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 June 30, 2006

                                       OR

            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             (I.R.S. Employer Identification No.)
incorporation or organization)

7 Bulfinch Place, Suite 500, Boston, MA                    02114
--------------------------------------------    --------------------------------
(Address of principal executive offices)                 (Zip Code)

Issuer's telephone number, including area code         (617) 570-4600
                                                --------------------------------

Indicate by check mark whether Issuer (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the Registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes |X| No |_|

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act) Yes |_| No |X|

<PAGE>

                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                            FORM 10-QSB JUNE 30, 2006

                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Balance Sheets

                                               June 30, 2006   December 31, 2005
                                                (Unaudited)         (Audited)
                                              --------------     --------------

Assets

Cash and cash equivalents                     $      512,127     $      558,494
Accounts receivable                                   30,000                 --
                                              --------------     --------------

    Total Assets                              $      542,127     $      558,494
                                              ==============     ==============

Liabilities and Partners' Capital

Liabilities and Partners' Capital:

Accounts payable and accrued expense          $        3,483     $       13,850
Partners' capital                                    538,644            544,644
                                              --------------     --------------

    Total Liabilities and Partners' Capital   $      542,127     $      558,494
                                              ==============     ==============

                        See notes to financial statements


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                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                            FORM 10-QSB JUNE 30, 2006

Statements of Income (Unaudited)

<TABLE>
<CAPTION>
                                                 For The Three Months Ended         For The Six Months Ended
                                                  June 30,         June 30,         June 30,         June 30,
                                                    2006             2005             2006             2005
                                                ------------     ------------     ------------     ------------
<S>                                             <C>              <C>              <C>              <C>
Income:

Interest                                        $      5,479     $      1,794     $     10,308     $      4,639
                                                ------------     ------------     ------------     ------------

    Total income                                       5,479            1,794           10,308            4,639
                                                ------------     ------------     ------------     ------------

Expenses:

Legal and Professional Fees                           16,308            7,430           16,308            7,430
                                                ------------     ------------     ------------     ------------

    Total expenses                                    16,308            7,430           16,308            7,430
                                                ------------     ------------     ------------     ------------

Net loss                                        $    (10,829)    $     (5,636)    $     (6,000)    $     (2,791)
                                                ============     ============     ============     ============

Net loss per Unit of Limited Partnership
  Interest outstanding                          $     (18.17)           (9.46)          (10.07)    $      (4.68)
                                                ============     ============     ============     ============
</TABLE>

                        See notes to financial statements


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<PAGE>

                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                            FORM 10-QSB JUNE 30, 2006

Statement of Partners' Capital (Unaudited)

<TABLE>
<CAPTION>
                                                        Linnaeus-
                                                         Phoenix
For the Six Months Ended              Winthrop          Associates           Investor             Total
June 30, 2006 and 2005             Financial Co.,        Limited              Limited           Partners'
(Unaudited)                             Inc.            Partnership          Partners            Capital
                                  --------------      --------------      --------------      --------------
<S>                               <C>                 <C>                 <C>                 <C>
Balance, December 31, 2004        $     (263,510)     $     (565,419)     $    2,590,350      $    1,761,421

    Net loss                                 (14)                (14)             (2,763)             (2,791)

    Contributions                             --                  --              14,095              14,095

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

Balance, June 30, 2005            $     (269,524)     $     (571,433)     $    1,413,682      $      572,725
                                  ==============      ==============      ==============      ==============

Balance, December 31, 2005        $     (269,664)     $     (571,573)     $    1,385,881      $      544,644

    Net loss                                 (30)                (30)             (5,940)             (6,000)

    Contributions                             --                  --                  --                  --

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

Balance, June 30, 2006            $     (269,694)     $     (571,603)     $    1,379,941      $      538,644
                                  ==============      ==============      ==============      ==============
</TABLE>

                        See notes to financial statements


                                    4 of 16
<PAGE>

                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                            FORM 10-QSB JUNE 30, 2006

Statements of Cash Flows (Unaudited)

                                                      For the Six Months Ended
                                                      June 30,        June 30,
                                                        2006            2005
                                                    -----------     -----------
Cash Flows from Operating Activities:

Continuing Operations:

Net loss                                            $    (6,000)    $    (2,791)
Adjustments to reconcile net loss to net cash
   used in operating activities:

     Increase in other assets                           (30,000)        (30,000)

     Decrease in other payables                         (10,367)         (3,000)
                                                    -----------     -----------
     Net cash used in operating activities              (46,367)        (35,791)
                                                    -----------     -----------

Cash Flows from Financing Activities:

Distributions to partners                                    --      (1,200,000)

Contributions from partners                                  --          14,095
                                                    -----------     -----------
     Net cash used in financing activities                   --      (1,185,905)
                                                    -----------     -----------

Net decrease in cash and cash equivalents               (46,367)     (1,221,696)

Cash and cash equivalents, beginning of period          558,494       1,764,421
                                                    -----------     -----------

Cash and cash equivalents, end of period            $   512,127     $   542,725
                                                    ===========     ===========

                        See notes to financial statements


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<PAGE>

                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                            FORM 10-QSB JUNE 30, 2006

                          NOTES TO FINANCIAL STATEMENTS

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, 2005.

      The accompanying financial statements reflect the Partnership's results of
      operations for an interim period and are not necessarily indicative of the
      results of operations for the year ending December 31, 2006.

2.    Investment in Operating Partnership

      The Partnership accounts for its investment in Presidential Towers, Ltd.
      (the "Operating Partnership") using the equity method of accounting. Under
      the equity method of accounting, the initial investment is recorded at
      cost, increased or decreased by the Partnership's share of income or
      losses, and decreased by distributions. Equity in the loss of the
      Operating Partnership is no longer recognized once the investment balance
      reaches zero.

      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 Income

      The Partnership's taxable income for 2006 is not expected to differ from
      that for financial reporting purposes.


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<PAGE>

                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                            FORM 10-QSB JUNE 30, 2006

Item 2. Management's Discussion and Analysis or Plan of Operation

      The matters discussed in this Form 10-QSB contain certain forward-looking
      statements and involve risks and uncertainties (including changing market
      conditions, competitive and regulatory matters, etc.) The discussion of
      the Partnership's business and results of operations, including
      forward-looking statements pertaining to such matters does not take into
      account the effects of any changes to the Partnership's business and
      results of operations. Accordingly, actual results could differ materially
      from those projected in the forward-looking statements as a result of a
      number of factors, including those identified herein.

      This Item should be read in conjunction with the financial statements and
      other items contained elsewhere in the report.

      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 six months ended June 30, 2006. During the six months ended
      June 30, 2005 the Partnership paid a distribution from reserves to the
      limited partners in the amount of $1,188,000 ($2,013 per limited
      partnership unit) and to the general partners in the amount of $12,000. In
      connection with the April 1995 restructuring, the Partnership is entitled
      to receive reimbursement from the Operating Partnership for its
      administrative expenses and professional fees up to an annual maximum of
      $30,000 as well as its allocable share of all distributions after a
      preferred return to TKI Presidential Partners ("TKI"), which preferred
      return was satisfied in 2001. In addition, the Operating Partnership
      distributes to the Partnership an amount equal to the amount of income
      allocated to the Partnership by the Operating Partnership in each year.
      Accordingly, the receipt by the Partnership of further distributions from
      the Operating Partnership is dependent on the property's operating
      results.

      The Partnership's liquidity based on cash and cash equivalents decreased
      by $46,367 at June 30, 2006, as compared to December 31, 2005. This
      decrease is due to cash used in operating activities. It is expected that,
      unless the Operating Partnership makes a distribution, the Partnership's
      cash and cash equivalents will remain relatively constant until the
      Operating Partnership is liquidated.


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<PAGE>

                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                            FORM 10-QSB JUNE 30, 2006

Item 2. Management's Discussion and Analysis or Plan of Operation (Continued)

      Liquidity and Capital Resources (Continued)

      The Partnership's liquid assets are currently thought to be sufficient for
      any near-term needs of the Partnership.

      Results of Operations

      Net loss was $10,829 and $ 6,000 for the three and six months ended June
      30, 2006 respectively, as compared to net loss of $5,636 and $2,791 for
      the three and six months ended June 30, 2005. The increase in net loss for
      each of the comparable periods is primarily due to an increase in legal
      and professional fees and other expenses incurred during the first and
      second quarter of 2006 partially offset by the increase in interest income
      attributable to the cash reserves being held in a higher yielding interest
      account. The increase in legal and professional fees is attributable to
      annual increases in these expenses.

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.


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<PAGE>

                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                           FORM 10-QSB JUNE 30, 20056

Part II - Other Information

Item 6. Exhibits

      Exhibits required by Item 601 of Regulation S-B are filed herewith and are
      listed in the attached Exhibit Index.


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<PAGE>

                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                            FORM 10-QSB JUNE 30, 2006

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Issuer
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                                         PRESIDENTIAL ASSOCIATES I
                                         LIMITED PARTNERSHIP

                                         By: WINTHROP FINANCIAL CO., INC.
                                             Managing General Partner


                                             By: /s/ Michael L. Ashner
                                                 -------------------------------
                                                 Michael L. Ashner
                                                 Chief Executive Officer


                                             By: /s/ Thomas C. Staples
                                                 -------------------------------
                                                 Thomas C. Staples
                                                 Chief Financial Officer

                                             Dated: August 14, 2006


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<PAGE>

                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                            FORM 10-QSB JUNE 30, 2006

Exhibit Index

      Exhibit                                                           Page No.

      31.1  Chief Executive Officer's Certification, pursuant to
            Section 302 of the Sarbanes-Oxley Act of 2002.              13 - 14

      31.2  Chief Financial Officer's Certification, pursuant to
            Section 302 of the Sarbanes-Oxley Act of 2002.              15 - 16

      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.                                                   17


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