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 June 30, 1997

				       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
	 requirements for the past 90 days.

	 Yes [ X ].  No [   ] .

	      An Exhibit Index is located on Page 14 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     For the Six Months   
				      Ended June 30,          Ended June 30,  
				     1997       1996         1997       1996    
   Income:
    Basic rent, from a related 
      party (Note B)            $  79,289    $  79,289  $  158,579  $ 158,579
    Advance of primary overage 
      rent, from a related 
      party (Note B)              188,000      188,000     376,000    376,000
				---------    ---------  ---------- ----------
       Total income               267,289      267,289     534,579    534,579
				---------    ---------  ---------- ----------

   Expenses:
    Interest on mortgage           66,994       67,468     134,111    135,047
    Supervisory services, to 
      a related party (Note C)     15,000       15,000      30,000     30,000
    Amortization of mortgage 
      refinancing costs             1,957        1,957       3,915      3,915
				---------    ---------  ---------- ----------
      Total expenses               83,951       84,425     168,026    168,962
				---------    ---------  ---------- ----------
   Net income                   $ 183,338    $ 182,864  $  366,553 $  365,617
				==========   =========  ========== ==========

   Earnings per $5,000 parti-
     cipation unit, based on 
     720 participation units 
     out- standing during the 
     year                       $  254.64   $   253.98  $   509.10 $   507.80
				=========   ==========  ========== ==========

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

       Income                   $  250.00   $   250.00  $   500.00 $   500.00
				=========   ==========  ========== ==========

	 At June 30, 1997 and 1996, there were $3,600,000 of participations
	 outstanding.<PAGE>
									 3.


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

					  June 30, 1997     December 31, 1996
Assets
Current assets:
 Cash                                       $   84,125            $   84,125 
					     ---------            ---------- 
     Total current assets                       84,125                84,125 
					     ---------            ---------- 
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               18,269                14,355
					    ----------            ---------- 
						22,837                26,751 
					    ----------            ---------- 
     Total assets                           $2,224,397            $2,228,311 
					    ==========            ========== 
Liabilities and Capital
Current liabilities:
 Accrued interest payable                   $   22,318            $   22,399 
  First mortgage principal payments
   due within one year (Note B)                 22,289                21,270 
					    ----------            ---------- 
     Total current liabilities                  44,607                43,669 

Long-term debt (Note B)                      2,826,774             2,838,179 

Capital (deficit) (See analysis, 
 page 4):
 June 30, 1997                                (646,984)                 -0-  
  December 31, 1996                               -0-               (653,537)
					    ----------            ---------- 
     Total liabilities and capital:
   June 30, 1997                            $2,224,397 
   December 31, 1996                        ==========            $ 2,228,311 
								  =========== <PAGE>
									 4.




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


				   June 30, 1997      December 31, 1996
Capital deficit:

 January 1, 1997                    $ (653,537)                       
 January 1, 1996                                           $ (665,228)
   Add, Net income:  
     January 1, 1997 through
       June 30, 1997                   366,553                   -0-  
     January 1, 1996 through
       December 31, 1996                  -0-               2,224,320 
				    ----------             ---------- 
				      (286,984)             1,559,092 

Less, Distributions:
 Distribution, November 30, 1996
   of Secondary Overage Rent
   for the lease year ended
   September 30, 1996                    -0-                1,492,629 
 Distributions January 1, 1997
   through June 30, 1997               360,000                   -0- 
 Distributions, January 1, 1996
   through December 31, 1996              -0-                 720,000
				    ----------             ----------
				       360,000              2,212,629
				    ----------             ----------
Capital (deficit):
 June 30, 1997                      $ (646,984)                      
 December 31, 1996                  ==========             $ (653,537)
							   ==========<PAGE>
									 5.




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

					 January 1, 1997     January 1, 1996
					     through             through
					   June 30, 1997       June 30, 1996

Cash flows from operating activities:
  Net income                                $   366,553        $   365,617 
  Adjustments to reconcile net income 
    to cash provided by operating 
    activities:
  Amortization of mortgage refinancing 
    costs                                         3,915              3,915 
  Change in accrued interest payable                (81)               (74)
					    -----------        ----------- 
    Net cash provided by operating
      activities                                370,387            369,458 

Cash flows from financing activities:
  Cash distributions                           (360,000)          (360,000)
  Principal payments on long-term debt          (10,387)            (9,458)
					    -----------        ----------- 
    Net cash used in financing activities      (370,387)          (369,458)
					    -----------        ----------- 
    Net increase (decrease) in cash                -0-                -0-  


Cash, beginning of period                        84,125             84,124 
					    -----------        ----------- 
Cash, end of period                         $    84,125        $    84,124 
					    ===========        =========== 

					 January 1, 1997   January 1, 1996
					     through           through
					   June 30, 1997     June 30, 1996

  Cash paid for:
     Interest                               $   134,193       $   135,121 
					    ===========       =========== <PAGE>
	 250 West 57th St. Associates                                    6.

	 June 30, 1997


	 NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

	 Note A - Basis of Presentation

		   The accompanying unaudited condensed financial
	 statements have been prepared in accordance with the instructions
	 to Form 10-Q and therefore do not include all information and
	 footnotes 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
	 disclose the financial condition and results of Registrant's
	 operations for the periods indicated and are adequate to make the
	 information presented therein not misleading.

	 Note B - Interim Period Reporting

		   The results for interim periods 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 (hereinafter, collectively, the "Property").  Registrant's
	 joint venturers are Peter L. Malkin and Stanley Katzman (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
	 Mr. Malkin is among its partners.  In addition, each of the Joint
	 Venturers is also among the members 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.

	 June 30, 1997


	 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 cash investment.

		   For the lease year ended September 30, 1996, Net Lessee
	 reported net operating profit of $4,068,953 after deduction of
	 Basic Rent.  Net Lessee paid Primary Overage Rent of $752,000,
	 together with Secondary Overage Rent of $1,658,477 for the fiscal
	 year ended September 30, 1996.  The Secondary Overage Rent of
	 $1,658,477 represents 50% of the excess of the net operating
	 profit of $4,068,953 over $752,000.  After payment of $165,848 to
	 Counsel as an additional payment for supervisory services, the
	 balance of $1,492,629 was distributed to the Participants on
	 November 30, 1996.

		   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;  

		      (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.<PAGE>
	 250 West 57th St. Associates                                    8.

	 June 30, 1997


		   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
	 distributions to Participants in any year in excess of the amount
	 representing a return to them at the rate of 15% per annum on
	 their remaining cash investment (the "Additional Payment").  At
	 June 30, 1997, 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 and six month
	 periods ended June 30, 1997 by Registrant to any of the Joint
	 Venturers as such.  Pursuant to the fee arrangements described
	 herein, Registrant also paid Counsel $10,000 and $20,000,
	 respectively, of the Basic Payment and $5,000 and $10,000,
	 respectively, on account of the Additional Payment, for the three
	 and six month periods ended June 30, 1997.  

		   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
	 records, performing physical inspections of the Building,
	 reviewing insurance coverage and conducting annual partnership
	 meetings.  Financial services include monthly receipt of rent from
	 the Net Lessee, payment of monthly and additional distributions to
	 the Participants, payment of all other disbursements, confirmation
	 of the payment of real estate taxes, active review of financial
	 statements submitted to Registrant by the Net Lessee and financial
	 statements audited by and tax information prepared by Registrants'
	 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 for a description of the
	 terms of the Net Lease between Registrant and Net Lessee.  The
	 respective interests, if any, of each Joint 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<PAGE>
	 250 West 57th St. Associates                                    9.

	 June 30, 1997


	 extra or special benefit not shared on a pro rata basis with all
	 other Participants in Registrant or partners in Net Lessee.
	 However, each of the two Joint Venturers who is currently a member
	 of Counsel, 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 June 30, 1997, the Joint Venturers owned of record
	 and beneficially $24,167 of Participations, representing less than
	 1% of the currently outstanding Participations in Registrant.

		   In addition, as of June 30, 1997, certain of the Joint
	 Venturers in Registrant (or their respective spouses) held
	 additional 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.

	 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 of Item 1.
	 Pursuant to the Net Lease, Net Lessee has assumed responsibility
	 for the condition, operation, repair, maintenance and management
	 of the Property.  Accordingly, Registrant need not maintain sub-
	 stantial 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 three and
	 six month periods ended June 30, 1997, 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,
	 1996, Registrant made an additional distribution of $2,073 for
	 each $5,000 participation.  Such distribution represented the
	 balance of Secondary Overage Rent payable 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<PAGE>
	 250 West 57th St. Associates                                   10.

	 June 30, 1997


	 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 regarding Registrant's results of operations for such
	 periods:

	      Total income remained the same for the three and six-
	      month periods ended June 30, 1997 as compared with
	      the three and six-month periods ended June 30, 1996.  

	      Total expenses decreased for the three and six month
	      periods ended June 30, 1997 as compared to the three
	      and six month periods ended June 30, 1996.  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 and six month periods ended June 30, 1997,
	 as compared with the three and six month periods ended June 30,
	 1996.  

		   The amortization payments due under the Mortgage Loan
	 (see Note B of Item 1 hereof) will not be sufficient to liquidate
	 fully the outstanding principal balance thereof at maturity in
	 2000.  The 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.<PAGE>
	 250 West 57th St. Associates                                   11.

	 June 30, 1997


				      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,
	 1996, 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, on behalf
	 of themselves and various partnerships, including Registrant,
	 against Helmsley-Spear, Inc. and Leona Helmsley.  The filing of
	 the action was accompanied by a motion for a Temporary Restraining
	 Order and a Preliminary Injunction by which the plaintiffs sought
	 the return of over $5,000,000 in Empire State Building Company
	 funds which were being wrongfully held by Helmsley-Spear, Inc., an
	 order preventing Leona Helmsley from further violations of the
	 partnership agreements of the partnerships, and expedited
	 discovery of Helmsley-Spear, Inc. and Leona Helmsley regarding the
	 financial status of Helmsley-Spear, Inc.  In their complaint,
	 plaintiffs seek the same relief requested in the motion for a
	 Temporary Restraining Order and Preliminary Injunction, as well as
	 the removal of Helmsley-Spear, Inc. as managing and leasing agent
	 for all of the buildings owned by the partnerships on whose behalf
	 the action was brought.  Plaintiffs also seek an order precluding
	 Leona Helmsley from exercising any partner management powers in
	 the partnerships.  Justice Ira Gammerman ordered that argument on
	 plaintiff's motion be heard June 24, and on the date ordered
	 further argument on July 14, 1997.  Defendants filed opposition
	 papers to the motion for a Temporary Restraining Order and
	 Preliminary Injunction on June 26 and cross-moved for arbitration
	 on July 10.  Plaintiffs filed reply papers on July 14, and
	 defendants filed reply papers on their cross-motion for
	 arbitration on July 26, 1997.  Both motions are currently before
	 the court.  In addition, plaintiffs have served document requests
	 on both defendants and notices of deposition on the officers of
	 Helmsley-Spear, Inc. and Leona Helmsley.

	 Item 4.   Submission of Matters to a Vote of Participants.

		   The Partners are in the process of preparing a
	 solicitation of consents of the Participants to consider certain
	 governance issues, including the designation of additional
	 Successor Agents.<PAGE>
	 250 West 57th St. Associates                                   12.

	 June 30, 1997



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

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

		   (b)  Registrant filed a Form 8-K on July 1, 1997
	 reporting the commencement of an action against Helmsley-Spear,
	 Inc. and Leona M. Helmsley.  See Item 1.<PAGE>

	 June 30, 1997




				     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 a Power of Attorney,
	 dated March 29, 1996 (the "Power").


	 250 WEST 57TH ST. ASSOCIATES
	 (Registrant)



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


	 Date:  August 15, 1997


		   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 and as a Joint
	 Venturer in Registrant on the date indicated.


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


	 Date:  August 15, 1997










	 ______________________
	    *   Mr. Katzman supervises accounting functions for
		Registrant.<PAGE>
	 250 West 57th St. Associates                                   14.

	 June 30, 1997



				    EXHIBIT INDEX

	 Number                      Document                      Page *



	 25          Power of Attorney dated March 29, 1996,
		     which was filed as Exhibit 24 to year
		     ended December 31, 1995 and is incor-
		     porated by reference as an exhibit
		     hereto.





































	 ______________________
	 *Page references are based on sequential numbering system.<PAGE>
	 250 West 57th St. Associates                                   13.