<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, 1998             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)

Five Cambridge Center, Cambridge, MA                       02142
 ------------------------------          ------------------------------------
(Address of principle executive offices)                (Zip Code)

Registrant's telephone number, including area code (617) 234-3000

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    X               NO
                                                -------               -------

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PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

PART 1 - FINANCIAL INFORMATION
ITEM 1. - FINANCIAL STATEMENTS
BALANCE SHEETS

-------------------------------------------------------------------------------
                                                     March 31,      December 31,
                                                       1998            1997
                                                    (Unaudited)      (Audited)
-------------------------------------------------------------------------------

                                    ASSETS

Assets

     Cash and cash equivalents                    $     248,275    $   249,420
     Due from Operating Partnership                      66,503         44,020
                                                  -------------    -----------

Total Assets                                      $     314,778    $   293,440
                                                  =============    ===========


                      LIABILITIES AND PARTNERS' CAPITAL

Liabilities and Partners' Capital

     Accounts payable                             $      19,539    $         -
     Partners' Capital                                  295,239        293,440
                                                  -------------    -----------

Total Liabilities and Partners' Capital           $     314,778    $   293,440
                                                  =============    ===========


                       See notes to financial statements

                                    - 2 -

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PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

STATEMENTS OF OPERATIONS
(UNAUDITED)

-------------------------------------------------------------------------------
  For the Three Months Ended March 31, 1998 and 1997
  (Unaudited)

                                                       1998            1997
                                                  -----------------------------
  INCOME:
     Interest                                     $       1,799  $        3,854
                                                  -------------  --------------

  EXPENSES:
                                                              -               -
     Other expenses                                           -               -
                                                  -------------  --------------
     Total operating expenses                                 -               -
                                                  -------------  --------------

  Net income                                      $       1,799  $        3,854
                                                  =============  ==============

  Net income per unit of limited
     partnership interest outstanding             $        3.05  $         6.53
                                                  =============  ==============

                       See notes to financial statements

                                    - 3 -

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PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
STATEMENT OF CHANGES IN PARTNERS' CAPITAL

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
                                                                     Linnaeus-
                                                                      Phoenix
For the Three Months Ended                         Winthrop           Associates            Investor           Total
March 31, 1998 and 1997                        Financial Co.,         Limited               Limited           Partners'
(Unaudited)                                         Inc.            Partnership             Partners          Capital
--------------------------------------------------------------------------------------------------------------------------
<S>                                        <C>                 <C>                 <C>                 <C>              
Balance December 31, 1997                   $        (270,579)  $        (572,488)  $        1,136,507  $         293,440

Net income                                                  9                   9                1,781              1,799
                                            ------------------   -----------------   -----------------   ----------------

Balance, March 31, 1998                     $        (270,570)  $        (572,479)  $        1,138,288  $         295,239
                                            ==================   =================   =================   ================


Balance December 31, 1996                   $        (270,361)  $        (572,270)  $        1,176,091  $         333,460

Net income                                                 19                  19                3,816              3,854
                                            ------------------   -----------------   -----------------   ----------------

Balance, March 31, 1997                     $        (270,342)  $        (572,251)  $        1,179,907  $         337,314
                                            ==================   =================   =================   ================
</TABLE>


                       See notes to financial statements

                                    - 4 -

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PRESIDENTTIAL ASSOCIATES I LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS

--------------------------------------------------------------------------------

For the Three Months Ended
March 31, 1998 and 1997 (Unaudited)                  1998                1997
--------------------------------------------------------------------------------

Cash flow from operating activities:
  Net income                                      $       1,799     $    3,854
  Adjustments to reconcile net income to
    net cash used in operating activities:
      Increase in accounts payable                       19,539          9,128
      Increase in due from operating 
        partnership                                     (22,483)       (16,751)
                                                  -------------     ----------

Net cash used in operating activities                    (1,145)        (3,769)
                                                  -------------     ----------

Net decrease in cash and cash equivalents                (1,145)        (3,769)
                                                  -------------     ----------

Cash and cash equivalents at beginning of 
  period                                                249,420        319,440
                                                  -------------     ----------

Cash and cash equivalents at end of period        $     248,275     $  315,671
                                                  =============     ==========

                       See notes to financial statements

                                    - 5 -

<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
March 31, 1998
(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, 1997.

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, 1998.

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 loss for 1998 is expected to differ from that for
financial reporting purposes primarily due to accounting differences in the
recognition of construction period costs and depreciation incurred by the
Operating Partnership.

                                    - 6 -

<PAGE>

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

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"). 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, 1998 and March 31, 1997, the Operating
Partnership did not make any distributions to the Partnership. A significant
restructuring of the ownership and debt of the Operating Partnership was
finalized in April 1995. As a result of this 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. It is not expected that the Operating
Partnership will be able to make any distribution to the Partnership in excess
of this amount until the property is sold. However, due to the preferred
return required to be paid to TKI Presidential Partners and the Department of
Housing and Urban Development, it is likely that a sale of the property will
not generate sufficient funds to permit a distribution to the Partnership.
Accordingly, it is anticipated that limited partners will not receive a return
of their original investment in the Partnership.

The Partnership's liquidity based on cash and cash equivalents remained
constant at March 31, 1998 as compared to December 31, 1997. Cash and cash
equivalents decreased from $315,679 at March 31, 1997 to $248,275 at March 31,
1998 as a result of a $200,200 distribution made in April 1997. 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.

On December 16, 1997, the Winthrop Financial Co., Inc., the general partner of
the Partnership (the "General Partner") and certain of its affiliates entered
into a Services Agreement with Coordinated Services of Valdosta, LLC
("Coordinated Services") pursuant to which Coordinated Services was retained to
provide asset management and investor services to the Partnership and certain
affiliated partnerships. As a result of this agreement, Coordinated Services has
the right to direct the day to day affairs of the Partnership, including,
without limitation, reviewing and analyzing potential sale, refinancing or
restructuring proposals by Local Limited Partnerships, preparation of all
Partnership reports, maintaining Partnership records and maintaining bank
accounts of the Partnership. Coordinated Services is not permitted, however,
without the consent of the General Partner, or as otherwise required under the
terms of the Partnership's Agreement of Limited Partnership (the "Partnership
Agreement") to, among other things, cause the Partnership to consent to a sale 
of an asset or cause the Partnership to file for bankruptcy. As compensation for
providing these services, the General Partner and its affiliates assigned to 
Coordinated Services all of their rights to receive fees from the Partnership as
provided in the Partnership Agreement.


Results of Operations

Operating results decreased by $2,055 for the three months ended March 31,
1998 as compared to the three months ended March 31, 1997 due to less interest
income earned because of a smaller cash reserve balance at March 31, 1998 as
compared to March 31, 1997.

                                    - 7 -

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PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

PART II - OTHER INFORMATION
---------------------------

Item 6.  Exhibit and reports on Form 8-K

         a)   Exhibits
         
         10.     Services Agreement, dated December 16, 1997, by and
                 between First Winthrop Corporation, Winthrop Financial Co.,
                 Inc., WFC Realty Co., Inc., WFC Realty Saugus, Inc., Winthrop
                 Properties, Inc., Winthrop Metro Equities Corporation, Winthrop
                 Libson Realty, Inc. and Northwood Realty Co., Inc. and
                 Coordinated Services of Valdosta, LLC.   

         27.  Financial Data Schedule


         b)   Reports on Form 8-K

              No report on Form 8-K was required to be filed during the period


                                    - 8 -

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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.
                                                   One of its General Partners

Date: May 15, 1998                             By: Edward V. Williams
                                                   --------------------------
                                                   Edward V. Williams
                                                   Chief Financial Officer


Date: May 15, 1998                             By: Michael L. Ashner
                                                   ---------------------------
                                                   Michael L. Ashner
                                                   Chief Executive Officer

                                    - 9 -
                               

<PAGE>
                               INDEX TO EXHIBITS


Exhibit
Number                         Title of Document                           Page
-------                        -----------------                           ----
          
10. Services Agreement, dated December 16, 1997, by and between First       11
    Winthrop Corporation, Winthrop Financial Co., Inc., WFC Realty Co.,
    Inc., WFC Realty Saugus, Inc., Winthrop Properties, Inc., Winthrop 
    Metro Equities Corporation, Winthrop Lisbon Realty, Inc. and 
    Northwood Realty Co., Inc. and Coordinated Services of Valdosta, LLC.

27. Financial Data Schedule