<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, 2001                          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 $2,205,319.

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>

                                     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."

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, 2002, $46,533 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

                                       2

<PAGE>

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 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


                                       3
<PAGE>

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 2000 and 2001
of $225,210 and $2,177,038 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 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 will recognize 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


                                       4
<PAGE>

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, 2002, there were approximately 596 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, 2000 and 2001, the Partnership made distributions to its limited partners of
approximately $346,500 ($587.29 per Unit) and $815,590 ($1,382.36 per Unit)
respectively, and $1,750 and $4,119 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 your
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.


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 2001, the Partnership received
distributions totaling $2,177,038 from the Operating Partnership as compared to
$225,210 in 2000. 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 will recognize 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.

         The Partnership's liquidity, based on its cash and cash equivalents,
was $1,645,551 at December 31, 2001 as compared to $268,773 at December 31,
2000. This increase was due to $2,191,044 of cash provided by operating
activities which was partially offset by $814,266 of cash used in financing
activities. Cash used in financing activities consisted of $832,828 of
distributions to partners which was slightly offset by $9,562 of contributions
from investor limited partners.

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





                                       7
<PAGE>


Results of Operations

         The Partnership's net income for the year ended December 31, 2001 was
$2,191,044 as compared to $181,328 for the year ended December 31, 2000. This
increase was due to a decrease in expenses of $43,916 and an increase in other
income of $1,965,800. Expenses decreased due to a reduction in legal and
administrative expenses. The increase in other income was due to an increase in
distributions from the Operating Partnership of $1,951,828 and interest income
of $13,972. The increase in interest income is attributable to an increase in
the Partnership's cash balance.

         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.
















                                       8
<PAGE>




                  Presidential Associates I Limited Partnership

                                TABLE OF CONTENTS



                                                                         PAGE


INDEPENDENT AUDITORS' REPORT                                               10


FINANCIAL STATEMENTS


         BALANCE SHEETS                                                    11


         STATEMENTS OF INCOME                                              12


         STATEMENTS OF PARTNERS' EQUITY (DEFICIT)                          13


         STATEMENTS OF CASH FLOWS                                          14


         NOTES TO FINANCIAL STATEMENTS                                     15








                                       9
<PAGE>


                                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, 2001 and 2000, 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, 2001 and 2000, 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.

/s/ Reznick Fedder & Silverman


Bethesda, Maryland
    April 9, 2002






                                       10
<PAGE>

                  Presidential Associates I Limited Partnership

                                 BALANCE SHEETS

                           December 31, 2001 and 2000


                                     ASSETS

                                                   2001           2000
                                                ----------     ----------

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

                                                $1,645,551     $  268,773
                                                ==========     ==========


                   LIABILITIES AND PARTNERS' EQUITY (DEFICIT)


PARTNERS' EQUITY (DEFICIT)                     $1,645,551     $  268,773
                                               ----------     ----------

                                               $1,645,551     $  268,773
                                               ==========     ==========



                       See notes to financial statements

                                       11

<PAGE>




                  Presidential Associates I Limited Partnership

                              STATEMENTS OF INCOME

                            Years ended December 31,


<TABLE>
<CAPTION>

                                                                   2001             2000
                                                               -----------      -----------

Expenses
<S>                                                            <C>              <C>
  Other                                                        $    14,275      $    58,191
                                                               -----------      -----------

                                                                   (14,275)         (58,191)

Other income
  Distribution from operating partnership                        2,177,038          225,210
  Interest income                                                   28,281           14,309
                                                               -----------      -----------

  NET INCOME                                                   $ 2,191,044      $   181,328
                                                               ===========      ===========

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

Net income allocated to general partner                        $    10,955      $       907
                                                               ===========      ===========

Net income allocated to special limited partner                $    10,955      $       907
                                                               ===========      ===========

Net income allocated to investor limited partners              $ 2,169,134      $   179,514
                                                               ===========      ===========

Net income per unit of investor limited partnership
interest outstanding                                           $     3,676      $       304
                                                               ===========      ===========
</TABLE>


                       See notes to financial statements


                                       12
<PAGE>




                  Presidential Associates I Limited Partnership

                    STATEMENTS OF PARTNERS' EQUITY (DEFICIT)

                     Years ended December 31, 2001 and 2000

<TABLE>
<CAPTION>
                                                      Special limited
                                 General partner         partner
                                 ---------------      ---------------
                                                        Phoenix
                                   WIthrop             Associates           Investor
                                   Financial             Limited            limited
                                 Company, Inc.         Partnership          partners             Total
                                 ---------------       -----------         -----------         -----------

Partners' equity (deficit),
<S>                               <C>                 <C>                 <C>                 <C>
  December 31, 1999                $  (269,914)        $  (571,823)        $ 1,275,071         $   433,334

Capital contributions                      100                --                60,206              60,306

Less capital contributions
  not yet received                        (100)               --               (56,095)            (56,195)

Distributions                           (1,750)             (1,750)           (346,500)           (350,000)

Net income                                 907                 907             179,514             181,328
                                   -----------         -----------         -----------         -----------

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
                                   ===========         ===========         ===========         ===========


</TABLE>

                        See notes to financial statements

                                       13

<PAGE>



                 Presidential Associates I Limited Partnership

                            STATEMENTS OF CASH FLOWS

                            Years ended December 31,


                                                       2001            2000
                                                    -----------    -----------


Cash flows from operating activities
  Net income                                        $ 2,191,044    $   181,328
                                                    -----------    -----------

  Net cash provided by operating activities           2,191,044        181,328
                                                    -----------    -----------

Cash flows from financing activities
  Distributions to partners                            (823,828)      (350,000)
  Contributions from investor limited partners            9,562          4,111
                                                    -----------    -----------

  Net cash used in financing activities                (814,266)      (345,889)
                                                    -----------    -----------

  NET (DECREASE) INCREASE IN CASH
  AND CASH EQUIVALENTS                                1,376,778       (164,561)

Cash and cash equivalents, beginning                    268,773        433,334
                                                    -----------    -----------

Cash and cash equivalents, end                      $ 1,645,551    $   268,773
                                                    ===========    ===========

                        See notes to financial statements

                                       14

<PAGE>




                  Presidential Associates I Limited Partnership

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                           December 31, 2001 and 2000


NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    The partnership was organized under 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.

NOTE B - 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


                                       15
<PAGE>

                  Presidential Associates I Limited Partnership

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                           December 31, 2001 and 2000


NOTE B - INVESTMENT IN OPERATING PARTNERSHIP (Continued)

    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.

    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, 2001 and 2000, and a summary of its results of
    operations for the years ended December 31, 2001 and 2000, prepared in
    conformity with accounting principles generally accepted in the United
    States of America.

                                 BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                                    2001             2000
                                                                                -------------    -------------
<S>                                                                             <C>              <C>
   ASSETS
       Buildings, improvements and personal property, net of
           accumulated depreciation of $97,645,080 and $91,732,793,
           respectively                                                         $  55,583,701    $  61,314,580
       Land                                                                         7,798,111        7,798,111
       Other assets                                                                 7,453,713       18,018,520
                                                                                -------------    -------------

       Total assets                                                             $  70,835,525    $  87,131,211
                                                                                =============    =============

LIABILITIES
    Mortgages payable, including deferred interest of $0 and
        $5,818,303, respectively                                                $  133,000,000   $ 182,068,468
    Other liabilities                                                                8,157,690      15,049,961
                                                                                --------------   -------------

Partners' deficit                                                                  141,157,690     197,118,429
                                                                                   (70,322,165)   (109,987,218)
                                                                                --------------   -------------
                                                                                $   70,835,525   $  87,131,211
                                                                                ==============   =============
</TABLE>

<PAGE>

                  Presidential Associates I Limited Partnership

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                           December 31, 2001 and 2000



NOTE B - INVESTMENT IN OPERATING PARTNERSHIP (Continued)

                            STATEMENTS OF OPERATIONS

                              2001                 2000
                              ------------------------------------------

Revenue
    Rental                    $33,830,310     $32,323,658
    Other                       1,611,726       1,557,751
    Interest                      333,409         310,098
    Extraordinary gain         60,312,097            --
                              -----------     -----------

                               96,087,542      34,191,507
                              -----------     -----------

Expenses
    Operating expenses         26,381,533      27,101,387
    Amortization                  140,025          59,610
    Depreciation                6,694,650       6,495,805
                              -----------     -----------
                               33,216,208      33,656,802
                              -----------     -----------

        NET INCOME (LOSS)     $62,871,334     $   534,705
                              ===========     ===========

    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, 2001 and 2000 is $28,517,667
    and $87,205,197, respectively.

NOTE C - RECONCILIATION OF NET INCOME

    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.

    The partnership's income for tax purposes for 2000 is greater than its
    income for financial statement purposes by $299,970 to reflect distributions
    accrued from the operating partnership for tax purposes which are not
    recorded for financial statement purposes.

                                       17
<PAGE>


                  Presidential Associates I Limited Partnership

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                           December 31, 2001 and 2000


NOTE C - RECONCILIATION OF NET INCOME (Continued)

    In addition, there is no difference between buildings and improvements as
    recorded for tax purposes and financial statement purposes by the operating
    partnership for 2001 and 2000.

    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. The balance of the investment in the
    operating partnership for tax purposes is $(83,990,156) at December 31, 2001
    and 2000.


                                       18

<PAGE>









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


         None.

                                       19
<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, 2002, names of the directors and executive officers of Winthrop
Financial and the position held by each of them are as follows:


                                                                 Has Served as a
                    Position Held with the                         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 49, has been the Chief Executive Officer of Winthrop
Financial Associates, A Limited Partnership ("WFA") and the Managing General
Partner since January 15, 1996. From June 1994 until January 1996, Mr. Ashner
was a Director, President and Co-chairman of National Property Investors, Inc.,
a real estate investment company ("NPI"). Mr. Ashner was also a Director and
executive officer of NPI Property Management Corporation ("NPI Management") from
April 1984 until January 1996. In addition, since 1981 Mr. Ashner has been
President of Exeter Capital Corporation, a firm which has organized and
administered real estate limited partnerships. Mr. Ashner currently serves as a
director of Nexthealth Corp., Great Bay Hotel and Casino Inc., Burnham Pacific
Properties, Inc. and NBTY, Inc.

     Thomas C. Staples, age 46, 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 50, has been a Vice President of WFA and the Managing
General Partner since January 1996. From June 1995 until January 1996, Mr.
Braverman was a Vice President of NPI and NPI Management.

                                       20
<PAGE>

     Patrick J. Foye, age 44, has been Vice President-Residential and Director
of the Managing General Partner since October 1, 1998. Mr. Foye has served as
Executive Vice President and a 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 35, has been employed with WFA since January 1993.
From 1993 to September 1995, Ms. Tiffany was a Senior Analyst and Associate in
WFA's accounting and asset management departments. Ms. Tiffany was a Vice
President in the asset management and investor relations departments of WFA from
October 1995 to December 1997, at which time she became the Chief Operating
Officer of WFA.

     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.

                                       21
<PAGE>

     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 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.


                                       22
<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

Item 13. 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

                                       23
<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 11, 2002

         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 11, 2002
---------------------        and Director
Michael L. Ashner


/s/ Thomas Staples           Chief Financial Officer             April 11, 2002
------------------
Thomas Staples


/s/ Peter Braverman          Executive Vice President            April 11, 2002
-------------------          and Director
Peter Braverman

                                       24
<PAGE>




                                  EXHIBIT INDEX
                                  -------------
<TABLE>
<CAPTION>
Exhibit No.                                                                                                   Page
-----------                                                                                                   ----

<S>               <C>                                                                                         <C>
3,4               Amended and Restate Limited Partnership Agreement and Certificate of                        (1)
                  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 Operating                        (1)
                  Partnership and LaSalle National Bank

  (c)             Letter of Credit and Reimbursement Agreement dated as of July 21, 1983                      (1)
                  between 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,                                                (4)
                  by and between First Winthrop Corporation, Winthrop Financial Co., Inc., WFC Realty
                  Co., Inc., WFC Realty Saugus, Inc., Winthrop Properties,
</TABLE>
                                       25
<PAGE>

                  Inc., Winthrop Metro Equities Corporation, Winthrop Libson
                  Realty, Inc. and Northwood Realty Co., Inc. and Coordinated
                  Services of Valdosta, LLC.

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

(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.

                                       26