<PAGE>
                                   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 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 requirements 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:  13<PAGE>



                             PART I.  FINANCIAL INFORMATION

                              250 West 57th St. Associates
                               Condensed Income Statement
                                      (Unaudited)
    Item 1.  Financial Statements.

                                 For the Three Months        For the Nine Months
                                 Ended September 30,         Ended September 30,
                                   1998          1997          1998       1997
Income:
  Basic rent, from a 
   related party (Note B)      $  79,289    $   79,289    $  237,868  $  237,868
  Advance of primary 
   overage rent, from a 
   related party (Note B)        188,000       188,000       564,000     564,000
  Secondary Overage Rent,
   from a related party
   (Note B)                    2,282,064     1,326,984     2,282,064   1,326,984
                              ----------    ----------    ----------  ----------
             Total income      2,549,353     1,594,273     3,083,932   2,128,852
                              ----------    ----------    ----------  ----------
Expenses:
  Interest on mortgage            66,337        66,869       199,421     200,980
  Supervisory services, to a
   related party (Note C)        243,206       145,708       273,206     175,708
  Amortization of mortgage
   refinancing costs               1,957         1,957         5,872       5,872
        Fees and Expenses            -0-        19,909          -0-       19,909
                              ----------    ----------    ----------  ----------
           Total expenses        311,500       234,443       478,499     402,469
                              ----------    ----------    ----------  ----------
Net Income                    $2,237,853    $1,359,830    $2,605,433  $1,726,383
                              ==========    ==========    ==========  ==========
Earnings per $5,000 
	participation unit, 
	based on 720 participation 
	units outstanding 
        during the year      $ 3,108.13    $ 1,888.65    $ 3,618.66  $ 2,397.75
                             ==========    ==========    ==========  ==========
	Distributions per $5,000
	  participation consisted 
	  of the following:
        Income               $ 3,108.13    $ 1,888.65    $ 3,618.66  $ 2,397.75
	Increase (Decrease) in 
          capital deficit     (2,858.13)    (1,638.65)    (2,868.66)  (1,647.75)
					    ----------	  ----------	----------  ----------
       Total distribution    $   250.00    $   250.00    $   750.00  $   750.00
                             ==========    ==========    ==========  ==========

At September 30, 1998 and 1997, there were $3,6000,000 of participations 
outstanding.<PAGE>

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

Assets				  September 30, 1998    December 31, 1997
Current assets:
  Cash                                   $   84,124              $    84,124
  Rent receivable, from Fisk
   Building Associates, a 
   related party (Note B)                 2,282,064                      -0-
                                         ----------              -----------
  Total current assets                    2,366,188                   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           28,056                   22,184
                                         ----------              -----------
                                             13,050                   18,922
                                         ----------              -----------
        Total assets                     $4,496,673              $ 2,220,481
                                         ==========              ===========
Liabilities and Capital
Current liabilities:
   Accrued interest payable              $   22,097              $    22,232
   Accrued Supervisory Services,
    to a related party (Note C)          $  228,206              $       -0-
   First mortgage principal payments
    due within one year (Note B)         $   25,057              $    23,358
                                         ----------              -----------
        Total current liabilities           275,360                   45,590
Long-term debt (Note B)                   2,795,810                2,814,821
Capital (See analysis, page 4):
   September 30, 1998                     1,425,503                      -0-
   December 31, 1997                            -0-                 (639,930)
                                         ----------              -----------
	Total liabilities and capital:
   September 30, 1998                     4,496,673       
   December 31, 1997                     ==========                2,220,481
                                                                  ==========


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


					  September 30, 1998    December 31, 1997
Capital:
  January 1, 1998                           $ (639,930)      
  January 1, 1997                                                   (653,537)
    Add, Net income:
	January 1, 1998 through
          September 30, 1998                 2,605,433                    -0-
	January 1, 1997 through
          December 31, 1997                         -0-            1,909,974
                                            ----------            -----------
                                             1,965,503             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 September 30, 1998                  540,000                    -0-
  Distributions January 1, 1997
   through December 31, 1997                        -0-              720,000
                                            ----------              -----------
                                               540,000             1,896,367
                                            ----------              -----------

Capital:
  September 30, 1998                         1,425,503       
  December 31, 1997                         ==========           $  (639,930)
										===========
<PAGE>
                                250 West 57th St. Associates
                             Condensed Statement of Cash Flows
                                        (Unaudited)
                                      January 1, 1998       January 1, 1997
                                         through                 through
                                   September 30, 1998        September 30, 1997

Cash flows from operating activities:
   Net income                              $ 2,605,433            $1,726,383
   Adjustments to reconcile net 
	income to cash provided by 
	operating activities:
   Amortization of mortgage
        refinancing costs                        5,872                 5,872
   Change in accrued interest payable             (135)                 (124)
   Change in accrued expenses                  228,206               150,617
   Change in additional rent due            (2,282,064)           (1,326,984)
                                           -----------            ----------
	Net cash provided by operating
          activities                           557,312               555,764
                                           -----------            ----------

Cash flows from financing activities:
   Cash distributions                         (540,000)           (540,000)
   Principal payments on long-term debt        (17,312)              (15,764)
                                          ------------            ----------
	Net cash used in financing 
          activities                          (557,312)             (555,764)
                                          ------------            ----------
        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
                                        September 30, 1998   September 30, 1997

Cash paid for:
Interest                                  $    199,556            $  201,104
                                          ============            ==========



<PAGE>
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 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 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, 1998, Net Lessee reported 
net operating profit of $5,316,128 after deduction of Basic Rent.  Net Lessee 
paid Primary Overage Rent of $752,000, together with Secondary Overage Rent of 
$2,282,064 for the fiscal year ended September 30, 1998.  The Secondary Overage 
Rent of $2,282,064 represents 50% of the excess of the net operating profit of 
$5,316,128 over $752,000.  After payment of $228,206 to Counsel as an 
additional payment for supervisory services, the balance of $2,053,858 will be 
distributed to the Participants on November 30, 1998.

		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.  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 September
30, 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 nine month period ended 
September 30, 1998 by Registrant to either of the Joint Venturers as such.  
Pursuant to the fee arrangements described herein, Registrant also paid Counsel 
$30,000 of the Basic Payment and $15,000 on account of the Additional Payment 
for the nine month period ended September 30, 1998.

		The supervisory services provided to Registrant by Counsel
include legal, administrative 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 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 September 30, 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 September 30, 1998, 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.  Peter L. Malkin
                disclaims any beneficial ownership of such Participations.

                Anthony E. Malkin owned of record as trustee, but not
                beneficially, $8,333 of Participations. 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 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.

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.

                          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 partnerships 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 counterclaims; 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 properties, including the 
Registrant's Lessee.


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>
                                 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 (the "Power").


250 WEST 57TH ST. ASSOCIATES
(Registrant)



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


Date: November		, 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: November		, 1998

















_______________________________
* Mr. Katzman supervises accounting functions for Registrant.

<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 
                        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, 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.