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, 1999

                           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 12 of this Report.  
  Number of pages (including exhibits) in this filing:  12  <PAGE>
                        


                  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,
                                              1999         1998
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                      66,052          66,609
  Supervisory services, to a
    related party (Note C)                  15,000          15,000
  Amortization of mortgage
    refinancing costs                        1,957           1,957
                                        ----------      ----------
                Total expenses              83,009          83,566
                                        ----------      ----------
                Net Income              $  184,280      $  183,723
                                        ==========      ==========
Earnings per $5,000 participation 
  unit, based on 720 participation 
  units outstanding during the year	$   255.94	$   255.17
                                        ==========      ==========

  Distributions per $5,000 participation:

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

At March 31, 1999 and 1998, there were $3,600,000 of participations 
outstanding.
                             <PAGE>
                250 West 57th St. Associates
                  Condensed Balance Sheet
                        (Unaudited)

Assets                             March 31, 1999  December 31, 1998
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	    31,971	     30,104
					----------	-----------
					     9,135	     11,092
					----------	-----------
        Total assets                    $2,210,694      $ 2,212,651
					==========	===========
Liabilities and Capital
Current liabilities:
   Accrued interest payable             $   22,001      $    22,049
   First mortgage principal payments
    due within one year (Note B)	$   26,258	$    25,650
					----------	-----------
	Total current liabilities	    48,259	     47,699
Long-term debt (Note B)                  2,782,374        2,789,171
Capital (deficit) (See analysis, page 4):
   March 31, 1999			  (619,939)	        -0-
   December 31, 1998                           -0-         (624,219)
					----------	-----------
	Total liabilities and capital:
   March 31, 1999			 2,210,694
   December 31, 1998                    ==========        2,212,651
                                                         ==========
                          -2-<PAGE>

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



                                      March 31, 1999       December 31, 1998
Capital:
  January 1, 1999			$ (624,219)	
  January 1, 1998                                                 (639,930)
    Add, Net income:
	January 1, 1999 through
	  March 31, 1999		   184,280		        -0-
	January 1, 1998 through
          December 31, 1998                    -0-               2,787,347
                                        ----------             -----------
                                          (439,939)              2,147,417

Less Distributions:
  Distribution, November 30, 1998
   of Secondary Overage Rent for 
   the lease year ended 
   September 30, 1998                          -0-               2,051,636
  Distributions January 1, 1999
   through March 31, 1999                   180,000                    -0-
  Distributions January 1, 1998
   through December 31, 1998                   -0-                 720,000
                                         ----------            -----------
                                            180,000              2,771,636
                                         ----------            -----------

Capital:
  March 31, 1999			  (619,939)	
  December 31, 1998                      ==========           $  (624,219)
                                                               ===========

                                 -3-<PAGE>
                  250 West 57th St. Associates 
                Condensed Statement of Cash Flows

                                        January 1, 1999   January 1, 1998
                                            through           through
                                        March 31, 1999     March 31, 1998

Cash flows from operating activities:
   Net income                               $  184,280      $  183,723
   Adjustments to reconcile net income 
     to cash provided by operating 
     activities:
   Amortization of mortgage refinancing 
     costs                                       1,957           1,957
   Change in accured interest payable              (48)            (44)
                                             ----------      ----------

	Net cash provided by operating
          activities                           186,189         185,636
                                             ----------      ----------

Cash flows from financing activities:
   Cash distributions                         (180,000)       (180,000)
   Principal payments on long-term debt         (6,189)         (5,636)
                                             ----------      ----------
	Net cash used in financing 
          activities                          (186,189)       (185,636)
                                             ----------      ----------
        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, 1999	January 1, 1998
					through	through
					March 31, 1999	March 31, 1998

Cash paid for:
Interest                                   $   66,100      $   66,653
                                          ============     ==========



                            -4-<PAGE>
250 West 57th St. Associates
March 31, 1999


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 
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").

                                -5-<PAGE>
250 West 57th St. Associates
March 31, 1999

         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 deducting $2,469 for expenses incurred with the 
August 6, 1997 consent solicitation program and payment of $227,959 to 
Counsel as an additional payment for supervisory services, the balance 
of $2,051,636 was 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;  




                        -6-<PAGE>
250 West 57th St. Associates
March 31, 1999

	(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 March 31, 1999, the 
Participants' remaining cash investment was $3,600,000.  Of the Basic 
Payment, $28,000 is payable from Basic Rent and $12,000 is payable from 
Primary Overage Rent received by Registrant.

        No remuneration was paid during the three month period ended 
March 31, 1999 by Registrant to either 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, 1999.

        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 

                           -7-<PAGE>
250 West 57th St. Associates
March 31, 1999

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 March 31, 1999, certain of the Joint Venturers in 
Registrant held additional Participations as follows:

        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.

        Trusts for the benefit of members of Peter L. Malkin's family 
        owned of record and beneficially $88,333 of Participations. 
        Mr. Malkin disclaims any beneficial ownership of such 
        Participations, except that such Trusts are required to 
        complete scheduled payments to Mr. Malkin.

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 re-
sponsibility 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 three month 
period ended March 31, 1999, 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 made 
an additional distribution of $2,849 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.

                                -8-<PAGE>
250 West 57th St. Associates
March 31, 1999

         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, 1999, as compared with the 
        three month period ended March 31, 1998.

        Total expenses decreased for the three month period 
        ended March 31, 1999, as compared to the three month 
        period ended March 31, 1998.  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, 1999, as compared 
with the three month period ended March 31, 1998.

        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, 1998, which report 
and all exhibits thereto are incorporated herein by reference and made 
a part hereof.


                        -9-<PAGE>
250 West 57th St. Associates
March 31, 1999

                
                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.








                             -10-<PAGE>
250 West 57th St. Associates
March 31, 1999


                        SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act 
of 1934, the Registrant has duly caused this report to be signed on its 
behalf by the undersigned thereunto duly authorized.

         The individual signing this report on behalf of Registrant is 
Attorney-in-Fact for Registrant and each of the Joint Venturers in 
Registrant, pursuant to Powers of Attorney, dated March 29, 1996 and 
May 14, 1998 (collectively, the "Power").


250 WEST 57TH ST. ASSOCIATES
(Registrant)



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


Date: May 18, 1999


  Pursuant to the requirements of the Securities Exchange Act of 1934, 
this report has been signed by the undersigned as Attorney-in-Fact for 
each of the Joint Venturers in Registrant, pursuant to the Power, on 
behalf of Registrant on the date indicated.


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


Date: May 18, 1999














_______________________________
* Mr. Katzman supervises accounting functions for Registrant.


                        -11-<PAGE>

250 West 57th St. Associates
March 31, 1999



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.


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.


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.


                              -12-<PAGE>