FORM 10-Q


                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


(Mark One)

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

                                      OR

[   ] QUARTERLY REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIE
             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

<TABLE>
<CAPTION>

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

                                                          September 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                        $  1,432      $      2    $  1,434     $  1,221     $     78     $  1,299
Investment securities                               2,348         2,647       4,995       13,181       13,260       26,441
Mortgage notes receivable:
   Unaffiliated                                    24,220        20,982      45,202       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           23,086        20,843      43,929       24,342       13,703       38,045

Accrued interest and other receivables                171           128         299          183           91          274
Other assets                                           41          --            41           62         --             62
                                                 --------      --------    --------     --------     --------     --------
         Total assets                            $ 27,078      $ 23,620    $ 50,698     $ 38,989     $ 27,132     $ 66,121
                                                 ========      ========    ========     ========     ========     ========

       Liabilities and Members' Equity

Liabilities
   Accounts payable                              $     66      $     14    $     80     $     59     $      9     $     68
   Distribution payable                                37          --            37         --           --           --
   Due to (from)                                   (1,009)        1,009        --         (4,440)       4,440         --
   Deposits from borrowers for property taxes          43          --            43           33         --             33
   Other                                             --            --          --              1         --              1
                                                 --------      --------    --------     --------     --------     --------
         Total liabilities                           (863)        1,023         160       (4,347)       4,449          102

Members' Equity
   Class A members' equity                         27,972          --        27,972       43,286         --         43,286
   Class B members' equity                           --          22,629      22,629         --         22,600       22,600
   Accumulated other comprehensive
      income                                          (31)          (32)        (63)          50           83          133
                                                 --------      --------    --------     --------     --------     --------
         Total members' equity                     27,941        22,597      50,538       43,336       22,683       66,019
                                                 --------      --------    --------     --------     --------     --------
         Total liabilities and members' equity   $ 27,078      $ 23,620    $ 50,698     $ 38,989     $ 27,132     $ 66,121
                                                 ========      ========    ========     ========     ========     ========
</TABLE>




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

                                        Three months ended September 30, 1999  Three months ended September 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      $  481      $  374      $  855      $  567      $  122      $  689
      From mortgage notes, affiliated          --          --          --          --          --          --
   Investment income                             55          12          67         286         246         532
   Miscellaneous income                          12           7          19           6        --             6
                                             ------      ------      ------      ------      ------      ------

         Total revenue                          548         393         941         859         368       1,227

Operating Expenses
   General and administrative                    56          31          87          82          16          98
   Amortization of organization costs          --          --          --          --            22          22
                                             ------      ------      ------      ------      ------      ------

         Total operating expenses                56          31          87          82          38         120
                                             ------      ------      ------      ------      ------      ------

Net Investment Income                        $  492      $  362      $  854      $  777      $  330      $1,107
                                             ======      ======      ======      ======      ======      ======

<CAPTION>
                                             Nine months ended September 30, 1999  Nine months ended September 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       $1,455       $  979       $2,434       $1,719       $  146       $1,865
      From mortgage notes, affiliated           --           --           --            105         --            105
   Investment income                             428          238          666          898          958        1,856
   Miscellaneous income                           41            8           49           78            3           81
                                              ------       ------       ------       ------       ------       ------
         Total revenue                         1,924        1,225        3,149        2,800        1,107        3,907

Operating Expenses
   General and administrative                    138           88          226          233           67          300
   Amortization of organization costs           --           --           --           --             67           67
                                              ------       ------       ------       ------       ------       ------
         Total operating expenses                138           88          226          233          134          367
                                              ------       ------       ------       ------       ------       ------

Net Investment Income                         $1,786       $1,137       $2,923       $2,567       $  973       $3,540
                                              ======       ======       ======       ======       ======       ======
</TABLE>





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

<TABLE>
<CAPTION>
                                     Accumulated
                                        Other           Members' Equity
                                    Comprehensive     --------------------         Total
                                       Income         Class A     Class B     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                 --              1,786       1,137           2,923
   Change in unrealized holding
      gains(losses) on investment
      Securities                         (196)            --          --              (196)
                                                                                 --------

   Total Comprehensive income                                                       2,727

   Distributions                         --            (17,100)     (1,108)        (18,208)
                                       ------         --------    --------        --------

Balance - September, 1999              $  (63)        $ 27,972    $ 22,629        $ 50,538
</TABLE>





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

                                                           Nine months ended
                                                              September 30
                                                         ---------------------
                                                            1999        1998
                                                            ----        ----
Cash Flows from Operating Activities
   Net investment income                                 $  2,969    $  3,540
   Adjustments to reconcile net investment
      income to net cash from operating
      activities:
         Depreciation and amortization expense                  1          69
         Other                                                 37          34
         Decrease (increase) in assets:
            Accrued interest and other receivables            (27)         55
            Other assets                                       20         (63)
         Increase (decrease) in liabilities:
            Accounts payable                                  (34)         41
            Other liabilities                                  10         (10)
                                                         --------    --------
               Total adjustments                                7         126
                                                         --------    --------
               Net cash provided by operating activities    2,976       3,666

Cash Flows from Investing Activities
   Purchases of investment securities                      (8,747)    (19,243)
   Collections of principal from investment securities     29,997      23,025
   Net change in loans                                     (5,882)     (5,938)
                                                         --------    --------

Net cash provided by (used for) investing activities       15,368      (2,156)

Cash Flows from Financing Activities
   Distributions paid to members                          (18,208)     (3,860)
                                                         --------    --------

Net Increase (Decrease) in Cash and Cash Equivalents          136      (2,350)

Cash and Cash Equivalents - Beginning of period             1,298       5,324
                                                         --------    --------
Cash and Cash Equivalents - End of period                $  1,434    $  2,974
                                                         ========    ========



                     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 September 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.




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.




Financial Condition and Results of Operation, Class A Membership Interests

Net investment income for the three months ended September 30, 1999 was
$492,000 versus $777,000 in the same period in 1998 - a 37 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 second 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 August of 1999, the Company
distributed approximately $582,000 to Class A Membership Interests relating
to second quarter 1999 cash income. Cumulative distributions for the year
include $1,564,000 distributed for quarterly net income 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 September 30, 1999 was
$362,000 versus $330,000 in the same period in 1998 - a 10 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 August of 1999, the Company
distributed approximately $377,000 to Class B Membership Interests relating
to second quarter 1999 cash income. Cumulative distributions for the year
include $731,000 distributed for quarterly net income.

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





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: November 11, 1999

METROPOLITAN REALTY COMPANY, L.L.C.

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