FORM 10-Q


                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


(Mark One)

[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1999

                                      OR

[ ]   QUARTERLY REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934
      For the transition period from                  to
                                     ----------------    -----------------


                         Commission File No. 33-99694

                     METROPOLITAN REALTY COMPANY, L.L.C.
            (Exact name of registrant as specified in its charter)

        Delaware                                      38-3260057
(State of incorporation)                 (I.R.S. Employer Identification No.)

                           535 Griswold, Suite 748
                           Detroit, Michigan 48226
                   (Address of principal executive offices)

             Registrant's Telephone Number, including area code:
                                (313) 961-5552

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such report(s), and (2) has been subject to
such filing requirements for the past 90 days.

                          Yes __X__         No _____

There is no established public trading market for the Company's Class A
Membership Interests and Class B Membership Interests.





                        PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

                     METROPOLITAN REALTY COMPANY, L.L.C.
                        BALANCE SHEET (000's Omitted)

<TABLE>
<CAPTION>
                                                       June 30, 1999                         December 31, 1998
                                           -------------------------------------    ----------------------------------
                                             Class A      Class B                    Class A      Class B
                                           Membership    Membership                 Membership   Membership
                                            Interests    Interests        Total     Interests     Interests     Total
                                           ----------    ----------     --------    ----------   ----------   --------
<S>                                          <C>          <C>          <C>          <C>          <C>          <C>
                  Assets

Cash and cash equivalents                    $    193     $      3     $    196     $  1,221     $     78     $  1,299
Investment securities                           2,639        5,655        8,294       13,181       13,260       26,441
Mortgage notes receivable:
     Unaffiliated                              23,597       19,629       43,226       25,476       13,842       39,318
     Affiliated                                    --           --           --           --           --           --
     Allowance for loan losses                 (1,134)        (139)      (1,273)      (1,134)        (139)      (1,273)
                                             --------     --------     --------     --------     --------     --------

          Total mortgage notes receivable      22,463       19,490       41,953       24,342       13,703       38,045


Accrued interest and other receivables            229          140          369          183           91          274
Other assets                                       48           --           48           62           --           62
                                             --------     --------     --------     --------     --------     --------
          Total assets                       $ 25,572     $ 25,288     $ 50,860     $ 38,989     $ 27,132     $ 66,121
                                             ========     ========     ========     ========     ========     ========


     Liabilities and Members' Equity

Liabilities
     Accounts payable                        $     44     $     17     $     61     $     59     $      9     $     68
     Distribution payable                          37           --           37           --           --           --
     Due to (from)                             (2,680)       2,680           --       (4,440)       4,440           --
     Deposits from borrowers for
       property taxes                             137           --          137           33           --           33
     Other                                         --           --           --            1           --            1
                                             --------     --------     --------     --------     --------     --------
          Total liabilities                    (2,462)       2,697          235       (4,347)       4,449          102

Members' Equity
     Class A members' equity                   28,063           --       28,063       43,286           --       43,286
     Class B members' equity                       --       22,645       22,645           --       22,600       22,600
     Accumulated other comprehensive
       income                                     (29)         (54)         (83)          50           83          133
                                             --------     --------     --------     --------     --------     --------
          Total members' equity                28,034       22,591       50,625       43,336       22,683       66,019
                                             --------     --------     --------     --------     --------     --------
          Total liabilities and
            members' equity                  $ 25,572     $ 25,288     $ 50,860     $ 38,989     $ 27,132     $ 66,121
                                             ========     ========     ========     ========     ========     ========
</TABLE>

                                      2


                     METROPOLITAN REALTY COMPANY, L.L.C.
                   STATEMENT OF OPERATIONS (000's Omitted)

<TABLE>
<CAPTION>
                                               Three months ended June 30, 1999     Three months ended June 30, 1998
                                               ---------------------------------    --------------------------------
                                                 Class A    Class B                  Class A     Class B
                                               Membership  Membership               Membership  Membership
                                                Interests  Interests      Total     Interests    Interests    Total
                                               ----------  ----------   --------    ----------  ----------  --------
<S>                                              <C>         <C>         <C>         <C>         <C>         <C>
Revenue
     Interest income:
          From mortgage notes, unaffiliated      $  455      $  330      $  785      $  583      $   21      $  604
          From mortgage notes, affiliated          --          --          --            10        --            10
     Investment income                               55         100         155         285         336         621
     Miscellaneous income                            12           1          13          60           3          63
                                                 ------      ------      ------      ------      ------      ------
               Total revenue                        522         431         953         938         360       1,298

Operating Expenses
     General and administrative                      45          35          80          55           7          62
     Amortization of organization costs            --          --          --          --            22          22
                                                 ------      ------      ------      ------      ------      ------
               Total operating expenses              45          35          80          55          29          84
                                                 ------      ------      ------      ------      ------      ------
Net Investment Income                            $  477      $  396      $  873      $  883      $  331      $1,214
                                                 ======      ======      ======      ======      ======      ======
<CAPTION>
                                                Six months ended June 30, 1999       Six months ended June 30, 1998
                                               ---------------------------------    --------------------------------
                                                 Class A    Class B                  Class A     Class B
                                               Membership  Membership               Membership  Membership
                                                Interests  Interests      Total     Interests    Interests    Total
                                               ----------  ----------   --------    ----------  ----------  --------
<S>                                            <C>          <C>          <C>          <C>          <C>        <C>
Revenue
     Interest income:
          From mortgage notes, unaffiliated    $  974       $  605       $1,579       $1,152       $   23     $1,175
          From mortgage notes, affiliated        --           --           --            105         --          105
     Investment income                            373          226          599          612          712      1,324
     Miscellaneous income                          29            1           30           72            3         75
                                               ------       ------       ------       ------       ------     ------
               Total revenue

Operating Expenses                              1,376          832        2,208        1,941          738      2,679
     General and administrative                    81           56          137          151           51        202
     Amortization of organization costs          --           --           --           --             44         44
                                               ------       ------       ------       ------       ------     ------
               Total operating expenses            81           56          137          151           95        246
                                               ------       ------       ------       ------       ------     ------
Net Investment Income                          $1,295       $  776       $2,071       $1,790       $  643     $2,433
                                               ======       ======       ======       ======       ======     ======
</TABLE>

                                      3



                     METROPOLITAN REALTY COMPANY, L.L.C.
           STATEMENT OF CHANGES IN MEMBERS' EQUITY (000's Omitted)

<TABLE>
<CAPTION>
                                    Accumulated Other        Members' Equity
                                      Comprehensive      ----------------------
                                          Income         Class A         Class B  Total Members' Equity
                                    -----------------    -------         -------  ---------------------
<S>                                      <C>             <C>             <C>             <C>
Balance - December 31, 1997              $    (28)       $ 43,565        $ 22,936        $ 66,473

Comprehensive income:
     Net investment income                   --             3,457             967           4,424
     Change in unrealized holding
       gains(losses) on investment
       Securities                             161            --              --               161
                                                                                         --------
     Total Comprehensive income                                                             4,585

     Distributions                           --            (3,736)         (1,303)         (5,039)
                                         --------        --------        --------        --------
Balance - December 31, 1998              $    133        $ 43,286        $ 22,600        $ 66,019

Comprehensive income:
     Net investment income                   --             1,295             776           2,071
     Change in unrealized holding
       gains(losses) on investment
       Securities                            (216)           --              --              (216)
                                                                                         --------
     Total Comprehensive income                                                             1,855

     Distributions                           --           (16,518)           (731)        (17,249)
                                         --------        --------        --------        --------
Balance - June 30, 1999                  $    (83)       $ 28,063        $ 22,645        $ 50,625
</TABLE>


                                      4



                     METROPOLITAN REALTY COMPANY, L.L.C.
                   STATEMENT OF CASH FLOWS (000's Omitted)

<TABLE>
<CAPTION>
                                                                      Six months ended June 30
                                                                      ------------------------
                                                                        1999            1998
                                                                      --------        --------
<S>                                                                   <C>             <C>
Cash Flows from Operating Activities
     Net investment income                                            $  2,071        $  2,432
     Adjustments to reconcile net investment income to net cash
       from operating activities:
          Depreciation and amortization expense                              1              46
          Other                                                             36              46
          Decrease (increase) in assets:
               Accrued interest and other receivables                      (95)             42
               Other assets                                                 14             (68)
          Increase (decrease) in liabilities:
               Accounts payable                                             (7)            (50)
               Other liabilities                                           102              38
                                                                      --------        --------

                    Total adjustments                                       51              54
                                                                      --------        --------

                    Net cash provided by operating activities            2,122           2,486

Cash Flows from Investing Activities
     Purchases of investment securities                                 (8,582)        (12,345)
     Collections of principal from investment securities                26,513          14,271
     Net change in loans                                                (3,906)          5,316
                                                                      --------        --------

                    Net cash provided by investing activities           14,025           7,242

Cash Flows from Financing Activities
     Distributions paid to members                                     (17,249)         (2,618)
                                                                      --------        --------

Net Increase (Decrease) in Cash and Cash Equivalents                    (1,102)          7,110

Cash and Cash Equivalents - Beginning of period                          1,298           5,324
                                                                      --------        --------

Cash and Cash Equivalents - End of period                             $    196        $ 12,434
                                                                      ========        ========
</TABLE>


                                      5




                     METROPOLITAN REALTY COMPANY, L.L.C.

                        Notes to Financial Statements

1.   BASIS OF PRESENTATION

     The accompanying unaudited financial statements have been prepared in
     accordance with generally accepted accounting principles for interim
     financial information and with the instructions to Form 10-Q and Rule
     10-01 of Regulation S-X. Accordingly, they do not include all of the
     information and notes required by generally accepted accounting
     principles for complete financial statements. In the opinion of
     management, all adjustments, consisting of normal recurring adjustments,
     considered necessary for a fair presentation have been included.
     Operating results for the three months ended June 30, 1999 are not
     necessarily indicative of the results that would be expected for the
     year ending December 31, 1999. For further information, refer to the
     financial statements and footnotes thereto included in the Company's
     annual report on Form 10-K for the fiscal year ended December 31, 1998.

2.   INCOME TAXES

     As a limited liability company, it is intended that the Company will be
     classified as a partnership for federal income tax purposes and, as
     such, it generally will be treated as a "pass-through" entity that is
     not subject to federal income tax. Accordingly, no provision for income
     taxes has been made for the periods presented.

3.   DISTRIBUTIONS

     In accordance with the terms of the Operating Agreement, Class A and
     Class B members will receive pro rata quarterly distributions of cash
     income, less expenses, from their respective class of net assets within
     90 days after the end of each fiscal quarter. All distributions are
     subject to a determination by the Managing Board that the Company will
     have sufficient cash on hand to meet its current and anticipated needs
     to fulfill its business purpose.


                                      6





Item 2.  Management's Discussion and Analysis Of Financial Condition And
Results Of Operation

Overview

On May 11, 1999, the Managing Board of the Company approved a contract with
WMF Proctor, a Michigan Corporation located in Bloomfield Hills, Michigan.
Pursuant to the terms of the contract, WMF Proctor will use its best efforts
to find buyers for the Company's outstanding mortgage loans.

The Managing Board also voted to approve the sale and disposition of the
Company's assets, to dissolve the Company, and to make interim distributions
of the Company's assets to Members in such amounts as may, from time to time,
be approved by the Executive Committee of the Managing Board; provided,
however, that distributions to certain Members who received their Membership
Interests by gift at the time of the Company's restructuring in December,
1996 may be deferred until the Company is dissolved, to the extent permitted
by the Company's Operating Agreement.


Funds that have not yet been invested in or committed for mortgage loans are
primarily invested in marketable securities. Income and principal received
with respect to the Company's investments in mortgage loans are also invested
in marketable securities pending distribution to members.

Pursuant to the resolution passed at the May 11, 1999 Managing Board meeting
related to the liquidation of Metropolitan Realty Company, a partial
distribution of $14,954,449 with respect to uninvested funds in Class A was
sent, pro rata, to all major members on June 30, 1999. There was no initial
distribution for Class B as the funds are fully invested in or committed for
mortgage investments.

Class A Assets and Class B Assets

As a result of the restructuring effective December 6, 1996, the Company
reports its financial condition and results of operations by segregating all
information into Class A membership interests and Class B membership
interests. Each class is distinguished by its differing member composition.

Interim Financial Statements

The Interim Financial Statements furnished include all adjustments which, in
the opinion of management, are necessary to reflect fair statements of the
results for the interim period presented and are recurring in nature.


                                      7





Financial Condition and Results of Operation, Class A Membership Interests

Net investment income for the three months ended June 30, 1999 was $477,000
versus $883,000 in the same period in 1998 - a 46 percent decrease. The
decrease relates primarily to the decrease in investment income as
approximately $15,000,000 in excess funds were distributed to major members
during the quarter as discussed above.

The allowance for loan losses remains at $1,134,000 - unchanged since
December 31, 1998. Management reviews, on a regular basis, factors which may
adversely affect its mortgage loans, including occupancy levels, rental rates
and property values. It is possible that economic conditions in southeastern
Michigan, and the nation in general, may adversely affect certain of the
Company's loan assets. After evaluation of the loan portfolio and the
associated allowance for loan losses, management deemed the allowance of
$1,134,000 adequate to cover any potential future write-offs of loan assets.

The Company makes quarterly distributions of net income in accordance with
the Operating Agreement of the Company. During June of 1999, the Company
distributed approximately $806,000 to Class A Membership Interests relating
to first quarter 1999 cash income. Cumulative distributions for the year
include $758,000 distributed in March of 1999 for the fourth quarter of 1998
and $14,954,449 as a partial liquidation distribution as discussed above.

Management is not aware of any material unrecorded liabilities or
contingencies relating to Class A Membership Interests.

Financial Condition and Results of Operation, Class B Membership Interests

Net investment income for the three months ended June 30, 1999 was $396,000
versus $331,000 in the same period in 1998 - a 20 percent increase. This
resulted from a change in investment strategy and an overall increase in
yield.

The allowance for loan losses remains at $139,000 - unchanged since December
31, 1998. Management reviews, on a regular basis, factors which may adversely
affect its mortgage loans, including occupancy levels, rental rates and
property values. It is possible that economic conditions in southeastern
Michigan, and the nation in general, may adversely affect certain of the
Company's loan assets. After evaluation of the loan portfolio and the
associated allowance for loan losses, management deemed the allowance of
$139,000 adequate to cover any potential future write-offs of loan assets.

The Company makes quarterly distributions of net income in accord with the
Operating Agreement of the Company. During June of 1999, the Company
distributed approximately $358,000 to Class B Membership Interests relating
to first quarter 1999 cash income. Cumulative distributions for the year
include $373,000 distributed in March of 1999 for the fourth quarter of 1998.

Management is not aware of any material unrecorded liabilities or
contingencies relating to Class B Membership Interests.


                                      8




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Dated: August 13, 1999

METROPOLITAN REALTY COMPANY, L.L.C.

By:        /s/ Robert G. Jackson
         ----------------------------
         Robert G. Jackson, President
         (Principal Executive Officer and Principal Financial Officer)


                                      9