UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549  FORM 10-QSB (Mark One)  X
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934   For the quarterly period endedSeptember 30, 2006  OR  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934  For the transition period from ____________ to _____________  Commission File Number0-12210  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 Identification No.)incorporation or organization)    44 Brattle Street, 4th Floor, Cambridge, MA
02138(Address of principal executive offices)
(Zip Code)   Issuers telephone number, including area code
(617) 871-1330   7 Bulfinch Place, Suite 500, Boston, MA 02114 (Former Name, Former Address and Formal Fiscal Year, if Changed Since Last Report)  Indicate by check mark whether Issuer (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. YesXNo  Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes __ NoX      PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIPFORM 10-QSB SEPTEMBER 30, 2006PART I - FINANCIAL INFORMATIONItem 1. Financial Statements.Balance SheetsSeptember 30, 2006

December 31, 2005(Unaudited)

(Audited)AssetsCash and cash equivalents





$
1,059,923

$
558,494Accounts receivable






30,000


-Total Assets





$
1,089,923

$
558,494Liabilities and Partners' CapitalLiabilities and Partners' Capital:Accounts payable and accrued expense



$
2,773

$
13,850Partners' capital






1,087,150


544,644Total Liabilities and Partners' Capital



$
1,089,923

$
558,494   See notes to financial statements  2 of 16      PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIPFORM 10-QSB SEPTEMBER 30, 2006Statements of Income (Unaudited)For The Three Months Ended

For The Nine Months EndedSeptember 30,

September 30,

September 30,

September 30,2006

2005

2006

2005Income:Interest

$
5,567

$
1,948

$
15,875

$
6,587Distribution from operating partnership


553,745


-


553,745


-Total income


559,312


1,948


569,620


6,587Expenses:Legal and Professional Fees


10,506


11,985


26,814


19,415Other



300


8


300


8Total expenses


10,806


11,993


27,114


19,423Net income (loss)

$
548,506

$
(10,045)

$
542,506

$
(12,836)Net income (loss) per Unit of Limited PartnershipInterest outstanding

$
920.37

$
(16.86)

$
910.31

$
(21.54)   See notes to financial statements  3 of 16      PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIPFORM 10-QSB SEPTEMBER 30, 2006Statement of Partners' Capital (Unaudited)For the Nine Months EndedSeptember 30, 2006 and 2005
WinthropFinancialCo.,Inc.

LinnaeusPhoenixAssociatesLimitedPartnership

InvestorLimitedPartners

TotalPartners'Capital(Unaudited)Balance - December 31, 2004
$
(263,510)

$
(565,419)

$
2,590,350

$
1,761,421Net loss


(64)


(64)


(12,708)


(12,836)Contributions


-


-


14,095


14,095Distributions


(6,000)


(6,000)


(1,188,000)


(1,200,000)Balance - September 30, 2005
$
(269,574)

$
(571,483)

$
1,403,737

$
562,680Balance - December 31, 2005
$
(269,664)

$
(571,573)

$
1,385,881

$
544,644Net income


2,713


2,713


537,080


542,506Contributions


-


-


-


-Distributions


-


-


-


-Balance - September 30, 2006
$
(266,951)

$
(568,860)

$
1,922,961

$
1,087,150   See notes to financial statements  4 of 16      PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIPFORM 10-QSB SEPTEMBER 30, 2006Statements of Cash Flows (Unaudited)For The Nine Months EndedSeptember 30,


September 30,2006

2005Cash Flows From Operating Activities:Continuing Operations:Net income (loss)




$
542,506

$
(12,836)Adjustments to reconcile net income to net cashprovided by operating activities:Increase in other assets




(30,000)


0Decrease in other payables




(11,077)


1,180Net cash (used in) provided by operating activities

501,429


(11,656)Cash Flows From Financing Activities:Distributions to partners




0


(1,200,000)Contributions from partners




0


14,095Net cash used in financing activities



0


(1,185,905)Net increase in cash and cash equivalents



501,429


(1,197,561)Cash and cash equivalents, beginning of period

558,494


1,764,421Cash and cash equivalents, end of period


$
1,059,923

$
566,860   See notes to financial statements  5 of 16   PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP FORM 10-QSB SEPTEMBER 30, 2006    1.
General  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, 2005.  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, 2006.  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.  3.
Taxable Income  The Partnerships taxable income for 2006 is not expected to differ from that for financial reporting purposes.  See notes to financial statements  6 of 16   PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP FORM 10-QSB SEPTEMBER 30, 2006     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.  General  Effective October 7, 2006, ERI/WIN GP LLC, a wholly-owned subsidiary of Equity Resource Investments, LLC (Equity Resource), acquired a 100% ownership interest in the Partnerships general partner. Equity Resources is a Cambridge, Massachusetts based real estate company. The transfer of the ownership interest in the Partnerships general partner is not expected to have a material effect on the Partnerships operations.  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.  The Operating Partnership made a distribution to the Partnership in the amount of $553,745 during the nine months ended September 30, 2006. During the nine months ended September 30, 2005 the Operating Partnership did not make any distribution to the Partnership. During the nine months ended September 30, 2005, the Partnership paid a distribution from reserves in the amount of $1,200,000. In connection with the April 1995 restructuring, the Partnership is entitled to receive a reimbursement from the Operating Partnership for its 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), which preferred return was satisfied in 2001. 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  7 of 16   PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP FORM 10-QSB SEPTEMBER 30, 2006    Item 2.
Managements Discussion and Analysis or Plan of Operation (Continued)  Liquidity and Capital Resources (Continued)  in each year. Accordingly, depending on the propertys operating results, it is expected that the Partnership will receive annual distributions from the Operating Partnership.  The Partnerships liquidity based on cash and cash equivalents increased by $501,429 to $1,059,923 at September 30, 2006, as compared to December 31, 2005. This increase is due to a distribution received from the Operating Partnership in the amount of $553,745. No cash was used in financing activities by the Partnership. It is expected that so long as the Partnerships administrative expenses do not exceed $30,000 in any year, unless the Operating Partnership makes a distribution, the Partnerships cash and cash equivalents will remain relatively constant until the Operating Partnership is liquidated.  The Partnerships liquid assets are currently thought to be sufficient for any near-term needs of the Partnership.  Results of Operations  Net income was $548,506 and $542,506 for the three and nine months ended September 30, 2006 as compared to net loss of $10,045 and $12,836 for the three and nine months ended September 30, 2005. The increase in net income is primarily due to the Partnerships receipt of distribution from the Operating Partnership during the nine months ended September 30, 2006 with no corresponding distribution received from the Operating Partnership during the nine months ended September 30, 2005. Partially offsetting the increase in revenues was an increase in legal and professional fees.  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 Partnership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 have been no significant changes in the Partnership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 of 16   PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP FORM 10-QSB SEPTEMBER 30, 2006    Part II - Other Information  Item 5.
Other Information  Effective October 7, 2006, ERI/WIN GP LLC, a wholly-owned subsidiary of Equity Resource Investments, LLC (Equity Resource), acquired a 100% ownership interest in the Partnerships general partner. Equity Resource is a Cambridge, Massachusetts based real estate company. The transfer of the ownership interest in the Partnerships general partner is not expected to have a material effect on the Partnerships operations.  Item 6.
Exhibits  Exhibits required by Item 601 of Regulation S-B are filed herewith and are listed in the attached Exhibit Index.   9 of 16   PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP FORM 10-QSB SEPTEMBER 30, 2006    SIGNATURES  Pursuant to the requirements of the Securities Exchange Act of 1934, the Issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.   PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP  By:
Winthrop Financial Co., Inc.Managing General Partner   By:/s/ Eggert DagbjartssonEggert DagbjartssonChief Executive Officer  By:/s/ Andrew PragueAndrew PragueChief Financial Officer   Dated:November 14, 2006  10 of 16    PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP FORM 10-QSB SEPTEMBER 30, 2006    Exhibit Index  Exhibit
Page No.  31.1
Chief Executive Officers Certification, pursuant to Section 302 of theSarbanes-Oxley Act of 2002.
12  13  31.2
Chief Financial Officers Certification, pursuant to Section 302 of theSarbanes-Oxley Act of 2002.
14  15  32
Certification of Chief Executive Officer and Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906of the Sarbanes-Oxley Act of 2002.
16   11 of 16