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 March 31, 2005              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 |_|   NO |X|

<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

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

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
                                                             March 31,    December 31,
                                                               2005          2004
                                                            (Unaudited)    (Audited)
--------------------------------------------------------------------------------------
<S>                                                         <C>           <C>
                                     ASSETS

Assets
   Cash and cash equivalents                                $  570,891    $1,764,421
   Accounts receivable                                           7,470            --
                                                            ----------    ----------

Total assets                                                $  578,361    $1,764,421
                                                            ==========    ==========

                       LIABILITIES AND PARTNERS' CAPITAL

Liabilities and partners' capital
   Accounts payable                                         $       --    $    3,000
   Partners' capital                                           578,361     1,761,421
                                                            ----------    ----------

Total liabilities and partners' capital                     $  578,361    $      421
                                                            ==========    ==========
</TABLE>

                        See notes to financial statements


                                      - 2 -
<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

STATEMENTS OF OPERATIONS
(UNAUDITED)

For the Three Months Ended March 31,
2005 and 2004
(Unaudited)

                                                           2005           2004
                                                         -------        -------

INCOME:

   Interest                                              $ 2,845        $ 3,899
                                                         -------        -------

                                                           2,845          3,899
                                                         -------        -------

EXPENSES:

   Legal and Professional Services                            --          3,000
   Other                                                      --          2,028
                                                         -------        -------

                                                              --          5,028
                                                         -------        -------

Net income (loss)                                        $ 2,845        $(1,129)
                                                         =======        =======

Net income (loss) per unit of limited
    partnership interest outstanding                     $  4.82        $ (1.90)
                                                         =======        =======

                        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                         Total
March 31, 2005 and 2004       Financial Co.,    Limited     Investor Limited   Partners'
(Unaudited)                        Inc.       Partnership       Partners        Capital
-----------------------------------------------------------------------------------------
<S>                           <C>                <C>          <C>             <C>
Balance, December 31, 2003    $  (263,391)       (565,300)    $ 2,588,580     $ 1,759,889

Net income                             (6)             (6)         (1,117)         (1,129)

Contributions                          --              --              --              --

Distributions                          --              --              --              --
                              -----------     -----------     -----------     -----------

Balance, March 31, 2004       $  (263,397)    $  (565,306)    $ 2,587,463     $ 1,758,760
                              ===========     ===========     ===========     ===========

Balance, December 31, 2004    $  (263,510)       (565,419)    $ 2,590,350       1,761,421

Net income                             14              14           2,817           2,845

Contributions                          --              --          14,095          14,095

Distributions                      (6,000)         (6,000)     (1,188,000)     (1,200,000)
                              -----------     -----------     -----------     -----------

Balance, March 31, 2005       $  (269,496)    $  (571,405)    $ 1,419,262     $   578,361
                              ===========     ===========     ===========     ===========
</TABLE>

                        See notes to financial statements


                                      - 4 -
<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
For the Three Months Ended
March 31, 2005 and 2004 (Unaudited)                         2005            2004
-----------------------------------------------------------------------------------
<S>                                                     <C>             <C>
Cash flow from operating activities:
    Net income (loss)                                   $     2,845     $    (1,129)
    Adjustments to reconcile net income to
       net cash used in operating activities:
          Increase (decrease) in accounts payable            (3,000)             --
          Increase (decrease) in other assets                (7,470)             --
                                                        -----------     -----------

Net cash provided by (used in) operating activities          (7,625)         (1,129)
                                                        -----------     -----------

Cash flows from financing activities:
    Distributions to partners                            (1,200,000)             --
    Contributions from partners                              14,095              --
                                                        -----------     -----------

Net cash provided by (used in) financing activities      (1,185,905)             --
                                                        -----------     -----------

Net increase (decrease) in cash and cash equivalents     (1,193,530)         (1,129)

Cash and cash equivalents at beginning of period          1,764,421       1,759,889
                                                        -----------     -----------

Cash and cash equivalents at end of period              $   570,891     $ 1,758,760
                                                        ===========     ===========
</TABLE>

                        See notes to financial statements


                                      - 5 -
<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
March 31, 2005
(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, 2004.

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, 2005.

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 2005 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
         (Continued)

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.

The Operating Partnership did not make any distribution to the Partnership
during the three months ended March 31, 2005 or 2004. 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.


                                     - 7 -
<PAGE>

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

Liquidity and Capital Resources (Continued)

The Partnership's liquidity based on cash and cash equivalents decreased by
$1,193,530 at March 31, 2005, as compared to December 31, 2004. This decrease is
due to $7,625 of cash used in operating activities and $1,185,905 of cash used
in financing activities. Cash used in financing activities consisted of a
$1,200,000 distribution by the Partnership to its partners, which was partially
offset by $14,095 of contributions from partners. 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 increased by $3,974 for the three months ended March 31, 2005 as
compared to the three months ended March 31, 2004. The increase is due to a
decrease in expenses of $5,028 offset by a decrease in interest income earned of
$1,054.

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. Exhibits

      31    Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of
            2002

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


                                     - 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: May 13, 2005                              By: /s/ Thomas C. Staples
                                                    ----------------------------
                                                    Thomas C. Staples
                                                    Chief Financial Officer


Date: May 13, 2005                              By: /s/ Michael L. Ashner
                                                    ----------------------------
                                                    Michael L. Ashner
                                                    Chief Executive Officer


                                     - 10 -
<PAGE>

                                  EXHIBIT INDEX

Exhibit No.                                                                 Page
-----------                                                                 ----

31          Certifications 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


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