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**UNITED        STATES**

**SECURITIES        AND EXCHANGE COMMISSION**

**Washington,        DC 20549**

**FORM        10-QSB**

| **(Mark                One)** |
|-------------------------------|
|                          |
| x                             | **QUARTERLY                REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF                1934** |
|                          | For                the quarterly period ended September 30, 2007 |
|                          |   |
|                          |
| o                             | **TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934** |
|                          | For                the transition period from ______________ to ______________ |
|                          |   |
|                          | 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 incorporation or organization) | (IRS                Employer Identification No.) |

| **1280                Massachusetts Avenue, 4th                Floor,                Cambridge, MA 02138**       |
|------------------------------------------------------------------------------------------------------------------|
| (Address                of principal executive offices)                                                          |
|                                                                                                             |
|                                                                                                             |
| **(617)                876-4800**                                                                                |
| (Issuer’s                telephone number)                                                                 |
|                                                                                                             |
|                                                                                                             |
| (Former                name, former address and former fiscal year, if changed since last                report) |

| Check                whether the issuer (1) filed all reports required to be filed by                Section                13 or 15(d) of the Exchange Act during the past 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                o |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Indicate                by check mark whether the registrant is a shell company (as defined                in                Rule 12b-2 of the Exchange Act).    Yes                o   No                x                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| **APPLICABLE                ONLY TO ISSUERS INVOLVED IN BANKRUPTCY****PROCEEDINGS                DURING THE PRECEDING FIVE YEARS**                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Check                whether the registrant filed all documents and reports required to                be                filed by Section l2, 13 or 15(d) of the Exchange Act after                the distribution of securities under a plan confirmed by a                court.    Yes o    No o                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| **APPLICABLE                ONLY TO CORPORATE ISSUERS**                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| State                the number of shares outstanding of each of the issuer’s classes of common                equity, as of the latest practicable date:                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Transitional                Small Business Disclosure Format (Check one):   Yes o   No                o                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| **Persons              who are to respond to the collection of information contained in this              form              are not required to respond unless the form displays a currently valid              OMB              control number.**                                                                                                                                                                                                                                                                |

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| **PRESIDENTIAL                ASSOCIATES I LIMITED PARTNERSHIP** |
|------------------------------------------------------------------|
| **FORM                10-QSB SEPTEMBER 30, 2007**                |
|                                                             |
| **PART                I - FINANCIAL INFORMATION**                |
| **(Unaudited)**                                                  |

***Item        1. Financial Statements.***

***Balance          Sheets***

|                                                   |   | ***September                30, 2007******(Unaudited)*** |       |   | ***December                31, 2006******(Audited)*** |   |
|--------------------------------------------------------|--------|----------------------------------------------------------|------------|--------|-------------------------------------------------------|--------|
| ***Assets***                                           |   |                                                     |       |   |                                                  |   |
|                                                   |   |                                                     |       |   |                                                  |   |
| Cash                and cash equivalents               |   | $                                                        | 10,647,661 |   |                                                  | $      | 1,069,189 |   |
| Due                from affiliates                     |   |                                                     | 154,240    |   |                                                  |   | 30,000 |   |
|                                                        |   |                                                     |       |   |                                                  |   |   |   |
| Total                Assets                            |   | $                                                        | 10,801,901 |   |                                                  | $      | 1,099,189 |   |
|                                                   |   |                                                     |       |   |                                                  |   |   |   |
| ***Liabilities                and Partners' Capital*** |   |                                                     |       |   |                                                  |   |   |   |
|                                                   |   |                                                     |       |   |                                                  |   |   |   |
| Liabilities:                                           |   |                                                     |       |   |                                                  |   |   |   |
|                                                   |   |                                                     |       |   |                                                  |   |   |   |
| Accounts                payable and accrued expenses   |   | $                                                        | —    |   |                                                  | $      | 30,457 |   |
| Due                to affiliates                       |   |                                                     | —    |   |                                                  |   | 759 |   |
| Due                to investor limited partners        |   |                                                     | 426,809    |   |                                                  |   | — |   |
| Total                Liabilities                       |   |                                                     | 426,809    |   |                                                  |   | — |   |
|                                                   |   |                                                     |       |   |                                                  |   |   |   |
| Partners'                Capital:                      |   |                                                     |       |   |                                                  |   |   |   |
|                                                   |   |                                                     |       |   |                                                  |   |   |   |
| Partners'                capital                       |   |                                                     | 10,375,092 |   |                                                  |   | 1,067,973 |   |
|                                                   |   |                                                     |       |   |                                                  |   |   |   |
| Total                Liabilities and Partners' Capital |   | $                                                        | 10,801,901 |   |                                                  | $      | 1,099,189 |   |

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**PRESIDENTIAL        ASSOCIATES I LIMITED PARTNERSHIP**

**FORM        10-QSB SEPTEMBER 30, 2007**

***Statements        of Operations (Unaudited)***

|                                                                                                 |   | ***For                The Three Months Ended***    |    |   | ***For                The Nine Months Ended*** |   |
|------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------|---------|--------|------------------------------------------------|--------|
|                                                                                                 |   | ***September                30,****** 2007*** |    |   | ***September                30,******2006***   |   |   | ***September                30,******2007*** |   |   | ***September                30,******2006*** |   |
|                                                                                                 |   |                                               |    |   |                                           |   |   |   |   |   |   |   |
| ***Income:***                                                                                        |   |                                               |    |   |                                           |   |   |   |   |   |   |   |
|                                                                                                 |   |                                               |    |   |                                           |   |   |   |   |   |   |   |
| Distribution                from operating partnership                                               |   | $                                                  | — |   |                                           | $      | 553,745 |   |   | $ | 65,393,460 |   |   | $ | 553,745 |   |
| Interest                                                                                             |   |                                               | 305,118 |   |                                           |   | 5,567 |   |   |   | 801,504 |   |   |   | 15,875 |   |
| Total                income                                                                          |   |                                               | 305,118 |   |                                           |   | 559,312 |   |   |   | 66,194,964 |   |   |   | 569,620 |   |
|                                                                                                 |   |                                               |    |   |                                           |   |   |   |   |   |   |   |   |   |   |   |
| ***Expenses:***                                                                                      |   |                                               |    |   |                                           |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                 |   |                                               |    |   |                                           |   |   |   |   |   |   |   |   |   |   |   |
| Legal                and Professional Fees                                                           |   |                                               | 33,402  |   |                                           |   | 10,506 |   |   |   | 57,018 |   |   |   | 26,814 |   |
| Other                                                                                                |   |                                               | 6,418   |   |                                           |   | 300 |   |   |   | 10,044 |   |   |   | 300 |   |
| Total                expenses                                                                        |   |                                               | 39,820  |   |                                           |   | 10,806 |   |   |   | 67,062 |   |   |   | 27,114 |   |
|                                                                                                 |   |                                               |    |   |                                           |   |   |   |   |   |   |   |   |   |   |   |
| Net                income (loss)                                                                     |   | $                                                  | 265,298 |   |                                           | $      | 548,506 |   |   | $ | 66,127,902 |   |   | $ | 542,506 |   |
|                                                                                                 |   |                                               |    |   |                                           |   |   |   |   |   |   |   |   |   |   |   |
| Net                income (loss) per Unit of Limited Partnership Interest                outstanding |   | $                                                  | 449.66  |   |                                           | $      | 920.37 |   |   | $ | 112,081.19 |   |   | $ | 910.31 |   |

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**PRESIDENTIAL      ASSOCIATES I LIMITED PARTNERSHIP**

**FORM      10-QSB SEPTEMBER 30, 2007**

***Statement      of Partners' Capital (Unaudited)***

| ***For                the Nine Months Ended******September                30, 2007******(Unaudited)*** |   | ***Winthrop                Financial Co., Inc.*** |     |   | ***Linnaeus-Phoenix                Associates Limited Partnership*** |   |     | ***Investor                Limited Partners*** |   |   | ***Total                Partners' Capital*** |   |
|--------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|----------|--------|----------------------------------------------------------------------|--------|----------|------------------------------------------------|--------|--------|----------------------------------------------|--------|
|                                                                                                   |   |                                              |     |   |                                                                 |   |     |                                           |   |   |                                         |   |
| Balance                - December 31, 2006                                                             |   | $                                                 | (267,047 | )      |                                                                 | $      | (568,956 | )                                              |   | $      | 1,903,976                                    |   |   | $ | 1,067,973 |   |
|                                                                                                   |   |                                              |     |   |                                                                 |   |     |                                           |   |   |                                         |   |   |   |   |   |
| Net                income                                                                              |   |                                              | 330,640  |   |                                                                 |   | 330,640  |                                           |   |   | 65,466,623                                   |   |   |   | 66,127,902 |   |
|                                                                                                   |   |                                              |     |   |                                                                 |   |     |                                           |   |   |                                         |   |   |   |   |   |
| Contributions                                                                                          |   |                                              | —  |   |                                                                 |   | —  |                                           |   |   | 21,865                                       |   |   |   | 21,865 |   |
|                                                                                                   |   |                                              |     |   |                                                                 |   |     |                                           |   |   |                                         |   |   |   |   |   |
| Distributions                                                                                          |   |                                              | (307,656 | )      |                                                                 |   | (307,656 | )                                              |   |   | (56,227,336                                  | )      |   |   | (56,842,648 | ) |
|                                                                                                   |   |                                              |     |   |                                                                 |   |     |                                           |   |   |                                         |   |   |   |   |   |
| Balance                – September 30, 2007                                                      |   | $                                                 | (244,063 | )      |                                                                 | $      | (545,972 | )                                              |   | $      | 11,165,128                                   |   |   | $ | 10,375,092 |   |

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**PRESIDENTIAL        ASSOCIATES I LIMITED PARTNERSHIP**

**FORM        10-QSB SEPTEMBER 30, 2007**

***Statements        of Cash Flows (Unaudited)***

|                                                                                                                      |   | ***For                The Six Months Ended*** |        |
|---------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|-------------|
|                                                                                                                      |   | ***September                30,******2007***  |        |   | ***September                30,******2006*** |   |
| *Cash                Flows From Operating Activities:*                                                                    |   |                                          |        |   |   |   |
| Net                income (loss)                                                                                          |   | $                                             | 66,127,902  |   |   | $ | 542,506 |   |
| Adjustments                to reconcile net income to net cash provided                by (used in) operating activities: |   |                                          |        |   |   |   |   |   |
| Interest                income converted to distributions                                                                 |   |                                          | (123,010    | ) |   |   | — |   |
| Increase                in due from affiliates                                                                            |   |                                          | (30,000     | ) |   |   | (30,000 | ) |
| Decrease                in accounts payable and accrued expenses                                                          |   |                                          | (30,457     | ) |   |   | (11,077 | ) |
|                                                                                                                      |   |                                          |        |   |   |   |   |   |
| Net                cash provided by continuing operations                                                                 |   |                                          | 65,944,435  |   |   |   | 501,429 |   |
|                                                                                                                      |   |                                          |        |   |   |   |   |   |
| *Cash                Flows From Investing Activities:*                                                                    |   |                                          |        |   |   |   |   |   |
| Advances                to affiliate                                                                                      |   |                                          | (94,240     | ) |   |   | — |   |
| Net                cash used in investing activities                                                                      |   |                                          | (94,240     | ) |   |   | — |   |
|                                                                                                                      |   |                                          |        |   |   |   |   |   |
| *Cash                Flows From Financing Activities:*                                                                    |   |                                          |        |   |   |   |   |   |
| Distributions                to partners                                                                                  |   |                                          | (56,270,964 | ) |   |   | — |   |
| Repayments                of advances from affiliates                                                                     |   |                                          | (759        | ) |   |   | — |   |
|                                                                                                                      |   |                                          |        |   |   |   |   |   |
| Net                cash used in financing activities                                                                      |   |                                          | (56,271,723 | ) |   |   | — |   |
|                                                                                                                      |   |                                          |        |   |   |   |   |   |
| Net                increase in cash and cash equivalents                                                                  |   |                                          | 9,578,472   |   |   |   | 501,429 |   |
| Cash                and cash equivalents, beginning of period                                                             |   |                                          | 1,069,189   |   |   |   | 558,494 |   |
| Cash                and cash equivalents, end of period                                                                   |   | $                                             | 10,647,661  |   |   | $ | 1,059,923 |   |

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**PRESIDENTIAL      ASSOCIATES I LIMITED      PARTNERSHIP**
**FORM        10-QSB SEPTEMBER 30,        2007**

| 1. | ***General*** |
|----|---------------|

| 2. | ***Investment                in Operating                Partnership*** |
|----|-------------------------------------------------------------------------|

| 3. | ***Taxable                Income*** |
|----|-------------------------------------|

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**PRESIDENTIAL          ASSOCIATES I LIMITED          PARTNERSHIP**
**FORM            10-QSB SEPTEMBER 30,            2007**

| ***Item                2.*** | ***Management’s                Discussion and Analysis or Plan of                Operation*** |
|------------------------------|-----------------------------------------------------------------------------------------------------|

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**PRESIDENTIAL      ASSOCIATES I LIMITED      PARTNERSHIP**

**FORM          10-QSB SEPTEMBER 30,          2007**

| ***Item                2.*** | ***Management’s                Discussion and Analysis or Plan of Operation                (Continued)*** |
|------------------------------|-----------------------------------------------------------------------------------------------------------------|

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**PRESIDENTIAL      ASSOCIATES I LIMITED      PARTNERSHIP**
**FORM        10-QSB SEPTEMBER 30,        2007**

| ***Item                2.*** | ***Management’s                Discussion and Analysis or Plan of Operation                (Continued)*** |
|------------------------------|-----------------------------------------------------------------------------------------------------------------|

| ***Item                3.*** | ***Controls                and Procedures*** |
|------------------------------|----------------------------------------------|

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**PRESIDENTIAL        ASSOCIATES I LIMITED        PARTNERSHIP**
**FORM          10-QSB SEPTEMBER 30,          2007**

***Part      II - Other Information***

| ***Item                1.*** | ***Legal                Proceedings*** |
|------------------------------|----------------------------------------|

| ***Item                2.*** | ***Unregistered                Sales of Equity Securities and Use of                Proceeds*** |
|------------------------------|-------------------------------------------------------------------------------------------------|

| ***Item                3.*** | ***Defaults                Upon Senior                Securities*** |
|------------------------------|---------------------------------------------------------------------|

| ***Item                4.*** | ***Submission                of Matters to a Vote of Security                Holders*** |
|------------------------------|-----------------------------------------------------------------------------------------|

| ***Item                5.*** | ***Other                Information*** |
|------------------------------|----------------------------------------|

| ***Item                6.*** | ***Exhibits*** |
|------------------------------|----------------|

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**PRESIDENTIAL        ASSOCIATES I LIMITED        PARTNERSHIP**
**FORM          10-QSB SEPTEMBER 30,          2007**

**SIGNATURES**

|   | **PRESIDENTIAL              ASSOCIATES I LIMITED              PARTNERSHIP** |                                      |
|--------|-----------------------------------------------------------------------------|-------------------------------------------|
|   |                                                                        |                                      |
|   |                                                                        |                                      |   |
|   | By:                                                                         | Winthrop              Financial Co., Inc. |   |
|   |                                                                        | Managing              General Partner     |   |
|   |                                                                        |                                      |   |
|   |                                                                        |                                      |   |
|   |                                                                        |                                      |   |
|   |                                                                        |                                      |   |
|        | By:                                                                         | /s/ Eggert              Dagbjartsson |   |
|   |                                                                        | Eggert              Dagbjartsson          |   |
|   |                                                                        | Chief              Executive Officer      |   |
|   |                                                                        |                                      |   |
|   |                                                                        |                                      |   |
|   |                                                                        |                                      |   |
|   |                                                                        |                                      |   |
|   | By:                                                                         | Andrew              Prague                |   |
|   |                                                                        | Chief              Financial Officer      |   |
|   |                                                                        |                                      |   |
|   |                                                                        |                                      |   |
|   |                                                                        |                                      |   |
|   |                                                                        |                                      |   |
|   | Dated:               November 14, 2007                                 |                                      |

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**PRESIDENTIAL      ASSOCIATES I LIMITED      PARTNERSHIP**

**FORM          10-QSB SEPTEMBER 30,          2007**

***Exhibit      Index***

| **Exhibit** |                                                                                                                                                                                                                                        |   |
|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|        |                                                                                                                                                                                                                                        |   |
| 31.1        | Chief                Executive Officer’s Certification, pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002.                                                                                                     |   |
|        |                                                                                                                                                                                                                                        |   |
| 31.2        | Chief                Financial Officer’s Certification, pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002.                                                                                                     |   |
|        |                                                                                                                                                                                                                                        |   |
| 32          | Certification                of Chief Executive Officer and Chief Financial Officer, pursuant                to 18                U.S.C. Section 1350, as adopted pursuant to Section 906 of the                Sarbanes-Oxley Act of 2002. |   |

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