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| 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 March 31,      2008 |
|                                                                                                                                                                                                                                                                                                                                                                                   |
| [        ]                                                                                                                                                                                                                                                                                                                                                                   | 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 incorporation or organization)                                                                                                                                                                                                                                                                                                                    | (IRS      Employer Identification No.) |
|                                                                                                                                                                                                                                                                                                                                                                                   |
| 1280      Massachusetts Avenue, 4th      Floor, Cambridge, MA 02138                                                                                                                                                                                                                                                                                                                    |
| (Address      of principal executive offices)                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                   |
| (617)      876-4800                                                                                                                                                                                                                                                                                                                                                                    |
| (Issuer’s      telephone number)                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                   |
| (Former      name, former address and former fiscal year, if changed since last      report)                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                   |
| Check      whether the issuer (1) filed all reports required to be filed by Section      13 or 15(d) of the Exchange Act during the past 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]                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                   |
| APPLICABLE      ONLY TO ISSUERS INVOLVED IN BANKRUPTCYPROCEEDINGS      DURING THE PRECEDING FIVE YEARS                                                                                                                                                                                                                                                                                 |
|  Check      whether the registrant filed all documents and reports required to be      filed by Section l2, 13 or 15(d) of the Exchange Act after      the distribution of securities under a plan confirmed by a court. Yes      [   ]        No [   ]                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                   |
| APPLICABLE      ONLY TO CORPORATE ISSUERS                                                                                                                                                                                                                                                                                                                                              |
| State      the number of shares outstanding of each of the issuer’s classes of common      equity, as of the latest practicable date:                                                                                                                                                                                                                                       |
| Transitional      Small Business Disclosure Format (Check one): Yes [   ]        No [   ]                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                   |
| SEC      2334 (06-07)                                                                                                                                                                                                                                                                                                                                                                  | Persons      who are to respond to the collection of information contained in this form      are not required to respond unless the form displays a currently valid OMB      control number. |

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| PRESIDENTIAL ASSOCIATES I LIMITED      PARTNERSHIP |
|----------------------------------------------------|
| FORM 10-QSB MARCH 31,      2008                    |
|                                               |
| PART I - FINANCIAL      INFORMATION                |
| (Unaudited)                                        |

|                                          |
|-----------------------------------------------|
| Item      1.  Financial Statements. |
|                                          |
| Balance      Sheets                           |
|                                          |

|                                                                                                      |   |
|-----------------------------------------------------------------------------------------------------------|--------|
|                                                                                                      |   | March      31, 2008(Unaudited) |   |   | December      31, 2007(Audited) |   |
|                                                                                                      |   |   |   |   |   |   |
| Assets                                                                                                    |   |   |   |   |   |   |
|                                                                                                      |   |   |   |   |   |   |
| Cash      and cash equivalents                                                                            |   | $ | 8,775,251 |   |   | $ | 11,497,853 |   |
| Due      from investor limited partners,         net of allowance of $357,870 and $353,399 |   |   | 1,103 |   |   |   | — |   |
| Due      from affiliates                                                                                  |   |   | 60,000 |   |   |   | 60,000 |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| Total      Assets                                                                                         |   | $ | 8,836,354 |   |   | $ | 11,557,853 |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| Liabilities and      Partners' Capital                                                                    |   |   |   |   |   |   |   |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| Liabilities:                                                                                              |   |   |   |   |   |   |   |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| Accounts      payable                                                                                     |   | $ | 27,000 |   |   | $ | 36,553 |   |
| Accrued      state replacement tax                                                                        |   |   | 1,572,376 |   |   |   | 1,572,376 |   |
| Due      to investor limited partners                                                                     |   |   | 466,811 |   |   |   | 737,946 |   |
| Due      to affiliates                                                                                    |   |   | — |   |   |   | 2,850,000 |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| Total      Liabilities                                                                                    |   |   | 2,066,187 |   |   |   | 5,196,875 |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| Partners'      Capital:                                                                                   |   |   |   |   |   |   |   |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| Partners'      capital                                                                                    |   |   | 6,770,167 |   |   |   | 6,360,978 |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| Total      Liabilities and Partners' Capital                                                              |   | $ | 8,836,354 |   |   | $ | 11,557,853 |   |
|                                                                                                      |   |   |   |   |   |   |   |   |
| See      notes to financial statements                                                                    |

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| PRESIDENTIAL ASSOCIATES I LIMITED      PARTNERSHIP |
|----------------------------------------------------|
| FORM 10-QSB MARCH 31,      2008                    |
|                                               |
|                                               |
| Statements      of Operations (Unaudited)          |
|                                               |

|                                                                             |   | For      The Three Months Ended |      |
|----------------------------------------------------------------------------------|--------|---------------------------------|-----------|
|                                                                             |   | March      31,2008              |      |   | March      31,2007 |   |
|                                                                             |   |                            |      |   |   |   |
| Income:                                                                          |   |                            |      |   |   |   |
|                                                                             |   |                            |      |   |   |   |
| Distribution      from operating partnership                                     |   | $                               | 1,679,832 |   |   | $ | — |   |
| Interest      and dividends                                                      |   |                            | 118,941   |   |   |   | 12,914 |   |
| Total      income                                                                |   |                            | 1,798,773 |   |   |   | 12,914 |   |
|                                                                             |   |                            |      |   |   |   |   |   |
| Expenses:                                                                        |   |                            |      |   |   |   |   |   |
|                                                                             |   |                            |      |   |   |   |   |   |
| Legal      and Professional Fees                                                 |   |                            | 14,186    |   |   |   | 18,236 |   |
| Other                                                                            |   |                            | 4,766     |   |   |   | 1,682 |   |
| Total      expenses                                                              |   |                            | 18,952    |   |   |   | 19,918 |   |
|                                                                             |   |                            |      |   |   |   |   |   |
| Net      income (loss)                                                           |   | $                               | 1,779,821 |   |   | $ | (7,004 | ) |
|                                                                             |   |                            |      |   |   |   |   |   |
| Net      income (loss) per Unit of Limited Partnership Interest      outstanding |   | $                               | 3,016.65  |   |   | $ | (11.87 | ) |
|                                                                             |   |                            |      |   |   |   |   |   |
| See      notes to financial statements                                           |

----

| PRESIDENTIAL      ASSOCIATES I LIMITED PARTNERSHIP |
|----------------------------------------------------|
| FORM 10-QSB MARCH 31,      2008                    |
|                                               |
| Statement      of Partners' Capital (Unaudited)    |
|                                               |

|                                                          |   |
|---------------------------------------------------------------|--------|
| For      the Three Months EndedMarch      31, 2008(Unaudited) |   | Winthrop      Financial Co., Inc. |   |   | Linnaeus-Phoenix      Associates Limited Partnership |   |   | Investor      Limited Partners |   |   | Total      Partners' Capital |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      - December 31, 2007                              |   | $ | (264,134 | ) |   | $ | (566,043 | ) |   | $ | 7,191,155 |   |   | $ | 6,360,978 |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income                                               |   |   | 8,899 |   |   |   | 8,899 |   |   |   | 1,762,023 |   |   |   | 1,779,821 |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distributions                                                 |   |   | (34,266 | ) |   |   | (34,266 | ) |   |   | (1,302,100 | ) |   |   | (1,370,632 | ) |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      – March 31, 2008                           |   | $ | (289,501 | ) |   | $ | (591,410 | ) |   | $ | 7,651,078 |   |   | $ | 6,770,167 |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See      notes to financial statements                        |

----

| PRESIDENTIAL      ASSOCIATES I LIMITED PARTNERSHIP |
|----------------------------------------------------|
| FORM 10-QSB MARCH 31,      2008                    |
|                                               |
| Statements      of Cash Flows (Unaudited)          |
|                                               |

|                                                                                                 |   | For      The Three Months Ended |       |
|------------------------------------------------------------------------------------------------------|--------|---------------------------------|------------|
|                                                                                                 |   | March      31,2008              |       |   | March      31,2007 |   |
| Cash      Flows From Operating Activities:                                                           |   |                            |       |   |   |   |
| Net      income (loss)                                                                               |   | $                               | 1,779,821  |   |   | $ | (7,004 | ) |
| Adjustments      to reconcile net income to net cashprovided      by (used in) operating activities: |   |                            |       |   |   |   |   |   |
| Bad      debts                                                                                       |   |                            | 4,471      |   |   |   | — |   |
| Increase      in interest income for adjustment to distributions                                     |   |                            | (15,506    | ) |   |   | — |   |
| Decrease      in amounts from receivable from investor limited partner                               |   |                            | (1,103     | ) |   |   | — |   |
| Increase      (decrease) in accounts payable                                                         |   |                            | (9,553     | ) |   |   | (20,572 | ) |
| Decrease      in liquidation fee expense, payable      to an affiliate of the general partner   |   |                            | (2,850,000 | ) |   |   | — |   |
|                                                                                                 |   |                            |       |   |   |   |   |   |
| Net      cash provided by continuing operations                                                      |   |                            | (1,091,870 | ) |   |   | (27,576 | ) |
|                                                                                                 |   |                            |       |   |   |   |   |   |
| Cash      Flows From Financing Activities:                                                           |   |                            |       |   |   |   |   |   |
| Distributions      to partners                                                                       |   |                            | (1,348,010 | ) |   |   | — |   |
| Payment      of amounts due to partners                                                              |   |                            | (282,722   | ) |   |   | — |   |
| Repayments      of advances from affiliates                                                          |   |                            | —    |   |   |   | (759 | ) |
|                                                                                                 |   |                            |       |   |   |   |   |   |
| Net      cash used in financing activities                                                           |   |                            | (1,630,732 | ) |   |   | (759 | ) |
|                                                                                                 |   |                            |       |   |   |   |   |   |
| Net      increase in cash and cash equivalents                                                       |   |                            | (2,722,602 | ) |   |   | (28,335 | ) |
| Cash      and cash equivalents, beginning of period                                                  |   |                            | 11,497,853 |   |   |   | 1,069,189 |   |
| Cash      and cash equivalents, end of period                                                        |   | $                               | 8,775,251  |   |   | $ | 1,040,854 |   |

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| 1. | General |
|----|---------|

| 2. | Investment      in Operating Partnership |
|----|------------------------------------------|

| 3. | Taxable      Income |
|----|---------------------|

----

| Item      2.  | Management’s      Discussion and Analysis or Plan of  Operation |
|--------------------|-----------------------------------------------------------------------|

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| Item      2.  | Management’s      Discussion and Analysis or Plan of Operation      (Continued) |
|--------------------|---------------------------------------------------------------------------------------|

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| Item      2.  | Management’s      Discussion and Analysis or Plan of Operation      (Continued) |
|--------------------|---------------------------------------------------------------------------------------|

----

| Item      3.  | Controls and      Procedures |
|--------------------|------------------------------|

----

| Item      1.  | Legal      Proceedings |
|--------------------|------------------------|

| Item      2.  | Unregistered Sales of      Equity Securities and Use ofProceeds |
|--------------------|-----------------------------------------------------------------|

| Item      3.  | Defaults Upon Senior      Securities |
|--------------------|--------------------------------------|

| Item      4.  | Submission of Matters      to a Vote of SecurityHolders |
|--------------------|---------------------------------------------------------|

| Item      5.  | Other  Information |
|--------------------|--------------------|

| Item      6.  | Exhibits |
|--------------------|----------|

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|   | PRESIDENTIAL      ASSOCIATES I |                                                                            |
|--------|--------------------------------|---------------------------------------------------------------------------------|
|   | LIMITEDPARTNERSHIP             |                                                                            |
|   |                           |                                                                            |   |
|   | By:                            | Winthrop      Financial Co., Inc.                                               |   |
|   |                           | Managing      General Partner                                                   |   |
|   |                           |                                                                            |   |
|   |                           |                                                                            |   |
|   |                           | By:       /s/ Eggert      Dagbjartsson Eggert      Dagbjartsson  |   |
|   |                           | Chief      Executive Officer                                               |   |
|   |                           |                                                                            |   |
|   |                           | By:       /s/ Andrew      PragueAndrew      Prague                    |   |
|   |                           | Chief      Financial Officer                                               |   |
|   |                           |                                                                            |   |
|   | Dated:               | May      15, 2008                                                          |   |

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| Exhibit |                                                                                                                                                                                           | Page      No.      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|
|    |                                                                                                                                                                                           |               |
| 31.1    | Chief      Executive Officer’s Certification, pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002.                                                                            | 14      – 15 |
|    |                                                                                                                                                                                           |               |
| 31.2    | Chief      Financial Officer’s Certification, pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002.                                                                            | 16      – 17 |
|    |                                                                                                                                                                                           |               |
| 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. | 18                 |

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