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, 2006              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, Boston, MA                   02114
---------------------------------------     ------------------------------------
(Address of principal executive offices)                (Zip Code)

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

Indicate by check mark whether the Issuer (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|

Indicate by check mark whether the Issuer is a shell company (as defined in Rule
12b-2 of the Exchange Act) Yes |_| No |X|

<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

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

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

                                                       March 31,    December 31,
                                                         2006           2005
                                                      (Unaudited)     (Audited)
--------------------------------------------------------------------------------

                                     ASSETS

Assets
     Cash and cash equivalents                       $    545,074   $    558,494
     Accounts receivable                                    8,862             --
                                                     ------------   ------------

Total assets                                         $    553,936   $    558,494
                                                     ============   ============

                        LIABILITIES AND PARTNERS' CAPITAL

Liabilities and partners' capital
     Accounts payable                                $      4,463   $     13,850
     Partners' capital                                    549,473        544,644
                                                     ------------   ------------

Total liabilities and partners' capital              $    553,936   $    558,494
                                                     ============   ============

                        See notes to financial statements


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PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

STATEMENTS OF OPERATIONS
(UNAUDITED)

For the Three Months Ended March 31,
2006 and 2005
(Unaudited)

                                                          2006           2005
                                                       ----------     ----------
INCOME:

  Interest                                             $    4,829     $    2,845
                                                       ----------     ----------

                                                            4,829          2,845
                                                       ----------     ----------

EXPENSES:

  Other                                                        --             --
                                                       ----------     ----------

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

Net income                                             $    4,829     $    2,845
                                                       ==========     ==========

Net income per unit of limited
  partnership interest outstanding                     $     8.18     $     4.82
                                                       ==========     ==========

                        See notes to financial statements


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<PAGE>

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, 2006 and 2005           Financial Co.,         Limited             Limited            Partners'
(Unaudited)                            Inc.             Partnership          Partners            Capital
------------------------------------------------------------------------------------------------------------

<S>                               <C>                 <C>                 <C>                 <C>
Balance, December 31, 2004        $     (263,510)     $     (565,419)     $    2,590,350      $    1,761,421

Net income                                    14                  14               2,817               2,845

Contributions                                 --                  --              14,095              14,095

Distributions                             (6,000)             (6,000)         (1,188,000)         (1,200,000)
                                  --------------      --------------      --------------      --------------

Balance, March 31, 2005           $     (269,496)     $     (571,405)     $    1,419,262      $      578,361
                                  ==============      ==============      ==============      ==============

Balance, December 31, 2005        $     (269,664)     $     (571,573)     $    1,385,881             544,644

Net income                                    24                  24               4,781               4,829

Contributions                                 --                  --                  --                  --

Distributions                                 --                  --                  --                  --
                                  --------------      --------------      --------------      --------------

Balance, March 31, 2006           $     (269,640)     $     (571,549)     $    1,390,662      $      549,473
                                  ==============      ==============      ==============      ==============
</TABLE>

                        See notes to financial statements


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<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

STATEMENTS OF CASH FLOWS

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

For the Three Months Ended
March 31, 2006 and 2005 (Unaudited)                     2006            2005
--------------------------------------------------------------------------------

Cash flow from operating activities:
  Net income                                        $     4,829     $     2,845
  Adjustments to reconcile net income to
    net cash used in operating activities:
      Increase (decrease) in accounts payable            (9,387)         (3,000)
      Increase (decrease) in accounts receivable         (8,862)         (7,470)
                                                    -----------     -----------

Net cash used in operating activities                   (13,420)         (7,625)
                                                    -----------     -----------

Cash flows from financing activities:
  Distributions to partners                                  --      (1,200,000)
  Contributions from partners                                --          14,095
                                                    -----------     -----------

Net cash used in financing activities                        --      (1,185,905)
                                                    -----------     -----------

Net decrease in cash and cash equivalents               (13,420)     (1,193,530)

Cash and cash equivalents at beginning of period        558,494       1,764,421
                                                    -----------     -----------

Cash and cash equivalents at end of period          $   545,074     $   570,891
                                                    ===========     ===========

                        See notes to financial statements


                                     - 5 -
<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
March 31, 2006
(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, 2005.

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, 2006.

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

The Partnership's taxable income for 2006 is not expected to differ from that
for financial reporting purposes.


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<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"). 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.

The Operating Partnership did not make any distribution to the Partnership
during the three months ended March 31, 2006 or 2005. In connection with the
April 1995 restructuring, the Partnership is entitled to receive reimbursement
from the Operating Partnership for the Partnership's 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"). 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. Future distributions from the Operating
Partnership will be dependent upon the property's operating results.


                                     - 7 -
<PAGE>

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

Liquidity and Capital Resources (Continued)

The Partnership's liquidity based on cash and cash equivalents decreased by
$13,420 at March 31, 2006, as compared to December 31, 2005. This decrease was
due to cash used in operating activities. 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 invested in money market funds and are
currently thought to be sufficient for any near-term needs of the Partnership.

Results of Operations

Net income increased by $1,984 for the three months ended March 31, 2006 as
compared to the three months ended March 31, 2005. The increase is due to an
increase in interest income earned of $1,984 as a result of cash being held in a
higher interest yielding account.

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.


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<PAGE>

PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP

PART II - OTHER INFORMATION

Item 6. Exhibits

      31    Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of
            2002

      32    Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of
            2002


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<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: May 12, 2006                        By: /s/ Thomas C. Staples
                                              ----------------------------------
                                              Thomas C. Staples
                                              Chief Financial Officer


Date: May 12, 2006                        By: /s/ Michael L. Ashner
                                              ----------------------------------
                                              Michael L. Ashner
                                              Chief Executive Officer


                                     - 10 -
<PAGE>

                                  EXHIBIT INDEX

Exhibit No.                                                                 Page

31    Certifications Pursuant to Section 302 of the Sarbanes-Oxley
      Act of 2002                                                            12

32    Certification Pursuant to Section 906 of the Sarbanes-Oxley
      Act of 2002                                                            16


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