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, 1997               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)



  One International Place, Boston, MA                      02110
(Address of principal executive offices)                 (Zip Code)


Registrant's telephone number, including area code (617) 330-8600


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_____



<PAGE>



PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

BALANCE SHEETS

--------------------------------------------------------------------------------
                                                   June 30,      December 31,
                                                     1997           1996
                                                  (Unaudited)     (Audited)
-----------------------------------------------------------------------------
                                                                
                                     ASSETS
                                                                
Assets                                                          
     Cash and cash equivalents                     $107,015          $319,440
     Due from Operating Partnership                  35,397            14,020
                                                   --------          --------
                                                                
Total Assets                                       $142,412          $333,460
                                                   ========          ========
                                                                
                                                                
                       LIABILITIES AND PARTNERS' CAPITAL
                                                                
Liabilities and Partners' Capital                               
     Accounts payable                              $    312          $   --
     Partners' Capital                              142,100           333,460
                                                   --------          --------
                                                                
Total Liabilities and Partners' Capital            $142,412          $333,460
                                                   ========          ========



                        See notes to financial statements


                                       -2-


<PAGE>



PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
PART 1 - FINANCIAL INFORMATION
ITEM 1. - FINANCIAL STATEMENTS
STATEMENTS OF OPERATIONS
(UNAUDITED)
--------------------------------------------------------------------------------
                                      For the Three Months  For the Six Months
                                         Ended June 30,        Ended June 30,
                                         1997       1996       1997      1996
                                      ------------------------------------------

INCOME:
   Interest                           $  1,796   $   --     $  5,650   $   --
   Distribution from Operating
     Partnership                       104,603     92,804    104,603     92,804
                                      --------   --------   --------   --------
                                       106,399     92,804    110,253     92,804

EXPENSES:
   Other expenses                         --          489       --          739
                                      --------   --------   --------   --------
                                          --          489       --          739
                                      --------   --------   --------   --------

Net Income                            $106,399   $ 92,315   $110,253   $ 92,065
                                      ========   ========   ========   ========

Net Income per unit of limited
   partnership interest outstanding   $    179   $    155   $    185   $    154
                                      ========   ========   ========   ========



                        See notes to financial statements


                                       -3-


<PAGE>



PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS

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

For the Six Months Ended
June 30, 1997 and 1996 (Unaudited)                          1997         1996
--------------------------------------------------------------------------------

Cash flow from operating activities:
     Net income                                         $ 110,253    $  92,065
     Adjustments to reconcile net income to
         net cash provided by operating activities:
           Increase in accounts payable                       312         --
           Increase in due from operating partnership     (21,377)     (23,182)
                                                        ---------    ---------

Net cash provided by operating activities                  89,188       68,883
                                                        ---------    ---------

Cash flows from Financing Activities:

         Partner distributions                           (304,804)        --
         Contributions                                      3,191         --
                                                        ---------    ---------

Net cash used in financing activities                    (301,613)        --
                                                        ---------    ---------

Net (decrease) increase in cash and cash equivalents     (212,425)      68,883
                                                        ---------    ---------

Cash and cash equivalents at beginning of period          319,440      121,409
                                                        ---------    ---------

Cash and cash equivalents at end of period              $ 107,015    $ 190,292
                                                        =========    =========



                        See notes to financial statements


                                       -4-


<PAGE>



PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
 
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------

                                                  Linnaeus-                          
                                                   Phoenix                       
For the Six Months Ended          Winthrop        Associates    Investor Limited     Total
June 30, 1997 and 1996         Financial Co.,      Limited         Partners        Partners'
(Unaudited)                         Inc.         Partnership                        Capital
--------------------------------------------------------------------------------------------
                                                                                 
<S>                           <C>              <C>              <C>              <C>        
Balance December 31, 1996     $  (270,361)     $  (572,270)     $ 1,176,091      $   333,460
                                                                                 
Net Income                            551              551          109,151          110,253
Distributions                      (1,524)          (1,524)        (301,756)        (304,804)
Contributions                        --               --              3,191            3,191
                              -----------      -----------      -----------      -----------
                                                                                 
Balance, June 30, 1997        $  (271,334)     $  (573,243)     $   986,677      $   142,100
                              ===========      ===========      ===========      ===========
                                                                                 
                                                                                 
Balance December 31, 1995     $  (271,513)     $  (573,422)     $   947,914      $   102,979
                                                                                 
Net income                            460              460           91,145           92,065
                              -----------      -----------      -----------      -----------
                                                                                 
Balance, June 30, 1996        $  (271,053)     $  (572,962)     $ 1,039,059      $   195,044
                              ===========      ===========      ===========      ===========
</TABLE>



                        See notes to financial statements


                                       -5-


<PAGE>



PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
June 30, 1997
(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 conform 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  condensed
financial  statements be read in conjunction  with the financial  statements and
the notes thereto included in the Registrant's  Annual Report on Form 10-KSB for
the year ended December 31, 1996.

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, 1997.

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 INCOME (LOSS)

The Partnership's taxable income (loss) for 1997 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 OF FINANCIAL 
CONDITION AND RESULTS OF OPERATIONS

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 June 30, 1997,  the Operating  Partnership  made a
distribution  of  $104,603  to the  Partnership.  Pursuant  to the  terms of the
Regulatory  Agreement  governing  the  Operating   Partnership,   the  Operating
Partnership is permitted to make semi-annual distributions from surplus cash. In
addition, 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.  Any future
distributions  from the  Operating  Partnership  are subject to the terms of the
Regulatory Agreement.

As a result of the  restrictions  set forth in the  Regulatory  Agreement on the
ability of the Operating Partnership to make distributions, the preferred return
required to be paid to TKI  Presidential  Partners and the Department of Housing
and  Urban  Development  from a sale of the  property,  it is  anticipated  that
limited  partners will not receive a return of all of their original  investment
in the Partnership.

The  Partnership's  liquidity  based on cash and cash  equivalents  decreased to
$107,015 at June 30,  1997 as  compared  to  $319,440  at December  31, 1996 due
primarily to a distribution of $200,200 made out of cash reserves 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. Future
distributions  to  limited  partners  are  contingent  upon the  receipt  by the
Partnership of distributions from the Operating Partnership.

Results of Operations

Operating  results improved by $18,188 for the six months ended June 30, 1997 as
compared  to the six months  ended June 30,  1996 due to an increase in interest
income of $5,650 and an increase in distributions from the Operating Partnership
of $11,799.  All expenses of the Partnership  incurred to date in 1997 are being
reimbursed by the Operating Partnership.


                                       -7-



<PAGE>



PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

PART II - OTHER INFORMATION


Item 6. Exhibit and reports on Form 8-K

A.   EXHIBITS
     
     Exhibit 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-


<PAGE>



PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

                                   PRESIDENTIAL ASSOCIATES I
                                   LIMITED PARTNERSHIP

                                   By: Winthrop Financial Co., Inc.
                                        A General Partner

                                   By:  /s/ Edward V. Williams
                                        ----------------------
                                        Edward V. Williams
                                        Chief Financial Officer

                                   By:  /s/ Michael L. Ashner
                                        ---------------------
                                        Michael L. Ashner
                                        Chief Executive Officer


Dated: August 11, 1997


                                     -9-