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, 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)

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

Indicate by check mark whether the 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 Small business
issuer 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

--------------------------------------------------------------------------------
                                                       June 30,     December 31,
                                                         2005           2004
                                                      (Unaudited)     (Audited)
--------------------------------------------------------------------------------

ASSETS

Assets
     Cash and cash equivalents                        $  542,725     $1,764,421
     Accounts receivable                                  30,000             --
                                                      ----------     ----------

Total assets                                          $  572,725     $1,764,421
                                                      ==========     ==========

LIABILITIES AND PARTNERS' CAPITAL

Liabilities and partners' capital
     Accounts payable                                 $       --     $    3,000
     Partners' capital                                   572,725      1,761,421
                                                      ----------     ----------

Total liabilities and partners' capital               $  572,725     $1,764,421
                                                      ==========     ==========

                        See notes to financial statements


                                      -2-
<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

 STATEMENTS OF OPERATIONS
 (UNAUDITED)

 For the Six Months Ended
 June 30, 2005 and 2004
 (Unaudited)

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

INCOME:

   Interest                                              $ 4,639        $ 3,899
                                                         -------        -------

                                                           4,639          3,899
                                                         -------        -------

EXPENSES:

   Legal and Professional Services                         7,430          3,000
   Other                                                      --          2,028
                                                         -------        -------

                                                           7,430          5,028
                                                         -------        -------

Net loss                                                 $(2,791)       $(1,129)
                                                         =======        =======

Net loss per unit of limited partnership
    interest outstanding                                 $ (4.68)       $ (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 Six Months Ended        Winthrop       Associates                        Total
June 30, 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                          1,023           1,023         202,714         204,760
                              -----------     -----------     -----------     -----------

Balance, June 30, 2004        $  (262,368)    $  (564,277)    $ 2,791,294       1,964,649
                              ===========     ===========     ===========     ===========

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

                        See notes to financial statements


                                      -4-
<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

STATEMENTS OF CASH FLOWS

--------------------------------------------------------------------------------
For the Six Months Ended
June 30, 2005 and 2004 (Unaudited)                     2005            2004
--------------------------------------------------------------------------------

Cash flow from operating activities:
    Net loss                                        $    (2,791)    $    (1,129)
    Adjustments to reconcile net loss to
       net cash used in operating activities:
          Decrease in accounts payable                   (3,000)             --
          Increase in other assets                      (30,000)             --
                                                    -----------     -----------

Net cash used in operating activities                   (35,791)         (1,129)
                                                    -----------     -----------

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            (1,221,696)         (1,129)

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

Cash and cash equivalents at end of period          $   542,725     $ 1,758,760
                                                    ===========     ===========

                        See notes to financial statements


                                      -5-
<PAGE>

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


                                      -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.

The Operating Partnership did not make any distribution to the Partnership
during the six months ended June 30, 2005 or 2004. 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 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
$1,221,696 at June 30, 2005, as compared to December 31, 2004. This decrease is
due to $35,791 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 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 loss increased by $1,662 for the six months ended June 30, 2005 as compared
to the six months ended June 30, 2004. The increase is due to an increase in
expenses of $2,402 partially offset by an increase in interest income earned of
$740.

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 Issuer
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 12, 2005                           By: /s/ Thomas C. Staples
                                                    ----------------------------
                                                    Thomas C. Staples
                                                    Chief Financial Officer


Date: August 12, 2005                           By: /s/ Michael L. Ashner
                                                    ----------------------------
                                                    Michael L. Ashner
                                                    Chief Executive Officer


                                      -10-
<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

                                  EXHIBIT INDEX

Exhibit No.                                                                 Page

31          Certifications Pursuant to Section 302 of the Sarbanes-Oxley     12
            Act of 2002

32          Certification Pursuant to Section 906 of the Sarbanes-Oxley      16
            Act of 2002


                                      -11-