250 West 57th St. Associates L.L.C.

June 30, 2010

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, 2010

OR

o 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 L.L.C.

(Exact name of Registrant as specified in its charter)

A New York Limited Liability Company 

13-6083380

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

One Grand Central Place

60 East 42nd Street

 New York, New York  10165

(Address of principal executive offices)

(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.  Noo .

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act) Yes o  No x .

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large Accelerated Filer o  Accelerated Filer o  Non-Accelerated Filer o 

Smaller Reporting Company x

                                                                                                                                                                                                       

 

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements.

250 West 57th St. Associates L.L.C.

(A Limited Liability Company)

Condensed Balance Sheets

(Unaudited)
| **Assets**

June 30, 2010

December 31, 2009

Real estate:

Property situated at 250-264 West 57th Street, New York, New York: 

 

 

Building

 $4,940,682

    $4,940,682

Less: accumulated depreciation

  4,940,682

   4,940,682

 

                0

                 0

Building improvements

37,536,055

36,771,936

Less: accumulated depreciation

  5,533,469

   5,063,895

 

32,002,586

 31,708,041

Building improvements in progress

-

45,356

Land

  2,117,435

   2,117,435

Total real estate, net

 34,120,021

33,870,832

Cash and cash equivalents

    843,139

 1,953,929

 

Receivable from participants re: NYS estimated tax

    103,980

              -

 

 

 

Leasing commissions

Less: accumulated amortization

1,648,023

    923,014

    725,009

1,562,731

   826,457

  736,274

 

 

 

Mortgage refinancing costs

2,227,820

2,227,870

Less: accumulated amortization

     787,586

     629,064

 

  1,440,234

  1,598,806

Total assets

$37,232,383

$38,159,841

 

 

 

**Liabilities and members’ deficiency**

 

 

Liabilities:

 

 

Mortgages payable

$41,384,676

$41,841,700

Accrued mortgage interest 

       190,876

      193,149

Payable to lessee, a related party

       797,397

      996,638

Total liabilities

 42,372,949

 43,031,487

Commitments and contingencies

  -

-

Members’ deficiency

   (5,140,566)

  (4,871,646)

Total liabilities and members’ deficiency

$37,232,383

$38,159,841

See notes to the condensed financial statements.

                                                                                                                                                                                                                                                

 

250 West 57th St. Associates L.L.C.

(A Limited Liability Company)

Condensed Statements of Income

(Unaudited)

For the Three Months

            For the Six Months

Ended June 30,

                    Ended June 30,

2010

2009

2010

        2009

**Revenue:**

 

 

 

 

Basic minimum annual rent, from a related party 

$817,836

$802,479

$1,635,503

$1,548,807

Advance of primary overage rent, from a related party 

   188,000

 188,000

   376,000

   376,000

Total rent income

1,005,836

990,479

2,011,503

1,924,807

Dividend income

   27

   2,534

   59

   5,019

Interest income

           145

            0

           145

              0

Total revenue

 1,006,008

 993,013

 2,011,707

 1,929,826

 

 

 

 

 

**Expenses:**

 

 

 

 

Interest on mortgages

579,689

576,730

1,162,374

1,134,795

Basic fees for supervisory services, to a related party 

15,000

15,000

30,000

30,000

Depreciation of building improvements 

235,517 

219,017 

469,574 

431,318 

Amortization of leasing commissions

43,833

38,461

96,557

86,339

Amortization of mortgage refinancing costs

79,261 

33,890 

158,522

67,780

Fees and miscellaneous

       600

   15,053

       3,600

     63,403

Total expenses

953,900

898,151

1,920,627

1,813,635

**Net Income**

$52,108 

$94,862 

$91,080

$116,191

Earnings per $5,000 participation unit, based on 720 participation units outstanding during the period

 $  72.37  

$131.75

$126.50

$161.38

 

 

 

 

 

Distributions per $5,000 participation unit

consisted of the following:

 

 

 

 

Income 

$   72.37  

$ 131.75  

$ 126.50

$ 161.38

Return of capital

    177.63

    118.25

   373.50

   338.62

Total distributions

$ 250.00  

$ 250.00  

$ 500.00

$ 500.00

At June 30, 2010 and 2009, there were $3,600,000 of participation units outstanding.

See notes to the condensed financial statements.

                                                                                                                                                                                                                                                    

250 West 57th St. Associates L.L.C.

                                (A Limited Liability Company)

Statements of Members’ Deficiency

(Unaudited)

 

For the Six

Months Ended

June 30, 2010

For the Year

Ended

December 31, 2009

**Members’ deficiency:**

 

 

January 1, 2010

$(4,871,646)

 

January 1, 2009

 

$(4,574,677)

Add, net income:

 

 

January 1, 2010 through June 30, 2010

         91,080

-

January 1, 2009 through December 31, 2009

                  -

  4,605,666

 

  (4,780,566)

       30,989

Less, distributions:

 

 

Distributions January 1, 2010 through 

June 30, 2010

360,000

-

Distributions January 1, 2009 through December 31, 2009

-

720,000

Distribution, November 30, 2009

            -

4,182,635

 

 360,000

4,902,635

**Members’ deficiency:**

 

 

**June 30, 2010**

$(5,140,566)

 

**December 31, 2009**

 

$(4,871,646)

 

See notes to the condensed financial statements.

                                                                                                                                                                                                                       

250 West 57th St. Associates L.L.C.

(A Limited Liability Company)

Condensed Statements of Cash Flows

(Unaudited) 

 

For the Six

Months Ended

June 30, 2010

For the Six

Months Ended

June 30, 2009

**Cash flows from operating activities:**

Net income 

$91,080

$   116,191

Adjustments to reconcile net income to net

   cash provided by operating activities:

 

 

Depreciation of building improvements

469,574

431,318

Amortization of leasing commissions

96,557

86,339

Amortization of mortgage refinancing costs

158,522

67,780

Change in accrued mortgage interest

(2,273)

      8,797

Change in prepaid rent

             -

  (239,418)

Net cash provided by operating activities

  813,460

   471,007

 

 

 

**Cash flows from investing activities:**

 

 

Purchase of building improvements, including building improvements in progress 

(718,763)

(1,534,196)

Leasing commissions paid 

(85,292)

                                 - 

Change in building improvement costs payable

-

(555,200)

Change in receivable from participants

   (103,980)

          (36,362)

Net cash used in investing activities

   (908,035)

(2,125,758)

 

 

 

**Cash flows from financing activities:**

 

 

Financing costs

50

                                 - 

Proceeds from mortgages payable

-

2,060,000

Repayment of mortgages payable

(457,024)

(380,734)

Increase (decrease) in due to lessee

(199,241)

540,399

Distributions to participants

  (360,000)

  (360,000)

Net cash provided by (used in) financing activities

(1,016,215)

1,859,665

 

 

 

Net change in cash and cash equivalents

  (1,110,790)

204,914

Cash and cash equivalents, beginning of period

 1,953,929

  3,511,627

Cash and cash equivalents, end of period

  $843,139

$3,716,541

 

 

 

Supplemental disclosure of cash flow information:

 

 

Cash paid for interest

$1,164,647

$1,125,998

 

 

 

 

 

 

See notes to the condensed financial statements.

                                                                                                                                                                                                                                      

250 West 57th St. Associates L.L.C.

June 30, 2010

Notes to Condensed Financial Statements (Unaudited)

Note A Interim Period Reporting 

In the opinion of management, the accompanying unaudited condensed financial statements of 250 West 57th St. Associates L.L.C. (the “Registrant”) reflect all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of Registrant as of June 30, 2010 and its results of operations for the three and six months ended June 30, 2010 and 2009 and cash flows for the six months ended June 30, 2010 and 2009.  Information included in the condensed balance sheet as of December 31, 2009 has been derived from the audited balance sheet included in Registrant's Form 10-K for the year ended December 31, 2009 (the "10-K") previously filed with the Securities and Exchange Commission (the "SEC").  Pursuant to rules and regulations of the SEC, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from these financial statements unless significant changes have taken place since the end of the most recent fiscal year.  Accordingly, these unaudited condensed financial statements should be read in conjunction with the financial statements, notes to financial statements and the other information in the 10-K.  The results of operations for the three and six months ended June 30, 2010 are not necessarily indicative of the results to be expected for any interim period or the full year.

Note B Organization 

Registrant is a New York limited liability company which was organized as a joint venture on May 25, 1953.  On September 30, 1953, Registrant acquired fee title to the "Fisk Building at 250 West 57th Street” (the "Building") and the land thereunder located at 250-264 West 57th Street, New York, New York (collec­tively, the "Property"). On November 30, 2001, Registrant converted to a limited liability company under New York law and is now known as 250 West 57th St. Associates L.L.C. The conversion did not change any aspect of the assets and operations of Registrant other than to protect its participants from future liability to a third party.  Registrant's members ("Members") are Peter L. Malkin and Anthony E. Malkin (collectively, the “Agents”), each of whom also acts as an agent for holders of participa­tions (“Participations”) in his respective member interests in Registrant (the "Participants"). The Members in Registrant hold senior positions at Malkin Holdings LLC (“Malkin Holdings” or the "Supervisor") (formerly Wien & Malkin LLC), One Grand Central Place, 60 East 42nd Street, New York, New York, which provides supervisory and other services to Registrant and Lessee.  See Note E below.  

Note C Lease

Registrant does not operate the Property. Registrant leases the Property to Fisk Building Associates L.L.C. (the "Lessee") under a long-term net operating lease dated May 1, 1954 (the "Lease"). In 1985, the Participants in Registrant consented to the Registrant’s Agents granting Lessee four options to extend the Lease, in each case for an additional twenty-five year renewal period, the last expiring in 2103, all on the same terms as the original lease. The Agents intend to grant such options on behalf of the Registrant, subject to Lessee’s compliance with such consents. Such options have been granted by the Agents and exercised by Lessee as to  (a) the first renewal period from October 1, 2003 through September 30, 2028, and (b) the second renewal period from October 1, 2028 through September 30, 2053.  Lessee is a New York limited liability company whose members consist of, among others, Anthony E. Malkin and entities for the benefit of members of Peter L. Malkin’s and Anthony E. Malkin’s family.  

Under the Lease, effective May 1, 1975, between Registrant and Lessee, basic annual rent (“Basic Rent”) was equal to mortgage principal and interest payments plus $28,000 payable to Malkin Holdings for supervisory services. The lease modification dated November 17, 2000, and as further modified, between Registrant and Lessee provides that Basic Rent will be equal to the sum of $28,000 plus the installment payments for interest and amortization (not including any balloon payment due at maturity) currently payable on all mortgages. Basic Rent is payable in monthly installments on the first day of each calendar month in an amount equal to $2,333.33 plus the projected debt service due on the mortgages on the first day of the ensuing calendar month (with a reconciliation to be made as soon as practicable thereafter). Basic Rent shall be adjusted on a dollar-for-dollar basis by changes in the annual debt service on the mortgages. See Note D. 

Lessee is required to make a monthly payment to Registrant, as an advance against primary overage rent (“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.  Lessee currently advances $752,000 each year, which is recorded in revenues in monthly installments of $62,667 and permits Registrant to make regular monthly distributions at 20% per annum on the Participants’ remaining original cash investment and to pay $1,667 monthly to Supervisor as an advance of the additional payment (the “Additional Payment”).

Lessee is also required to make an annual payment to Registrant of secondary overage rent (“Secondary Overage Rent”) subsequent to September 30th of the amount representing 50% of the excess of the net operating profit (as defined) of the Lessee for the lease year ending September 30th over the Primary Overage Rent of $752,000, less the amount representing interest earned and retained by Registrant on funds borrowed for the building improvement program described below. Since it is not practicable to estimate Secondary Overage Rent for the lease year ending on September 30th which would be allocable to the first nine months of the lease year until the Lessee, pursuant to the Lease, renders to Registrant a report on the operation of the Property. Registrant recognizes Secondary Overage Rent when earned from the Lessee, at the close of the lease year ending September 30th and records such amount in revenue in the three months ended  September 30th.. 

For the lease year ended September 30, 2009, Lessee reported net operating profit of $10,331,483 after deduction of Basic Rent.  Lessee paid Primary Overage Rent of $752,000 for that lease year prior to September 30, 2009 and Secondary Overage Rent of $4,780,515 subsequent to September 30, 2009.  The Secondary Overage Rent of $4,780,515 represents 50% of the excess of the Lessee’s net operating profit of $10,331,483 over $752,000, less $9,225 representing interest earned and retained by Registrant on funds borrowed for the improvement program. As a result, the Secondary Overage Rent paid by the Lessee subsequent to September 30, 2009 of $4,780,515 plus $9,225 of interest income was available for distribution by the Registrant to the Participants. After deducting $100,000 for general contingencies, the Additional Payment to Supervisor of $464,737 (Note E), $39,368 of professional fees and annual New York State filing fees of $3,000, the balance of $4,182,635 was distributed by Registrant to the Participants on November 30, 2009.

Note D Mortgages

On December 29, 2004, a first mortgage (the “First Mortgage”) was placed on the Property in the amount of $30,500,000 with Prudential Insurance Company of America. At closing, $3,000,000 was drawn and the remaining $27,500,000 was drawn during 2005. These draws paid off the pre-existing first mortgage of $15,500,000 with Emigrant Savings Bank on September 1, 2005 and were used to finance capital improvements as needed. The initial draw of $3,000,000 and all subsequent draws required constant equal monthly payments of interest only, at the rate of****5.33% per annum until January 5, 2007. Commencing February 5, 2007 Registrant is required to make monthly payments of $184,213 applied to interest and principal calculated on a twenty-five year amortization schedule. The balance of the First Mortgage is $28,313,350 at June 30, 2010. The First Mortgage****matures on January 5, 2015 when the principal balance will be $24,754,972. The First Mortgage may be prepaid at any time, in whole only, upon payment of a prepayment penalty based on a yield maintenance formula.  There is no prepayment penalty if the First Mortgage is paid in full during the last 90 days of the term. 

On May 25, 2006, a second mortgage (the “Second Mortgage”) was placed on the Property in the amount of $12,410,000 with Prudential Insurance Company of America. $2,100,000 was drawn at closing and $10,310,000 had been drawn as of March 31, 2009. The initial draw of $2,100,000 and all subsequent draws required constant equal monthly payments of  interest only, at the rate of 6.13% per annum until March 5, 2009. Commencing April 5, 2009, Registrant is required to make monthly payments of $80,947 applied to interest and principal calculated on a twenty-five year amortization schedule. The balance of the Second Mortgage is $12,136,710 at June 30, 2010. The Second Mortgage****matures on January 5, 2015 when the principal balance will be $10,961,870. The Second Mortgage may be prepaid at any time, in whole only, upon payment of a prepayment penalty based on a yield maintenance formula. There is no prepayment penalty if the Second Mortgage is paid in full during the last 60 days of the term.

On October 15, 2009, Registrant closed on a $21,000,000 line of credit from Signature Bank secured by a mortgage on the Property, subordinate to the existing senior mortgage debt held by Prudential Insurance Company of America in the original amount of $42,910,000, and to be used for capital improvements. $934,616 was drawn at closing and is the balance at June 30, 2010. The new loan requires payments of interest only and is co-terminus with the existing senior mortgage debt. Interest on the new loan is at a floating rate of prime plus 1.0% with a floor of 6.50% per annum unless Registrant elects to fix the rate on the floating rate balance, in minimum increments of $5,000,000, for the then remaining loan term. Registrant has two options to fix the then floating rate balance. Such fixed rate shall be (a) 300 basis points over the Treasury Bill rate with a floor of 6.50% per annum or (b) if Registrant then chooses to eliminate any loan prepayment penalty, 325 basis points over the Treasury Bill rate with a floor of 6.75% per annum.

The estimated fair value of Registrant’s mortgage debt based on available market information is approximately $40,772,000 as of June 30, 2010.

In 1999, the Participants in Registrant and the members in Lessee consented to a building improvement program (the "Program") estimated to cost approximately $12,200,000. In 2004, the Participants and Lessee approved an increase in the program from $12,200,000 to approximately $31,400,000 under substantially the same conditions as had previously been approved.  To induce the Lessee to approve the Program, Registrant agreed to grant to the Lessee, upon completion of the Program, the right to further extensions of the Lease beyond 2103, based on the net present benefit to Registrant of the improvements made.   

The Program was further increased in 2006 from $31,400,000 to up to $82,300,000. The Participants in Registrant and the members in Lessee have approved increased refinancing of $20,990,000 from the total of $42,910,000 provided by the First and Second Mortgages to up to $63,900,000. Such increase would extend the lease beyond 2103, based on the net present benefit to Registrant of the improvements made. As of June 30, 2010, Registrant had incurred or accrued costs related to the improvement program of $36,848,055 and estimated that costs upon completion will be approximately $82,300,000. The balance of the costs of the Program will be financed primarily by the additional borrowings available under the $21,000,000 previously approved loan that closed on October 15, 2009 and Lessee’s operating cash flow.

Note E Supervisory Services

Registrant pays Supervisor for supervi­sory services and disbursements. The basic fee has been payable at the rate of $40,000 per annum, payable $3,333 per month, since the fiscal year ended September 30, 1980. The Agents have approved an increase in such fee in an amount equal to the increase in the consumer price index since such date, resulting in an increase in the basic fee to $102,000 per annum effective July 1, 2010. The basic fee will be subject to further increase in accordance with any future increase in the consumer price index. The fee is payable (i) not less than $2,333 per month, (ii) an additional $1,000 per month out of Primary Overage Rent payment and (iii) the balance out of available reserves from Secondary Overage Rent. Any deficiency in the portion of the fee payable from Primary or Secondary Overage Rent shall be payable out of Secondary Overage Rent in the next year in which Secondary Overage Rent is sufficient. The Agents also approved payment by Registrant, effective July 1, 2010, of the expenses in connection with regular accounting services related to maintenance of Registrant’s books and records. Such expenses were previously paid by Supervisor. 

The basic supervisory services provided to Registrant by Supervisor include, but are not limited to, maintaining all of its entity and Participant records, performing physical inspections of the Building, providing or coordinating certain counsel services to Registrant, reviewing insurance coverage, conducting annual supervisory review meetings, receipt of monthly rent from 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 Lessee and financial statements audited by and tax information prepared by Registrant's independent registered public accounting firm, and distribution of related materials to the Participants.  Supervisor also prepares quarterly, annual and other periodic filings with the SEC and applicable state authorities.  

Registrant also pays Supervisor for other services at hourly rates. No remuneration was paid during the six-month periods ended June 30, 2010 and 2009 by Registrant to either of the Members as such.

Registrant pays Supervisor an Additional Payment equal to 10% of all distributions to Participants in any year in excess of the amount representing a return to them at the rate 15% per annum on their remaining cash investment in Registrant (which remaining cash investment at June 30, 2010 was equal to the Participants’ original cash investment of $3,600,000). For tax purposes, such Additional Payment is recognized as a profits interest, and the Supervisor is treated as a partner, all without modifying each Participant’s distributive share of reportable income and cash distributions. 

Reference is made to Note C above for a description of the terms of the Lease between Registrant and Lessee.  The respective interests of the Members in Registrant and in Lessee arise solely from ownership of their respective Participations in Registrant and Anthony E. Malkin’s participating interest in Lessee and Peter L. Malkin and Anthony E. Malkin’s family entities ownership of participating interests in Lessee.  The Members as such receive no extra or special benefit not shared on a pro rata basis with all other Participants in Registrant or members in Lessee. However, all of the Members hold senior positions at Supervisor (which supervises Registrant and Lessee) and, by reason of their positions at Supervisor, may receive income attributable to supervisory or other remuneration paid to Supervisor by Registrant and Lessee.

Item 2. 

Management's Discussion and Analysis of

Financial Condition and Results of Operations.

Forward Looking Statements

Readers of this discussion are advised that the discussion should be read in conjunction with the financial statements of Registrant (including related notes thereto) appearing elsewhere in this Form 10-Q. Certain statements in this discussion may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act

of 1995. Forward-looking statements reflect Registrant’s current expectations regarding future results of operations, economic performance, financial condition and achievements of Registrant, and do not relate strictly to historical or current facts. Registrant has tried, wherever possible, to identify these forward-looking statements by using words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or words of similar meaning.

Although Registrant believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties, which may cause the actual results to differ materially from those projected. Such factors include, but are not limited to, the following: general economic and business conditions, which will, among other things, affect demand for rental space, the availability of prospective tenants, lease rents and the availability of financing; adverse changes in Registrant’s real estate market, including, among other things, competition with other real estate owners, risks of real estate development and acquisitions; governmental actions and initiatives; and environmental/safety requirements.

            

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 Lessee.  Registrant is required to pay, from Basic Rent under the Lease, the charges on the First and Second mortgages and the line of credit and amounts for supervisory services. Registrant is required to pay from Primary Overage Rent and Secondary Overage Rent the Additional Payment to Supervisor, other expenses and then to distri­bute the balance of such Overage Rent less any general contingencies to the Participants.  See Note E to the condensed financial statements.  Pursuant to the Lease, Lessee has assumed 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 Lease.  The amounts of Primary Overage Rent and Secondary Overage Rent are affected by the New York City economy and real estate rental market, which is difficult for management to forecast.  

Registrant does not pay dividends.  During the six-month period ended June 30, 2010, Registrant made regular monthly distributions of $83.33 for each $5,000 Participation ($1,000 per annum for each $5,000 participa­tion). There are no restrictions on Registrant's present or future ability to make distributions; however, the amount of such distributions depends on the ability of Lessee to make monthly payments of Basic Rent, Primary Overage Rent, and Secondary Overage Rent to Registrant in accordance with the terms of the Lease.  Registrant expects to make distributions so long as it receives the payments provided for under the Lease.  

On November 30, 2009, Registrant made an additional distribution of $5,809 for each $5,000 participation. Such distribution represented the balance of Secondary Overage Rent paid by Lessee subsequent to September 30, 2009 in accordance with the terms of the Lease after deducting the Additional Payment to Supervisor, annual New York State filing fees, professional fees and general contingencies.  See Notes C and D to the condensed financial statements herein.

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 revenues increased for the three and six-month periods ended June 30, 2010 as compared with the corresponding periods of the prior year.  Such increase was the net result of an increase in Basic Rent income to cover an increase in debt service, an increase in interest income and a decrease in dividend income for the three and six-month periods ended June 30, 2010 as compared with the corresponding periods of the prior year.  

Total expenses increased for the three and six-month periods ended June 30, 2010 as compared with the corresponding periods of the prior year.  Such increase was the  result of an increase in interest on the mortgages payable, an increase in depreciation of building improvements, an increase in amortization of leasing commissions and mortgage refinancing costs and a decrease in fees and miscellaneous expense for the three and six-month periods ended June 30, 2010 as compared with the corresponding periods of the prior year. 

Liquidity and Capital Resources

Registrant's liquidity has decreased at June 30, 2010 as compared with June 30, 2009 as a result of payments made under the improvement program. Costs relating to the improvement program were funded in 2009 from proceeds of $2,060,000 drawn on the Second Mortgage all of which has been drawn at June 30, 2009. On October 15, 2009, Registrant closed on a $21,000,000 line of credit and $934,616 was drawn at closing. Registrant may from time to time set aside cash for the payment of contingencies. Recent adverse developments in credit and investment markets have impaired liquidity in the market generally and may negatively impact Registrant and/or space tenants at the Building.  Any such impact should be ameliorated by the fact that (a) each of Registrant and its Lessee has very low debt in relation to asset value, (b) the maturity of Registrant’s existing and planned debt will not occur within the next 36 months, and (c) the Building’s rental revenue is derived from a substantial number of tenants in diverse businesses with lease termination dates spread over numerous years.    

Amortization payments due under the First Mortgage commenced February 5, 2007, calculated on a twenty-five year amortization schedule. Amortization payments under the Second Mortgage commenced April 5, 2009, calculated on a twenty-five year amortization schedule. The First and the Second Mortgages mature on January 5, 2015. The line of credit requires payment of interest only and also matures on January 5, 2015. Registrant does not maintain any reserve to cover the payment of such mortgage indebtedness at maturity.  Therefore, repayment of mortgage debt will depend on Registrant's ability to arrange a refinancing.  Assuming that the Property continues to generate an annual net profit in future years comparable to that in past years, and assuming further that real estate capital and operating markets return to more stable patterns, consistent with long-term historical real estate trends in the geographic area in which the Property is located, Registrant anticipates that the value of the Property will be in excess of the amount of the senior mortgage debt and the line of credit balances at maturity.  

Registrant anticipates that funds for working capital for the Property will be provided by rental payments received by the Lessee and, to the extent necessary, from additional capital investment by the members in the 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 has the following contractual obligations:

**Payments due by period**

**Contractual Obligations**

**Total**

**Less than1 year**

**1-3 years**

**3-5 years**

**More than5 years**

Long-Term Debt Obligations

$41,384,676

$952,727

$2,070,560

$38,361,389

$0

Interest Obligations

10,029,787

2,289,942

4,414,775

3,325,070

0

Capital Lease Obligations

0

0

0

0

0

Purchase Obligations

0

0

0

0

0

Other Long-Term Liabilities Reflected on the Registrant's Balance Sheet 

0

0

0

0

0

Total

$51,414,463

$3,242,669

$6,485,335

$41,686,459

$0

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, 2009.

Security Ownership

The Members in Registrant do not hold any Participations in their individual capacities.

As of June 30, 2010, certain of the Members in Registrant held Participations as follows:

Entities for the benefit of members of Peter L. Malkin's family owned of record and beneficially $165,833 of Participations. Peter L. Malkin disclaims any beneficial ownership of such Participations, except that related family trusts or entities are required to complete scheduled payments to Peter L. Malkin.

Peter L. Malkin owned of record as trustee, but not beneficially, $17,500 of Participations. Peter L. Malkin disclaims any beneficial ownership of such Participations.

Anthony E. Malkin owned of record as trustee, but not beneficially, $11,667 of Participations. Anthony E. Malkin disclaims any beneficial ownership of such Participations.

Item 4T. 

Controls and Procedures.

(a)

Evaluation of disclosure controls and procedures. The Supervisor after evaluating the effectiveness of Registrant’s “disclosure controls and procedures” (as defined in the Securities Exchange Act of 1934, Rules 13a-15(e) and 15d-15(e)) as of June 30, 2010, the end of the period covered by this report, has concluded that as of that date that Registrant’s disclosure controls and procedures were effective and designed to ensure that material information relating to Registrant would be made known to him by others within those entities on a timely basis. 

(b)

Changes in internal controls over financial reporting. There were no changes in Registrant’s internal controls over financial reporting that occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal controls over financial reporting.

PART II.  OTHER INFORMATION

Item 1.

 Legal Proceedings.

The Property of Registrant was the subject of the following material litigation:

Malkin Holdings LLC and Peter L. Malkin, a member in Registrant, were engaged in a proceeding with Lessee’s former managing agent, Helmsley-Spear, Inc. commenced in 1997, concerning the management, leasing, and supervision of the property that is subject to the Lease to Lessee.  In this connection, certain costs for legal and professional fees and other expenses were paid by Malkin Holdings and Mr. Malkin.  Malkin Holdings and Mr. Malkin have represented that such costs will be recovered only to the extent that (a) a competent tribunal authorizes payment or (b) an investor voluntarily agrees that his or her proportionate share be paid.  Accordingly, Registrant’s allocable share of such costs is as yet undetermined, and Registrant has not provided for the expense and related liability with respect to such costs in its financial statements included in this Form 10-Q.  As a result of an August 29, 2006 settlement agreement, which included termination of this proceeding, Registrant will not recognize any gains or losses from this proceeding other than the possible charges for the aforementioned fees and expenses.

                                                                                                                                                                                                                        

Item 6.

Exhibits 

Number

EXHIBIT INDEX

Document

Page*

3 (a)

Attached hereto as Exhibit 3(c) is Registrant’s Consent and Operating Agreement dated as of November 30, 2001 as a Limited Liability Company which incorporates by reference the Registrant’s prior Joint Venture Agreement, dated May 25,1953 which was filed as Exhibit No. 1 to Registrant’s Registration Statement on Form S-1 (the “Registration Statement”) and is itself incorporated 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, which was filed as Exhibit 3(b) to Registrant’s 10-Q-A for the quarter ended September 30, 1998 and is incorporated by reference as an exhibit hereto.

 

 

3 (c)

Registrant’s Consent and Operating Agreement dated as of November 30, 2001

 

 

3 (d)

Registrant’s Consent and Operating Agreement dated as of November 30, 2001

 

 

10 (f)

Exercise of lease renewal option as of January 1, 2010 by Lessee for the period October 1, 2028 to September 30, 2053 which is being filed under Item 10(f) of Registrant's Form 10-Q for the fiscal period ended June 30, 2010.

 

 

10 (g)

Amendment to Registrant’s Operating Agreement as of July 1, 2010 which is being filed under Item 10(g) of Registrant's Form 10-Q for the fiscal period ended June 30, 2010.

 

24

Powers of Attorney dated October 14, 2003 between Partners in Registrant and Mark Labell which is filed as Exhibit 24 to Registrant’s 10-Q for the quarter ended September 30, 2003 and is incorporated by Reference as an exhibit hereto.

 

 

31.1

Certification of Mark Labell, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

 

31.2

Certification of Mark Labell, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

 

32.1

Certification of Mark Labell, Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

32.2

Certification of Mark Labell, Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

___________________________________________________________

*Page references are based on sequential numbering system.

                                                                                                                                                                                                                  

250 West 57th St. Associates L.L.C.

June 30, 2010

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) 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 Members in Registrant, pursuant to Powers of Attor­ney, dated October 14, 2003 (collectively, the “Power”).

250 WEST 57th ST. ASSOCIATES L.L.C.

(Registrant)

By /s/ Mark Labell

Mark Labell*, Attorney-in-Fact on behalf of:

Peter L. Malkin, Member

Anthony E. Malkin, Member

Date: October 14, 2010

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 Members in Registrant, pursuant to the Power, on behalf of Registrant and as a Member in Registrant on the date indicated.

By /s/ Mark Labell 

Mark Labell*, Attorney-in-Fact on behalf of:

Peter L. Malkin, Member

Anthony E. Malkin, Member

Date: October 14, 2010

_____________________________________________________________________________

* Mr. Labell supervises accounting functions for Registrant.

                                                                                                                                                                                                            

250 West 57th St. Associates L.L.C.

June 30, 2010

**Exhibit 31.1**

**CERTIFICATIONS**

I, Mark Labell, certify that:

1.

I have reviewed this Quarterly Report on Form 10-Q of 250 West 57th St. Associates L.L.C.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.

The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and we have:

(a)

Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.

The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal controls over financial reporting.

Date: October 14, 2010

By /s/ Mark Labell 

                Name: Mark Labell 

Title: Senior Vice President, Finance

Malkin Holdings LLC, Supervisor of 250 West 57th St. Associates L.L.C.

Registrant’s organizational documents do not provide for a Chief Executive Officer or other officer with equivalent rights and duties.  As described in the Report, Registrant is a limited liability company which is supervised by Malkin Holdings LLC.  Accordingly, this Chief Executive Officer certification is being signed by a senior executive of Registrant’s supervisor.

                                                                                                                                                                                                             

250 West 57th St. Associates L.L.C.

June 30, 2010

**Exhibit 31.2**

**CERTIFICATIONS**

I, Mark Labell, certify that:

1.

I have reviewed this Quarterly Report on Form 10-Q of 250 West 57th St. Associates L.L.C.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.

The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and we have:

(a)

Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(a)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.

The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal controls over financial reporting.

Date: October 14, 2010

By /s/ Mark Labell

                Name: Mark Labell 

Title: Senior Vice President, Finance

Malkin Holdings LLC, Supervisor of 250 West 57th St. Associates L.L.C.  

Registrant’s organizational documents do not provide for a Chief Financial Officer or other officer with equivalent rights and duties.  As described in the Report, Registrant is a limited liability company which is supervised by Malkin Holdings LLC.  Accordingly, this Chief Financial Officer certification is being signed by a senior member of the financial/accounting staff of Registrant’s supervisor.  

 

                                                                                                                                                                                                           

 

250 West 57th St. Associates L.L.C.

June 30, 2010

**EXHIBIT 32.1**

**Certification Pursuant to 18 U.S.C., Section 1350 as adopted**

**Pursuant to Section 906**

**of Sarbanes – Oxley Act of 2002**

The undersigned, Mark Labell, is signing this Chief Executive Officer certification as Senior Vice President, Finance of Malkin Holdings LLC, the supervisor* of 250 West 57th St. Associates L.L.C. (“Registrant”) to certify that:

1.

the Quarterly Report on Form 10-Q of Registrant for the quarterly period ended June 30, 2010 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

2.

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Registrant.

Dated: October 14, 2010

By /s/ Mark Labell

Mark Labell   

                         Senior Vice President, Finance

                           Malkin Holdings LLC, Supervisor

*Registrant’s organizational documents do not provide for a Chief Executive Officer or other officer with equivalent rights and duties.  As described in the Report, Registrant is a limited liability company which is supervised by Malkin Holdings LLC.  Accordingly, this Chief Executive Officer certification is being signed by a senior executive of Registrant’s supervisor.  

                                                                                                                                                                                                                     

250 West 57th St. Associates L.L.C.

June 30, 2010

**Exhibit 32.2**

**Certification Pursuant to 18 U.S.C., Section 1350 as adopted**

**Pursuant to Section 906**

**of Sarbanes – Oxley Act of 2002**

The undersigned, Mark Labell, is signing this Chief Financial Officer certification as a senior member of the financial/accounting staff of Malkin Holdings LLC, the supervisor* of 250 West 57th St. Associates L.L.C. (“Registrant”), to certify that:

1.

the Quarterly Report on Form 10-Q of Registrant for the quarterly period ended June 30, 2010 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934(15 U.S.C. 78m or 78o(d)); and

2.

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Registrant.

Dated: October 14, 2010

By /s/ Mark Labell 

Mark Labell 

                         Senior Vice President, Finance

                            Malkin Holdings LLC, Supervisor

*Registrant’s organizational documents do not provide for a Chief Financial Officer or other officer with equivalent rights and duties.  As described in the Report, Registrant is a limited liability company which is supervised by Malkin Holdings LLC.  Accordingly, this Chief Financial Officer certification is being signed by a senior member of the financial/accounting staff of Registrant’s supervisor.   |
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