<PAGE>
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-KSB

                Annual Report Pursuant to Section 13 or 15(d) of
                         Securities Exchange Act of 1934

                                                               Commission File
For the year ended December 31, 2002                            Number 0-12210
                   -----------------                                   -------


                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
       ------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


       Maryland                                         04-2801596
-----------------------                         ------------------------
(State of organization)                      (IRS Employer Identification No.)


7 Bulfinch Place, Suite 500, P.O. Box 9507, Boston, Massachusetts      02114
-----------------------------------------------------------------   ----------
(Address of principal executive offices)                            (Zip Code)

Partnership's telephone number including area code:             (617) 570-4600
                                                                --------------

Securities registered pursuant to Section 12(b) of the Act: None
                                                            ----

Securities registered pursuant to Section 12(g) of the Act:

                      Units of Limited Partnership Interest
                      -------------------------------------
                                (Title of Class)

Indicate by check mark whether the Partnership (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
Partnership was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-B is not contained herein, and will not be contained, to the
best of Partnership's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. [ ]

The Partnership's revenues for its most recent fiscal year were $826,150.

No market exists for the limited partnership interests of the Partnership, and,
therefore, no aggregate market value can be computed.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None


<PAGE>

         Certain matters discussed herein are forward-looking statements. We
have based these forward-looking statements on our current expectations and
projections about future events. Certain, but not necessarily all, of such
forward-looking statements can be identified by the use of forward-looking
terminology, such as "believes," "expects," "may," "will," "should,"
"estimates," or "anticipates," or the negative thereof or other variations
thereof or comparable terminology. All forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause our actual
transactions, results, performance or achievements to be materially different
from any future transactions, results, performance or achievements expressed or
implied by such forward- looking statements. Although we believe the
expectations reflected in such forward-looking statements are based upon
reasonable assumptions, we can give no assurance that our expectations will be
attained or that any deviations will not be material. We disclaim any
obligations or undertaking to publicly release any updates or revisions to any
forward-looking statement contained in this annual report on Form 10-KSB to
reflect any change in our expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is based.

                                     PART I

Item 1.  Description of Business.

Organization

         Presidential Associates I Limited Partnership (the "Partnership") was
organized as a Maryland limited partnership under the Maryland Revised Uniform
Limited Partnership Act on July 20, 1983, for the purpose of investing in
Presidential Towers Ltd. (the "Operating Partnership"), an Illinois limited
partnership organized for the purpose of building, owning and operating a
residential apartment complex in downtown Chicago, Illinois (the "Project").

         The general partners of the Partnership are Winthrop Financial Co.,
Inc., a Massachusetts corporation ("Winthrop Financial"), and Linnaeus-Phoenix
Associates Limited Partnership ("Linnaeus-Phoenix"). Winthrop Financial is the
Partnership's managing general partner. Collectively, Winthrop Financial and
Linnaeus-Phoenix are referred to herein as the "General Partners." Winthrop
Financial is a wholly-owned subsidiary of First Winthrop Corporation which is
wholly owned by Winthrop Financial Associates, A Limited Partnership ("WFA").
See "Employees" below.

         The only business of the Partnership is investing as a limited partner
in the Operating Partnership. As of the date hereof, the general partners of the
Operating Partnership are (i) McHugh Levin Associates Venture ("McHugh Levin"),
an Illinois limited partnership whose general partners are James P. McHugh and
Daniel E. Levin, (ii) Madison-Canal Company, an Illinois limited partnership
whose general partner is Daniel J. Shannon and (iii) TKI Presidential Partners.

         As of the date hereof, the Partnership holds a 19.998% limited
partnership interest in the Operating Partnership. In exchange for this interest
the Partnership made a capital contribution of $33,172,524 to the Operating
Partnership. See "Restructuring of Operating Partnership."


                                        2
<PAGE>

Development

         The Partnership was initially capitalized with contributions totaling
$300 from the General Partners. In September 1983, the Partnership completed a
private offering of 590 units of limited partnership interest (the "Units")
pursuant to Regulation D under the Securities Act of 1933. The Partnership
raised $59,000,000 in capital contributions from 545 investor limited partners
(the "Limited Partners"). Of the $59,000,000 raised, $697,380 was received upon
the Limited Partners' admission to the Partnership, and the balance was paid in
installments pursuant to the terms of promissory notes (the "Investor Notes")
delivered to the Partnership by the Limited Partners. The last installment was
due on January 15, 1990. As of March 1, 2003, $44, 183 of this installment
remains uncollected.

         The General Partners and the general partners of the Operating
Partnership projected that reserves and deficit loans would be sufficient to
fund operations until the Project could achieve break-even operations. However,
due to lower than projected revenues and higher than projected real estate
taxes, the Project's cash flow deficit was significantly higher than
anticipated, and thus the reserves were depleted sooner than anticipated.

Restructuring of Operating Partnership

         After failing to meet its mortgage obligations, the mortgage loan on
the Project was assigned by the lender to the Department of Housing and Urban
Development ("HUD") which had insured the mortgage. The Operating Partnership
and HUD entered into a written tentative Restructuring Agreement (the
"Restructuring Agreement") in December 1991. The Restructuring Agreement, which
was implemented on April 18, 1995 and was approved by a majority in interest of
the limited partners of the Partnership, provided for the split of the then
existing mortgage note into two new mortgage notes. This was designed to afford
the Project achievable debt service obligations under the Restructuring
Agreement. Both new mortgage notes were to mature on the same date as the
original mortgage loan, September 1, 2028. HUD, however, had the right to
accelerate the obligations evidenced by the notes at any time after June 1,
2015. This loan was subsequently refinanced in January 2001. See "Refinancing of
HUD Loan" below.

         Each of the notes was prepayable in whole or in part at any time
without penalty. The first mortgage note, in the original principal amount of
$127,000,000, bore interest at an annual rate of 8.1%. All accrued and unpaid
interest was to be compounded annually at the rate of 8.1%. The first mortgage
note consisted of two tiers. The first tier, in the principal amount of
$71,000,000, was to be repaid through level monthly payments which amortizes the
debt over the remaining loan term. A service charge payable to HUD in the amount
of 0.5% per annum of the then outstanding principal mortgage balance was payable
monthly. The secondary tier note was in the amount of $56,000,000. The secondary
tier required semi-annual payments of principal and interest in an amount equal
to 80% of the Project's net cash flow; provided, however, that commencing on the
tenth anniversary of the closing (June 1, 2005), the semi-annual payments were
to be in an amount equal to the greater of (i) 80% of the Project's net cash
flow or (ii) a fixed minimum payment of $164,025 that increased each year
between the eleventh year and


                                       3
<PAGE>

twentieth year after closing. The Operating Partnership made payments
aggregating $1,300,000 on account of the secondary tier during 1998. The annual
HUD 0.5% service charge accrues on the then outstanding principal amount of the
second tier and will be due only upon prepayment in full of the first mortgage
note or maturity of the first mortgage note. In addition, the Operating
Partnership was obligated to reduce the secondary tier's principal by a total of
$10,000,000 over a six year period expiring June 1, 2001. This $10,000,000
obligation had been funded as described below.

         The original principal amount of the second mortgage note was
$63,001,421. The second mortgage note bore no interest and was payable from
available proceeds from a sale or refinancing of the Project. While the new
second mortgage note bore no interest, after payment in full of the principal
amount of the second mortgage note from the proceeds of a sale or refinancing of
the Project, 40% of all additional sale or refinancing proceeds were to be paid
to HUD until HUD received $20,000,000 in excess of the principal amount of the
second mortgage note. HUD had the right to call this second note at any time on
or after June 1, 2015. The Restructuring Agreement also required the Operating
Partnership to establish a deficit escrow account of $3,000,000 over a six year
period from sources other than the operating revenues of the Project to provide
additional collateral security for the mortgages. The two capital requirements
described above (the $10,000,000 reduction to the first mortgage note's second
tier and the $3,000,000 deficit escrow account) necessitated raising $13,000,000
of new equity (available over six years, as required).

         In order to implement the Restructuring Agreement and raise the
$13,000,000 of new equity, a third party investor, TKI Presidential Partners
("TKI"), was admitted to the Operating Partnership as a general partner. TKI
agreed to contribute $14,000,000 over a six year period (as required by the
Restructuring Agreement with HUD) in exchange for a 79% general partnership
interest in the Operating Partnership, 79% of all future distributions by the
Operating Partnership of operating cash flow, a preferential return of its
capital contribution from the proceeds of a sale or refinancing, 79% of all
additional proceeds of a sale or refinancing, 100% of all future tax losses of
the Operating Partnership and effective control, through rights to approve or
initiate certain actions, over all major business decisions affecting the
Operating Partnership. As a result of TKI's investment, the Partnership's
interest in the Operating Partnership was reduced from a 94.99% limited
partnership interest to a 19.998% limited partnership interest and certain
control rights over major business decisions of the Operating Partnership were
transferred to TKI. As of December 31, 2001, TKI had funded all of its
$14,000,000 obligation. Pursuant to the terms of the Partnership Agreement of
the Operating Partnership, the Partnership is entitled to receive a distribution
from the Operating Partnership to reimburse it for its administrative expenses
and professional fees up to an annual maximum of $30,000. In addition, the
Operating Partnership made distributions to the Partnership during 2001 and 2002
of $2,177,038 and $799,920, respectively.

Refinancing of HUD Note

         On January 10, 2001, the Operating Partnership purchased the two
mortgage notes from HUD by refinancing the Project with a new first mortgage
loan secured by the Project with a


                                       4
<PAGE>

third party lender. The new mortgage requires payments of interest only at a
rate of 6.55% per annum and matures on February 1, 2011. The Operating
Partnership recognized an extraordinary gain for financial reporting purposes of
$60,312,097. As a result of the refinancing, the regulatory agreements with HUD
and the Restructuring Agreement were terminated. As a result of this
refinancing, TKI's priority return was satisfied and the preferred return due
HUD was extinguished. Accordingly, depending on the property's operating
results, it is expected that the Partnership will receive annual distributions
from the Operating Partnership.

Employees

         The Partnership has no employees. On December 16, 1997, Winthrop
Financial and certain of its affiliates entered into a Services Agreement with
Coordinated Services of Valdosta, LLC ("Coordinated Services") pursuant to which
Coordinated Services was retained to provide asset management and investor
services to the Partnership and certain affiliated partnerships. As a result of
this agreement, Coordinated Services has the right to direct the day to day
affairs of the Partnership, including, without limitation, reviewing and
analyzing potential sale, refinancing or restructuring proposals by the
Operating Partnership, preparation of all Partnership reports, maintaining
Partnership records and maintaining bank accounts of the Partnership.
Coordinated Services is not permitted, however, without the consent of Winthrop
Financial, or as otherwise required under the terms of the Partnership's
Agreement of Limited Partnership (the "Partnership Agreement") to, among other
things, cause the Partnership to consent to a sale of an asset or cause the
Partnership to file for bankruptcy. As compensation for providing these
services, Winthrop Financial and its affiliates assigned to Coordinated Services
all of their right to receive fees from the Partnership as provided in the
Partnership Agreement. See "Item 12, Certain Relationships and Related
Transactions."

Item 2.  Description of Properties.

         The Partnership has no properties other than its interest in the
Operating Partnership. For a description of the properties of the Operating
Partnership, see Item 1, Description of Business.

Item 3.  Legal Proceedings.

         To the best of the Partnership's knowledge, there is no material
pending legal proceedings to which it is a party.

Item 4.  Submission of Matters to a Vote of Security Holders.

         No matter was submitted to a vote of security holders during the period
covered by this report.



                                       5
<PAGE>

                                     PART II

Item 5.  Market for the Partnership's Common Stock and Related Security Holder
         Matters.

         The Partnership is a limited partnership and thus has no common stock.
There is no established public trading market for the Units of limited
partnership interest in the Partnership. Trading in Units is sporadic and occurs
solely through private transactions.

         As of March 1, 2003, there were approximately 550 holders of 590
outstanding Units.

         The Partnership Agreement requires that Cash Flow (as defined therein)
be distributed to the partners in specified proportions at reasonable intervals
during the fiscal year and in any event no later than 60 days after the close of
each fiscal year. There are no restrictions on the Partnership's present or
future ability to make distributions of cash flow. For the years ended December
31, 2001 and 2002, the Partnership made distributions to its limited partners of
approximately $815,590 ($1,382.36 per Unit) and $197,980 ($335.56 per unit)
respectively, and $4,119 and $1,000 to each of the General Partner and the
special limited partner. See Item 6 "Management's Discussion and Analysis or
Plan of Operation" for the Partnership's ability to make distributions in the
future.

         On November 30, 2001, Equity Resource Lexington Fund Limited
Partnership ("Equity Resource") made a tender offer to purchase up to 200 Units
at a purchase price of $5,000 per Unit, pursuant to the terms and conditions of
an Offer to Purchase dated November 30, 2001, and the related Letter of
Transmittal (together, the "Equity Resource Offer"). It is possible that
additional tender offers may be made for Units in the future. However, tender
offers for Units are generally made with a view towards making a profit and are
at prices below the perceived per unit liquidation value of the Partnership.

         Further, over the past few years many companies have begun making
"mini-tenders" (offers to purchase an aggregate of less than 5% of the total
outstanding units) for limited partnership interests in the Partnership.
Pursuant to the rules of the Securities and Exchange Commission, when a tender
offer is commenced for Units the Partnership is required to provide limited
partners with a statement setting forth whether it believes limited partners
should tender or whether it is remaining neutral with respect to the offer.
Unfortunately, the rules of the Securities and Exchange Commission do not
require that the bidders in certain tender offers provide the Partnership with a
copy of their offer. As a result, the General Partners often do not become aware
of such offers until shortly before they are scheduled to expire or even after
they have expired. Accordingly, the General Partners do not have sufficient time
to advise you of its position on the tender. In this regard, please be advised
that pursuant to the discretionary right granted to the General Partners of the
Partnership in the Partnership Agreement to reject any transfers of units, the
General Partners will not permit the transfer of any Unit in connection with a
tender offer unless: (i) the Partnership is provided with a copy of the bidder's
offering materials, including amendments thereto, simultaneously with their
distribution to the limited partners; (ii) the offer provides for withdrawal
rights at any time prior to the expiration date of the offer and, if payment is
not made by the bidder within 60 days of the date of the offer, after


                                       6
<PAGE>

such 60 day period; and (iii) the offer must be open for at least 20 business
days and, if a material change is made to the offer, for at least 10 business
days following such change.



                                       7
<PAGE>

Item 6.  Management's Discussion and Analysis or Plan of Operation.

         The matters discussed in this Form 10-KSB contain certain
forward-looking statements and involve risks and uncertainties (including
changing market conditions, competitive and regulatory matters, etc.) detailed
in the disclosure contained in this Form 10-KSB and the other filings with the
Securities and Exchange Commission made by the Partnership from time to time.
The discussion of the Partnership's business and results of operations,
including forward-looking statements pertaining to such matters, does not take
into account the effects of any changes to the Partnership's business and
results of operation. Accordingly, actual results could differ materially from
those projected in the forward-looking statements as a result of a number of
factors, including those identified herein.

Liquidity and Capital Resources

         The Partnership's primary source of liquidity is distributions from the
Operating Partnership. As a result of the restructuring, the Partnership is
entitled to receive a distribution from the Operating Partnership to reimburse
it for its administrative expenses and professional fees up to an annual maximum
of $30,000 to cover these costs. During 2002, the Partnership received
distributions totaling $799,920 from the Operating Partnership as compared to
$2,177,038 in 2001. On January 10, 2001, the Operating Partnership purchased the
two mortgage notes from HUD by refinancing the Project with a new first mortgage
loan secured by the Project with a third party lender. The new mortgage requires
payments of interest only at a rate of 6.55% per annum and matures on February
1, 2011. The Operating Partnership recognized an extraordinary gain in 2001 for
financial reporting purposes of $60,312,097. As a result of the refinancing, the
regulatory agreements with HUD and the Restructuring Agreement were terminated.
As a result of this refinancing, TKI's priority return was satisfied and the
preferred return due HUD was extinguished. Accordingly, depending on the
property's operating results, it is expected that the Partnership will receive
annual distributions from the Operating Partnership.

         The Partnership's liquidity, based on its cash and cash equivalents,
was $2,253,338 at December 31, 2002 as compared to $1,645,551 at December 31,
2001. This increase was due to $805,418 of cash provided by operating activities
which was partially offset by $197,631 of cash used in financing activities.
Cash used in financing activities consisted of $199,980 of distributions to
partners which was slightly offset by $2,349 of contributions from investor
limited partners.

         The Partnership's liquid assets currently thought to be sufficient for
any near-term needs of the Partnership.




                                       8
<PAGE>


Results of Operations

         The Partnership's net income for the year ended December 31, 2002 was
$805,418 as compared to $2,191,044 for the year ended December 31, 2001. This
increase was due primarily to a decrease in distributions from the Operating
Partnership from $2,177,038 for the year ended December 31, 2001 to $799,920 for
the year ended December 31, 2002. This decrease was due to the refinancing of
the Operating Partnership's loan during the year ended December 31, 2001 which
generated significant net proceeds to the Operating Partnership. Also
contributing to the decrease in net income as an increase in expenses of $6,457
and a decrease in interest income of $2,051.

         As discussed above, future operation of the Partnership are subject to
the Operating Partnership's ability to make distributions to the Partnership.
Expenses are expected to remain relatively constant for future periods.





                                       9
<PAGE>



                  Presidential Associates I Limited Partnership

                                TABLE OF CONTENTS



                                                               PAGE

INDEPENDENT AUDITORS' REPORT                                    11

FINANCIAL STATEMENTS

                  BALANCE SHEETS                                12

                  STATEMENTS OF INCOME                          13

                  STATEMENTS OF PARTNERS' EQUITY (DEFICIT)      14

                  STATEMENTS OF CASH FLOWS                      15

                  NOTES TO FINANCIAL STATEMENTS                 16




                                       10
<PAGE>


                          INDEPENDENT AUDITORS' REPORT


To the Partners
Presidential Associates I Limited Partnership

         We have audited the accompanying balance sheets of Presidential
Associates I Limited Partnership as of December 31, 2002 and 2001, and the
related statements of income, partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

         We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

         In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Presidential
Associates I Limited Partnership as of December 31, 2002 and 2001, and the
results of its operations, changes in partners' equity (deficit) and its cash
flows for the years then ended, in conformity with accounting principles
generally accepted in the United States of America.




Bethesda, Maryland
March 21, 2003



                                       11
<PAGE>

                  Presidential Associates I Limited Partnership

                                 BALANCE SHEETS

                           December 31, 2002 and 2001


                                     ASSETS

                                                     2002             2001
                                               --------------  ---------------

Cash and cash equivalents                        $ 2,253,338      $ 1,645,551
                                               --------------  ---------------

                                                 $ 2,253,338      $ 1,645,551
                                               ==============  ===============


                   LIABILITIES AND PARTNERS' EQUITY (DEFICIT)


PARTNERS' EQUITY (DEFICIT)                       $ 2,253,338      $ 1,645,551
                                               --------------  ---------------

                                                 $ 2,253,338      $ 1,645,551
                                               ==============  ===============


                        See notes to financial statements

                                       12
<PAGE>



                  Presidential Associates I Limited Partnership

                              STATEMENTS OF INCOME

                            Years ended December 31,


                                                          2002          2000
                                                      -----------   -----------
Expenses
   Other                                              $    20,732   $    14,275
                                                      -----------   -----------
                                                          (20,732)      (14,275)

Other income
   Distribution from operating partnership                799,920     2,177,038
   Interest income                                         26,230        28,281
                                                      -----------   -----------
   NET INCOME                                         $   805,418   $ 2,191,044
                                                      ===========   ===========

Units of investor limited partnership interest
 outstanding                                                  590           590
                                                      ===========   ===========

Net income allocated to general partner               $     4,027   $    10,955
                                                      ===========   ===========

Net income allocated to special limited partner       $     4,027   $    10,955
                                                      ===========   ===========

Net income allocated to investor limited partners     $   797,364   $ 2,169,134
                                                      ===========   ===========

Net income per unit of investor limited partnership
 interest outstanding                                 $     1,351   $     3,676
                                                      ===========   ===========


                        See notes to financial statements

                                       13
<PAGE>




                  Presidential Associates I Limited Partnership

                    STATEMENTS OF PARTNERS' EQUITY (DEFICIT)

                     Years ended December 31, 2002 and 2001


<TABLE>
<CAPTION>
                                           Special limited
                           General partner     partner
                           --------------- ---------------
                                              Phoenix
                              Winthrop        Associates
                             Financial         Limited     Investor limited
                            Company, Inc.    Partnership       partners          Total
                            ------------     -----------     ------------     ------------
<S>                         <C>              <C>             <C>              <C>
Partners' equity (deficit),
 December 31, 2000           $ (270,757)     $ (572,666)     $ 1,112,196      $   268,773

Capital contributions               100               -           56,095           56,195

Less capital contributions
 not yet received                  (100)              -          (46,533)         (46,633)

Distributions                    (4,119)         (4,119)        (815,590)        (823,828)

Net income                       10,955          10,955        2,169,134        2,191,044
                             -----------     -----------     ------------     ------------

Partners' equity (deficit),
 December 31, 2001             (263,921)       (565,830)       2,475,302        1,645,551

Capital contributions               100               -           46,532           46,632

Less capital contributions
 not yet received                  (100)              -          (44,183)         (44,283)

Distributions                    (1,000)         (1,000)        (197,980)        (199,980)

Net income                        4,027           4,027          797,364          805,418
                             -----------     -----------     ------------     ------------

Partners' equity (deficit),
 December 31, 2002           $ (260,894)     $ (562,803)     $ 3,077,035      $ 2,253,338
                             ===========     ===========     ============     ============
</TABLE>




                        See notes to financial statements

                                       14
<PAGE>






                  Presidential Associates I Limited Partnership

                            STATEMENTS OF CASH FLOWS

                          Years ended December 31, 2002


                                                     2002             2001
                                               --------------   --------------

Cash flows from operating activities
   Net income                                      $ 805,418      $ 2,191,044
                                               --------------   --------------

      Net cash provided by operating activities      805,418        2,191,044
                                               --------------   --------------

Cash flows from financing activities
   Distributions to partners                        (199,980)        (823,828)
   Contributions from investor limited partners        2,349            9,562
                                               --------------   --------------

      Net cash used in financing activities         (197,631)        (814,266)
                                               --------------   --------------

      NET INCREASE IN CASH
         AND CASH EQUIVALENTS                        607,787        1,376,778

Cash and cash equivalents, beginning               1,645,551          268,773
                                               --------------   --------------

Cash and cash equivalents, end                   $ 2,253,338      $ 1,645,551
                                               ==============   ==============



                        See notes to financial statements

                                       15
<PAGE>


                  Presidential Associates I Limited Partnership

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2002 and 2001


NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Presidential Associates I Limited Partnership (the "partnership") was organized
under the laws of the State of Maryland on July 1, 1983 to acquire a limited
partnership interest in Presidential Towers, Ltd. (the "operating partnership").

Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenue and expenses during
the reporting period. Actual results could differ from those estimates.

Investment in the Operating Partnership

The investment in the operating partnership is reported using the equity method
of accounting, under which the initial investment is recorded at cost, increased
or decreased by the partnership's share of income or losses, and decreased by
distributions. The investment cannot be reduced below zero.

Federal and State Income Taxes

No provision or benefit for income taxes has been included in these financial
statements since taxable income or loss passes through to, and is reportable by,
the partners individually.

Cash Equivalents

For the purposes of the statements of cash flows, the partnership considers all
highly liquid financial instruments, which consist of a money market account and
amounts invested under a repurchase agreement, purchased with maturities of
three months or less, to be cash equivalents. The carrying amount approximates
fair value because of the short maturity of these instruments.




                                       16
<PAGE>


                  Presidential Associates I Limited Partnership

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2002 and 2001


NOTE B - CONCENTRATION OF CREDIT RISK

The partnership maintains its cash balances in two banks. The balances are
insured by the Federal Deposit Insurance Corporation up to $100,000. As of
December 31, 2002, the uninsured portion of the cash balances was $2,054,337.

NOTE C - INVESTMENT IN OPERATING PARTNERSHIP

The partnership held a 94.99% interest in the operating partnership which
constructed, owns and operates four 49-story residential and commercial towers
in Chicago, Illinois. During 1995, the partnership agreed to the restructuring
of the operating partnership which included the admission of an additional
general partner and an amendment to the operating partnership's partnership
agreement. The amendment resulted in the partnership's interest in the operating
partnership being reduced to 19.998%. Further, all losses from the operating
partnership are allocated to the new general partner. Special allocations apply
to the allocation of the proceeds of capital transactions and cancellation of
indebtedness.

On January 10, 2001, the operating partnership refinanced its existing mortgages
into a first mortgage note which resulted in an extraordinary gain of
$60,312,097 on extinguishment of debt in 2001.

The following is a summary of the financial position of the operating
partnership at December 31, 2002 and 2001, and a summary of its results of
operations for the years ended December 31, 2002 and 2001, prepared in
conformity with accounting principles generally accepted in the United States of
America.



                                       17
<PAGE>
                  Presidential Associates I Limited Partnership

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2002 and 2001


NOTE C - INVESTMENT IN OPERATING PARTNERSHIP (Continued)


<TABLE>
<CAPTION>
                                                                   2002            2001
                                                               ------------    ------------
<S>                                                            <C>             <C>
                                 BALANCE SHEETS


ASSETS
    Buildings, improvements and personal property, net of
    accumulated depreciation of $103,674,168 and
    $97,645,080, respectively                                  $49,818,089     $ 55,583,701
    Land                                                         7,798,111        7,798,111
    Other assets                                                 7,456,357        7,453,713
                                                               ------------    ------------
    Total assets                                               $65,072,557     $ 70,835,525
                                                               ============    ============

LIABILITIES
  Mortgages payable                                            $133,000,000    $133,000,000
  Other liabilities                                               8,286,109       8,157,690
                                                               ------------    ------------

                                                                141,286,109     141,157,690
Partners' deficit                                               (76,213,552)    (70,322,165)
                                                               ------------    ------------
                                                               $ 65,072,557    $ 70,835,525
                                                               ============    ============

                            STATEMENTS OF OPERATIONS

                                                                      2002         2001
                                                               ------------    ------------
Revenue
  Rental                                                       $ 29,928,647      33,830,310
  Other                                                           1,566,497       1,611,726
  Interest                                                           52,510         333,409
  Extraordinary gain                                                      -      60,312,097
                                                               ------------    ------------
                                                                 31,547,654      96,087,542
                                                               ------------    ------------
Expenses
  Operating expenses                                             26,670,645      26,381,533
  Amortization                                                      142,454         140,025
  Depreciation                                                    6,625,942       6,694,650
                                                               ------------    ------------
                                                                 33,439,041      33,216,208
                                                               ------------    ------------

    NET INCOME (LOSS)                                          $ (1,891,387)   $ 62,871,334
                                                               ============    ============
</TABLE>



                                       18
<PAGE>
                  Presidential Associates I Limited Partnership

                          NOTES TO FINANCIAL STATEMENTS

                           December 31, 2002 and 2001


NOTE C - INVESTMENT IN OPERATING PARTNERSHIP (Continued)

The unrecognized portion of cumulative losses will be offset against the
partnership's share of future income from Presidential Towers, Ltd. The
cumulative unrecognized loss at December 31, 2002 and 2001 is $28,517,667.

NOTE D - RECONCILIATION OF NET INCOME

There are no differences between the partnership's income for tax and financial
statement purposes for 2002.

The partnership's income for tax purposes for 2001 is less than its income for
financial statement purposes by $299,970 to reflect distributions from the
operating partnership recognized in 2001 for financial statement purposes which
were recognized in 2000 for tax purposes.

In addition, there is no difference between buildings and improvements as
recorded for tax purposes and financial statement purposes by the operating
partnership for 2002 and 2001.

The difference between the investment in the operating partnership for tax
purposes and financial statement purposes is due to the difference in the losses
not recognized under the equity method of accounting which are recorded for
income tax purposes as well as a gain on extinguishment of debt in prior years
which was recorded for financial statement purposes only. The balance of the
investment in the operating partnership for tax purposes is $(83,990,156) at
December 31, 2002 and 2001.




                                       19
<PAGE>

Item 8.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure.

         None.



                                       20
<PAGE>

                                    PART III

Item 9.  Directors, Executive Officers, Promoters and Control Persons;
         Compliance with Section 16(a) of the Exchange Act.

         The Partnership has no officers or directors. Winthrop Financial
manages and controls substantially all of the Partnership affairs and has
general responsibility and ultimate authority in all matters affecting its
business. As of March 1, 2003, names of the directors and executive officers of
Winthrop Financial and the position held by each of them are as follows:


                                                                 Has Served as
                        Position Held with the                   a Director or
Name                    Managing General Partner                 Officer Since
----                    ------------------------                 -------------

Michael L. Ashner       Chief Executive Officer and Director          1-96

Thomas C. Staples       Chief Financial Officer                       1-99

Peter Braverman         Executive Vice President and Director         1-96

Patrick J. Foye         Vice President - Residential and Director    10-98

Carolyn Tiffany         Chief Operating Officer and Clerk            10-95

         Michael L. Ashner, age 50, has been the Chief Executive Officer of
Winthrop Financial Associates, A Limited Partnership ("WFA") and the Managing
General Partner since January 15, 1996. Since August 19, 2002, Mr. Ashner has
also served as the Chief Executive Officer of Shelbourne Properties I Inc.,
Shelbourne Properties II Inc. and Shelbourne Properties III Inc. (collectively,
the "Shelbourne REITs"), three publicly traded real estate investment trusts.
Mr. Ashner also currently serves as a Director of each of the Shelbourne REITs,
Great Bay Hotel and Casino Inc., and NBTY, Inc.

         Thomas C. Staples, age 47, has been the Chief Financial Officer of WFA
since January 1, 1999. From March 1996 through December 1998, Mr. Staples was
Vice President/Corporate Controller of WFA. From May 1994 through February 1996,
Mr. Staples was the Controller of the Residential Division of Winthrop
Management.

         Peter Braverman, age 51, has been a Vice President of WFA and the
Managing General Partner since January 1996. Since August 19, 2002, Mr.
Braverman has also served as the Executive Vice President of each of the
Shelbourne REITs. Mr. Braverman serves as a director of the Shelbourne REITs.

         Patrick J. Foye, age 45, has been Vice President-Residential and
Director of the Managing General Partner since October 1, 1998. Mr. Foye has
served as Executive Vice


                                       21
<PAGE>

President and director of Apartment Investment and Management Company ("AIMCO")
since May 1998. Prior to joining AIMCO, Mr. Foye was a partner in the law firm
of Skadden, Arps, Slate, Meagher & Flom LLP from 1989 to 1998 and was Managing
Partner of the firm's Brussels, Budapest and Moscow offices from 1992 through
1994. Mr. Foye is also Deputy Chairman of the Long Island Power Authority and
serves as a member of the New York State Privatization Council. He received a
B.A. from Fordham College and a J.D. from Fordham University Law School.

         Carolyn Tiffany, age 36, has been employed with WFA since January 1993.
Since December 1997, Ms. Tiffany has served as the Chief Operating Officer of
WFA. In addition, since August 19, 2002, Ms. Tiffany has served as the Chief
Financial Officer of each of the Shelbourne REITs.

         One or more of the above persons are also directors or officers of a
general partner (or general partner of a general partner) of the following
limited partnerships which either have a class of securities registered pursuant
to Section 12(g) of the Securities and Exchange Act of 1934, or are subject to
the reporting requirements of Section 15(d) of such Act: Winthrop Partners 79
Limited Partnership; Winthrop Partners 80 Limited Partnership; Winthrop
Residential Associates I, A Limited Partnership; Winthrop Residential Associates
II, A Limited Partnership; Winthrop Residential Associates III, A Limited
Partnership; 1999 Broadway Associates Limited Partnership; Nantucket Island
Associates Limited Partnership; Riverside Park Associates Limited Partnership;
Springhill Lake Investors Limited Partnership; Twelve AMH Associates Limited
Partnership; Winthrop California Investors Limited Partnership; Winthrop Growth
Investors I Limited Partnership; and Fairfield Inn by Marriott Limited
Partnership.

         In addition, each of the foregoing officers and directors other than
Mr. Foye hold similar positions with Newkirk MLP Corp., GFB-AS Manager Corp. and
AP-PCC III, L.P., entities that through one or more subsidiaries manage over 200
limited partnerships that hold title to real property including, commercial
properties, residential properties and assisted living facilities.

         Except as indicated above, neither the Partnership nor Winthrop
Financial has any significant employees within the meaning of Item 401(b) of
Regulation S-B. There are no family relationships among the officers and
directors of Winthrop Financial.

         Based solely upon a review of Forms 3 and 4 and amendments thereto
furnished to the Partnership under Rule 16a-3(e) during the Partnership's most
recent fiscal year and Forms 5 and amendments thereto furnished to the
Partnership with respect to its most recent fiscal year, the Partnership is not
aware of any director, officer, beneficial owner of more than ten percent of the
units of limited partnership interest in the Partnership that failed to file on
a timely basis, as disclosed in the above Forms, reports required by section
16(a) of the Exchange Act during the most recent fiscal year or prior fiscal
years.

         Effective December 16, 1997, Winthrop Financial and certain of its
affiliates entered into an agreement with Coordinated Services of Valdosta, LLC
("Coordinated Services") to provide for the daily asset and property management
services and investor services for the Partnership. See "Item 11, Security
Ownership of Certain Beneficial Owners and Management." Coordinated


                                       22
<PAGE>

Services of Valdosta LLC is a Georgia limited liability corporation with
headquarters in Valdosta, Georgia. Founded in 1997, its managing member is
Investor Service Group, Inc., a Georgia Corporation. The principals of Investor
Service Group are Mary T. Johnson and James L. Dewar, Jr.

         Mary T. Johnson is the Manager of Coordinated Services. Ms. Johnson is
also Executive Vice President of Dewar Realty, Inc. and Dewar Properties, Inc.
Ms. Johnson is a graduate of Valdosta State University and is a licensed Georgia
Real Estate Broker. Ms. Johnson has over 20 years of experience in property
management, asset management, investor services, and development of apartment
and assisted living properties. Ms. Johnson is currently responsible for the
asset management of over 150 investor partnerships and property management of
over 50 apartment communities.

         James L. Dewar, Jr. is the founder of Dewar Realty, Inc. and Dewar
Properties, Inc. Mr. Dewar is a graduate of the University of Georgia and is a
licensed Georgia Real Estate Broker. Mr. Dewar has 32 years experience in real
estate construction, property management and development of apartment and
assisted living properties. Mr. Dewar has produced over $100 million in
conventional and government funded family and elderly apartment communities.

Item 10. Executive Compensation.

                  The Partnership is not required to and did not pay any
compensation to the officers or directors of the General Partner. The General
Partners do not presently pay any compensation to any of its officers or
directors. (See Item 12, "Certain Relationships and Related Transactions.")

Item 11. Security Ownership of Certain Beneficial Owners and Management.

         (a)      Security ownership of certain beneficial owners.

         The Partnership is a limited partnership and has issued Units of
limited partnership interest. The Units are not voting securities, except that
the consent of the Limited Partners is required to approve or disapprove certain
transactions including the removal of a General Partner, certain amendments to
the Partnership Agreement, the dissolution of the Partnership or the sale of all
or substantially all of the assets of the Partnership. No Limited Partner owns
beneficially more than 5% of the Units in the Partnership.

         No other person or group is known by the Partnership to be the
beneficial owner of more than 5% of the outstanding partnership interest as of
the date of this Annual Report.





                                       23
<PAGE>

         (b)      Security Ownership of Management.

         One Unit of limited partnership interest is owned by a limited partner
of Linnaeus who is also a limited partner of the general partner of WFA and a
former employee and officer of WFA, Winthrop Financial and First Winthrop
Corporation. In addition, WFA owns two units of limited partnership interest. No
other officer, director or partner of Winthrop Financial or Linnaeus-Phoenix
owns any Units as of the date hereof in his individual capacity.

         (c)      Changes in Control.

         As a result of the implementation of the Restructuring Agreement in
1995, TKI Presidential Partners, in exchange for a commitment to make a capital
contribution of $14,000,000 to the Operating Partnership over 6 years, acquired
certain control rights over major business decisions of the Operating
Partnership previously held by the Partnership, or WFC Realty Co., Inc. In
addition, as a result of the Restructuring Agreement the Partnership's interest
in the Operating Partnership was reduced from 94.99% to 19.998%.

         On December 16, 1997, the Managing General Partner and certain of its
affiliates entered into a Services Agreement with Coordinated Services pursuant
to which Coordinated Services was retained to provide asset management and
investor services to the Partnership and certain affiliated partnerships. As a
result of this agreement, Coordinated Services has the right to direct the day
to day affairs of the Partnership, including, without limitation, reviewing and
analyzing potential sale, refinancing or restructuring proposals by the
Operating Partnership, preparation of all Partnership reports, maintaining
Partnership records and maintaining bank accounts of the Partnership.
Coordinated Services is not permitted, however, without the consent of Winthrop
Financial, or as otherwise required under the terms of the Partnership Agreement
to, among other things cause the Partnership to consent to a sale of an asset or
cause the Partnership to file for bankruptcy. As compensation for providing
these services, Winthrop Financial and its affiliates assigned to Coordinated
Services all of their right to receive fees from the Partnership as provided in
the Partnership Agreement

Item 12. Certain Relationships and Related Transactions.

         (a)      Transactions with Management and Others.

         None




                                       24
<PAGE>

Item 13. Controls and Procedures

         Winthrop Financial's principal executive officer and principal
financial officer have, within 90 days of the filing date of this annual report,
evaluated the effectiveness of the Partnership's disclosure controls and
procedures (as defined in Exchange Act Rules 13a - 14(c) and have determined
that such disclosure controls and procedures are adequate. There have been no
significant changes in the Partnership's internal controls or in other factors
that could significantly affect such internal controls since the date of
evaluation. Accordingly, no corrective actions have been taken with regard to
significant deficiencies or material weaknesses.

Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

(a)      Exhibits:

         The Exhibits listed on the accompanying Index to Exhibits are filed as
part of this Annual Report and incorporated in this Annual Report as set forth
in said Index.

(b)      Reports on Form 8-K - None



                                       25
<PAGE>

                                   SIGNATURES

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

                                         PRESIDENTIAL ASSOCIATES I LIMITED
                                         PARTNERSHIP

                                         By:  Winthrop Financial Co., Inc.,
                                              Managing General Partner

                                              By: /s/ Michael L. Ashner
                                                 ------------------------------
                                                      Michael Ashner
                                                      Chief Executive Officer

                                              Date:  April 7, 2003

         Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Partnership and in the capacities and on the dates indicated.

Signature/Name            Title                         Date
--------------            -----                         ----

/s/ Michael L. Ashner     Chief Executive Officer       April 7, 2003
---------------------     and Director
Michael L. Ashner


/s/ Thomas Staples        Chief Financial Officer       April 7, 2003
------------------
Thomas Staples


/s/ Peter Braverman       Executive Vice President      April 7, 2003
-------------------       and Director
Peter Braverman



                                       26
<PAGE>

                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                          FORM 10-KSB DECEMBER 31, 2002

                                 CERTIFICATIONS

         I, Michael L. Ashner, certify that:

1.       I have reviewed this annual report on Form 10-KSB of Presidential
         Associates I Limited Partnership;

2.       Based on my knowledge, this annual report does not contain any untrue
         statement of a material fact or omit to state a material fact necessary
         to make the statements made, in light of the circumstances under which
         such statements were made, not misleading with respect to the period
         covered by this annual report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this annual report, fairly present in all
         material respects the financial condition, results of operations and
         cash flows of the Registrant as of, and for, the periods presented in
         this annual report;

4.       The Registrant's other certifying officers and I are responsible for
         establishing and maintaining disclosure controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the Registrant and
         have:

         a)       designed such disclosure controls and procedures to ensure
                  that material information relating to the Registrant is made
                  known to us, particularly during the period in which this
                  annual report is being prepared:

         b)       evaluated the effectiveness of the Registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this annual report (the "Evaluation Date");
                  and

         c)       presented in this annual report our conclusions about the
                  effectiveness of the disclosure controls and procedures on our
                  evaluation as of the Evaluation Date;

5.       The Registrant's other certifying officers and I have disclosed, based
         on our most recent evaluation, to the Registrant's auditors and the
         audit committee of Registrant's board of directors (or persons
         performing the equivalent functions):

         (a)      all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  Registrant's ability to record, process, summarize and report
                  financial data and have identified for the Registrant's
                  auditors any material weaknesses in internal controls; and



                                       27
<PAGE>

         (b)      any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  Registrant's internal controls; and

6.       The Registrant's other certifying officers and I have indicated in this
         annual report whether there were significant changes in internal
         controls or in other factors that could significantly affect internal
         controls subsequent to the date of our most recent evaluation,
         including any corrective actions with regard to significant
         deficiencies and material weaknesses.

         Date: April 7, 2003                         /s/ Michael L. Ashner
                                                     -----------------------
                                                     Michael L. Ashner
                                                     Chief Executive Officer



                                       28
<PAGE>

                  PRESIDENTIAL ASSOCIATES I LIMITED PARTNERSHIP
                          FORM 10-KSB DECEMBER 31, 2002

                                 CERTIFICATIONS

         I, Thomas Staples, certify that:

1.       I have reviewed this annual report on Form 10-KSB of Presidential
         Associates I Limited Partnership;

2.       Based on my knowledge, this annual report does not contain any untrue
         statement of a material fact or omit to state a material fact necessary
         to make the statements made, in light of the circumstances under which
         such statements were made, not misleading with respect to the period
         covered by this annual report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this annual report, fairly present in all
         material respects the financial condition, results of operations and
         cash flows of the Registrant as of, and for, the periods presented in
         this annual report;

4.       The Registrant's other certifying officers and I are responsible for
         establishing and maintaining disclosure controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the Registrant and
         have:

         a)       designed such disclosure controls and procedures to ensure
                  that material information relating to the Registrant is made
                  known to us, particularly during the period in which this
                  annual report is being prepared:

         b)       evaluated the effectiveness of the Registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this annual report (the "Evaluation Date");
                  and

         c)       presented in this annual report our conclusions about the
                  effectiveness of the disclosure controls and procedures on our
                  evaluation as of the Evaluation Date;

4.       The Registrant's other certifying officers and I have disclosed, based
         on our most recent evaluation, to the Registrant's auditors and the
         audit committee of Registrant's board of directors (or persons
         performing the equivalent functions):

         a)       all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  Registrant's ability to record, process, summarize and report
                  financial data and have


                                       29
<PAGE>

                  identified for the Registrant's auditors any material
                  weaknesses in internal controls; and

         b)       any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  Registrant's internal controls; and

6.       The Registrant's other certifying officers and I have indicated in this
         annual report whether there were significant changes in internal
         controls or in other factors that could significantly affect internal
         controls subsequent to the date of our most recent evaluation,
         including any corrective actions with regard to significant
         deficiencies and material weaknesses.

         Date:  April 7, 2003                           /s/ Thomas Staples
                                                        -----------------------
                                                        Thomas Staples
                                                        Chief Financial Officer





                                       30
<PAGE>
                                 EXHIBIT INDEX



Exhibit No.                                                               Page
-----------                                                               ----

3,4    Amended and Restate Limited Partnership Agreement and               (1)
       Certificate of Amendment of Presidential Associates I
       Limited Partnership

 (b)   Amendment to Amended and Restated Limited Partnership Agreement     (3)
       and Certificate of Limited Partnership of Presidential Associates
       I Limited Partnership dated April 19, 1995

10(a)  Form of Investor Bond issued to the Partnership by Continental      (1)
       Casualty Company

 (b)   Trust Agreement dated as of September 15, 1980 between the          (1)
       Operating Partnership and LaSalle National Bank

 (c)   Letter of Credit and Reimbursement Agreement dated as of            (1)
       July 21, 1983between the Operating Partnership and Citibank, N.A.

 (e)   Regulatory Agreement for Multi-Family Housing project dated as of   (1)
       July 1, 1983 between LaSalle National Bank, as Trustee, the
       Operating Partnership, the General Partners and the Secretary of
       Housing and Urban Development

 (i)   Architectural Services Agreement dated as of July 1, 1983 between   (1)
       LaSalle National Bank, as Trustee, and Solomon Cordwell Buenz &
       Associates, Inc.

 (p)   Third Amended and Restated Limited Partnership Agreement of         (3)
       Presidential Towers, Ltd., dated April 19, 1995

 (s)   Amendment to Regulatory Agreement for Multifamily Housing           (3)
       Projects, dated as of April 18, 1995, between LaSalle National Bank,
       as Trustee, and Presidential Towers, Ltd. and the Secretary of
       Housing and Urban Development

 (t)   Restructuring Agreement, dated April 18, 1995, among LaSalle        (3)
       National Trust, as Trustee, Presidential Towers, Ltd. and the
       Secretary of Housing and Urban Development.

 (u)   Services Agreement, dated December 16, 1997, by and between         (4)
       First Winthrop Corporation, Winthrop Financial Co., Inc.,
       WFC Realty Co., Inc., WFC Realty Saugus, Inc., Winthrop
       Properties, Inc., Winthrop Metro Equities Corporation, Winthrop
       Libson Realty, Inc.


                                       31
<PAGE>



       and Northwood Realty Co., Inc. and Coordinated Services of Valdosta, LLC.

99.1   Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

------------------

(1)    Incorporated herein by reference to the Partnership's Registration
       Statement on Form 10 (Commission Partnership file number 0-12210).
(2)    Incorporated herein by reference to Exhibit 10(p) to the Partnership's
       Annual Report on Form 10-K for the year ended December 31, 1985.
(3)    Incorporated herein by reference to Partnership's Annual Report on Form
       10-K for the year ended December 31, 1995.
(4)    Incorporated by reference to the Partnership's Quarterly Report on Form
       10-QSB for the quarter ended March 31, 1998.




                                       32