<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 June 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 Identification No.)
   incorporation or organization)



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
<TABLE>
<CAPTION>

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

                                                    June 30,        December 31,
                                                      2003              2002
                                                  (Unaudited)        (Audited)
--------------------------------------------------------------------------------
                                     ASSETS
<S>                                              <C>               <C>
Assets
   Cash and cash equivalents                     $  1,735,564      $  2,253,338
   Other                                               30,000                 -
                                                 -------------     -------------
Total assets                                     $  1,765,564      $  2,253,338
                                                 =============     =============

                        LIABILITIES AND PARTNERS' CAPITAL

Liabilities and partners' capital
   Accounts payable                              $          -      $          -
   Partners' capital                                1,765,564         2,253,338
                                                 -------------     -------------

Total liabilities and partners' capital          $  1,765,564      $  2,253,338
                                                 =============     =============

</TABLE>

                        See notes to financial statements

                                      - 2 -

<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

STATEMENTS OF OPERATIONS
(UNAUDITED)

For the Three Months Ended June 30, 2003 and 2002
(Unaudited)
<TABLE>
<CAPTION>
                                                      2003           2002
                                                --------------------------------
<S>                                             <C>              <C>
INCOME:
   Distribution from Operating Partnership      $         -     $         -
   Interest                                          10,902          13,985
                                                -------------   --------------
                                                     10,902          13,985
                                                -------------   --------------
EXPENSES:
   Professional fees                                  4,549           4,113
                                                -------------   --------------
                                                      4,549           4,113
                                                -------------   --------------
Net income                                      $     6,353     $     9,872
                                                =============   ==============
Net income per unit of limited
   partnership interest outstanding             $     10.66     $     16.59
                                                =============   ==============
</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 Three Months Ended          Winthrop       Associates      Investor          Total
June 30, 2003 and 2002            Financial Co.,     Limited       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                                 49              49           9,774          9,872
                                 ------------     -----------     -----------     ------------

Balance, June 30, 2002           $   (263,872)    $  (565,781)    $ 2,485,076     $ 1,655,423
                                 ============     ===========     ===========     ============

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

Net income                                 64              64           6,225           6,353

Contributions                               -               -           5,873           5,873

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

Balance, June 30, 2003           $   (260,830)    $  (562,739)    $ 2,589,133     $ 1,765,564
                                 ============     ===========     ===========     ============
</TABLE>



                        See notes to financial statements

                                     - 4 -

<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------

For the Three Months Ended
June 30, 2003 and 2002 (Unaudited)                             2003          2002
----------------------------------------------------------------------------------------
<S>                                                       <C>            <C>
Cash flow from operating activities:
   Net income                                             $     6,353    $     9,872
   Adjustments to reconcile net income to
      net cash used in operating activities:
        Increase in other assets                              (30,000)       (19,934)
                                                          ------------   ------------
Net cash provided by (used in) operating activities           (23,647)       (10,062)
                                                          ------------   ------------
Cash flows 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         (517,774)       (10,062)

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

Cash and cash equivalents at end of period                $ 1,735,564    $ 1,635,489
                                                          ============   ============
</TABLE>



                        See notes to financial statements

                                      - 5 -

<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
June 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 June 30, 2003 and June 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 from 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.

The Partnership's liquidity based on cash and cash equivalents decreased by
$517,774 to $1,735,564 at June 30, 2003 as compared to December 31, 2002 as a
result of a distribution made to the limited partners of $494,127 during the
first quarter of 2003 slightly offset by net cash used in operating


                                      - 7 -

<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

activities of $23,647. It is expected that as long as the Partnership's
administrative expenses do not exceed $30,000 in any year, 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 decreased by $3,519 for the three months ended June 30, 2003 as
compared to the three months ended June 30, 2002 due to a decrease in interest
income and a slight increase in professional fees. Interest income decreased due
to reduced interest rates.

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 -

<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 June 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: August 13, 2003                          By:    /s/ Thomas C. Staples
                                                   ------------------------
                                                      Thomas C. Staples
                                                      Chief Financial Officer

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






                                     - 10 -

<PAGE>

EXHIBIT INDEX

<TABLE>
<CAPTION>
   <S>                                                                      <C>
   Exhibit                                                                  Page No.
   -------                                                                  --------

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 -