<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 March 31, 2003           Commission File Number 0-12210
                      --------------                                  -------



                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
        (exact name of small business issuer as specified in its charter)

<TABLE>
<CAPTION>
<S>                                                                    <C>
               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)
</TABLE>

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,
                                                                                       2003                2002
                                                                                   (Unaudited)          (Audited)
-----------------------------------------------------------------------------------------------------------------------
<S>                                                                             <C>                 <C>
                                     ASSETS

Assets
     Cash and cash equivalents                                                  $       1,759,229   $       2,253,338
     Other                                                                                  5,975                   -
                                                                                ------------------- -------------------

Total assets                                                                    $       1,765,204   $       2,253,338
                                                                                =================== ===================


                       LIABILITIES AND PARTNERS' CAPITAL

Liabilities and partners' capital
     Accounts payable                                                           $               -   $               -
     Partners' capital                                                                  1,765,204           2,253,338
                                                                                ------------------- -------------------

Total liabilities and partners' capital                                         $       1,765,204   $       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 March 31, 2003 and 2002

<TABLE>
<CAPTION>
                                                                                     2003               2002
                                                                             ---------------------------------------
<S>                                                                          <C>                  <C>
 INCOME:
    Distribution from Operating Partnership                                    $              -   $              -
    Interest                                                                              5,993              7,024
                                                                               -----------------  ------------------

 Net income                                                                    $          5,993   $          7,024
                                                                               =================  ==================

 Net income per unit of limited
    partnership interest outstanding                                           $          10.06   $          11.79
                                                                               =================  ==================
</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                                Total
March 31, 2003 and 2002                       Financial Co.,         Limited         Investor 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                                                 35                   35              6,954              7,024
                                             -----------------  -------------------  -----------------  ------------------

Balance, March 31, 2002                      $       (263,886)  $         (565,795)  $      2,482,256   $      1,652,575
                                             =================  ===================  =================  ==================


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

Less Capital Contributions Not
   Yet Received                                            58                    -                                 5,873

Net income                                                 30                   30              5,933

Distribution                                                -                    -           (500,000)          (500,000)
                                             -----------------  -------------------  -----------------  ------------------


Balance, March 31, 2003                      $       (260,806)  $         (562,773)  $      2,588,783   $      1,765,204
                                             =================  ===================  =================  ==================
</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, 2003 and 2002 (Unaudited)                                                2003               2002
------------------------------------------------------------------------------------------------------------------
<S>                                                                          <C>                <C>
Cash flow from operating activities:
     Net income                                                              $          5,993   $          7,024
     Adjustments to reconcile net income to net cash used in
     operating activities
           Increase in other assets                                                    (5,975)           (10,066)
                                                                             ------------------ ------------------

Net cash provided by (used in) operating activities                                        18             (3,042)
                                                                             ------------------ ------------------

Cash flows from financing activities:
    Distributions to partners                                                        (500,000)                 -
    Contributions from investor partners                                                5,873                  -
                                                                             ------------------ ------------------

Net cash provided by (used in) financing activities                                  (494,127)                 -
                                                                             ------------------ ------------------

Net increase (decrease) in cash and cash equivalents                                 (494,109)            (3,042)

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

Cash and cash equivalents at end of period                                   $      1,759,229   $      1,642,509
                                                                             ================== ==================
</TABLE>

                       See notes to financial statements

                                     - 5 -


<PAGE>


PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
March 31, 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 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 March 31, 2003 and March 31, 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 a it 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
$494,109 to $1,759,229 at March 31, 2003 as compared to December 31, 2002 as a
result of $494,127 of cash used in financing activities slightly offset by net
cash provided by operating activities of $18,000. Cash


                                     - 7 -
<PAGE>

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

used in financing activities consisted of a distribution to partners of
$500,000 partially offset by $5,873 of contributions by investor partners. 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.

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

Net income decreased by $1,031 for the three months ended March 31, 2003 as
compared to the three months ended March 31, 2002 due to less interest income
earned on the cash accounts.

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:

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


         b)       Reports on Form 8-K:

                  None filed during the quarter ended March 31, 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: May 14, 2003          By:    /s/ Thomas C. Staples
                                ------------------------
                                Thomas C. Staples
                                Chief Financial Officer

Date: May 14, 2003          By:   /s/ Michael L. Ashner
                                -----------------------
                                Michael L. Ashner
                                Chief Executive Officer




                                     - 10 -
<PAGE>



                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                           FORM 10-QSB MARCH 31, 2003
                           --------------------------

                                 CERTIFICATIONS

                  I, Michael L. Ashner, certify that:

1.                I have reviewed this quarterly report on Form 10-QSB of
                  Presidential Associates I Limited Partnership;

2.                Based on my knowledge, this quarterly report does not contain
                  any untrue statement of a material fact or omit to state a
                  material fact necessary to make the statements made, in light
                  of the circumstances under which such statements were made,
                  not misleading with respect to the period covered by this
                  quarterly report;

3.                Based on my knowledge, the financial statements, and other
                  financial information included in this quarterly report,
                  fairly present in all material respects the financial
                  condition, results of operations and cash flows of the
                  Registrant as of, and for, the periods presented in this
                  quarterly report;

             4.   The Registrant's other certifying officers and I are
                  responsible for establishing and maintaining disclosure
                  controls and procedures (as defined in Exchange Act Rules
                  13a-14 and 15d-14) for the Registrant and have:

                  a)  designed such disclosure controls and procedures to ensure
                      that material information relating to the Registrant is
                      made known to us, particularly during the period in which
                      this quarterly report is being prepared:

                  b)  evaluated the effectiveness of the Registrant's disclosure
                      controls and procedures as of a date within 90 days prior
                      to the filing date of this quarterly report (the
                      "Evaluation Date"); and

                  c)  presented in this quarterly report our conclusions about
                      the effectiveness of the disclosure  controls and
                      procedures on our evaluation as of the Evaluation Date;

             5.   The Registrant's other certifying officers and I have
                  disclosed, based on our most recent evaluation, to the
                  Registrant's auditors and the audit committee of Registrant's
                  board of directors (or persons performing the equivalent
                  functions):

                  (a) all significant deficiencies in the design or operation of
                      internal controls which could adversely affect the
                      Registrant's ability to record, process, summarize and
                      report financial data and have identified for the
                      Registrant's auditors any material weaknesses in internal
                      controls; and


                                     - 11 -

<PAGE>

                  (b)  any fraud, whether or not material, that involves
                       management or other employees who have a significant
                       role in the Registrant's internal controls; and

             6.   The Registrant's other certifying officers and I have
                  indicated in this quarterly report whether there were
                  significant changes in internal controls or in other factors
                  that could significantly affect internal controls subsequent
                  to the date of our most recent evaluation, including any
                  corrective actions with regard to significant deficiencies and
                  material weaknesses.

     Date:   May 14, 2003                   /s/ Michael L. Ashner
                                            ---------------------
                                            Michael L. Ashner
                                            Chief Executive Officer


                                     - 12 -

<PAGE>


                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                           FORM 10-QSB MARCH 31, 2003
                           --------------------------

                                 CERTIFICATIONS

                  I, Thomas Staples, certify that:

             1.   I have reviewed this quarterly report on Form 10-QSB of
                  Presidential Associates I Limited Partnership;

             2.   Based on my knowledge, this quarterly report does not contain
                  any untrue statement of a material fact or omit to state a
                  material fact necessary to make the statements made, in light
                  of the circumstances under which such statements were made,
                  not misleading with respect to the period covered by this
                  quarterly report;

             3.   Based on my knowledge, the financial statements, and other
                  financial information included in this quarterly report,
                  fairly present in all material respects the financial
                  condition, results of operations and cash flows of the
                  Registrant as of, and for, the periods presented in this
                  quarterly report;

             4.   The Registrant's other certifying officers and I are
                  responsible for establishing and maintaining disclosure
                  controls and procedures (as defined in Exchange Act Rules
                  13a-14 and 15d-14) for the Registrant and have:

                  a)  designed such disclosure controls and procedures to ensure
                      that material information relating to the Registrant is
                      made known to us, particularly during the period in which
                      this quarterly report is being prepared:

                  b)  evaluated the effectiveness of the Registrant's disclosure
                      controls and procedures as of a date within 90 days prior
                      to the filing date of this quarterly report (the
                      "Evaluation Date"); and

                  c)  presented in this quarterly report our conclusions about
                      the effectiveness of the disclosure controls and
                      procedures on our evaluation as of the Evaluation Date;

4.                The Registrant's other certifying officers and I have
                  disclosed, based on our most recent evaluation, to the
                  Registrant's auditors and the audit committee of Registrant's
                  board of directors (or persons performing the equivalent
                  functions):

                  a)      all significant deficiencies in the design or
                          operation of internal controls which could adversely
                          affect the Registrant's ability to record, process,
                          summarize and report financial data and have
                          identified for the Registrant's auditors any material
                          weaknesses in internal controls; and

                                     - 13 -
<PAGE>

                  b)      any fraud, whether or not material, that involves
                          management or other employees who have a significant
                          role in the Registrant's internal controls; and

             6.   The Registrant's other certifying officers and I have
                  indicated in this quarterly report whether there were
                  significant changes in internal controls or in other factors
                  that could significantly affect internal controls subsequent
                  to the date of our most recent evaluation, including any
                  corrective actions with regard to significant deficiencies and
                  material weaknesses.

     Date:   May 14, 2003                   /s/ Thomas Staples
                                            -----------------------
                                            Thomas Staples
                                            Chief Financial Officer


                                     - 14 -

<PAGE>


EXHIBIT INDEX

<TABLE>
<CAPTION>
         Exhibit                                                                                        Page No.
         -------                                                                                        --------
<S>      <C>                                                                                            <C>
99       Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                          16
</TABLE>

                                     - 15 -