FORM 10-Q

			 SECURITIES AND EXCHANGE COMMISSION
			       Washington, D.C. 20549

	 (Mark One)

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

	 For the quarterly period ended March 31, 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 13 of this Report.
	 Number of pages (including exhibits) in this filing:  14<PAGE>







									   2.
			 PART I.  FINANCIAL INFORMATION

  Item 1.  Financial Statements.

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

					     For the Three Months
						Ended March 31,
					     1997           1996     
 Income:
   Basic rent, from a related
     party (Note B)                          $ 79,289       $ 79,289 
   Advance of primary overage 
     rent, from a related 
     party (Note B)                           188,000        188,000 
					     --------       -------- 
      Total income                            267,289        267,289 
					     --------       -------- 

 Expenses:
   Interest on mortgage                        67,117         67,579 
   Supervisory services, to a 
     related party (Note C)                    15,000         15,000 
   Amortization of mortgage 
     refinancing costs                          1,957          1,957 
					     --------       -------- 
     Total expenses                            84,074         84,536 
					     --------       -------- 
 Net income                                  $183,215       $182,753 
					     ========       ======== 

 Earnings per $5,000 partici-
   pation unit, based on 720 
   participation units out- 
   standing during the year                  $ 254.47       $ 253.82 
					     ========       ======== 
 Distributions per $5,000 participation:

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

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






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

					  March 31, 1997   December 31, 1996
 Assets
 Current assets:
   Cash                                      $   84,124          $   84,124 
					     ----------          ---------- 
     Total current assets                        84,124              84,124 
					     ----------          ---------- 
 Real estate, at cost:
   Property situated at 250-264 West 
     57th Street, New York, New York:
     Land                                     2,117,435           2,117,435 
     Building                                 4,940,682           4,940,682 
       Less: Accumulated depreciation         4,940,682           4,940,682 
					     ----------          ---------- 
						   -0-                 -0-  
     Building improvements                      688,000             688,000 
       Less: Accumulated depreciation           688,000             688,000 
					     ----------          ---------- 
						   -0-                 -0-  
     Tenants' installations and
       improvements                             249,791             249,791 
       Less: Accumulated amortization           249,791             249,791 
					     ----------          ---------- 
						   -0-                 -0-  
 Other assets:
   Mortgage refinancing costs                    41,106              41,106 
     Less: Accumulated amortization              16,311              14,354
					     ----------          ---------- 
						 24,795              26,752 
					     ----------          ---------- 
       Total assets                          $2,226,354          $2,228,311 
					     ==========          ========== 
 Liabilities and Capital
 Current liabilities:
   Accrued interest payable                  $   22,359          $   22,399 
   First mortgage principal payments
     due within one year (Note B)                21,774              21,270 
					     ----------          ---------- 
       Total current liabilities                 44,133              43,669 
 Long-term debt (Note B)                      2,832,543           2,838,179 
 Capital (deficit) (See analysis, page 4):
   March 31, 1997                              (650,322)               -0-  
   December 31, 1996                               -0-             (653,537)
					     ----------          ---------- 
       Total liabilities and capital:
     March 31, 1997                          $2,226,354 
     December 31, 1996                       ==========          $2,228,311 
								 ========== <PAGE>
<PAGE>






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

					   March 31, 1997   December 31, 1996
 Capital:
   January 1, 1997                            $ (653,537)                    
   January 1, 1996                                                $ (665,228)
     Add, Net income:  
       January 1, 1997 through 
	 March 31, 1997                          183,215                -0-  
       January 1, 1996 through
	 December 31, 1996                          -0-            2,224,320 
					      ----------          ---------- 
						(470,322)          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 March 31, 1997                      180,000                -0-  
   Distributions, January 1, 1996
     through December 31, 1996                      -0-              720,000 
					      ----------          ---------- 
						 180,000           2,212,629 
					      ----------          ---------- 
 Capital (deficit):
   March 31, 1997                             $ (650,322)                    
   December 31, 1996                          ==========          $ (653,537)
								  ========== <PAGE>
<PAGE>






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

					  January 1, 1997     January 1, 1996
					      through             through    
					   March 31, 1997      March 31, 1996


 Cash flows from operating activities:
   Net income                                $   183,215         $   182,753 
   Adjustments to reconcile net income 
     to cash provided by operating 
     activities:
   Amortization of mortgage refinancing 
     costs                                         1,957               1,957 
   Change in accrued interest payable                (40)                (37)
					     -----------         ----------- 
     Net cash provided by operating
       activities                                185,132             184,673 
					     -----------         ----------- 
 Cash flows from financing activities:
   Cash distributions                           (180,000)           (180,000)
   Principal payments on long-term debt           (5,132)             (4,673)
					     -----------         ----------- 
     Net cash used in financing activities      (185,132)           (184,673)
					     -----------         ----------- 
     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, 1997     January 1, 1996
					      through             through    
					   March 31, 1997      March 31, 1996

   Cash paid for:
      Interest                                $    67,157        $    67,616 
					      ===========        =========== <PAGE>
<PAGE>

	 250 West 57th St. Associates                                    6.
	 March 31, 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 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").  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, the Joint
	 Venturers are also 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<PAGE>
<PAGE>

	 250 West 57th St. Associates                                    7.
	 March 31, 1997



	 (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, 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;  <PAGE>
<PAGE>

	 250 West 57th St. Associates                                    8.
	 March 31, 1997



		      (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 prior to
		   maturity of the Mortgage Loan; 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 original cash investment (the "Additional
	 Payment").  At March 31, 1997, the Participants' remaining
	 original cash investment was $3,600,000.  Of the Basic Payment,
	 $28,000 is payable from Basic Rent and $12,000 is payable from
	 Primary Overage Rent received by Registrant.

		   No remuneration was paid during the three month period
	 ended March 31, 1997 by Registrant to any of the Joint Venturers
	 as such.  Pursuant to the fee arrangements described herein,
	 Registrant also paid Counsel $10,000 of the Basic Payment and
	 $5,000 on account of the Additional Payment for the three month
	 period ended March 31, 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
	 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 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<PAGE>
<PAGE>
	 250 West 57th St. Associates                                    9.
	 March 31, 1997



	 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, 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 pro rata share of any legal
	 fees or other remuneration paid to Counsel for legal services
	 rendered to Registrant and Net Lessee.

		   As of March 31, 1997, the Joint Venturers owned of
	 record and beneficially $29,166 of Participations, representing
	 less than 1% of the currently outstanding Participations in
	 Registrant.

		   In addition, as of March 31, 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 sole respon-
	 sibility 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 is
	 affected by the New York City economy and its real estate market.
	 It is difficult to forecast whether the New York City economy and
	 real estate market will improve or deteriorate over the next few
	 years.  

		   Registrant does not pay dividends.  During the three
	 month period ended March 31, 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<PAGE>
<PAGE>
	 250 West 57th St. Associates                                   10.
	 March 31, 1997



	 $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 remained the same for the three-month
	      period ended March 31, 1997 as compared with the
	      three-month period ended March 31, 1996.  Total
	      expenses decreased for the three month period ended
	      March 31, 1997 as compared to the three month period
	      ended March 31, 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 month period ended March 31, 1997, as
	 compared with the three month period ended March 31, 1996.  

		   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 commit-ments for capital expenditures while the
	 Net Lease is in effect.<PAGE>
<PAGE>
	 250 West 57th St. Associates                                   11.
	 March 31, 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.

		   There are no material pending legal proceedings to which
	 Registrant is a party.

	 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>
<PAGE>
	 250 West 57th St. Associates
	 March 31, 1997                                                 12.





				     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:  May 13, 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:  May 13, 1997










	 ______________________
	    *   Mr. Katzman supervises accounting functions for
		Registrant.<PAGE>
<PAGE>
	 250 West 57th St. Associates
	 March 31, 1997                                                 13.





				    EXHIBIT INDEX



	    Number                   Document                      Page*

	    3         Amended Business Certificate of
		      Registrant filed with the Clerk of 
		      New York County on May 9, 1997
		      reflecting a change in the Partners 
		      of Registrant.

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































	 ______________________
	 *    Page references are based on sequential numbering system.