FORM 10-Q-A

               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 September 30, 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 6 of this Report.  Number of 
        pages (including exhibits) in this filing:  8<PAGE>




        PART I.  FINANCIAL INFORMATION

        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 then to 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.  

		Registrant does not pay dividends.  During the nine 
        month period ended September 30, 1998, Registrant made regular 
        monthly distributions of $83.33 for each $5,000 participation 
        ($1,000 per annum for each $5,000 participation).  On November 30, 
        1998, Registrant will make an additional distribution of $2,853 
        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.  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 increased for the three and nine month 
            periods ended September 30, 1998, as compared with the 
            three and nine month periods ended September 30, 1997.  
            Such increase was the result of an increase in the 
            Secondary Overage Rent payable by the Net Lessee for the 
            lease year ended September 30, 1998, as compared with the 
            lease year ended September 30, 1997

                               -2- <PAGE>
 
            Total expenses increased for the three and nine month 
            periods ended September 30, 1998, as compared to the 
            three and nine month periods ended September 30, 
            1997.  Such increase was mainly attributable to an 
            increase in the Additional Payment being made to 
            Counsel based on the Secondary Overage Rent payable 
            for the lease ended September 30, 1998.

        Liquidity and Capital Resources

		There has been no significant change in Registrant's 
        liquidity for the nine month period ended September 30, 1998, as 
        compared with the nine month period ended September 30, 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 
        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.

                              -3- <PAGE>
 
        Year 2000 Issues

		Pursuant to SEC Release No. 33-7558, the Securities and 
        Exchange Commission ("SEC") has instructed registrants to make 
        suitable disclosure regarding year 2000 readiness.  Accordingly, 
        Registrant reports the following:

        Registrant receives base and overage rent from 
        Sublessee, for which Helmsley-Spear, Inc. manages the property as 
        Sublessee's managing and leasing agent.  Registrant's supervisor, 
        Wien & Malkin LLP, has requested the managing agent to provide 
        information related to its Year 2000 readiness.  However, this 
        information has not yet been provided by the managing agent.  
        Registrant will continue to seek information related to Year 2000 
        readiness from the managing agent.








                                 -4-        <PAGE>

        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: March 31, 1999


		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: March 31, 1999












        _______________________________
        * Mr. Katzman supervises accounting functions for Registrant.

                                  -5-     <PAGE>
        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 incorpo-	
		rated by reference as an exhibit hereto.	

        3 (b)   Amended Business Certificate of Registrant 
                filed with the Clerk of New York County on 
                July 24, 1998, reflecting a change in the 
                Partners of Registrant effective as of 
                April 15, 1998.

        24      Power of Attorney dated March 29, 1996 and 
                May 14, 1998 between Partners in 
                Registrant and Stanley Katzman and Richard 
                A. Shapiro, which was filed as Exhibit 24 
                to Registrant's 10-Q for the quarter ended 
                March 31, 1998 and is incorporated by 
                reference as an exhibit hereto. 
























        _______________________________
        * Page references are based on sequential numbering system.



                                  - 6-<PAGE>


                                                           EXHIBIT 3(b)


                        AMENDED BUSINESS CERTIFICATE


                The undersigned hereby certify that a certificate of business 
        under the assumed name 

        250 WEST 57TH ST. ASSOCIATES

        for the conduct of business at 60 East 42nd Street, New York, New 
        York, was filed in the office of the County Clerk New York County, 
        State of New York, on the 11th day of June, 1953, under index 
        number 6981/53; that the last amended certificate was filed on the 
        9th day of May, 1997 in the office of said County Clerk under 
        index number 6981/53.

                It is hereby further certified that this amended certificate 
        is made for the purposes of more accurately setting forth the 
        facts recited in the original certificate or the last amended 
        certificate and to set forth the following changes in such facts;*

        STANLEY KATZMAN, formerly of 75-18 193 Street, Flushing, New York 
        11366, now residing at 30 East 62nd Street, New York, New York 
        10021, has been succeeded as a member of 250 West 57th St. 
        Associates by ANTHONY E. MALKIN, residing at 107 Doubling Road, 
        Greenwich, Connecticut 06830.



        The members of 250 West 57th St. Associates now consist of:

        Peter L. Malkin and Anthony E. Malkin.



	In Witness Whereof, the undersigned have as of the 15th day 
        of April, 1998 made and signed this certificate.



        s/s     Anthony E. Malkin               s/s     Stanley Katzman
                ANTHONY E. MALKIN                       STANLEY KATZMAN


        s/s     Peter L. Malkin
                PETER L. MALKIN



                                      -7-  <PAGE>

        State of New York, County of New York       ss.:

                On this 29th day of June, 1998, before me personally 
        appeared  STANLEY KATZMAN, ANTHONY E. MALKIN and PETER L. 
        MALKIN, to me known and known to me to be the individuals 
        described in and who executed the foregoing certificate, and 
        they thereupon duly acknowledged to me that they executed the 
        same.



						s/s	Notary Public			
							NOTARY PUBLIC






                                      -8-<PAGE>