<PAGE>


                                                                      Exhibit 31

                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                            FORM 10-QSB JUNE 30, 2003

                                 CERTIFICATIONS

        I, Michael L. Ashner, certify that:

1.      I have reviewed this quarterly report on Form 10-QSB of Presidential
        Associates I Limited Partnership;

2.      Based on my knowledge, this quarterly report does not contain any untrue
        statement of a material fact or omit to state a material fact necessary
        to make the statements made, in light of the circumstances under which
        such statements were made, not misleading with respect to the period
        covered by this quarterly report;

3.      Based on my knowledge, the financial statements, and other financial
        information included in this quarterly report, fairly present in all
        material respects the financial condition, results of operations and
        cash flows of the Registrant as of, and for, the periods presented in
        this quarterly report;

4.      The Registrant's other certifying officers and I are responsible for
        establishing and maintaining disclosure controls and procedures (as
        defined in Exchange Act Rules 13a-14 and 15d-14) for the Registrant and
        have:

        a)     designed such disclosure controls and procedures to ensure that
               material information relating to the Registrant is made known to
               us, particularly during the period in which this quarterly report
               is being prepared;

        b)     evaluated the effectiveness of the Registrant's disclosure
               controls and procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

        c)     presented in this quarterly report our conclusions about the
               effectiveness of the disclosure controls and procedures on our
               evaluation as of the Evaluation Date;

5.      The Registrant's other certifying officers and I have disclosed, based
        on our most recent evaluation, to the Registrant's auditors and the
        audit committee of Registrant's board of directors (or persons
        performing the equivalent functions):

        a)     all significant deficiencies in the design or operation of
               internal controls which could adversely affect the Registrant's
               ability to record, process, summarize and report


                                      -12-

<PAGE>

               financial data and have identified for the Registrant's auditors
               any material weaknesses in internal controls; and

        b)     any fraud, whether or not material, that involves management or
               other employees who have a significant role in the Registrant's
               internal controls; and

6.      The Registrant's other certifying officers and I have indicated in this
        quarterly report whether there were significant changes in internal
        controls or in other factors that could significantly affect internal
        controls subsequent to the date of our most recent evaluation, including
        any corrective actions with regard to significant deficiencies and
        material weaknesses.


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









                                      -13-

<PAGE>

                                                                      Exhibit 31

                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                            FORM 10-QSB JUNE 30, 2003

                                 CERTIFICATIONS

        I, Thomas Staples, certify that:

1.      I have reviewed this quarterly report on Form 10-QSB of Presidential
        Associates I Limited Partnership;

2.      Based on my knowledge, this quarterly report does not contain any untrue
        statement of a material fact or omit to state a material fact necessary
        to make the statements made, in light of the circumstances under which
        such statements were made, not misleading with respect to the period
        covered by this quarterly report;

3.      Based on my knowledge, the financial statements, and other financial
        information included in this quarterly report, fairly present in all
        material respects the financial condition, results of operations and
        cash flows of the Registrant as of, and for, the periods presented in
        this quarterly report;

4.      The Registrant's other certifying officers and I are responsible for
        establishing and maintaining disclosure controls and procedures (as
        defined in Exchange Act Rules 13a-14 and 15d-14) for the Registrant and
        have:

        a)     designed such disclosure controls and procedures to ensure that
               material information relating to the Registrant is made known to
               us, particularly during the period in which this quarterly report
               is being prepared;

        b)     evaluated the effectiveness of the Registrant's disclosure
               controls and procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

        c)     presented in this quarterly report our conclusions about the
               effectiveness of the disclosure controls and procedures on our
               evaluation as of the Evaluation Date;

5.      The Registrant's other certifying officers and I have disclosed, based
        on our most recent evaluation, to the Registrant's auditors and the
        audit committee of Registrant's board of directors (or persons
        performing the equivalent functions):

        a)     all significant deficiencies in the design or operation of
               internal controls which could adversely affect the Registrant's
               ability to record, process, summarize and report


                                      -14-

<PAGE>



               financial data and have identified for the Registrant's auditors
               any material weaknesses in internal controls; and

        b)     any fraud, whether or not material, that involves management or
               other employees who have a significant role in the Registrant's
               internal controls; and

6.      The Registrant's other certifying officers and I have indicated in this
        quarterly report whether there were significant changes in internal
        controls or in other factors that could significantly affect internal
        controls subsequent to the date of our most recent evaluation, including
        any corrective actions with regard to significant deficiencies and
        material weaknesses.


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










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