<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


        X
       ---      Quarterly Report Pursuant to Section 13 or 15(d) of the
                Securities Exchange Act of 1934

                For the quarterly period ended June 30, 2006

       ---      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 0-7798

                  FIRST WILKOW VENTURE, A LIMITED PARTNERSHIP
             (Exact Name of Registrant as Specified in Its Charter)


        Illinois                                           36-6169280
 -----------------------                                ----------------
 (State of Organization)                       (IRS Employer Identification No.)


               180 North Michigan Avenue, Chicago, Illinois 60601
               ---------------------------------------------------
                    (Address of Principal Executive Offices)

       Registrant's Telephone Number, including area code: (312) 726-9622
                                                           --------------




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 large accelerated filer,an
accelerated filer, or a non-accelerated filer.
Large accelerated filer [ ]Accelerated filer [ ] Non-accelerated filer [X]

Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

The Registrant's units of limited partnership interest are not traded in a
regulated market. The restrictions on the sale, transfer, assignment or pledge
of partnership units are described in the Agreement of Limited Partnership of
the Registrant.



<PAGE>

                              FIRST WILKOW VENTURE
                                    FORM 10-Q
                                TABLE OF CONTENTS
                                  JUNE 30, 2006


<TABLE>
<S>                                                                               <C>
FINANCIAL INFORMATION
         Item 1.  Financial Statements
                           Consolidated Balance Sheet                              3
                           Consolidated Statement of Operations                    4
                           Consolidated Statement of Cash Flows                    5
                           Notes                                                   6
         Item 2.  Management's Discussion and Analysis of Financial Condition
                  and Results of Operations                                        7

REMARKS                                                                            9

SIGNATURES                                                                         9

CERTIFICATIONS


</TABLE>


                                       2
<PAGE>
                              FIRST WILKOW VENTURE
                             (A LIMITED PARTNERSHIP)
                           CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>

                                                                                     June 30,
                                                                                       2006               December 31,
                                                                                   (Unaudited)               2005
                                                                                 ----------------       ---------------
<S>                                                                              <C>                    <C>
                                     ASSETS

REAL ESTATE AND INVESTMENTS IN REAL ESTATE PARTNERSHIPS

Real Estate:
           Land                                                                     $ 4,030,069          $ 4,030,069
           Buildings and Improvements                                                37,917,854           36,234,771
           Fixtures and Equipment                                                         5,329               23,511
                                                                                    -----------          -----------
                        Total                                                        41,953,252           40,288,351
           Less-Accumulated Depreciation                                             15,545,609           15,201,137
                                                                                    -----------          -----------
                        Net Real Estate                                              26,407,643           25,087,214
Investments in Real Estate Partnerships                                               3,276,659            3,399,869
                                                                                    -----------          -----------
                        Total                                                        29,684,302           28,487,083
                                                                                    -----------          -----------

LOANS RECEIVABLE                                                                         86,963               86,963
                                                                                    -----------          -----------

OTHER ASSETS
           Cash and Cash Equivalents                                                  4,513,547            5,271,107
           Certificates of Deposit - Restricted                                               0              250,000
           Receivables and Prepaid Expenses                                           1,317,593            1,161,729
           Deposits                                                                   1,080,076            1,070,346
           Deferred Charges                                                           1,658,141            1,445,438
                                                                                    -----------          -----------
                        Total                                                         8,569,357            9,198,620
                                                                                    -----------          -----------
                        TOTAL ASSETS                                                $38,340,622          $37,772,666
                                                                                    ===========          ===========

                        LIABILITIES AND PARTNERS' CAPITAL


MORTGAGES PAYABLE                                                                   $20,976,181          $19,472,016
                                                                                    -----------          -----------

OTHER LIABILITIES
           Accounts Payable and Accrued Expenses                                         68,603              164,525
           Accrued Property Taxes                                                     1,343,703            1,330,033
           Deferred State Income Taxes                                                  128,000              128,000
           Security Deposits and Prepaid Rent                                           507,934              414,622
                                                                                    -----------          -----------
                        Total                                                         2,048,240            2,037,180
                                                                                    -----------          -----------

MINORITY INTEREST                                                                     1,079,060            1,318,958
                                                                                    -----------          -----------

PARTNERS' CAPITAL                                                                    14,237,141           14,944,512
                                                                                    -----------          -----------

           TOTAL LIABILITIES AND PARTNERS' CAPITAL                                  $38,340,622          $37,772,666
                                                                                    ===========          ===========
</TABLE>



Note: Balance Sheet at 12/31/05 taken from the audited financial statements at
      that date.


See accompanying notes to consolidated financial statements



                                       3
<PAGE>
                              FIRST WILKOW VENTURE
                      CONSOLIDATED STATEMENT OF OPERATIONS
                THREE AND SIX MONTHS ENDED JUNE 30, 2006 AND 2005
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                      Three Months                       Six Months
                                                                     Ended June 30,                    Ended June 30,
                                                             ------------------------------    ------------------------------
                                                                 2006              2005            2006              2005
                                                             ------------     -------------    ------------     -------------
<S>                                                          <C>              <C>              <C>              <C>
REVENUES
        Rental Income                                         $ 1,936,366      $ 2,024,615      $ 3,742,220      $ 3,971,359
        Interest Income                                            54,407           49,255          111,190           97,070
        Gain on disposal of real estate and other revenue           2,461           45,214           85,648           51,078
                                                              -----------      -----------      -----------      -----------
                                                                1,993,234        2,119,084        3,939,058        4,119,507
                                                              -----------      -----------      -----------      -----------
PARTNERSHIP INVESTMENTS' INCOME

        Share of Net Income                                       119,020          131,825          785,678          192,468
                                                              -----------      -----------      -----------      -----------

EXPENSES
        Operating Expenses                                      1,080,765          962,289        2,093,740        1,839,518
        Real Estate Taxes                                         334,385          332,884          659,399          640,936
        Depreciation and Amortization                             404,960          314,676          779,497          635,598
        Interest Expense                                          408,069          344,378          772,294          666,673
        General and Administrative                                 70,998           73,784           72,509           85,266
                                                              -----------      -----------      -----------      -----------
                                                                2,299,177        2,028,011        4,377,439        3,867,991
                                                              -----------      -----------      -----------      -----------

INCOME (LOSS) BEFORE MINORITY INTEREST                           (186,923)         222,898          347,297          443,984


MINORITY INTEREST IN
        SUBSIDIARIES' NET INCOME (LOSS)                             9,453          (34,054)        (280,127)         (55,215)
                                                               -----------      -----------      -----------      -----------

NET INCOME (LOSS)                                             $  (177,470)     $   188,844      $    67,170      $   388,769
                                                              ===========      ===========      ===========      ===========


UNITS USED TO COMPUTE PER UNIT AMOUNTS                            162,986          170,916          162,986          170,916

NET INCOME (LOSS) PER UNIT                                    $     (1.09)     $      1.10      $      0.41      $      2.27
                                                              ===========      ===========      ===========      ===========
DISTRIBUTION PER UNIT                                         $      3.50      $      6.25      $      4.75      $     12.35
                                                              ===========      ===========      ===========      ===========
</TABLE>


See accompanying notes to consolidated financial statements



                                       4
<PAGE>
                              FIRST WILKOW VENTURE
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                     SIX MONTHS ENDED JUNE 30, 2006 AND 2005
                                   (UNAUDITED)


<TABLE>
<CAPTION>

                                                                              Six Months Ended June 30,
                                                                        -----------------------------------
                                                                             2006                 2005
                                                                        -------------         -------------
<S>                                                                     <C>                    <C>
CASH FLOWS FROM OPERATING ACTIVITIES

Net Income (Loss)                                                       $    67,170            $   388,769

Noncash Items Included in Net Income:

             Depreciation and Amortization                                  779,496                635,599
             Income allocated to minority interests                         280,127                 55,215
             Share of Partnership Investments' Net Income                  (785,678)              (192,468)
             (Increase) Decrease in operating assets:
                        Receivables and Prepaid Expenses                   (155,864)                40,211
                        Deposits                                             (9,730)              (112,098)
             (Decrease) Increase in operating liabilities:
                        Accounts Payable and Accrued Expenses               (95,922)                26,861
                        Accrued Property Taxes                               13,670                  7,885
                        Security Deposits and Prepaid Rent                   93,312               (195,822)
                                                                        -----------            -----------

Net Cash Provided by Operating Activities                                   186,581                654,152
                                                                        -----------            -----------

CASH FLOWS FROM INVESTING ACTIVITIES

             Decrease in Restricted Cash                                    250,000                      0
             Investment in Partnerships                                           0               (478,000)
             Partnership Investment Draws                                   908,888                202,560
             Investment in Land and Buildings                            (1,947,098)              (976,491)
             Decrease in Minority Interest                                 (520,025)            (1,054,247)
             Investment in Deferred Charges                                (365,530)              (169,778)
                                                                        -----------            -----------

Net Cash Used by Investing Activities                                    (1,673,765)            (2,475,956)
                                                                        -----------            -----------
CASH FLOWS FROM FINANCING ACTIVITIES

             Cash Distributions to Partners                                (774,541)            (2,110,813)
             Redemption of limited partnership units                              0               (416,894)
             Proceeds from Mortgage Financing                             1,595,182                      0
             Mortgage Principal Payments                                    (91,017)               (84,961)
                                                                        -----------            -----------

Net Cash Used by Financing Activities                                       729,624             (2,612,668)
                                                                        -----------            -----------

NET DECREASE IN CASH AND CASH EQUIVALENTS                                  (757,560)            (4,434,472)

CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD                           5,271,107              9,863,712
                                                                        -----------            -----------

CASH AND CASH EQUIVALENTS - END OF PERIOD                               $ 4,513,547            $ 5,429,240
                                                                        ===========            ===========
</TABLE>


See accompanying notes to consolidated financial statements



                                       5
<PAGE>
                              FIRST WILKOW VENTURE
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 2006



1 -   Financial Statements

      The financial statements have been prepared in accordance with U.S.
      generally accepted accounting principles. Under this method of accounting,
      revenues are recorded when earned and expenses are recorded when incurred.

      No provision for federal income taxes has been made since First Wilkow
      Venture (the "Registrant") is a partnership and the partners report their
      pro rata share of income or loss individually.

      In December 2003, the FASB issued Interpretation No. 46R (FIN 46R),
      "Consolidation of Variable Interest Entities," which replaces FIN 46,
      "Consolidation of Variable Interest Entities," which was issued in January
      2003. The objective of this interpretation is to provide guidance on how
      to identify a variable interest entity ("VIE") and determine whether the
      assets, liabilities, non-controlling interests, and results of operations
      of a VIE need to be included in a company's consolidated financial
      statements. A company that holds variable interests in an entity will need
      to consolidate the entity if the company's interest in the VIE is such
      that the company will absorb a majority of the VIE's expected losses
      and/or receive a majority of the entity's expected residual returns, if
      they occur. FIN No. 46R also requires additional disclosures by primary
      beneficiaries and other significant variable interest holders. The
      Registrant has determined that it is not the "primary beneficiary", as
      defined by FIN No. 46R with respect to any of its unconsolidated real
      estate investments.

      Reference is made to the Registrant's annual report for the year ended
      December 31, 2005, for a description of other accounting principles and
      additional details for the Registrant's financial condition, results of
      operations, changes in partners' capital and statement of cash flows for
      the year then ended. The details provided in the notes thereto have not
      changed as a result of normal transactions in the interim.

2 -   Subsequent Events

      On July 10, 2006, the Registrant made a distribution to its partners in
      the amount of $211,520, or $1.30 per unit, based on 162,708 units
      outstanding as of June 30, 2006.

      On July 12, 2006, the third party Tender Offer Statement submitted by
      MacKenzie Patterson Fuller, LP expired. No units were exchanged as a
      result of the tender offer.

      On July 20, 2006, the Registrant filed an "odd-lot tender offer" to
      purchase for cash all, but not less than all, of the units of limited
      partnership of the Registrant held by each unit holder who holds 50 or
      fewer units as of the close of business on July 19, 2006.





                                        6


<PAGE>
                   ITEM 2. MANAGEMENT DISCUSSION AND ANALYSIS
                 OF FINANCIAL CONDITION AND RESULTS OF OPERATION

OVERVIEW

     First Wilkow Venture is a limited partnership composed of numerous limited
partners and two general partners, Marc R. Wilkow and Clifton J. Wilkow. It was
organized on December 8, 1972, for the purpose of acquiring the total interest
in twenty-one partnerships and to carry on the business and operations of such
terminating partnerships. The acquisition of these partnerships was accomplished
in 1973 through an exchange offer of partnership units in First Wilkow Venture
for substantially all of the partnership units in the terminating partnerships.

     Throughout the following years First Wilkow Venture has continued to own
outright or otherwise maintain a participatory interest in real property for
investment purposes. The partnership currently has an interest in sixteen
properties, divided among residential, commercial and industrial buildings and
shopping centers. Fourteen of the properties are neither owned nor leased by
First Wilkow Venture directly, but are owned in participation with other
partnerships. These properties break down as follows: one is a residential
project, six are shopping centers, six are office buildings, and one is a real
estate investment trust. The remaining two properties are owned and operated by
First Wilkow Venture as office buildings.


MATERIAL CHANGES IN FINANCIAL CONDITION

     Total Assets increased through June 30, 2006, as a result of various
capital expenditures at one of the office buildings. The increase in Total
Liabilities and Partners' Capital is a result of the increase in a number of
prepaid tenant receivable balances and an increase in Mortgages Payable due to
various draws for capital expenditures at one of the office buildings.


MATERIAL CHANGES IN RESULTS OF OPERATIONS

REVENUE

     Revenue totaled $1,993,234 for the second quarter ended June 30, 2006,
compared to $2,119,084 for the three months ended June 30, 2005. Revenue for the
current fiscal quarter end was largely attributable to office building tenant
collections. No significant change in quarterly revenue is anticipated for the
remainder of the fiscal year.

     In addition, income earned from partnerships remained relatively the same
with $131,825 for the second quarter 2005 and $119,020 in the comparative
current fiscal quarter end.





                                        7


<PAGE>


EXPENSES

     Total expenses for the three months ended June 30, 2006, were $2,299,177,
consisting of operating, interest, real estate tax and depreciation/amortization
expenses for the office buildings as well as other general and administrative
expenses for the partnership. For the three months ended June 30, 2005, expenses
were $2,028,011.

     First Wilkow Venture is expecting to complete renovation work to one of the
office buildings throughout the remainder of the fiscal year and a portion of
these expenditures will be classified as repairs causing the expense line item
to rise. This renovation work is intended to upgrade the quality of the office
building and will enhance our office space marketing programs.

NET INCOME

     First Wilkow Venture had net loss in the amount of $177,470 for the most
recent fiscal quarter ended June 30, 2006. In comparison, First Wilkow Venture
had net income from operations in the amount of $188,844 for the same period in
the prior year.

LIQUIDITY AND CAPITAL RESOURCES

     First Wilkow Venture has cash on hand to pay for the cost of renovating the
office building as described in the expenses section above, as well as to cover
any current liabilities that exist. The cash on hand has been generated from
partnership interest sales over the past few years. The remaining cash on hand
may be used for future investments as the opportunities present themselves or
distributions to the partners as well as the tender offer that was discussed
earlier in the report. As a result of the refinancing of Marketfair North, a
partnership in which M & J Retail Limited Partnership is an equity holder, M & J
Retail Limited Partnership is no longer obligated to maintain a certificate of
deposit of $250,000. This deposit, held with LaSalle National Bank, was
maintained as collateral for two letters of credit relating to Marketfair North.

     There are no known trends, events or uncertainties that have had or that
are reasonably expected to have a material impact on First Wilkow Venture's
revenues from continuing operations.

     First Wilkow Venture does not have any off-balance sheet arrangements.

     First Wilkow Venture does not own any significant plant or equipment that
it would seek to sell in the near future.






                                    8


<PAGE>

                                     REMARKS

     In the opinion of the General Partners, the financial information of this
report includes all adjustments, including estimated provisions for items
normally settled at year end, and is a fair statement of the results for the
interim periods ended June 30, 2006 and 2005.

                                   SIGNATURES

      Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.

                                     FIRST WILKOW VENTURE

                                     By:   Marc R. Wilkow
                                           -------------------------------------
                                     Marc R. Wilkow, General Partner and
                                     President of M&J Wilkow, Ltd., its
                                     Managing Agent

DATED: August 11, 2006

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant, in the capacities indicated, on August 11, 2006.

                                     By:   Clifton J. Wilkow
                                           -------------------------------------
                                     Clifton J. Wilkow, General Partner and
                                     Executive Vice President of
                                     M&J Wilkow, Ltd.


                                     By:   Peter Boelke
                                           -------------------------------------
                                     Peter Boelke, Vice President of
                                     M&J Wilkow, Ltd.


                                       9