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, 1998

                                         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 0-768

                             GARMENT CAPITOL ASSOCIATES
               (Exact name of registrant as specified in its charter)

            A New York Partnership                  13-6083208 
            (State or other jurisdiction of         (I.R.S. Employer
            incorporation or organization)          Identification No.)

                    60 East 42nd Street, New York, New York 10165
                       (Address of principal executive offices)
                                      (Zip Code)

                                    (212) 687-8700
                 (Registrant's telephone number, including area code)

                                         N/A
            (Former name, former address and former fiscal year, if
            changed since last report)

            Indicate by check mark whether the Registrant (1) has filed
            all reports required to be filed by Section 13 or 15(d) of
            the Securities Exchange Act of 1934 during the preceding 12
            months (or for such shorter period that the Registrant was
            required to file such reports), and (2) has been subject to
            such filing requirements for the past 90 days. 
            Yes [ X ].  No [   ].


                An Exhibit Index is located on Page 13 of this Report.
               Number of pages (including exhibits) in this filing: 13<PAGE>






                                                                            2.
                          PART I.  FINANCIAL INFORMATION

 Item 1.  Financial Statements.

                            Garment Capitol Associates
                          Condensed Statement of Income
                                  (Unaudited)          

                                              For the Three Months    
                                                 Ended March 31,      
                                               1998             1997  
  Income:

     Basic rent, from a related
       party (Note B)                     $      -0-        $   260,780
     Dividend income                             -0-                 11
     Interest income                             -0-             87,951
                                           ---------          ---------
       Total operating income                    -0-            348,742
                                           ---------          ---------
  Expenses:

     Interest on mortgage                        -0-            146,183
     Supervisory services, to a 
       related party (Note C)                    -0-             10,625
     Amortization of mortgage
       refinancing costs                         -0-             25,838
                                           ---------         ----------
       Total expenses                            -0-            182,646         
                                           ---------         ----------
  Income from operations                         -0-        $   166,096        

  Gain on sale of property
    on March 27, 1997                            -0-         28,361,528
                                           ---------         ----------
  Net income for period                          -0-        $28,527,624
                                           =========         ==========
  Earnings per $5,000 partici-
     pation unit, based on 1,050
     participation units outstand-
     ing during the year                  $      -0-        $ 27,169.17        
                                           =========         ==========        
  Distributions per $5,000 parti-
     cipation unit consisted of the 
     following:

     Income                               $      -0-        $ 25,856.65        
                                           =========          =========        

  At March 31, 1997 there were $5,250,000 of participations outstanding.
  As of March 31, 1998, the investment of the Participants had been repaid in
  full but the Participants continue to hold pro rata interests in Regis-
  trant based on the original participating interests.<PAGE>






                                                                             3.
                            Garment Capitol Associates
                              Condensed Balance Sheet
                                    (Unaudited)

 Assets                                     March 31, 1998   November 30, 1997
 Escrow Account held by
   Wien & Malkin LLP                           $   211,560         $   206,894
                                                ----------          ----------
   Total assets                                $   211,560            $206,894
                                                ==========          ==========
 Liabilities 
   Accrued legal costs reserved
   re: pending litigation con-
   cerning sale of real estate                 $   211,560        $    206,894
                                                ----------         -----------
       Total liabilities                           211,560             206,894
                                                ----------         -----------

 Capital:
   March 31, 1998                                      -0-                 -0-
   November 30, 1997                                   -0-                 -0-
                                                ----------          ----------
     Total liabilities and capital:
       March 31, 1998                          $   211,560                 -0-
       November 30, 1997                               -0-         $   206,894
                                                ==========          ==========<PAGE>






                                                                            4.
                           Garment Capitol Associates 
                       Condensed Statement of Cash Flows  
                                    (Unaudited)           


                                           January 1, 1998    January 1, 1997
                                               through            through
                                           March 31, 1998     March 31, 1997

    Cash flows from operating activities:

      Net income                                 $      -0-     $ 28,527,624
      Adjustments to reconcile net income 
        to cash provided by operating 
        activities:
    Amortization of mortgage refinancing 
      costs                                             -0-           25,838
    Gain on sale of property                            -0-      (28,361,528)
    Changes in operating liabilities:
    Change in accrued interest payable                  -0-          (45,790)
                                                -----------      -----------
      Net cash provided by
          operating activities                          -0-          146,144
                                                -----------      -----------
    Cash flows from investing activities:
      Advances to lessee                                -0-          (11,899)
      Payments from lessee                              -0-        2,863,433
      Proceeds from sale of property                    -0-       30,861,528
                                                -----------       ----------
      Net cash provided by investing activities         -0-       33,713,062
                                                -----------       ----------

    Cash flows from financing activities:
      Cash distributions                                -0-      (27,149,478)
      Principal payments on first mortgage              -0-       (5,785,947)
                                                -----------      -----------
      Net cash used in financing activities             -0-      (32,935,425)
                                                ----------       -----------
      Net increase in cash                              -0-          923,781

    Cash, beginning of period                           -0-          115,992
    Cash, end of period                                 -0-        1,039,773
                                                ===========      ===========

                                            January 1, 1998  January 1, 1997
                                                 through          through   
                                            March 31, 1998    March 31, 1997
    Cash paid for:
      Interest                                 $        -0-      $   191,973    
                                                ===========       ==========<PAGE>
         Garment Capitol Associates                                      5.
         March 31, 1998





         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 partners in Registrant, necessary for a fair state-
         ment of the results for such interim periods.  The partners 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 was organized on January 10, 1957.  On May 1,
         1957, Registrant acquired fee title to the Garment Capitol
         Building (the "Building") and the land thereunder, located at
         498 Seventh Avenue, New York, New York (the "Property").
         Registrant's partners are Peter L. Malkin, Thomas N. Keltner, Jr.
         and Richard A. Shapiro (collectively the "Partners"), each of whom
         also acts as an agent for holders of participations in their
         respective partnership interests in Registrant (the
         "Participants").  As described below, the Property has been sold,
         Registrant has been terminated for tax purposes, and distributions
         from sale proceeds have been made to the Participants.

                   Registrant did not operate the Property.  Registrant
         leased the Property to 498 Seventh Avenue Associates (the
         "Original Lessee") under a net operating lease (the "Operating
         Lease") which commenced as of May 1, 1957 and was scheduled to
         expire on April 30, 2007.  

                   In 1994 and 1995, the Original Lessee made capital calls
         on its partners in the aggregate amount of $1,300,000 to defray
         certain operating expenses and improvement costs at the Property.
         Despite these new capital infusions, however, the Original Lessee
         concluded that to return the Property to profitability would
         require a very large additional capital investment, estimated by
         the Original Lessee to be as high as $16,000,000.  Therefore, on
         December 29, 1995, in accordance with the terms of the Operating<PAGE>
         Garment Capitol Associates                                      6.
         March 31, 1998





         Lease, the Original Lessee assigned the Operating Lease to
         4987 Corporation (the "New Lessee"), thereby effectively
         terminating the liability of the Original Lessee and its partners
         under the Operating Lease.  The shares in the New Lessee were
         owned by the partners in the Original Lessee, except that a sub-
         stantial portion of the shares originally owned by Peter L. Malkin
         is held for the benefit of members of his family but he retains
         voting control.  

                   The New Lessee had paid basic rent under the Operating
         Lease through March 27, 1997, the date of the sale of the
         Property, as hereinafter described.  Registrant applied these
         rents to cover (1) its monthly mortgage payments to the Apple Bank
         for Savings ("Apple Bank") on Registrants' fee mortgage on the
         Property (the "Mortgage Loan"), (2) its monthly fee for supervi-
         sory services and (3) its distributions to the Participants in
         Registrant.  The New Lessee did not pay the New York City real
         estate taxes and Business Improvement District ("BID") assessments
         in the amounts of $936,180.00 and $29,695.14, respectively, and
         certain other minor assessments and charges aggregating less than
         $1,500, all of which were due on January 1, 1996 or shortly there-
         after.  The New Lessee also failed to pay the New York City real
         estate taxes and BID assessments in the amounts of $1,053,254.50
         and $28,529.26, respectively, which were due on July 1, 1996 and
         $740,845.50 and $28,529.26, respectively, which were due on
         January 1, 1997.  As a result, although payment of the January 1,
         1996 and July 1, 1996 and January 1, 1997 real estate taxes and
         BID assessments has been made as described below, the New Lessee
         was in default of the Operating Lease as of January 1, 1996.

                   The New Lessee requested that Registrant forbear from
         exercising its rights and remedies under the Operating Lease,
         including termination of the Operating Lease, by reason of the
         failure to pay the January 1, 1996 and July 1, 1996 real estate
         taxes and BID assessments, while management of Registrant
         solicited the consent of the Participants to a sale of the
         Property (the "Solicitation").  On July 26, 1996, the Partners
         mailed to the Participants a STATEMENT ISSUED BY THE AGENTS IN
         CONNECTION WITH THE SOLICITATION OF CONSENTS OF THE PARTICIPANTS
         (the "Statement") requesting their authorization for a sale of the
         Property and forbearance in favor of the New Lessee.  The details
         of the Partners' proposal are provided in the Definitive Proxy
         Statement which was filed with the Securities and Exchange
         Commission as Schedule 14-A on July 25, 1996, and is incorporated
         herein by reference.  If Registrant did forbear, the New Lessee
         agreed to cooperate fully with Registrant in connection with the
         sale of the Property and to continue to perform its other obliga-
         tions under the Operating Lease, including payment of Basic Rent,
         to enable Registrant to continue its monthly distributions to the
         Participants, pay its supervisory fee and pay its monthly mortgage
         obligation.  The continuation of the Operating Lease was also to<PAGE>
         Garment Capitol Associates                                      7.
         March 31, 1998





         serve to insulate Registrant from third party liabilities at-
         tendant on property operations.  Because the consent solicitation
         program included the continuation of the Operating Lease with the
         New Lessee, Registrant did not send a notice of default under the
         Operating Lease based on the failure of the New Lessee to pay the
         January 1, 1996 and July 1, 1996 real estate taxes and BID assess-
         ments.

                   Although the failure to pay the January 1, 1996, July 1,
         1996 and January 1, 1997 real estate taxes and BID assessments
         also constituted a breach of Registrant's obligations under the
         Mortgage Loan, Apple Bank had agreed to forbear from exercising
         its rights and remedies during the period of the solicitation of
         consents through a sale of the Property based on arrangements
         consummated in March 1996 between the shareholders of the New
         Lessee (or designees on their behalf) and Apple Bank to fund the
         January 1, 1996 real estate taxes and BID assessments and certain
         future real estate taxes and BID assessments on the Property
         (together with the January 1, 1996 real estate taxes, the "Real
         Estate Taxes") through protective advances under the Mortgage
         Loan.  The shareholders of the New Lessee (or designees on their
         behalf) had personally borrowed from Apple Bank (a) on April 2,
         1996, the sum of $1,012,274.18, equal to the January 1, 1996 real
         estate taxes and BID assessments and interest thereon to the date
         of the borrowing, and certain other minor city charges and
         interest aggregating less than $1,500 and (b) on June 28, 1996,
         the sum of $1,081,783.76 equal to the July 1, 1996 real estate
         taxes and BID assessment and (c) on December 31, 1996, the sum of
         $769,374.76 equal to the January 1, 1997 real estate taxes and BID
         assessment.  The April 2, 1996 borrowing was used to fund a pro-
         tective advance by Apple Bank to pay the January 1, 1996 real
         estate taxes and BID assessments, interest thereon and such minor
         charges, through the purchase of a subordinate participating
         interest in the Mortgage Loan in such amount.  The June 28, 1996
         and December 31, 1996 borrowings were used to fund protective
         advances by Apple Bank to pay, respectively, the July 1, 1996 and
         January 1, 1997 Real Estate Taxes and BID assessments through the
         purchase of additional subordinate participating interests in the
         Mortgage Loan in such amounts.  Interest and principal required to
         be paid on the protective advances and on any future protective
         advances have been paid by the New Lessee.

                   On January 29, 1997, Registrant received the consent of
         the Participants for the sale and forbearance program and for the
         liquidation of Registrant, as described in the Statement.  See
         Note C and Item 2 hereof for a description of the services
         rendered by, and compensation paid to, Counsel and for a
         discussion of certain relationships which may pose actual or
         potential conflicts of interest among Registrant, Original Lessee,
         New Lessee and certain of their respective affiliates.<PAGE>
         Garment Capitol Associates                                      8.
         March 31, 1998





                   Registrant, together with the New Lessee, entered into a
         contract with George Comfort & Sons, Inc., as Agent, and Tirrem
         Management Company, Inc., collectively as Purchasers, to sell the
         Property to the Purchasers for $42,000,000, subject to adjustments
         (the "Contract of Sale").  The sale closed as of March 27, 1997.
         After priority allocation for certain payments, as more particu-
         larly described in the Statement, net sale proceeds of $34,885,810
         were allocated between Registrant and the New Lessee pursuant to
         the formula described in the Statement, as approved by the
         Participants.  From its share of the proceeds, Registrant had made
         an initial distribution on March 31, 1997 of $27,000,000 to the
         Participants, and each holder of an original $10,000 Participa-
         tion, as reduced to $5,000, received an initial distribution of
         sale proceeds of $25,714, which included the return of the
         Participant's remaining original capital investment.  On July 23,
         1997, an additional distribution of $800,000 ($761.90 per $5,000
         participation unit) was made to the Participants out of the
         proceeds of sale.

                   Based on advice from legal counsel, the partnership was
         terminated for tax purposes on November 30, 1997.  At the time of
         termination, Registrant was still involved in litigation.  In
         order to provide for the anticipated costs of the litigation, an
         escrow account, in the amount of $211,560 is being held by
         counsel. 


         Note C - Supervisory Services

                   Registrant paid Counsel for supervisory services and
         disbursements (i) the basic payment of $42,500 per annum ("Basic
         Payment"); (ii) an additional annual basic payment of the first
         $37,500 of Additional Rent paid by Lessee in any lease year
         ("Additional Basic Payment"); and (iii) an additional payment of
         10% of all distributions to Participants in any year from Basic
         Rent and Additional Rent in excess of the amount representing a
         return at the rate of 18% per annum on their remaining cash in-
         vestment in any year (the "Additional Payment").  The Additional
         Basic Payment was payable in each year only from Additional Rent
         received by Registrant from New Lessee.  If Additional Rent in any
         year was inadequate to cover the Additional Basic Payment, such
         deficiency was payable in the following year in which Additional
         Rent was sufficient.

                   No remuneration was paid during the three month period
         ended March 31, 1998 by Registrant to any of the Partners as such.
         Pursuant to the fee arrangements described herein, Registrant paid
         Counsel $21,360 during the eleven month period ended November 30,
         1997.  Registrant also paid Counsel $10,625 of the Basic Payment
         for supervisory services for the three month period ended
         March 31, 1997.<PAGE>
         Garment Capitol Associates                                      9.
         March 31, 1998





                   The supervisory services provided to Registrant by
         Counsel included legal, administrative and financial services.
         The legal and administrative services included 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 included monthly receipt
         of rent from the New Lessee, payment of monthly and additional
         distributions to the Participants, payment of all other disburse-
         ments, confirmation of the payment of real estate taxes, active
         review of financial statements submitted to Registrant by the New
         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.

                   Counsel did not receive a Supervisory Fee based on sale
         proceeds allocated to Registrant but has been paid for its legal
         services in connection with the Statement and in connection with
         the sale.  Counsel has also been paid legal fees by the New Lessee
         for various work in 1996 and 1997.  

                   The respective interests of Messrs. Malkin, Keltner, and
         Shapiro, if any, in Registrant arose solely from the ownership of
         their respective participations in Registrant and Mr. Malkin's
         interests in the New Lessee.  The Partners receive no extra or 
         special benefit not shared on a pro rata basis with all other
         Participants in Registrant or partners in the New Lessee.
         However, each of the Partners, by reason of his respective
         interest in Counsel, is entitled to receive his share of payments
         in respect of supervisory services and in respect of any legal
         fees or other remuneration paid to Counsel for legal and
         supervisory services rendered to Registrant and the New Lessee.

         Item 2.   Management's Discussion and Analysis of 
                   Financial Condition and Results of Operations.

                   Registrant was organized solely for the purposes of
         acquiring the Property subject to the Operating Lease.  Registrant
         was required to pay from Basic Rent the mortgage charges and
         supervisory services and to distribute the balance of such Basic
         Rent to the Participants.  Pursuant to the Operating Lease, the
         holder of the leasehold interest thereunder had sole responsibil-
         ity for the condition, operation, repair, maintenance and manage-
         ment of the Property.  Registrant did not maintain substantial
         reserves or otherwise maintain liquid assets to defray any
         operating expenses of the Property.  Registrant's results of
         operations were affected primarily by the amount of rent payable
         to it under the Operating Lease.  <PAGE>
         Garment Capitol Associates                                     10.
         March 31, 1998





                   Registrant is aware of the following events.  The
         Original Lessee operated the Property at a substantial loss during
         the years ended December 31, 1995 and December 31, 1994.  In 1994
         and 1995, the Original Lessee made capital calls on its partners
         in the aggregate amount of $1,300,000 to defray certain operating
         expenses and improvement costs at the Property.  

                   The downturn and changes in methods of operations in the
         garment industry had a major impact on the Property and its
         operations and profitability.  Registrant had been advised that
         the loss of tenants at the Property and the related reduction in
         rent received were primarily due to insolvencies affecting tenants
         in the garment business and reduced demand for space.  

                   The New Lessee had the right to abandon or assign its
         interest in the Operating Lease (see Item 1 above).  

                   As a result of the Sale, on July 23, 1997, Registrant
         made a final distribution to the Participants of the remaining
         sales proceeds.  At the closing of the sale pursuant to the
         Contract of Sale, the interests of Registrant, as lessor, and the
         New Lessee, as lessee, under the Operating Lease were assigned to
         the purchaser and the Operating Lease was terminated.  There were
         no additional regular monthly distributions following the distri-
         bution on April 1, 1997 in respect of March 1997 rent under the
         Operating Lease.  

                           Liquidity and Capital Resources

                                         N/A

                                      Inflation

                   Inflationary trends in the economy did not directly
         affect Registrant's operations, since as noted above, Registrant
         did not actively engage in the operation of the Property.
         Inflation may have affected the operations of the New Lessee.  The
         New Lessee was required to pay Basic Rent, regardless of the
         results of its operations.  Inflation and other operating factors
         affected only the amount of Additional Rent payable by the New
         Lessee, which was based on the New Lessee's net operating profit.  <PAGE>
         Garment Capitol Associates                                     11.
         March 31, 1998





                             PART II.  OTHER INFORMATION

         Item 1.  Legal Proceedings

                   The Property of Registrant is the subject of the follow-
         ing pending litigation:

                   On October 4, 1996, the alleged holder of three
         participation interests in Registrant brought suit in the U.S.
         District Court for the Southern District of New York against the
         New Lessee, the Original Lessee, the partners in Registrant, and
         Counsel.  Registrant is a nominal defendant.  The suit claims that
         defendants violated the anti-fraud provisions of the federal
         securities laws and committed breaches of fiduciary duty and fraud
         in relation to the Solicitation.  The suit is styled as a class
         action, but the plaintiff has not applied for class certification
         to date.  The suit seeks to enjoin the allocation of sale proceeds
         to the New Lessee approved by the Participants, money damages and
         related relief.  Defendants responded to the complaint with a
         motion seeking dismissal of the action in its entirety.  The Court
         granted that motion and dismissed the action by order and decision
         dated December 8, 1997.  Plaintiff's appeal of that order is
         pending.   The complaint does not seek any relief against
         Registrant, and, accordingly, Registrant's litigation counsel is
         of the opinion that no loss or other unfavorable outcome of the
         action against Registrant is anticipated.  In accordance with the
         Solicitation, sale proceeds were allocated to repay the Fee
         Mortgagee the protective advances as well as all other sums then
         outstanding on the Fee Mortgage.  Pursuant to an agreement between
         counsel for the plaintiff in the 1996 proceeding and counsel for
         the defendants, net sale proceeds allocated to the New Lessee in
         accordance with the formula set forth in the Solicitation will not
         be distributed to the New Lessee, except upon 30 days' notice to
         counsel for the plaintiff.  Such allocated proceeds are currently
         being held by Counsel.

                   On March 13, 1997, the alleged holder of a fractional
         participation interest in Registrant brought suit in the U.S.
         District Court for the Southern District of New York against New
         Lessee, Original Lessee, Registrant's Partners and Counsel.
         Registrant is a nominal defendant.  The suit is essentially
         similar to the legal action described in the preceding paragraph,
         alleging that defendants violated the Federal proxy rules,
         committed breaches of fiduciary duty and fraud in relation to the
         Solicitation for the sale and forbearance program and for
         liquidation of Registrant.  The suit seeks to enjoin the alloca-
         tion of sale proceeds to New Lessee approved by the Participants,
         money damages and related relief.  Defendants responded to the
         complaint with a motion seeking dismissal of the action in its
         entirety.  The Court granted the motion and dismissed the action
         by the same order and decision dated December 8, 1997 and referred
         to in the preceding paragraph.  Plaintiff's appeal of the order is<PAGE>

         Garment Capitol Associates                                     12.
         March 31, 1998





         pending.  The complaint does not seek any relief against
         Registrant, and, accordingly, Registrant's litigation counsel is
         of the opinion that no loss or other unfavorable outcome of the
         action against Registrant is anticipated.

                   On July 24, 1997, a former holder of a 1.66% partnership
         interest in the Original Lessee filed a complaint in New York
         Supreme Court against Registrant, Original Lessee, New Lessee and
         Peter L. Malkin, individually and as a partner or shareholder in
         those entities.  As against Registrant, the complaint alleges a
         claim for damages or other relief based on the sale of the
         Property and the allocation of sale proceeds to Registrant.  An
         answer for Registrant denying all allegations of liability and
         damages asserted by plaintiff has been filed.  The action is now
         in the pretrial discovery stage.

         Item 6.   Exhibits and Reports on Form 8-K.

              (a)  The exhibits hereto are being incorporated by reference.  

              (b)  Registrant has not filed any report on Form 8-K during
         the quarter for which this report is being filed.<PAGE>
         Garment Capitol Associates                                     13.
         March 31, 1998





                                     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
         Partners in Registrant, pursuant to Powers of Attorney, dated
         April 10, 1996 and May 14, 1998 (collectively, the "Power").



         GARMENT CAPITOL ASSOCIATES
         (Registrant)



         By:  /s/ Stanley Katzman
              Stanley Katzman, Attorney-in-fact*


         Dated:  June 1, 1998


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



         By:  /s/ Stanley Katzman
              Stanley Katzman, Attorney-in-fact*


         Dated:  June 1, 1998








         ______________________
            *   Mr. Katzman supervises accounting functions for
                Registrant.<PAGE>
         Garment Capitol Associates                                     14.
         March 31, 1998





                                    EXHIBIT INDEX


         Number                     Document                       Page*

         3 (a)        Registrant's Partnership Agreement, dated
                      January 10, 1957, which was filed as
                      Exhibit No. 1 to Registrant's Registration
                      Statement on Form S-1 as amended (the
                      "Registration Statement") effective
                      February 13, 1957 and assigned File No. 2-
                      13034, is incorporated by reference as an
                      exhibit hereto.

         3 (b)        Amended Business Certificate of Registrant
                      effective as of January 1, 1996,
                      reflecting a change in the partners of
                      Registrant, which was filed as Exhibit
                      3(b) to Registrant's Annual Report on Form
                      10-K for the year ended December 31, 1995
                      and is incorporated by reference as an
                      exhibit hereto.

         24           Powers of Attorney dated April 10, 1996 
                      and May 14, 1998 between Partners of
                      Registrant and Stanley Katzman and Richard
                      A. Shapiro.




















         ______________________
         *   Page references are based on a sequential numbering system.<PAGE>