FORM 10-Q

                         SECURITIES AND EXCHANGE COMMISSION
                               Washington, D.C. 20549

         (Mark One)

         [x]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                         THE SECURITIES EXCHANGE ACT OF 1934

         For the quarterly period ended March 31, 1998

                                         OR

         [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                         THE SECURITIES EXCHANGE ACT OF 1934

         For the transition period from ____________ to ___________

         Commission file number 0-2666

                            250 WEST 57th ST. ASSOCIATES
               (Exact name of registrant as specified in its charter)

         A New York Partnership                      13-6083380
         (State or other jurisdiction of             (I.R.S. Employer
         incorporation or organization)              Identification No.)

                    60 East 42nd Street, New York, New York 10165
                      (Address of principal executive offices)
                                     (Zip Code)

                                   (212) 687-8700
                (Registrant's telephone number, including area code)

                                         N/A
         (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 require-
         ments for the past 90 days.

         Yes [ X ].  No [   ] .

              An Exhibit Index is located on Page 13 of this Report.
         Number of pages (including exhibits) in this filing:  14<PAGE>
         





                                                                           2.
                         PART I.  FINANCIAL INFORMATION

  Item 1.  Financial Statements.

                          250 West 57th St. Associates
                         Condensed Statement of Income
                                (Unaudited)            

                                             For the Three Months
                                                Ended March 31,
                                             1998           1997     
 Income:
   Basic rent, from a related
     party (Note B)                          $ 79,289       $ 79,289 
   Advance of primary overage 
     rent, from a related 
     party (Note B)                           188,000        188,000 
                                             --------       -------- 
      Total income                            267,289        267,289 
                                             --------       -------- 

 Expenses:
   Interest on mortgage                        66,609         67,117 
   Supervisory services, to a 
     related party (Note C)                    15,000         15,000 
   Amortization of mortgage 
     refinancing costs                          1,957          1,957 
                                             --------       -------- 
     Total expenses                            83,566         84,074 
                                             --------       -------- 
 Net income                                  $183,723       $183,215 
                                             ========       ======== 

 Earnings per $5,000 partici-
   pation unit, based on 720 
   participation units out- 
   standing during the year                  $ 255.17       $ 254.47 
                                             ========       ======== 
 Distributions per $5,000 participation:

 Distributions per $5,000 
   participation consisted of 
   the following:
     Income                                  $ 250.00       $ 250.00 
                                             ========       ======== 

     At March 31, 1996 and 1997, there were $3,600,000 of participations
     outstanding.<PAGE>






                                                                            3.
                          250 West 57th St. Associates
                            Condensed Balance Sheet
                                 (Unaudited)          

                                          March 31, 1998   December 31, 1997
 Assets
 Current assets:
   Cash                                      $   84,124          $   84,124 
                                             ----------          ---------- 
     Total current assets                        84,124              84,124 
                                             ----------          ---------- 
 Real estate, at cost:
   Property situated at 250-264 West 
     57th Street, New York, New York:
     Land                                     2,117,435           2,117,435 
     Building                                 4,940,682           4,940,682 
       Less: Accumulated depreciation         4,940,682           4,940,682 
                                             ----------          ---------- 
                                                   -0-                 -0-  
     Building improvements                      688,000             688,000 
       Less: Accumulated depreciation           688,000             688,000 
                                             ----------          ---------- 
                                                   -0-                 -0-  
     Tenants' installations and
       improvements                             249,791             249,791 
       Less: Accumulated amortization           249,791             249,791 
                                             ----------          ---------- 
                                                   -0-                 -0-  
 Other assets:
   Mortgage refinancing costs                    41,106              41,106 
     Less: Accumulated amortization              24,142              22,184
                                             ----------          ---------- 
                                                 16,964              18,922 
                                             ----------          ---------- 
       Total assets                          $2,218,523          $2,220,481 
                                             ==========          ========== 
 Liabilities and Capital
 Current liabilities:
   Accrued interest payable                  $   22,188          $   22,232 
   First mortgage principal payments
     due within one year (Note B)                23,910              23,358 
                                             ----------          ---------- 
       Total current liabilities                 46,098              45,590 
 Long-term debt (Note B)                      2,808,632           2,814,821 
 Capital (deficit) (See analysis, page 4):
   March 31, 1998                              (636,207)               -0-  
   December 31, 1997                               -0-             (639,930)
                                             ----------          ---------- 
       Total liabilities and capital:
     March 31, 1998                          $2,218,523 
     December 31, 1997                       ==========          $2,220,481 
                                                                 ========== <PAGE>







                                                                          4.
                         250 West 57th St. Associates
                         Analysis of Capital (Deficit)
                                 (Unaudited)         

                                           March 31, 1998   December 31, 1997
 Capital:
   January 1, 1998                            $ (639,930)                    
   January 1, 1997                                                $ (653,537)
     Add, Net income:  
       January 1, 1998 through 
         March 31, 1998                          183,723                -0-  
       January 1, 1997 through
         December 31, 1997                          -0-            1,909,974 
                                              ----------          ---------- 
                                                (456,207)          1,256,437 

 Less, Distributions:
   Distribution, December 2, 1997 
     of Secondary Overage Rent
     for the lease year ended
     September 30, 1997                             -0-            1,176,367 
   Distributions January 1, 1998
     through March 31, 1998                      180,000                -0-  
   Distributions, January 1, 1997
     through December 31, 1997                      -0-              720,000 
                                              ----------          ---------- 
                                                 180,000           1,896,367 
                                              ----------          ---------- 
 Capital (deficit):
   March 31, 1998                             $ (636,207)                    
   December 31, 1997                          ==========          $ (639,930)
                                                                  ========== <PAGE>






                                                                           5.
                          250 West 57th St. Associates
                      Condensed Statements of Cash Flows 
                                  (Unaudited)            

                                          January 1, 1998     January 1, 1997
                                              through             through    
                                           March 31, 1998      March 31, 1997


 Cash flows from operating activities:
   Net income                                $   183,723         $   183,215 
   Adjustments to reconcile net income 
     to cash provided by operating 
     activities:
   Amortization of mortgage refinancing 
     costs                                         1,957               1,957 
   Change in accrued interest payable                (44)                (40)
                                             -----------         ----------- 
     Net cash provided by operating
       activities                                185,636             185,132 
                                             -----------         ----------- 
 Cash flows from financing activities:
   Cash distributions                           (180,000)           (180,000)
   Principal payments on long-term debt           (5,636)             (5,132)
                                             -----------         ----------- 
     Net cash used in financing activities      (185,636)           (185,132)
                                             -----------         ----------- 
     Net increase (decrease) in cash                 -0-                  -0-

 Cash, beginning of period                        84,124              84,124 
                                             -----------         ----------- 
 Cash, end of period                              84,124         $    84,124 
                                             ===========         =========== 

                                          January 1, 1998     January 1, 1997
                                              through             through    
                                           March 31, 1998      March 31, 1997

   Cash paid for:
      Interest                                $    66,653        $    67,157 
                                              ===========        =========== <PAGE>
                                              
         250 West 57th St. Associates                                    6.
         March 31, 1998



         NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

         Note A - Basis of Presentation

                   The accompanying unaudited condensed financial state-
         ments have been prepared in accordance with the instructions to
         Form 10-Q and therefore do not include all information and foot-
         notes necessary for a fair presentation of financial position,
         results of operations and statement of cash flows in conformity
         with generally accepted accounting principles.  The accompanying
         unaudited condensed financial statements include all adjustments
         (consisting only of normal recurring accruals) which are, in the
         opinion of the joint venturers in Registrant, necessary for a fair
         statement of the results for such interim periods.  The joint
         venturers in Registrant believe that the accompanying unaudited
         condensed financial statements and the notes thereto fairly dis-
         close the financial condition and results of Registrant's opera-
         tions for the periods indicated and are adequate to make the
         information presented therein not misleading.

         Note B - Interim Period Reporting

                   The results for the interim period are not necessarily
         indicative of the results to be expected for a full year.  

                   Registrant is a New York joint venture which was
         organized on May 25, 1953.  On September 30, 1953, Registrant
         acquired fee title to the "Fisk Building" (the "Building") and the
         land thereunder located at 250-264 West 57th Street, New York, New
         York (collectively, the "Property").  As of April 15, 1998,
         Registrant's joint venturers are Peter L. Malkin and Anthony E.
         Malkin (the "Joint Venturers"), each of whom also acts as an agent
         for holders of participations in their undivided joint venture
         interests in Registrant (the "Participants").

                   Registrant leases the Property to Fisk Building
         Associates (the "Net Lessee"), under a long-term net operating
         lease (the "Net Lease"), the current term of which expires on
         September 30, 2003.  Net Lessee is a New York partnership in which
         Peter L. Malkin is among its partners.  In addition, he is also a
         member of the law firm of Wien & Malkin LLP, 60 East 42nd Street,
         New York, New York, counsel to Registrant and Net Lessee
         ("Counsel").  See Note C of this Item 1 ("Note C").  

                   Under the Net Lease, Net Lessee must pay (i) annual
         basic rent equal to the sum of $28,000 plus an amount equal to the
         rate of constant payments for interest and amortization required
         annually under the first mortgage described below (the "Basic
         Rent"), and (ii)(A) primary overage rent equal to the lesser of
         (1) Net Lessee's net operating income for the preceding lease year
         or (2) $752,000 (the "Primary Overage Rent"), and (B) secondary
         overage rent equal to 50% of any remaining balance of Net Lessee's<PAGE>


         250 West 57th St. Associates                                    7.
         March 31, 1998



         net operating income for such lease year ("Secondary Overage
         Rent").  

                   Net Lessee is required to make a monthly payment to
         Registrant, as an advance against Primary Overage Rent, of an
         amount equal to its operating profit for its previous lease year
         in the maximum amount of $752,000 per annum.  Net Lessee currently
         advances $752,000 each year, which permits Registrant to make
         regular monthly distributions at 20% per annum on the
         Participants' remaining original cash investment.

                   For the lease year ended September 30, 1997, Net Lessee
         reported net operating profit of $3,405,968 after deduction of
         Basic Rent.  Net Lessee paid Primary Overage Rent of $752,000,
         together with Secondary Overage Rent of $1,326,984 for the fiscal
         year ended September 30, 1997.  The Secondary Overage Rent of
         $1,326,984 represents 50% of the excess of the net operating
         profit of $3,405,968 over $752,000.  After payment of $19,909 for
         fees and expenses in connection with the August 6, 1997 Consent
         Solicitation Program and $130,708 to Counsel as an additional
         payment for supervisory services, the balance of $1,176,367 was
         distributed to the Participants on December 2, 1997.

                   Secondary Overage Rent income is recognized when earned
         from Net Lessee, at the close of the lease year ending September
         30.  Such income is not determinable until Net Lessee, pursuant to
         the Net Lease, renders to Registrant a certified report on the
         operation of the Property.  The Net Lease does not provide for the
         Net Lessee to render interim reports to Registrant, so no income
         is reflected for the period between the end of the lease year and
         the end of Registrant's fiscal year.  

                   The Net Lease provides for one renewal option of 25
         years.  The Participants in Registrant and the partners in Net
         Lessee have agreed to execute three additional 25-year renewal
         terms on or before the expiration of the then applicable renewal
         term.  

                   Effective March 1, 1995, the first mortgage loan on the
         Property, in the principal amount of $2,890,758, held by Apple
         Bank for Savings ("Apple Bank") was refinanced (the
         "Refinancing").  The material terms of the refinanced mortgage
         loan (the "Mortgage Loan") are as follows:

                        (i)  a maturity date of June 1, 2000;

                       (ii)  monthly payments of $24,096 aggregating
                   $289,157 per annum applied first to interest at the rate
                   of 9.4% per annum and the balance in reduction of
                   principal;  <PAGE>

         250 West 57th St. Associates                                    8.
         March 31, 1998



                      (iii)  no prepayment until after the third loan year.
                   Thereafter, a 3% penalty will be imposed in the fourth
                   loan year and a 2% penalty during the fifth loan year.
                   No prepayment penalty will be imposed if the Mortgage
                   Loan is paid in full during the last 90 days of the
                   fifth loan year; and

                       (iv)  no Partner or Participant will have any
                   personal liability for principal of, or interest on, the
                   Mortgage Loan.  

         Note C - Supervisory Services

                   Registrant pays Counsel for legal fees and supervisory
         services and disbursements: (i) $40,000 per annum (the "Basic
         Payment"); and (ii) an additional payment of 10% of all distribu-
         tions to Participants in any year in excess of the amount repre-
         senting a return to them at the rate of 15% per annum on their
         remaining cash investment (the "Additional Payment").  At March
         31, 1998, the Participants' remaining cash investment was
         $3,600,000.  Of the Basic Payment, $28,000 is payable from Basic
         Rent and $12,000 is payable from Primary Overage Rent received by
         Registrant.

                   No remuneration was paid during the three month period
         ended March 31, 1998 by Registrant to either of the Joint
         Venturers as such.  Pursuant to the fee arrangements described
         herein, Registrant also paid Counsel $10,000 of the Basic Payment
         and $5,000 on account of the Additional Payment for the three
         month period ended March 31, 1998.

                   The supervisory services provided to Registrant by
         Counsel include legal, administrative services and financial
         services.  The legal and administrative services include acting as
         general counsel to Registrant, maintaining all of its partnership
         and Participant records, performing physical inspections of the
         Building, reviewing insurance coverage and conducting annual
         partnership meetings.  Financial services include monthly receipt
         of rent from Net Lessee, payment of monthly and additional
         distributions to the Participants, payment of all other
         disbursements, confirmation of the payment of real estate taxes,
         and active review of financial statements submitted to Registrant
         by Net Lessee and financial statements audited by and tax
         information prepared by Registrant's independent certified public
         accountant, and distribution of such materials to the
         Participants.  Counsel also prepares quarterly, annual and other
         periodic filings with the Securities and Exchange Commission and
         applicable state authorities.  

                   Reference is made to Note B of Item 1 ("Note B") for a
         description of the terms of the Net Lease between Registrant and
         Net Lessee.  The respective interests, if any, of each Joint<PAGE>

         250 West 57th St. Associates                                    9.
         March 31, 1998



         Venturer in Registrant and in Net Lessee arise solely from such
         person's ownership of participations in Registrant and partnership
         interests or participations in Net Lessee.  The Joint Venturers
         receive no extra or special benefit not shared on a pro rata basis
         with all other Participants in Registrant or partners in Net
         Lessee. However, one of the Joint Venturers, by reason of his
         respective partnership interest in Counsel, is entitled to receive
         his share of any legal fees or other remuneration paid to Counsel
         for legal services rendered to Registrant and Net Lessee.

                   As of April 15, 1998, the Joint Venturers owned of
         record and beneficially $18,333 of Participations, representing
         less than 1% of the currently outstanding Participations in
         Registrant.

                   In addition, as of April 15, 1998, certain of the Joint
         Venturers in Registrant (or their respective spouses) held ad-
         ditional Participations as follows:

                   Isabel Malkin, the wife of Peter L. Malkin, owned of
                   record and beneficially $70,000 of Participations.
                   Mr. Malkin disclaims any beneficial ownership of such
                   Participations.

                   Anthony E. Malkin owned of record as trustee, but not
                   beneficially $8,333 of Participations.  Mr. Anthony E.
                   Malkin disclaims any beneficial ownership of such
                   Participations.


         Item 2.   Management's Discussion and Analysis of
                   Financial Condition and Results of Operations.

                   Registrant was organized solely for the purpose of
         owning the Property subject to a net operating lease of the
         Property held by Net Lessee.  Registrant is required to pay, from
         Basic Rent, the charges on the Mortgage Loan and amounts for
         supervisory services, and to then distribute the balance of such
         Basic Rent to holders of Participations.  See Note C.  Pursuant to
         the Net Lease, Net Lessee has assumed sole responsibility for the
         condition, operation, repair, maintenance and management of the
         Property.  Accordingly, Registrant need not maintain substantial
         reserves or otherwise maintain liquid assets to defray any
         operating expenses of the Property.

                   Registrant's results of operations are affected
         primarily by the amount of rent payable to it under the Net Lease.
         The amounts of Primary Overage Rent and Secondary Overage Rent are
         affected by the New York City economy and its real estate market.
         It is difficult to forecast the New York City economy and real
         estate market over the next few years.  <PAGE>

         250 West 57th St. Associates                                   10.
         March 31, 1998



                   Registrant does not pay dividends.  During the three
         month period ended March 31, 1998, Registrant made regular monthly
         distributions of $83.33 for each $5,000 participation ($1,000 per
         annum for each $5,000 participation).  On December 2, 1997,
         Registrant made an additional distribution of $1,634 for each
         $5,000 participation.  Such distribution represented the balance
         of Secondary Overage Rent paid by Net Lessee in accordance with
         the terms of the Net Lease after deducting the Additional Payment
         to Counsel and expenses in connection with the Consent
         Solicitation program.  See Notes B and C.  There are no
         restrictions on Registrant's present or future ability to make
         distributions; however, the amount of such distributions depends
         solely on the ability of Net Lessee to make monthly payments of
         Basic Rent, Primary Overage Rent and Secondary Overage Rent to
         Registrant in accordance with the terms of the Net Lease.
         Registrant expects to make distributions so long as it receives
         the payments provided for under the Net Lease.  See Note B.

                   The following summarizes with respect to the current
         period and corresponding period of the previous year, the material
         factors affecting Registrant's results of operations for such
         periods:

              Total income remained the same for the three-month
              period ended March 31, 1998 as compared with the
              three-month period ended March 31, 1997.  Total
              expenses decreased for the three month period ended
              March 31, 1998 as compared to the three month period
              ended March 31, 1997.  Such decrease resulted from a
              decrease in interest expense on the Mortgage Loan.

                           Liquidity and Capital Resources

                   There has been no significant change in Registrant's
         liquidity for the three month period ended March 31, 1998, as
         compared with the three month period ended March 31, 1997.  

                   The amortization payments due under the Mortgage Loan
         (see Note B of Item 1 hereof) will not be sufficient to fully
         liquidate the outstanding principal balance thereof at maturity in
         2000.  Registrant does not maintain any reserve to cover the
         payment of any mortgage indebtedness at or prior to maturity.
         Therefore, repayment of such indebtedness will depend on
         Registrant's ability to arrange a further refinancing of the
         Mortgage Loan.  The ability of Registrant to obtain any such
         refinancing will depend upon several factors, including the value
         of the Property at that time and future trends in the real estate
         market and the economy in the geographic area in which the
         Property is located.

                   Registrant anticipates that funds for working capital
         for the Property will be provided by rental payments received from<PAGE>

         250 West 57th St. Associates                                   11.
         March 31, 1998



         the Net Lessee and, to the extent necessary, from additional
         capital investment by the partners in the Net Lessee and/or
         external financing.  However, as noted above, Registrant has no
         requirement to maintain substantial reserves to defray any
         operating expenses of the Property.  Registrant foresees no need
         to make material commitments for capital expenditures while the
         Net Lease is in effect.

                                      Inflation

                   Registrant believes that there has been no material
         change in the impact of inflation on its operations since the
         filing of its report on Form 10-K for the year ended December 31,
         1997, which report and all exhibits thereto are incorporated
         herein by reference and made a part hereof.

                             PART II.  OTHER INFORMATION

         Item 1.  Legal Proceedings.

                   The Property of Registrant is the subject of the
         following pending litigation:

                   Wien & Malkin LLP, et al. v. Helmsley-Spear, Inc., et
         al.  On June 19, 1997 Wien & Malkin LLP and Peter L. Malkin filed
         an action in the Supreme Court of the State of New York, against
         Helmsley-Spear, Inc. and Leona Helmsley concerning various part-
         nerships which own, lease or operate buildings managed by
         Helmsley-Spear, Inc., including Registrant's property.  In their
         complaint, plaintiffs sought the removal of Helmsley-Spear, Inc.
         as managing and leasing agent for all of the buildings.
         Plaintiffs also sought an order precluding Leona Helmsley from
         exercising any partner management powers in the partnerships.  In
         August, 1997, the Supreme Court directed that the foregoing claims
         proceed to arbitration.  As a result, Mr. Malkin and Wien & Malkin
         LLP filed an arbitration complaint against Helmsley-Spear, Inc.
         and Mrs. Helmsley before the American Arbitration Association.
         Helmsley-Spear, Inc. and Mrs. Helmsley served answers denying
         liability and asserting various affirmative defenses and counter-
         claims; and Mr. Malkin and Wien & Malkin LLP filed a reply denying
         the counterclaims.  By agreement dated December 16, 1997, Mr.
         Malkin and Wien & Malkin LLP (each for their own account and not
         in any representative capacity) reached a settlement with Mrs.
         Helmsley of the claims and counterclaims in the arbitration and
         litigation between them.  Mr. Malkin and Wien & Malkin LLP are
         continuing their prosecution of claims in the arbitration for
         relief against Helmsley-Spear, Inc., including its termination as
         the leasing and managing agent for various entities and proper-
         ties, including the Registrant's Lessee.<PAGE>

         250 West 57th St. Associates                                   12.
         March 31, 1998



         Item 6.   Exhibits and Reports on Form 8-K.

              (a)  The exhibits hereto are being incorporated by reference.  

              (b)  Registrant has not filed any report on Form 8-K during
                   the quarter for which this report is being filed.<PAGE>

         250 West 57th St. Associates                                   13.
         March 31, 1998



                                     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.

                   The individual signing this report on behalf of
         Registrant is Attorney-in-Fact for Registrant and each of the
         Joint Venturers in Registrant, pursuant to Powers of Attorney,
         dated March 29, 1996 and May 14, 1998 (collectively, the "Power").


         250 WEST 57TH ST. ASSOCIATES
         (Registrant)



         By /s/ Stanley Katzman
            Stanley Katzman, Attorney-in-Fact*


         Date:  June 1, 1998


                   Pursuant to the requirements of the Securities Exchange
         Act of 1934, this report has been signed by the undersigned as
         Attorney-in-Fact for each of the Joint Venturers in Registrant,
         pursuant to the Power, on behalf of Registrant on the date
         indicated.


         By /s/ Stanley Katzman
            Stanley Katzman, Attorney-in-Fact*


         Date:  June 1, 1998










         ______________________
            *   Mr. Katzman supervises accounting functions for
                Registrant.<PAGE>

         250 West 57th St. Associates                                   14.
         March 31, 1998



                                    EXHIBIT INDEX



            Number                   Document                      Page*

            3(a)      Registrant's Joint Venture Agreement,
                      dated May 25, 1953, which was filed as
                      Exhibit No. 3(a) to Registrant's
                      Registration Statement on Form S-1
                      (the "Registration Statement"), is
                      incorporated by reference as an
                      exhibit hereto.


            24        Powers of Attorney dated March 29,
                      1996 and May 14, 1998 between Partners
                      in Registrant and Stanley Katzman and
                      Richard A. Shapiro. 




























         ______________________
         *    Page references are based on sequential numbering system.<PAGE>