<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 September 30, 2001          Commission File Number 0-12210
                      ------------------                                 -------



                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                  ---------------------------------------------
        (exact name of small business issuer as specified in its charter)


             Maryland                                     04-2801764
-------------------------------             ------------------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
 incorporation or organization)



7 Bulfinch Place, Suite 500, P.O. Box 9507, Boston, MA               02114
------------------------------------------------------        ------------------
(Address of principal executive offices)                          (Zip Code)



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


      ---------------------------------------------------------------------
      (former name, former address and former fiscal year, if changed since
                                  last report)



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



<PAGE>


PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

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

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------

                                                September 30,     December 31,
                                                     2001             2000
                                                 (Unaudited)       (Audited)
-------------------------------------------------------------------------------

<S>                                               <C>              <C>
                                     ASSETS

Assets
     Cash and cash equivalents                    $1,627,343       $268,773
     Other                                            30,000              -
                                                  ----------       --------

Total assets                                      $1,657,343       $268,773
                                                  ==========       ========


                       LIABILITIES AND PARTNERS' CAPITAL

Liabilities and partners' capital
     Accounts payable                             $        -       $      -
     Partners' capital                             1,657,343        268,773
                                                  ----------       --------

Total liabilities and partners' capital           $1,657,343       $268,773
                                                  ==========       ========
</TABLE>













                       See notes to financial statements


                                      -2-
<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

STATEMENT OF OPERATIONS
(UNAUDITED)

<TABLE>
<CAPTION>
                                               For the three months ended              For the nine months ended
                                                      September 30,                          September 30,

INCOME:                                         2001                2000                2001               2000
-----------------------------------------------------------------------------------------------------------------------
<S>                                              <C>                <C>              <C>                <C>
    Distribution from Operating
       Partnership                            $        -         $        -          $1,377,118         $  225,210
    Interest                                      11,021              4,398              19,661             12,202
                                              ----------         ----------          ----------         ----------

                                                  11,021              4,398           1,396,779            237,412
                                              ----------         ----------          ----------         ----------

EXPENSES

    Professional fees                              8,158             11,103               8,158             43,030
    Other expenses                                    51              9,087                  51             10,160
                                              ----------         ----------          ----------         ----------

                                                   8,209             20,190               8,209             53,190
                                              ----------         ----------          ----------         ----------

    Net income                                $    2,812         $  (15,792)         $1,388,570         $  184,222
                                              ==========         ==========          ==========         ==========

Net income per unit of limited
partnership interest outstanding (590
units issued and outstanding)                 $        5         $      (26)         $    2,330         $      309
                                              ==========         ==========          ==========         ==========
</TABLE>





                       See notes to financial statements


                                      -3-
<PAGE>

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

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
                                                                Linnaeus-
                                                                 Phoenix
For the Nine Months Ended                    Winthrop           Associates        Investor             Total
September 30, 2001 and 2000               Financial Co.,         Limited           Limited           Partners'
(Unaudited)                                    Inc.            Partnership        Partners            Capital
-----------------------------------------------------------------------------------------------------------------
<S>                                       <C>                 <C>                <C>                <C>
Balance December 31, 2000                 $  (270,757)        $  (572,666)       $ 1,112,196        $   268,773

Net income                                      6,943               6,943          1,374,684          1,388,570
                                          -----------         -----------        -----------        -----------

Balance, September 30, 2001               $  (263,814)        $  (565,723)       $ 2,486,880        $ 1,657,343
                                          ===========         ===========        ===========        ===========


Balance December 31, 1999                 $  (269,914)        $  (571,823)       $ 1,275,071        $   433,334

Net income                                        921                 921            182,380            184,222

Distributions                                  (1,750)             (1,750)          (346,502)          (350,002)

Contributions                                       -                   -              4,111              4,111
                                          -----------         -----------        -----------        -----------

Balance, September 30, 2000               $  (270,743)        $  (572,652)       $ 1,115,060        $   271,665
                                          ===========         ===========        ===========        ===========
</TABLE>






                       See notes to financial statements


                                      -4-
<PAGE>


PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------

For the Nine Months Ended
September 30, 2001 and 2000 (Unaudited)                                2001             2000
-------------------------------------------------------------------------------------------------
<S>                                                               <C>               <C>
Cash flow from operating activities:
     Net income                                                   $ 1,388,570       $  184,222
     Adjustments to reconcile net income to
         net cash provided by operating activities:
           Increase in other assets                                   (30,000)               -
                                                                  -----------       ----------

Net cash provided by operating activities                           1,358,570          184,222
                                                                  -----------       ----------

Cash flows from financing activities
     Partner distributions                                                  -         (350,002)
     Contributions                                                          -            4,111
                                                                  -----------       ----------

Net cash used in financing activities                                       -         (345,891)
                                                                  -----------       ----------

Net increase (decrease) in cash and cash equivalents                1,358,570         (161,669)

Cash and cash equivalents at beginning of period                      268,773          433,334
                                                                  -----------       ----------

Cash and cash equivalents at end of period                        $ 1,627,343       $  271,665
                                                                  ===========       ==========
</TABLE>






                       See notes to financial statements


                                      -5-
<PAGE>


PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(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, 2000.

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, 2001.


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 income for 2001 is not expected to differ from that
for financial reporting purposes.





                                      -6-
<PAGE>


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


The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.). The discussion of the
Partnership's business and results of operations, including forward-looking
statements pertaining to such matters, does not take into account the effects of
any changes to the Partnership's business and results of operations.
Accordingly, actual results could differ materially from those projected in the
forward-looking statements as a result of a number of factors, including those
identified herein.

This Item should be read in conjunction with the financial statements and other
items contained elsewhere in the report.


Liquidity and Capital Resources

The Partnership's primary source of liquidity is distributions from Presidential
Towers Ltd., an Illinois limited partnership (the "Operating Partnership"). 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 nine months ended September 30, 2001 and 2000, the Operating
Partnership made distributions to the Partnership of $1,077,148 and $225,210,
respectively. 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. At September 30, 2001 and 2000, the Partnership's expenses
exceeded the maximum reimbursement by $8,209 and $53,190, respectively. In
addition, the Operating Partnership distributes to the Partnership an amount
equal to the amount of income allocated to the Partnership by the Operating
Partnership in each year. On January 10, 2001, the Operating Partnership
refinanced its existing mortgages into a first mortgage note which will result
in an extraordinary gain for financial statement purposes of approximately $57
million on extinguishment of debt in 2001. As a result of the refinancing and
cash flow from operations, the priority return to TKI Presidential Towers was
satisfied and the Operating Partnership had sufficient proceeds to make a
$1,077,148 distribution to the Partnership. Future distributions will be subject
to the Operating Partnership's operations and the ultimate sale or further
refinancings of the property.






                                      -7-
<PAGE>



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



The Partnership's liquidity based on cash and cash equivalents increased by
$1,358,570 to $1,627,343 at September 30, 2001 as compared to December 31, 2000
as a result of a distribution received from the Operating Partnership. It is
anticipated that a portion of the Partnership's cash reserves will be
distributed to its partners during the fourth quarter of 2001.


Results of Operations

Net income increased by $1,204,348 for the nine months ended September 30, 2001
as compared to the nine months ended September 30, 2000 due to a larger
distribution from the Operating Partnership as discussed above and a decrease in
professional fees and other expenses.










                                      -8-
<PAGE>


PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP


PART II - OTHER INFORMATION


Item 6.  Exhibit and reports on Form 8-K

         (a)  Exhibits

                 None

         (b)  Reports on Form 8-K

                 No reports on Form 8-K were filed during the three months
              ended September 30, 2001.















                                      -9-
<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
                                       (Partnership)

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

Date: November 5, 2001                 By: /s/ Thomas C. Staples
                                           ------------------------
                                           Thomas C. Staples
                                           Chief Financial Officer

Date: November 5, 2001                 By: /s/ Michael L. Ashner
                                           -----------------------
                                           Michael L. Ashner
                                           Chief Executive Officer




















                                      -10-