SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



(Mark One)

[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2008

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 L.L.C.

(Exact name of Registrant as specified in its charter)

|A New York Limited Liability Company
      (State or other jurisdiction of
      incorporation or organization) |  | 13-6083380
      (I.R.S. Employer
      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 [ ] .

Indicate by check mark whether the Registrant is a shell
company (as defined in Rule 12b-2 of the Act) Yes [ ] 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 [ ] Accelerated Filer [ ]
Non-Accelerated Filer [ ]

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:                                                                                     | September 30, 2008             | December 31, 2007               
|------------------------------------------------------------------------------------------- | ------------------------------ | --------------------------------
|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                                                                       | 33,524,034                     | 33,173,876                      
|Less: accumulated depreciation                                                              | 3,973,630                      | 3,346,608                       
|                                                                                            | 29,550,404                     | 29,827,268                      
|Land                                                                                        | 2,117,435                      | 2,117,435                       
|Total real estate, net                                                                      | 31,667,839                     | 31,944,703                      
|Cash and cash equivalents                                                                   | 6,012,064                      | 5,191,151                       
|Receivable from lessee                                                                      | 2,955,347                      | -                               
|Receivable from participants re: NYS estimated tax                                          | 25,039                         | -                               
|Leasing commissions
      Less: accumulated amortization                                    | 1,542,746595,535
      947,211 | 1,542,746466,177
      1,076,569
|                                                                                            |                                |                                 
|Mortgage refinancing costs                                                                  | 1,282,593                      | 1,282,593                       
|Less: accumulated amortization                                                              | 421,801                        | 320,132                         
|                                                                                            | 860,792                        | 962,461                         
|                                                                                            |                                |                                 
|Total assets                                                                                | $42,468,292                    | $39,174,884                     
|                                                                                            |                                |                                 
|Liabilities and Members' Deficiency:                                                        |                                |                                 
|Liabilities:                                                                                |                                |                                 
|Mortgages payable                                                                           | $37,632,907                    | $37,301,770                     
|Accrued interest                                                                            | 170,643                        | 168,639                         
|Accrued supervisory services                                                                | 303,341                        | -                               
|Building improvement costs payable                                                          | 1,177,439                      | 3,282,693                       
|Payable to lessee, a related party                                                          | 4,904,753                      | 2,449,340                       
|Total liabilities                                                                           | 44,189,083                     | 43,202,442                      
|Commitments and contingencies                                                               | -                              | -                               
|Members' deficiency                                                                         | (1,720,791)                    | (4,027,558)                     
|Total liabilities and members' deficiency                                                   | $42,468,292                    | $39,174,884                     

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 Nine Months
|----------------------------------------------------- | --------- | -------------------- | -------------------
|                                                      |           | Ended September 30,  | Ended September 30,
|                                                      | 2008      | 2007                 | 2008               
|Revenues:                                             |           |                      |                    
|Basic minimum annual rent, from a related party       | $683,856  | $649,802             | $2,032,498         
|Advance of primary overage rent, from a related party | 188,000   | 188,000              | 564,000            
|Secondary overage rent, from a related party          | 2,957,049 | 3,281,822            | 2,957,049          
|Total rent income                                     | 3,828,905 | 4,119,624            | 5,553,547          
|Dividend income                                       | 22,683    | 36,224               | 77,571             
|Miscellaneous income                                  | 0         | 0                    | 962                
|Total revenues                                        | 3,851,588 | 4,155,848            | 5,632,080          

|Expenses:                                                                                                    |            |            |            |           
|------------------------------------------------------------------------------------------------------------ | ---------- | ---------- | ---------- | ----------
|Interest on mortgages                                                                                        | 518,464    | 491,898    | 1,540,553  | 1,426,610 
|Basic fees for supervisory services, to a related party                                                      | 15,000     | 15,000     | 45,000     | 45,000    
|Additional payment for supervisory services, to a related
      party                                        | 303,341    | 309,528    | 303,341    | 309,528   
|Amortization of leasing commissions                                                                          | 42,628     | 43,791     | 129,359    | 128,068   
|Amortization of mortgage refinancing costs                                                                   | 33,890     | 33,891     | 101,671    | 101,671   
|Depreciation of building improvements                                                                        | 209,978    | 202,557    | 627,022    | 601,972   
|Professional fees and miscellaneous                                                                          | 5,792      | 63,171     | 38,367     | 65,190    
|Total expenses                                                                                               | 1,129,093  | 1,159,836  | 2,785,313  | 2,678,039 
|Net Income                                                                                                   | $2,722,495 | $2,996,012 | $2,846,767 | $3,134,413
|Earnings per $5,000 participation unit, based on 720 participation
      units outstanding during the period | $3,781.24  | $4,161.13  | $3,953.84  | $4,353.35 

|Distributions per $5,000 participation unit
      consisted of the following: |         |         |         |        
|----------------------------------------------------------------------------- | ------- | ------- | ------- | -------
|Income                                                                        | $250.00 | $250.00 | $750.00 | $750.00
|Return of capital                                                             | 0       | 0       | 0       | 0      
|Total distributions                                                           | $250.00 | $250.00 | $750.00 | $750.00



At September 30, 2008 and 2007, 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 Nine Months EndedSeptember 30, 2008 | For the YearEndedDecember 31, 2007
|-------------------------------------------------------------- | ------------------------------------------- | ----------------------------------
|Members' deficiency:                                           |                                             |                                   
|January 1, 2008
      January 1, 2007                          | $(4,027,558)                                | $(3,746,060)                      
|Add, net income:                                               |                                             |                                   
|January 1, 2008 through September 30, 2008                     | 2,846,767                                   | 0                                 
|January 1, 2007 through December 31, 2007                      | 0                                           | 3,224,257                         
|                                                               | (1,180,791)                                 | (521,803)                         
|Less distributions:                                            |                                             |                                   
|Distributions January 1, 2008 through
      September 30, 2008 | 540,000                                     | 0                                 
|Distributions January 1, 2007 through December 31,
    2007    | 0                                           | 720,000                           
|Distribution, November 30, 2007                                | 0                                           | 2,785,755                         
|                                                               | 540,000                                     | 3,505,755                         
|Members' deficiency:                                           |                                             |                                   
|September 30, 2008
      December 31, 2007                     | $(1,720,791)                                | $(4,027,558)                      







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 Nine
      Months EndedSeptember 30, 2008 | For the Nine
      Months EndedSeptember 30, 2007
|----------------------------------------------------------------------------------------------------- | ------------------------------------------------- | -------------------------------------------------
|Cash flows from operating activities:
      Net income                                                | $ 2,846,767                                       | $ 3,134,413                                      
|Adjustments to reconcile net income to net
      cash provided by operating activities:               |                                                   |                                                  
|Depreciation of building improvements                                                                 | 627,022                                           | 601,972                                          
|Amortization of leasing commissions                                                                   | 129,359                                           | 128,068                                          
|Amortization of mortgage refinancing costs                                                            | 101,671                                           | 101,671                                          
|Change in rent receivable from lessee                                                                 | (2,955,347)                                       | (3,281,822)                                      
|Change in leasing commissions                                                                         | 0                                                 | (82,336)                                         
|Change in accrued interest and other expenses                                                         | 2,004                                             | 74,369                                           
|Change in accrued additional payment to supervisor                                                    | 303,341                                           | 309,528                                          
|Net cash provided by operating activities                                                             | 1,054,817                                         | 985,863                                          
|                                                                                                      |                                                   |                                                  
|Cash flows from investing activities:                                                                 |                                                   |                                                  
|Purchase of building improvements, including building improvements in
      progress                  | (350,158)                                         | (136,799)                                        
|Change in building improvement costs payable                                                          | (2,105,254)                                       | -                                                
|Net cash used in investing activities                                                                 | (2,455,412)                                       | (136,799)                                        
|                                                                                                      |                                                   |                                                  
|Cash flows from financing activities:                                                                 |                                                   |                                                  
|Change in receivable from participants                                                                | (25,040)                                          | (6,708)                                          
|Proceeds from mortgage payable                                                                        | 800,000                                           | 2,550,000                                        
|Repayment of mortgage payable                                                                         | (468,864)                                         | (396,053)                                        
|Increase in due to lessee                                                                             | 2,455,412                                         | 82,334                                           
|Distributions to participants                                                                         | (540,000)                                         | (540,000)                                        
|                                                                                                      |                                                   |                                                  
|Net cash provided by financing activities                                                             | 2,221,508                                         | 1,689,573                                        
|                                                                                                      |                                                   |                                                  
|Net increase in cash and cash equivalents                                                             | 820,913                                           | 2,538,637                                        
|Cash and cash equivalents,
      Beginning of period                                                  | 5,191,151                                         | 1,276,460                                        
|Cash and cash equivalents, end of period                                                              | $6,012,064                                        | $3,815,097                                       
|                                                                                                      |                                                   |                                                  
|Cash paid for: Interest                                                                               | $1,538,549                                        | $1,415,412                                       
|Supplemental disclosure of
      noncash investing and financing activities:                          |                                                   |                                                  
|Short-term debt payable to lessee and others incurred for the purchase
      of building improvements | $             
       -                           | $2,037,104                                       

See notes to the condensed financial statements.



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 September
30, 2008 and its results of operations for the three and nine months ended
September 30, 2008 and 2007 and cash flows for the nine months ended September
30, 2008 and 2007. Information included in the condensed balance sheet as of
December 31, 2007 has been derived from the audited balance sheet included in
Registrant's Form 10-K for the year ended December 31, 2007 (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 nine months
ended September 30, 2008 are not necessarily indicative of the results to be
expected for 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 Wien &
Malkin LLC ("Wien & Malkin" or the "Supervisor"), 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"), the current term of which
expires on September 30, 2028. The Participants in Registrant have consented to
the granting of options to the Lessee to extend the Lease for three additional
twenty-five year renewal terms expiring in 2103. Lessee is a New York limited
liability company whose members consist of, among others, entities for the
benefit of members of Peter L. 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 Wien & Malkin for supervisory
services. The lease modification dated November 17, 2000 between Registrant and
Lessee provides that the 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 the ensuing
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.



For the lease year ended September 30, 2008, Lessee reported
net operating profit of $6,900,822 after deduction of Basic Rent. Lessee paid
Primary Overage Rent of $752,000 for that lease year prior to September 30, 2008
and Secondary Overage Rent of $2,957,049 subsequent to September 30, 2008. The
Secondary Overage Rent of $2,957,049 represents 50% of the excess of the
Lessee's net operating profit of $6,900,822 over $752,000, less $117,360
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, 2008 of $2,957,049 plus $117,360 of interest
income was available for distribution by the Registrant to the Participants.
After deducting the Additional Payment to Supervisor of $303,341 (Note E),
$38,000 of professional fees and annual New York State limited liability company
filing fees of $3,000, the balance of $2,730,068 was distributed by Registrant
to the Participants on November 30, 2008.



As a result of its revenue recognition policy, rental income
for the year ending December 31st includes the advances of Primary
Overage Rent received from October 1st to December 31st,
but does not include any portion of Secondary Overage Rent based on the Lessee's
operations during that period.



Note D Mortgages



On December 29, 2004, 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 of5.33% per annum until January 5, 2007. Commencing February 5,
2007 Registrant is required to repay the full $30,500,000 in equal monthly
payments of $184,213 applied to interest and principal calculated on a
twenty-five year amortization schedule. The First Mortgagematures on
December 5, 2014 at which time 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 the Prudential
Insurance Company. $2,100,000 was drawn at closing and an additional $6,050,000
has been drawn as of September 30, 2008. The remaining $4,260,000 will be drawn
through March 5, 2009 to finance capital improvements as needed. The initial
draw of $2,100,000 and all subsequent draws require constant equal monthly
payments of interest only, at the rate of 6.13% per annum until March 5, 2009.
Commencing April 5, 2009, constant monthly payments of interest and principal of
$80,947 will be required. The Second Mortgagematures on January 5, 2015
at which time the principal balance will be $10,937,418. 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.



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 September 30, 2008, the Registrant had incurred or accrued costs
related to the improvement program of $32,836,000 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 remaining $4,260,000 that may be drawn
under the Second Mortgage and the additional $20,990,000 of loans previously
approved.



Note E Supervisory Services



Registrant pays Supervisor for supervisory services and
disbursements. The supervisory fees are $40,000 per annum (the "Basic Payment"),
payable in equal monthly installments. Of the annual $40,000 Basic Payment,
$28,000 is paid from Basic Rent and $12,000 is paid from Primary Overage Rent
received by Registrant. Any Additional Payment is payable from Secondary Overage
Rent.



The 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 nine-month period ended September 30,
2008 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 September 30, 2008
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 member 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 amounts for supervisory services. Registrant
is required to pay from Primary Overage Rent and Secondary Overage Rent the
Additional Payment to Supervisor and then to distribute the balance of such
Overage Rent 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 nine-month period
ended September 30, 2008, 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, 2008, Registrant made an additional
distribution of $3,792 for each $5,000 participation. Such distribution
represented the balance of Secondary Overage Rent paid by Lessee in accordance
with the terms of the Lease after deducting the Additional Payment to
Supervisor, annual limited liability company filing fee and professional fees
relating to an investor matter. See Notes C and E 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 decreased for the three and nine-month periods
ended September 30, 2008 as compared with the corresponding periods of the prior
year. Such decrease was the net result of an increase in Basic Rent income to
cover an increase in debt service and a decrease in Secondary Overage Rent
attributable to the decrease in Lessee's profit for purposes of determining
Secondary Overage Rent for the three and nine-month periods ended September 30,
2008 as compared with the corresponding periods of the prior year.



Total expenses increased for the nine-month period ended
September 30, 2008 as compared with the corresponding period of the prior year.
Such increase was the net result of increases in interest on mortgages payable,
amortization of leasing commissions and depreciation of building improvements
and a decrease in the Additional Payment to Supervisor, professional fees and
miscellaneous expense for the nine-month period ended September 30, 2008 as
compared with the corresponding period of the prior year.





Liquidity and Capital Resources

Registrant's liquidity has increased at September 30, 2008 as
compared with September 30, 2007 as a result of draws on the Second Mortgage.
Registrant has remaining draws available of $4,260,000 from the Second Mortgage
of $12,410,000. Costs relating to the improvement program were funded from
proceeds of the First Mortgage of $30,500,000, all of which has been drawn at
September 30, 2008, and from proceeds of $8,150,000 drawn on the Second Mortgage
through September 30, 2008. The Participants of 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.
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 commence April 5, 2009. The
First Mortgage matures on December 5, 2014 and the Second Mortgage matures
January 5, 2015. Registrant does not maintain any reserve to cover the payments
of such mortgage indebtedness at maturity. Therefore, repayment of the First and
Second Mortgages 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 historic real
estate trends continue 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 First and Second Mortgage balances at maturity.

Registrant anticipates that funds for working capital for the
Property will be provided by rental payments received from the Lessee and, to
the extent necessary, from additional capital investment by the members in the
Lessee and/or external financing.





Registrant has the following contractual obligations:



|Payments due by period                                                       
|-----------------------------------------------------------------------------
|Contractual Obligations                                                      
|Long-Term Debt Obligations                                                   
|Interest Obligations                                                         
|Capital Lease Obligations                                                    
|Purchase Obligations                                                         
|Other Long-Term Liabilities Reflected on the Registrant's Balance
      Sheet
|Total                                                                        



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, 2007.



Security Ownership



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



As of September 30, 2008, 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 $131,946 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, $10,000 of Participations. Anthony E. Malkin disclaims any
beneficial ownership of such Participations.





Item 4T. Controls and Procedures.

1. Evaluation of disclosure controls and procedures. A senior member of the
    Supervisor functioning in the capacity of Registrant's chief executive
    officer and Registrant's chief financial officer, 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 September 30, 2008, the end of the period covered by this
    report, has concluded 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.
2. 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:

Wien & Malkin 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
have been paid by Wien & Malkin and Mr. Malkin. Wien & Malkin 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. 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                                                                                                                                                                                                                                                                                                                                                                                    |      



|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.















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 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*



Date: January 16, 2009

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 on the date indicated.



By /s/ Mark Labell

Mark Labell, Attorney-in-Fact*



Date: January 16, 2009











_____________________________________________________________________________

* Mr. Labell supervises accounting functions for Registrant.







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)) for the Registrant and we
    have:

1. 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;
2. 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
3. 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







1. 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
2. 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: January 16, 2009

By /s/ Mark Labell

Name: Mark Labell

Title: Senior Vice President, Finance

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



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-15(e) and 15d-15(e)) for the Registrant and we
    have:
5. 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;
6. 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
7. 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







1. 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



1. 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: January 16, 2009

By /s/ Mark Labell

Name: Mark Labell

Title: Senior Member of Financial/Accounting Staff of Wien & Malkin LLC,
Supervisor of 250 West 57th St. Associates L.L.C.





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 Wien & Malkin
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 September 30, 2008 (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: January 16, 2009

By /s/ Mark Labell

Mark Labell

Senior Vice President, Finance

Wien & Malkin 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 Wien
& Malkin LLC. Accordingly, this Chief Executive Officer certification is
being signed by a senior executive of Registrant's supervisor.



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
Wien & Malkin 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 September 30, 2008 (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: January 16, 2009

By /s/ Mark LabellMark Labell

Senior Vice President, Finance

Wien & Malkin 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 Wien & Malkin LLC. Accordingly, this Chief Financial Officer
certification is being signed by a senior member of the financial/accounting
staff of Registrant's supervisor.