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, 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>
		
		PART I.  FINANCIAL INFORMATION                       2.

    Item 1.  Financial Statements 

			    Garment Capitol Associates
			  Condensed Statement of Income
				 (Unaudited)            

					  For the Three Months Ended 
						  March 31,  
					      1997          1996       
Income:

Basic rent, from a related 
  party (Note B)                       $   260,780     $  272,500 
Dividend Income                                 11             11 
Interest Income                             87,951            -0- 
				       -----------      ---------               
    Total operating income                 348,742        272,511 
				       -----------      --------- 
Expenses:

Interest on mortgage                       146,183         80,156 
Supervisory services, to a 
  related party (Note C)                    10,625         10,625 
Amortization of mortgage 
  refinancing costs                         25,838          7,042 
				       -----------       -------- 
    Total expenses                         182,646         97,823 
				       -----------     ---------- 

Income from operations                     166,096     $  174,688 
						       ========== 
Gain on sale of property on 
  March 27, 1997                        28,361,528 
				       ----------- 

Net income for period                  $28,527,624 
				       =========== 
Earnings per $5,000 participation
  unit, based on 1,050 participation
  units outstanding during the year    $ 27,169.17     $   166.37 
				       ===========     ========== 
Distributions per $5,000 
  participation consisted of 
  the following:

  Income                               $ 25,856.65     $   142.36 
				       ===========     ========== 

    At March 31, 1996, there were $5,250,000 of participations outstanding.  
As of March 31, 1997, the investment of the Participants had been repaid in full
but the Participants continue to hold interests in Registrant based on their
original participating interest.<PAGE>
	      
<PAGE>                                                                    3.
			      Garment Capitol Associates
				Condensed Balance Sheet
				     (Unaudited)          

					     March 31, 1997   December 31, 1996
Assets
Current assets:
  Cash                                         $ 1,039,773         $   115,992 
						 ---------         ----------- 
  Total current assets                           1,039,773             115,992 

Real estate
  Land                                                 -0-           2,500,000 
  Building                                             -0-           8,000,000 
      Less, allowance for depreciation                 -0-           8,000,000 
					       -----------         ----------- 
						       -0-           2,500,000 
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                                   $ 1,042,863         $ 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 March 31, 1997      28,527,624                 -0- 
    January 1, 1996 through December 31, 1996          -0-             693,299 
					       -----------         ----------- 
						28,192,341             262,629 
					       -----------         ----------- 
Less, Distributions:
  Monthly distributions,
    January 1, 1997 through March 31, 1997         149,478                -0-  
    January 1, 1996 through December 31, 1996          -0-             597,912 
    Distribution of sale proceeds on March 31,
    1997                                        27,000,000                 -0- 
					       -----------         ----------- 
  Total distributions                           27,149,478             597,912 
					       -----------         ----------- 
Capital (deficit)
    March 31, 1997                               1,042,863                 -0- 
    December 31, 1996                                  -0-            (335,283)
					       -----------         ----------- 
  Total liabilities and capital:
	March 31, 1997                         $ 1,042,863                 -0- 
	December 31, 1996                              -0-         $ 5,496,454 
					       ===========         =========== <PAGE>
	      
<PAGE>                                                                4.     
			Garment Capitol Associates
		     Condensed Statement of Cash Flows
			       (Unaudited)            



					    January 1, 1997     January 1, 1996
						through             through    
					     March 31, 1997      March 31, 1996


 Cash flows from operating activities:

   Net income                                   $28,527,624        $   174,688 
   Adjustments to reconcile net income 
     to cash provided by operating 
     activities:
   Amortization of mortgage refinancing 
     costs                                           25,838              7,042 
   Gain on sale of property                     (28,361,528)
   Changes in operating liabilities:
   Change in accrued interest payable               (45,790)              (282)
						-----------        ----------- 
   Net cash provided by operating
     activities                                     146,144            181,448 
						-----------        ----------- 

 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                           (27,149,478)          (149,478)
   Principal payments on first mortgage          (5,785,947)           (31,959)
						-----------        ----------- 
   Net cash used in financing activities        (32,935,425)          (181,437)
						-----------        ----------- 
   Net increase in cash                             923,781                 11 

   Cash, beginning of period                        115,992             88,199 
						-----------        ----------- 
   Cash, end of period                          $ 1,039,773        $    88,210 
						===========        =========== 


					     January 1, 1997    January 1, 1996
						  through            through   
					      March 31, 1997     March 31, 1996

       Cash paid for:
	  Interest                              $   191,973        $    80,438 
						===========        =========== <PAGE>
	 <PAGE>
	 Garment Capitol Associates                                 Page 5.

	 March 31, 1997
	 
	 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 pre-
	 sented 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 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
	 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 are owned by the
	 partners in the Original Lessee.<PAGE>
	 <PAGE>
	 Garment Capitol Associates                                 Page 6.

	 March 31, 1997
	 
		   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, since 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, pay its
	 supervisory fee and pays 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
	 the 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
	 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.<PAGE>
	 <PAGE>
	 Garment Capitol Associates                                 Page 7.

	 March 31, 1997
		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 first 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, a
	 related party and counsel to Registrant ("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.  

		   The balance of sale proceeds allocated to Registrant,
	 $951,518 (subject to adjustment), continues to be held by Counsel
	 in a money market fund as a reserve against contingencies and to
	 cover winding up, liquidation and final accounting costs.  If the
	 full amount of this balance were distributed to Participants, each
	 holder of an original $10,000 unit (as reduced to $5,000) would
	 receive $906.21.  It cannot be determined now what costs will be
	 incurred and what contingencies may arise.  The final distribution
	 will likely occur before December 31, 1997.  

		   The Original Lessee was a partnership in which Peter L.
	 Malkin and, subsequently, Mrs. Malkin were 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 the law firm
	 of Wien & Malkin LLP, 60 East 42nd Street, New York, New York,
	 counsel to Registrant and to Original Lessee (the "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
	 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.  <PAGE>
	 <PAGE>
	 Garment Capitol Associates                                 Page 8.

	 March 31, 1997
	 

	 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 March 31, 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 included legal, administrative services and financial
	 services.  The legal and administrative services included 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,
	 and active review of financial statements submitted to Registrant
	 by the Lessee and financial statements audited by and tax
	 information prepared by Registrants' 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.

		   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 received 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, was 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
	 services rendered to Registrant and the New Lessee.<PAGE>
	 <PAGE>
	 Garment Capitol Associates                                 Page 9.

	 March 31, 1997
	 

		   As of March 31, 1997, the Partners owned of record and
	 beneficially an aggregate $50,000 of Participations, representing
	 less than 1% of the currently outstanding Participations in
	 Registrant.

		   In addition, at March 31, 1997, certain of the Partners
	 in Registrant (or their respective spouses) held additional
	 Participations in Registrant as follows:

		   Peter L. Malkin owned of record as trustee, but not
		   beneficially, $5,000 of Participations.  Mr. Malkin
		   disclaims any beneficial ownership of such
		   Participations.

		   Isabel Malkin, the wife of Peter L. Malkin, owned of
		   record and beneficially, $21,250 of Participations.
		   Mr. Malkin disclaims any beneficial ownership of such
		   Participations.  

		   Agency Holdings Associates, an affiliate of Counsel,
		   owned a $5,000 Participation.

	 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 Mortgage Loan 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.  Pursuant to the Operating Lease, the New Lessee assumed
	 sole responsibility for the condition, operation, repair, mainte-
	 nance 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.  <PAGE>
	 <PAGE>
	 Garment Capitol Associates                                Page 10.

	 March 31, 1997
	 
		   Registrant's results of operations were affected
	 primarily by the amount of rent payable to it under the Operating
	 Lease.  The following summarizes, with respect to the current
	 period and the corresponding period of the previous year, the
	 material factors affecting Registrant's results of operations for
	 such periods:

		Total income from operations increased for the
		three-month period ended March 31, 1997, as
		compared with the three-month period ended March
		31, 1996.  Such increase resulted primarily from
		interest income earned for the quarter ended March
		31, 1997.  Total expenses increased for the three
		month period ended March 31, 1997, as compared with
		the three month period ended March 31, 1996.  Such
		increase resulted from an increase in interest
		expense on the Fee Mortgage and the amortization of
		the remaining mortgage refinancing costs due to the
		payment of the Fee Mortgage from the proceeds of
		the sale of the property.

			   Liquidity and Capital Resources

		   Not applicable.

				      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
	 following 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 have responded to the complaint with a
	 motion seeking dismissal of the action in its entirety.  That<PAGE>
	 <PAGE>
	 Garment Capitol Associates                                Page 11.

	 March 31, 1997
	 
	 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
	 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.<PAGE>
	 <PAGE>
	 Garment Capital Associates                                Page 12.

	 March 31, 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*


	 Date:  May 29, 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*


	 Date:  May 29, 1997








	 ______________________
	    *   Mr. Katzman supervises accounting functions for
		Registrant.<PAGE>
	 <PAGE>
	 Garment Capital Associates                                Page 13.

	 March 31, 1997




				    EXHIBIT INDEX


		   Registrant is not filing any exhibit as part of this
	 quarterly report on Form 10-Q.