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 September 30, 1997

				   OR

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

	 For the transition period from ____________ to
	 ___________

	 Commission file number 0-768

		       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    For the Nine Months
				     Ended September 30,    Ended September 30,
				      1997       1996         1997      1996

  Income:

     Rent income, from a related
       party (Note B)             $    -0-    $272,500     $260,780   $817,500 
     Dividend income                 4,912          11       15,895         32 
     Interest income                   -0-      56,723       87,951     83,542 
				  --------    --------     --------   -------- 
       Total income                  4,912     329,234      364,626    901,074 
				  --------    --------     --------   -------- 
  Expenses:

     Interest on mortgage              -0-     138,084       72,101    330,122 
     Interest on loan                  -0-         -0-       74,082        -0-
     Supervisory services, to a 
       related party (Note C)          -0-      10,625       10,625     31,875 
     Amortization of mortgage
       refinancing costs               -0-       7,042       25,838     21,126 
				  --------    --------     --------   -------- 
       Total expenses                  -0-     155,751      182,646    383,123 
				  --------    --------     --------   -------- 
  Income from operations          $  4,912    $173,483     $181,980   $517,951 

  Gain on sale of property
    on March 27, 1997                  -0-         -0-   28,361,528        -0-
				  --------    --------  -----------   --------
  Net income for period           $  4,912    $173,483  $28,543,508   $517,951
				  ========    ========  ===========   ========
  Earnings per $5,000 partici-
     pation unit, based on 1,050
     participation units outstand-
     ing during the year          $   4.68    $ 165.22   $27,184.29   $ 493.29 
				  ========    ========   ==========   ======== 
  Distributions per $5,000 parti-
     cipation unit consisted of the 
     following:

     Income                       $    -0-    $ 142.36   $26,666.00   $ 427.08 
				  ========    ========   ==========   ======== 

  At September 30, 1996 there were $5,250,000 of participations outstanding.
  As of September 30, 1997, 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 participanting interests.<PAGE>

									     3.
			    Garment Capitol Associates
			      Condensed Balance Sheet
				    (Unaudited)

 Assets                                 September 30, 1997   December 31, 1996
 Current assets
   Cash                                        $  205,831          $  115,992 
					       ----------          ---------- 
   Total current assets                           205,831             115,992 
					       ----------          ---------- 
 Real Estate  
   Land                                               -0-           2,500,000 
					       ----------          ---------- 
   Building                                           -0-           8,000,000 
     Less, allowance for depreciation                 -0-           8,000,000 
					       ----------          ---------- 
						      -0-                 -0- 
					       ----------          ---------- 
 Intangible assets
   Mortgage refinancing costs                         -0-             107,050 
     Less, allowance for amortization                 -0-              81,212 
					       ----------           ----------
						      -0-              25,838 
 Due from lessee                                   3,090            2,854,624 
					       ----------          ---------- 
   Total assets                                $  208,921          $5,496,454 
					       ==========          ========== 
 Liabilities and Capital
 Current liabilities
   Accrued interest payable                    $      -0-          $   45,790 
   Principal payments of first mortgage
     payable within one year                          -0-           5,785,947 
					       ----------          ---------- 
       Total current liabilities                      -0-           5,831,737 
					       ----------          ---------- 
 Capital
   Capital deficit, January 1,                   (335,283)           (430,670)
   Add, Net income: 
     January 1, 1997 through Sept. 30, 1997    28,543,508                 -0-   
     January 1, 1996 through Dec. 31, 1996            -0-             693,299 
					       ----------          ----------
					       28,208,225             262,629 
   Less, Distributions: 
     Monthly distributions,
     January 1, 1997 through Sept. 30, 1997       199,304                 -0-
     January 1, 1996 through Dec. 31, 1996            -0-             597,912 
     Distributions of sales proceeds on March
       31, 1997 and July 23, 1997              27,800,000                 -0-
					       ----------           --------- 
   Total Distributions                         27,999,304             597,912 

 Capital:
   September 30, 1997                             208,921                 -0- 
   December 31, 1996                                  -0-            (335,283)
					       ----------          ---------- 
     Total liabilities and capital:
       September 30, 1997                      $  208,921                     
					       ========== 
       December 31, 1996                                           $5,496,454 
								   ========== <PAGE>
<PAGE>

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



					   January 1, 1997    January 1, 1996
					       through            through
					 September 30, 1997  September 30, 1996


    Cash flows from operating activities:
      Net income                              $ 28,543,508        $ 517,951
    Adjustments to reconcile net income 
      to cash provided by operating activities:
    Amortization of mortgage refinancing costs      25,838           21,126 
    Gain on sale of property                   (28,361,528)             -0- 
    Changes in operating liabilities:
    Change in accrued interest payable             (45,790)          17,706
    Change in prepaid interest                         -0-            8,923 
						----------        --------- 
      Net cash provided by
	  operating activities                     162,028          565,706 
						----------        --------- 
    Cash flows from investing activities:
      Advances to lessee                           (11,899)             -0- 
      Payments from lessee                       2,863,433              -0- 
      Proceeds from sale of property            30,861,528              -0- 
						----------        --------- 
      Net cash provided by investing activities 33,713,062              -0- 
						----------        --------- 
    Cash flows from financing activities:
      Cash distributions                       (27,999,304)        (448,434)
      Principal payments on first mortgage      (5,785,947)             -0- 
      Change in due from lessee                        -0-       (2,093,679)
      Change in first mortgage                         -0-        2,004,189 
						----------        --------- 
      Net cash used in financing activities    (33,785,251)        (537,924)
						----------        --------- 
      Net increase in cash                          89,839           27,782 

    Cash, beginning of period                      115,992           88,199 
						----------        --------- 
    Cash, end of period                         $  205,831        $ 115,981     
						==========        =========     

    Cash paid for:
      Interest                                  $  191,973        $ 312,416     
						==========        ========= <PAGE>
	 
	 Garment Capitol Associates
	 September 30, 1997                                              5.





	 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
	 statement 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 Stanley Katzman, John L. Loehr and
	 Peter L. Malkin (collectively the "Partners"), each of whom also
	 acts as an agent for holders of participations in their respective
	 partnership interests in Registrant (the "Participants").

		   Registrant does 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
	 Lease, the Original Lessee assigned the Operating Lease to
	 4987 Corporation (the "New Lessee"), thereby effectively<PAGE>
         
	 Garment Capitol Associates
	 September 30, 1997                                              6.





	 terminating the liability of the Original Lessee and its partners
	 under the Operating Lease.  The shares in the New Lessee are owned
	 by the partners in the Original Lessee. 

	      From January 1, 1996 through the sale of the Property (see
	 below), the New Lessee paid Basic Rent under the Operating Lease.
	 Registrant in turn continued to pay (1) the monthly mortgage
	 payments to Apple Bank for Savings (the "Fee Mortgagee") on
	 Registrant's fee mortgage on the Property (the "Fee Mortgage");
	 (2) its monthly fee for supervisory services; and (3) monthly
	 distributions to the participants in Registrant.

		   However, after January 1, 1996, the New Lessee failed to
	 pay the New York City real estate and Business Improvement
	 District ("BID") assessments, which were due on January 1, 1996
	 (collectively, the "1/1/96 Real Estate Taxes").  As a result, the
	 New Lessee was in default under the Operating Lease as of that
	 date.

		   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 1/1/96 Real Estate Taxes, while management of
	 Registrant solicited the consent of its participants to a sale of
	 the property (the "Solicitation").  In connection with Registrant
	 forbearance, the New Lessee agreed to cooperate fully with
	 Registrant in connection with the sale of the Property and to
	 continue to perform its other obligations under the Operating
	 Lease, including payment of the Basic Rent, to enable Registrant
	 to continue its monthly distributions to the Participants and to
	 pay its supervisory fee and its monthly mortgage obligation.

		   The failure to pay the 1/1/96 Real Estate Taxes also
	 constituted a breach of Registrant's obligations under the Fee
	 Mortgage.  The Shareholders of the New Lessee (or designees on
	 their behalf) borrowed from the Fee Mortgagee a sum equal to the
	 1/1/96 Real Estate Taxes and interest thereon to the date of the
	 borrowing and further sums equal to the subsequent semi-annual
	 installments of the New York City real estate taxes and BID
	 assessments (together with the 1/1/96 Real Estate Taxes, the "Real
	 Estate Taxes") which became due.  These sums were used to fund
	 protective advances by the Fee Mortgagee to pay the Real Estate
	 Taxes and interest thereon through the purchase of subordinate
	 participating interests in the Fee Mortgage in such amounts.  As a
	 result, the Fee Mortgagee agreed to forbear from exercising rights
	 and remedies under the Fee Mortgage based on Registrant's failure
	 to pay (or cause to be paid by the New Lessee) the Real Estate
	 Taxes.

		   On July 26, 1996 management completed its Solicitation,
	 in which it expressed its belief that the Property could not be<PAGE>
	 
	 Garment Capitol Associates
	 September 30, 1997                                              7.





	 operated on a profitable basis without significant capital
	 improvements; it also opined that the program to sell the Property
	 would permit Registrant to liquidate its investment in an orderly
	 fashion and avoid the necessity of raising additional capital from
	 the participants and others to support and renovate the Property
	 while avoiding litigation costs and the risk of loss of the
	 Property through a Fee Mortgage foreclosure.

		   On January 29, 1997, Registrant, having received
	 authorization from its participants to sell the Property, entered
	 into a contract of sale of the Property at a selling price of
	 $42,000,000.  Such sale was concluded on March 27, 1997, at which
	 time the Fee Mortgage was paid in full and Registrant discontinued
	 operations.  In accordance with the Solicitation, the proceeds of
	 sale were allocated between Registrant and the New Lessee.  On
	 March 31, 1997, a distribution of $27,000,000 ($25,714 per $5,000
	 participation unit) was made to the participants out of the
	 proceeds of sale.  However, the New Lessee's share of such
	 proceeds, which according to the Solicitation amounts to
	 approximately $6,900,000, is being held by Wien & Malkin LLP,
	 60 East 42nd Street, New York, New York 10165, a related party and
	 counsel to Registrant and Original Lessee ("Counsel"), in
	 connection with litigation referred to in Part II.  Registrant's
	 receivable from the New Lessee was satisfied on March 29, 1997 by
	 the payment of the protective advances from proceeds of the sale
	 of the Property in accordance with the Solicitation.  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.

		   The balance of sale proceeds allocated to Registrant,
	 approximately $200,000, will be held by Counsel in a money market
	 fund as a reserve against legal fees and expenses in connection
	 with pending litigation as described in Part II.

		   The Original Lessee is a partnership in which Peter L.
	 Malkin and, subsequently, Mrs. Malkin are among the partners.  The
	 stockholders in the New Lessee are the individuals who constituted
	 the partners in the Original Lessee as of December 31, 1995.  The
	 Partners in Registrant are also members of Counsel. 

		   Under the Operating Lease, New Lessee paid (i) annual
	 basic rent of $1,090,000 (the "Basic Rent") to Registrant and (ii)
	 additional rent equal to 50% of New Lessee's net operating profit
	 in excess of $200,000 for each lease year (the "Additional Rent").  

		   Additional Rent income was recognized when earned from
	 the New Lessee, at the close of the lease years ending April 30.
	 Such income, if any, was not determinable until the New Lessee,
	 pursuant to the Operating Lease, rendered to Registrant a
	 certified report on the operation of the Property.  The Operating<PAGE>
	 
	 Garment Capitol Associates
	 September 30, 1997                                              8.





	 Lease did not provide for the New Lessee to render interim reports
	 to Registrant, so no Additional Rent income was reflected for the
	 period between the end of the lease year and the end of
	 Registrant's fiscal year.  

		   New Lessee reported net loss of $1,862,412 for the lease
	 year ended April 30, 1996; therefore, there was no additional rent
	 paid for such lease year.  Consequently, no additional payments
	 for supervisory services were paid to Counsel for the lease year
	 ended April 30, 1996.  The reportable information for the final
	 lease year ended March 25, 1997 is pending review and has not yet
	 been determined.

	 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 in excess of
	 the amount representing a return at the rate of 18% per annum on
	 their remaining cash investment 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 September 30, 1997 by Registrant to any of the Partners as
	 such.  Pursuant to the fee arrangements described herein,
	 Registrant paid Counsel $42,500 during the fiscal year ended
	 December 31, 1996.  Registrant also paid Counsel $10,625 of the
	 Basic Payment for supervisory services for the three month period
	 ended March 31, 1997.

		   The supervisory services provided to Registrant by
	 Counsel include legal, administrative and financial services.  The
	 legal and administrative services include acting as general
	 counsel to Registrant, maintaining all of its partnership 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 disbursements, confirmation of
	 the payment of real estate taxes, active review of financial
	 statements submitted to Registrant by the 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 prepared quarterly,
	 annual and other periodic filings with the Securities and Exchange
	 Commission and applicable state authorities.<PAGE>
         
	 Garment Capitol Associates
	 September 30, 1997                                              9.






		   The respective interests of Messrs. Katzman, Loehr and
	 Malkin, 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 pro rata 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 purpose of
	 acquiring the Property subject to the Operating Lease.  Registrant
	 was required to pay from Basic Rent the annual charges due under
	 the Fee Mortgage and the Basic Payment for supervisory services,
	 and to distribute the balance to the Participants.  Additional
	 Rent was distributed to the Participants after the Additional
	 Basic Payment and the Additional Payment was made to Counsel.  See
	 Note C of Item 1 ("Note C").  Pursuant to the Operating Lease, the
	 New Lessee assumed responsibility for the condition, operation,
	 repair, maintenance and management of the Property.  Registrant
	 was not required to maintain substantial reserves or otherwise
	 maintain liquid assets to defray any operating expenses of the
	 Property.

		   Registrant did not pay dividends.  During the three
	 month period ended March 31, 1997, Registrant made regular monthly
	 distributions of $48.58 for each $5,000 participation ($582.96 per
	 annum for each $5,000 participation).  As a result of no
	 Additional Rent being paid to Registrant for the lease year ended
	 April 30, 1996, there was no additional distribution for 1996.
	 There were no restrictions on Registrant's ability to make
	 distributions; however, the amount of such distributions,
	 particularly distributions of Additional Rent, depended solely on
	 the ability of New Lessee to make monthly payments of Basic Rent
	 and Additional Rent to Registrant in accordance with the terms of
	 the Operating Lease.  

		   Registrant's results of operations were affected
	 primarily by the amount of rent payable to it under the Operating
	 Lease. 

			  Liquidity and Capital Resources 

	      Not applicable.<PAGE>
         
	 Garment Capitol Associates
	 September 30, 1997                                             10.





				      Inflation

		   Registrant believes that there has been no material
	 change in the impact of inflation on its operations since the
	 filing of its report on Form 10-K for the year ended December 31,
	 1996, which report and all exhibits thereto are incorporated
	 herein by reference and made a part hereof.


			     PART II.  OTHER INFORMATION

	 Item 1.  Legal Proceedings

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

		   On October 4, 1996, the alleged holder of three partici-
	 pation 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 have responded to the complaint with a
	 motion seeking dismissal of the action in its entirety.  That
	 motion is now 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<PAGE>
         
	 Garment Capitol Associates
	 September 30, 1997                                             11.





	 liquidation of Registrant.  The suit seeks to enjoin the
	 allocation of sale proceeds to New Lessee approved by the
	 Participants, money damages and related relief.  Defendants have
	 moved to dismiss this complaint in its entirety.  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, Old Lessee, New Lessee and Peter
	 L. Malkin, individually and as a partner in Registrant and Old
	 Lessee and as a shareholder of the New Lessee.  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                                     12.
	 September 30, 1997







				     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 a Power of Attorney, dated
	 April 10, 1996 (the "Power").



	 GARMENT CAPITOL ASSOCIATES
	 (Registrant)



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


	 Dated:  November 25, 1997


	      Pursuant to the requirements of the Securities Exchange Act
	 of 1934, this report has been signed by the undersigned as
	 Attorney-in-Fact for each of the 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:  November 25, 1997







	 ______________________
	    *   Mr. Katzman supervises accounting functions for
		Registrant.<PAGE>
         
	 Garment Capitol Associates                                     13.
	 September 30, 1997






				    EXHIBIT INDEX


	 Number                     Document                       Page*



	 25           Power of Attorney dated April 10, 1996 
		      between Stanley Katzman, Peter L. Malkin 
		      Stanley Katzman and John L. Loehr as 
		      Partners of Registrant and Stanley Katzman 
		      and Richard A. Shapiro attached as Exhibit 
		      24 to Registrant's Annual Report on Form 
		      10-K for the year ended December 31, 1996 
		      and is incorporated herein by reference.  































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