UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, DC 20549FORM 10-QSB(Mark One)x
        QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedMarch 31, 2007o
        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ________ to _________Commission File Number0-12210PRESIDENTIAL 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.
YesxNo oIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YesoNoxAPPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCYPROCEEDINGS DURING THE PRECEDING FIVE YEARSCheck 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. YesoNo oAPPLICABLE ONLY TO CORPORATE ISSUERSState 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): YesoNo oSEC 2334 (04-07)
        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.          PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIPFORM 10-QSB  MARCH 31, 2007PART I - FINANCIAL INFORMATIONItem 1.  Financial Statements.Balance SheetsMarch 31, 2007
        
        December 31, 2006(Unaudited)
        
        (Audited)AssetsCash and cash equivalents
        
        
        
        
        $
        1,040,854
        
        $
        1,069,189Due from affiliates
        
        
        
        
        
        
        30,000
        
        
        30,000Total Assets
        
        
        
        
        
        $
        1,070,854
        
        $
        1,099,189Liabilities and Partners' CapitalLiabilities and Partners' Capital:Accounts payable and accrued expenses
        
        
        
        $
        9,885
        
        $
        30,457Due to affiliates
        
        
        
        
        
        
        -
        
        
        759Partners' capital
        
        
        
        
        
        
        1,060,969
        
        
        1,067,973Total Liabilities and Partners' Capital
        
        
        $
        1,070,854
        
        $
        1,099,189    See notes to financial statements 2 of 16         PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIPFORM 10-QSB MARCH 31, 2007Statements of Income (Unaudited)For The Three Months EndedMarch 31,
        
        March 31,2007
        
        2006Income:Interest
        
        
        
        
        
        
        
        $
        12,914
        
        $
        4,829Total income
        
        
        
        
        
        
        
        
        12,914
        
        
        4,829Expenses:Legal and Professional Fees
        
        
        
        
        
        
        
        
        18,236
        
        
        -Other
        
        
        
        
        
        
        
        
        
        1,682
        
        
        -Total expenses
        
        
        
        
        
        
        
        
        19,918
        
        
        -Net income (loss)
        
        
        
        
        
        
        
        $
        (7,004)
        
        $
        4,829Net income (loss) per Unit of Limited PartnershipInterest outstanding
        
        
        
        
        
        
        
        $
        (11.87)
        
        $
        8.18  See notes to financial statements 3 of 16        PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIPFORM 10-QSB  MARCH 31, 2007Statement of Partners' Capital (Unaudited)Linnaeus-PhoenixFor the Three Months Ended
        Winthrop
        
        Associates
        
        Investor
        
        TotalMarch 31, 2007 and 2006
        Financial Co.,
        
        Limited
        
        Limited
        
        Partners'(Unaudited)
        
        Inc.
        
        Partnership
        
        Partners
        
        CapitalBalance - December 31, 2005
        $
        (269,664)
        
        $
        (571,573)
        
        $
        1,385,881
        
        $
        544,644Net income
        
        
        24
        
        
        24
        
        
        4,781
        
        
        4,829Contributions
        
        
        -
        
        
        -
        
        
        -
        
        
        -Distributions
        
        
        -
        
        
        -
        
        
        -
        
        
        -Balance - March 31, 2006
        $
        (269,640)
        
        $
        (571,549)
        
        $
        1,390,662
        
        $
        549,473Balance - December 31, 2006
        $
        (267,047)
        
        $
        (568,956)
        
        $
        1,903,976
        
        $
        1,067,973Net loss
        
        
        (35)
        
        
        (35)
        
        
        (6,934)
        
        
        (7,004)Contributions
        
        
        -
        
        
        -
        
        
        -
        
        
        -Distributions
        
        
        -
        
        
        -
        
        
        -
        
        
        -Balance - March 31, 2007
        $
        (267,082)
        
        $
        (568,991)
        
        $
        1,897,042
        
        $
        1,060,969   See notes to financial statements 4 of 16        PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIPFORM 10-QSB  MARCH 31, 2007Statements of Cash Flows (Unaudited)For The Three Months EndedMarch 31,
        
        
        March 31,2007
        
        2006Cash Flows From Operating Activities:Continuing Operations:Net income (loss)
        
        
        
        
        
        $
        (7,004)
        
        $
        4,829Adjustments to reconcile net income to net cashused in operating activities:Decrease in other assets
        
        
        
        
        
        -
        
        
        (8,862)Decrease in accounts payable and accrued expenses
        
        
        (20,572)
        
        
        (9,387)Net cash (used in) provided by operating activities
        
        
        (27,576)
        
        
        (13,420)Cash Flows From Financing Activities:Repayments of advances from affiliates
        
        
        
        (759)
        
        
        0Net cash used in financing activities
        
        
        
        
        (759)
        
        
        0Net decrease in cash and cash equivalents
        
        
        
        
        (28,335)
        
        
        (13,420)Cash and cash equivalents, beginning of period
        
        
        1,069,189
        
        
        558,494Cash and cash equivalents, end of period
        
        
        
        $
        1,040,854
        
        $
        545,074   See notes to financial statements 5 of 16     PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP FORM 10-QSB MARCH 31, 2007    1.
        General  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, 2006.  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, 2007.  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.  3.
        Taxable Income  The Partnerships taxable income for 2007 is expected to differ from that for financial reporting purposes due to differences between financial and taxable income related to the sale of the Project by the Operating Partnership.  Financial reporting income from the sale of the Project will be approximately $65.4 million, while estimated taxable income for 2007 will be approximately $149 million.  The difference is a result of accumulated tax losses allocated to partners resulting in a negative basis for tax purposes in the Project.  See Item 2, Managements Discussion and Analysis or Plan of Operation; General, below.  6 of 16     PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP FORM 10-QSB MARCH 31, 2007     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.  General  On March 7, 2007 the Operating Partnership entered into an agreement to sell the Project.  The sale closed on April 18, 2007, resulting in a cash distribution of $65,393,460 to the Partnership.    As a result of the sale, the Partnerships only remaining asset will be cash from the sale and the Partnership will be liquidated.  After repayment of debt, expenses incurred in connection with the sale, and costs and fees payable in connection with the liquidation of the Partnership, the Managing General Partner expects that the Limited Partners will receive distributions of cash proceeds, the first of which is anticipated to occur in May or June, 2007, with potentially one additional, substantially smaller distribution to occur upon dissolution of the Partnership, which is expected to occur in early 2008.  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.  7 of 16     PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP FORM 10-QSB MARCH 31, 2007     Item 2.
        Managements Discussion and Analysis or Plan of Operation (Continued)  The Operating Partnership did not make any distribution to the Partnership during the three months ended March 31, 2007 or 2006.  In connection with the April 1995 restructuring, the Partnership is entitled to receive a 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, 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 $28,335 to $1,040,854 at March 31, 2007, as compared to December 31, 2006.  This decrease was due to $27,576 and $759 of cash used in operating and financing activities, respectively.   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 was $7,004 for the three months ended March 31, 2007 as compared to net income of $4,829 for the three months ended March 31, 2006.  The decrease in net income is primarily due to the Partnerships increase in legal and professional fees.  Partially offsetting the increase in expenses was an increase in interest income.   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.  Part II - Other Information  Item 5.
        Other Information   8 of 16     PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP FORM 10-QSB MARCH 31, 2007   On March 7, 2007 the Operating Partnership entered into an agreement to sell the Project.  The sale closed on April 18, 2007, resulting in a cash distribution of $65,393,460 to the partnership.  As a result of the sale, the Partnerships only remaining asset is cash from the sale, and Winthrop Financial Co., Inc., the Managing General Partner of the Partnership, intends to liquidate the Partnership in due course.  After repayment of debt, expenses incurred in connection with the sale, and costs and fees payable in connection with the liquidation of the Partnership, the Managing General Partner expects that the Limited Partners will receive a distribution of cash proceeds, which is anticipated to occur in May or June, 2007.  However, as the dissolution of the Partnership was not imminent as of March 31, 2007, the financial statements are presented assuming that the Partnership will
continue as a going concern.   Item 6.
        Exhibits  Exhibits required by Item 601 of Regulation S-B are filed herewith and are listed in the attached Exhibit Index.   9 of 16     PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP FORM 10-QSB MARCH 31, 2007     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
PARTNERSHIPBy:
        Winthrop Financial Co., Inc.
Managing General PartnerBy:
        /s/ Eggert DagbjartssonEggert DagbjartssonChief Executive OfficerBy:
        /s/ Andrew PragueAndrew PragueChief Financial OfficerDated:  May 14, 2007     10 of 16      PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP FORM 10-QSB MARCH 31, 2007    Exhibit Index  Exhibit
        
        Page No.31.1
        Chief Executive Officers Certification, pursuant to Section 302 of theSarbanes-Oxley Act of 2002.
        12  1331.2
        Chief Financial Officers Certification, pursuant to Section 302 of theSarbanes-Oxley Act of 2002.
        14  1532
        Certification of Chief Executive Officer and Chief Financial Officer,pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906of the Sarbanes-Oxley Act of 2002.
        16   11 of 16     Exhibit 31.1  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP FORM 10-QSB MARCH 31, 2007    CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002  I, Eggert Dagbjartsson, 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 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 report;  3.
        Based on my knowledge, the financial statements, and other financial information included in this 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 report;  4.
        The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:  a)
        designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;  b)
        evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;  c)
        disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and  12 of 16      PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP FORM 10-QSB MARCH 31, 2007    5.
        The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent function):  a)
        all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and  b)
        any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.   Date:  May 14, 2007
        /s/ Eggert DagbjartssonEggert DagbjartssonChief Executive Officer   13 of 16     Exhibit 31.2  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP FORM 10-QSB MARCH 31, 2007   CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002  I, Andrew Prague, 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 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 report;  3.
        Based on my knowledge, the financial statements, and other financial information included in this 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 report;  4.
        The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:  a)
        designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;  b)
        evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;  c)
        disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and  14 of 16      PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP FORM 10-QSB MARCH 31, 2007   5.
        The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent function):  a)
        all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and  b)
        any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.   Date:  May 14, 2007
        /s/ Andrew PragueAndrew PragueChief Financial Officer  15 of 16     Exhibit 32  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP FORM 10-QSB MARCH 31, 2007     CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002  In connection with the Quarterly Report of Presidential Associates I Limited Partnership (the Partnership), on Form 10-QSB for the quarterly period ended March 31, 2007, as filed with the Securities and Exchange Commission on the date hereof (the Report), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.  Date:  May 14, 2007
        /s/ Eggert DagbjartssonEggert DagbjartssonChief Executive Officer   Date:  May 14, 2007
        /s/ Andrew PragueAndrew PragueChief Financial Officer     16 of 16