<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, 2002              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

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

                                                   June 30,         December 31,
                                                     2002               2001
                                                 (Unaudited)         (Audited)
--------------------------------------------------------------------------------

                                     ASSETS

Assets
     Cash and cash equivalents                   $1,635,489          $1,645,551
     Other                                           19,934                  --
                                                 ----------          ----------

Total assets                                     $1,655,423          $1,645,551
                                                 ==========          ==========


                       LIABILITIES AND PARTNERS' CAPITAL

Liabilities and partners' capital
     Accounts payable                            $       --          $       --
     Partners' capital                            1,655,423           1,645,551
                                                 ----------          ----------

Total liabilities and partners' capital          $1,655,423          $1,645,551
                                                 ==========          ==========








                        See notes to financial statements

                                      - 2 -


<PAGE>


PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

STATEMENTS OF OPERATIONS
(UNAUDITED)

For the Six Months Ended June 30, 2002 and 2001
(Unaudited)

                                                      2002               2001
                                                  ------------------------------
 INCOME:
    Distribution from Operating Partnership       $      --           $1,377,118
    Interest                                         13,985                8,640
                                                  ---------           ----------

                                                     13,985            1,385,758
                                                  ---------           ----------

 EXPENSES:
    Professional fees                                 4,113                   --
                                                  ---------           ----------

                                                      4,113                   --
                                                  ---------           ----------

 Net income                                       $   9,872           $1,385,758
                                                  =========           ==========

 Net income per unit of limited
    partnership interest outstanding              $   16.59           $    2,325
                                                  =========           ==========










                        See notes to financial statements

                                      - 3 -



<PAGE>



PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

STATEMENT OF CHANGES IN PARTNERS' CAPITAL

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
                                                                    Linnaeus-
                                                                     Phoenix
For the Six Months Ended                        Winthrop            Associates           Investor            Total
June 30, 2002 and 2001                       Financial Co.,          Limited             Limited           Partners'
(Unaudited)                                       Inc.             Partnership           Partners           Capital
---------------------------------------------------------------------------------------------------------------------
<S>                                          <C>                  <C>                  <C>                <C>
Balance December 31, 2000                     $ (270,757)          $ (572,666)          $1,112,196         $  268,773

Net income                                         6,929                6,929            1,371,900          1,385,758
                                              ----------           ----------           ----------         ----------

Balance, June 30, 2001                          (263,828)            (565,737)           2,484,096         $1,654,531
                                              ==========           ==========           ==========         ==========


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
                                              ==========           ==========           ==========         ==========
</TABLE>













                        See notes to financial statements

                                      - 4 -


<PAGE>



PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------

For the Six Months Ended
June 30, 2002 and 2001 (Unaudited)                                 2002                   2001
-------------------------------------------------------------------------------------------------

<S>                                                            <C>                    <C>
Cash flow from operating activities:
     Net income                                                 $    9,872             $1,385,758
     Adjustments to reconcile net income to
         net cash used in operating activities:
           Increase in other assets                                (19,934)               (29,079)
                                                                ----------             ----------

Net cash provided by (used in) operating activities                (10,062)             1,356,679
                                                                ----------             ----------

Net increase (decrease) in cash and cash equivalents               (10,062)             1,356,679

Cash and cash equivalents at beginning of period                 1,645,551                268,773
                                                                ----------             ----------

Cash and cash equivalents at end of period                      $1,635,489             $1,625,452
                                                                ==========             ==========
</TABLE>







                        See notes to financial statements

                                      - 5 -



<PAGE>


PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
June 30, 2002
(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, 2001.

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, 2002.

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 2002 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"). 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 six months ended June 30, 2002, the Operating Partnership did not
make any distributions to the Partnership. During the six months ended June 30,
2001 the Operating Partnership made a $1,377,118 distribution to the Partnership
from the proceeds of refinancing of the loan encumbering the Operating
Partnership's property (described below). A significant restructuring of the
ownership and debt of the Operating Partnership was finalized in April 1995. As
a result of this 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. 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


Liquidity and Capital Resources (Continued)
-------------------------------

The Partnership's liquidity based on cash and cash equivalents decreased by
$10,062 to $1,635,489 at June 30, 2002 as compared to December 31, 2001 as a
result of $10,062 of cash used in operating activities. It is expected that so
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.

On or about August 7, 2002, Equity Resource Arlington Fund LP ("Equity
Resource") commenced an offer to purchase up to 19 units of limited partnership
interest in the Partnership for a purchase price of $7,500 per unit on the terms
and conditions set forth in Equity Resource's Offer to Purchase and the related
letter of Transmittal (the "Equity Resource Offer"). The Partnership believes
that the price being offered by Equity Resource is not indicative of the
Partnership's value and therefore recommend against accepting the Equity
Resource Offer. That is, although not currently being marketed for sale, the
Partnership believes that if the assets owned by the Partnership were presently
sold, or, alternatively, if the property owned by the Operating Partnership were
to be sold, the net proceeds of such sale, when added to the Partnership's
current reserves, would provide a per Unit distribution greater than the
purchase price being offered by Equity Resource. Please note that the general
partner of the Partnership will have the right to acquire one-half of any Units
acquired by Equity Resource in its offer. At present, it is anticipated that the
general partner of the Partnership will exercise such option.


Results of Operations
---------------------

Net income decreased by $1,375,886 for the six months ended June 30, 2002 as
compared to the six months ended June 30, 2001 due to the fact no distribution
was received from the Operating Partnership during the six months ended June 30,
2002 as compared to a $1,377,118 distribution received during the six months
ended June 30, 2001 from proceeds of the refinancing. Partially offsetting this
decrease in distribution from Operating Partnership was an increase in interest
income.



                                      - 8 -

<PAGE>


PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP


PART II - OTHER INFORMATION
---------------------------

Item 6.  Exhibit and Reports on Form 8-K

         a)  Exhibits:

             99.1  Letter to Limited Partners dated August 12, 2002 with respect
                   to tender offer made by Equity Resource Arlington Fund LP
             99.2  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, 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: August 13, 2002                   By:  /s/ Thomas C. Staples
                                            --------------------------------
                                             Thomas C. Staples
                                             Chief Financial Officer


Date: August 13, 2002                   By:   /s/ Michael L. Ashner
                                            --------------------------------
                                             Michael L. Ashner
                                             Chief Executive Officer






                                     - 10 -

<PAGE>


Exhibit Index


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

99.1  Letter to Limited Partners dated August 12, 2002 with respect to
      tender offer made by Equity Resource Arlington Fund LP.                12

99.2  Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
      of 2002.                                                               14


















                                     - 11 -