<PAGE>


PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

NOTES TO FINANCIAL STATEMENTS
September 30, 2003
(Unaudited)


1.       ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements included herein have been prepared by the
Partnership, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. The Partnership's accounting and financial
reporting policies are in conformity with generally accepted accounting
principles and include all 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
the notes thereto included in the Partnership's Annual Report on Form 10-KSB for
the year ended December 31, 2002.

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, 2003.

2.       INVESTMENT IN OPERATING PARTNERSHIP

The Partnership accounts for its investment in Presidential Towers, Ltd. (the
"Operating Partnership") using the equity method of accounting. Under the equity
method of accounting, the initial investment is recorded at cost, increased or
decreased by the Partnership's share of income or losses, and decreased by
distributions. Equity in the loss of the Operating Partnership is no longer
recognized once the investment balance reaches zero.

The loss from the Operating Partnership, not recognized since the investment
balance reached zero, will be offset against the Partnership's share of future
income from the Operating Partnership.

3.       TAXABLE LOSS

The Partnership's taxable income for 2003 is not expected to differ from that
for financial reporting purposes.










                                      -6-

<PAGE>


PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

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

The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.). The discussion of the
Partnership's business and results of operations, including forward-looking
statements pertaining to such matters does not take into account the effects of
any changes to the Partnership's business and results of operations.
Accordingly, actual results could differ materially from those projected in the
forward-looking statements as a result of a number of factors, including those
identified herein.

This Item should be read in conjunction with the financial statements and other
items contained elsewhere in the report.

Liquidity and Capital Resources

The Partnership's primary source of liquidity is distributions from Presidential
Towers Ltd., an Illinois limited partnership (the "Operating Partnership"). As a
result of a significant restructuring of the ownership and debt of the Operating
Partnership that was finalized in April 1995, the Partnership currently holds a
19.998% limited partnership interest in the Operating Partnership. The
Partnership is responsible for paying various administrative costs associated
with monitoring the Partnership's investment in the Operating Partnership, and
paying various professional fees associated with the affairs of the Partnership.

During the three months ended September 30, 2003 and September 30, 2002, the
Operating Partnership did not make any distributions to the Partnership. In
connection with the April 1995 restructuring, the Partnership is entitled to
receive an annual distribution form the Operating Partnership as a reimbursement
of the Partnership's administrative expenses and professional fees up to an
annual maximum of $30,000 as well as its allocable share of all distributions
after a preferred return to TKI Presidential Partners ("TKI"). In addition, the
Operating Partnership distributes to the Partnership an amount equal to the
amount of income allocated to the Partnership by the Operating Partnership in
each year. On January 10, 2001, the Operating Partnership purchased the two
mortgage notes from HUD by refinancing the Project with a new first mortgage
loan secured by the Project with a third party lender. The new mortgage requires
payments of interest only at a rate of 6.55% per annum and matures on February
1, 2011. As a result of the refinancing, the regulatory agreements with HUD and
the Restructuring Agreement were terminated. Further, as a result of this
refinancing, TKI's priority return was satisfied and the preferred return due
HUD was extinguished. Accordingly, depending on the property's operating
results, it is expected that the Partnership will receive annual distributions
from the Operating Partnership.





                                      -7-

<PAGE>



Liquidity and Capital Resources (Continued)

The Partnership's liquidity based on cash and cash equivalents decreased by
$493,190 to $1,760,148 at September 30, 2003 as compared to December 31, 2002 as
a result of net distributions made to the limited partners of $494,127
(financing activities) during the first quarter of 2003 slightly offset by the
net cash provided by operating activities of $937. It is expected that as long
as the Partnership's administrative expenses do not exceed $30,000 in any year,
any increase or decrease in the Partnership's cash and cash equivalents will be
effected solely by distributions received from the Operating Partnership and
distributions paid to partners.

The Partnership's liquid assets are currently thought to be sufficient for any
near-term needs of the Partnership.

Results of Operations

The net loss increased by $1,952 for the three months ended September 30, 2003
to $5,416 as compared to a net loss of $3,464 for the three months ended
September 30, 2002. For the nine months ended September 30, 2003, net income
decreased to $937 as compared to net income of $6,407 for the nine months ended
September 30, 2002. This increase in net loss and decrease in net income is due
to a large decrease in interest income partially offset by a slight decrease in
professional fees and other expenses. Interest income decreased due to reduced
interest rates earned on the Partnership's cash and cash equivalents.

Item 3 - Controls and Procedures

The principal executive officer and principal financial officer of the
Partnership's general partner have, within 90 days of the filing date of this
quarterly report, evaluated the effectiveness of the Registrant's disclosure
controls and procedures (as defined in Exchange Act Rules 13a - 14(c) and have
determined that such disclosure controls and procedures are adequate. There has
been no significant changes in the Registrant's internal controls or in other
factors that could significantly affect such internal controls since the date of
evaluation. Accordingly, no corrective actions have been taken with regard to
significant deficiencies or material weaknesses.








                                      -8-

<PAGE>


PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP


PART II - OTHER INFORMATION

Item 6.  Exhibit and Reports on Form 8-K

         a)   Exhibits:

              31  Certification Pursuant to Section 302 of the  Sarbanes-Oxley
                  Act of 2002.
              32  Certification Pursuant to Section 906 of the  Sarbanes-Oxley
                  Act of 2002.


         b)   Reports on Form 8-K:

              None filed during the quarter ended September 30, 2003.











                                      -9-


<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP


                                   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 ASSOCIATES I
                                               LIMITED PARTNERSHIP
                                               (Partnership)

                                               By:  Winthrop Financial Co., Inc.
                                                    Managing General Partner

Date: November 13, 2003                        By:    /s/ Thomas C. Staples
                                                   ----------------------------
                                                      Thomas C. Staples
                                                      Chief Financial Officer

Date: November 13, 2003                        By:   /s/ Michael L. Ashner
                                                   ----------------------------
                                                      Michael L. Ashner
                                                      Chief Executive Officer





                                      -10-

<PAGE>



EXHIBIT INDEX


<TABLE>
<CAPTION>
    Exhibit                                                                    Page No.
    -------                                                                    --------
<S>                                                                              <C>
31  Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.      12
32  Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.      16
</TABLE>




















                                      -11-