SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C.  20549



                                 FORM 10-Q



                Quarterly Report under Section 13 or 15(d)
                  of the Securities Exchange Act of 1934




For the quarter ended September 30, 2001       Commission file #0-13545



                   JMB/245 PARK AVENUE ASSOCIATES, LTD.
          (Exact name of registrant as specified in its charter)




              Illinois                             36-3265541
       (State of organization)      (I.R.S. Employer Identification No.)



900 N. Michigan Ave., Chicago, Illinois                 60611
(Address of principal executive office)              (Zip Code)




Registrant's telephone number, including area code  312-915-1960




Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.  Yes  [ X ]    No [  ]


<PAGE>


                             TABLE OF CONTENTS




PART I     FINANCIAL INFORMATION


Item 1.    Financial Statements. . . . . . . . . . . . . . . . .     3

Item 2.    Management's Discussion and
           Analysis of Financial Condition and
           Results of Operations . . . . . . . . . . . . . . . .    10



PART II    OTHER INFORMATION


Item 6.    Exhibits and Reports on Form 8-K. . . . . . . . . . .    12






<PAGE>


PART I.  FINANCIAL INFORMATION
     ITEM 1.  FINANCIAL STATEMENTS

                   JMB/245 PARK AVENUE ASSOCIATES, LTD.
                          (A LIMITED PARTNERSHIP)
                         AND CONSOLIDATED VENTURE

                        CONSOLIDATED BALANCE SHEETS

                 September 30, 2001 AND DECEMBER 31, 2000
                                (UNAUDITED)

                                  ASSETS
                                  ------
                                          SEPTEMBER 30,      DECEMBER 31,
                                              2001              2000
                                          -------------      -----------
Current assets:
  Cash . . . . . . . . . . . . . . . .     $    369,652          470,475
  Other receivables. . . . . . . . . .          113,006           96,797
                                           ------------     ------------
          Total assets . . . . . . . .     $    482,658          567,272
                                           ============     ============

           LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
          ------------------------------------------------------

Current liabilities:
  Accounts payable . . . . . . . . . .     $     41,572           35,506
  Interest payable to affiliate. . . .        7,239,647       27,703,677
  Demand notes payable to affiliate. .       24,722,164       12,375,591
                                           ------------     ------------
          Total current liabilities. .       32,003,383       40,114,774

Notes payable to an affiliate -
  long-term including accrued interest       53,795,234       43,236,631
                                           ------------     ------------

Commitments and contingencies

          Total liabilities. . . . . .       85,798,617       83,351,405

Investment in unconsolidated
  venture, at equity . . . . . . . . .       32,421,182       38,003,539
Venture partner's equity in venture. .          343,570          287,750

Partners' capital accounts (deficits):
  General partners:
    Capital contributions. . . . . . .            1,000            1,000
    Cumulative cash distributions. . .         (480,000)        (480,000)
    Cumulative net earnings (losses) .      (12,093,885)     (12,273,568)
                                           ------------     ------------
                                            (12,572,885)     (12,752,568)
                                           ------------     ------------
  Limited partners:
    Capital contributions,
      net of offering costs. . . . . .      113,057,394      113,057,394
    Cumulative cash distributions. . .       (7,520,000)      (7,520,000)
    Cumulative net earnings (losses) .     (211,045,220)    (213,860,248)
                                           ------------     ------------
                                           (105,507,826)    (108,322,854)
                                           ------------     ------------
          Total partners' capital
            accounts (deficits). . . .     (118,080,711)    (121,075,422)
                                           ------------     ------------
                                           $    482,658          567,272
                                           ============     ============

       See accompanying notes to consolidated financial statements.


<PAGE>


<table>
                                       JMB/245 PARK AVENUE ASSOCIATES, LTD.
                                              (A LIMITED PARTNERSHIP)
                                             AND CONSOLIDATED VENTURE

                                       CONSOLIDATED STATEMENTS OF OPERATIONS

                              THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
                                                    (UNAUDITED)

<caption>
                                                          THREE MONTHS ENDED             NINE MONTHS ENDED
                                                             SEPTEMBER 30,                 SEPTEMBER 30,
                                                      --------------------------    --------------------------
                                                          2001           2000           2001           2000
                                                      -----------     ----------    -----------     ----------

                                                  <c>             <c>           <c>             <c>

Income:
  Interest and other income. . . . . . . . . . . .     $  163,101        138,564        457,611        395,480
                                                       ----------    -----------     ----------     ----------

Expenses:
  Interest . . . . . . . . . . . . . . . . . . . .        887,228      1,053,620      2,841,145      2,964,617
  Professional services. . . . . . . . . . . . . .          1,030          5,080         85,677         75,073
  General and administrative . . . . . . . . . . .         11,290         12,848         62,615         53,016
                                                       ----------     ----------     ----------     ----------

                                                          899,548      1,071,548      2,989,437      3,092,706
                                                       ----------     ----------     ----------     ----------

                                                         (736,447)      (932,984)    (2,531,826)    (2,697,226)

Partnership's share of earnings (loss) from
  operations of unconsolidated venture . . . . . .        244,782      1,922,787      5,582,357      5,808,358
Venture partner's share of venture operations. . .         (2,444)       (19,228)       (55,820)       (58,084)
                                                       ----------     ----------     ----------     ----------

          Net earnings (loss). . . . . . . . . . .     $ (494,109)       970,575      2,994,711      3,053,048
                                                       ==========     ==========     ==========     ==========

          Net earnings (loss) per limited
            partnership interest . . . . . . . . .     $     (467)           915          2,829          2,878
                                                       ==========     ==========     ==========     ==========




<fn>
                           See accompanying notes to consolidated financial statements.
</table>


<PAGE>


                   JMB/245 PARK AVENUE ASSOCIATES, LTD.
                          (A LIMITED PARTNERSHIP)
                         AND CONSOLIDATED VENTURE

                   CONSOLIDATED STATEMENTS OF CASH FLOWS

               NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
                                (UNAUDITED)



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

Cash flows from operating activities:
  Net earnings (loss). . . . . . . . .     $ 2,994,711       3,053,048
  Items not requiring (providing) cash:
    Partnership's share of earnings from
      operations of unconsolidated
      venture. . . . . . . . . . . . .      (5,582,357)     (5,808,358)
    Venture partner's share of
      venture operations . . . . . . .          55,820          58,084
  Changes in:
    Other current assets . . . . . . .         (16,209)         15,076
    Accounts payable . . . . . . . . .           6,066             137
    Interest payable to affiliate. . .      (9,512,480)      2,964,617
                                           -----------     -----------

          Net cash provided by
            (used in) operating
            activities . . . . . . . .     (12,054,449)        282,604
                                           -----------     -----------

Cash flows from financing activities:
  Fundings of demand note payable. . .      11,953,626           --
                                           -----------     -----------
          Net cash provided by
            (used in) financing
            activities . . . . . . . .      11,953,626           --
                                           -----------     -----------

          Net increase (decrease)
            in cash. . . . . . . . . .        (100,823)        282,604

          Cash, beginning of year. . .         470,475         135,664
                                           -----------     -----------

          Cash, end of period. . . . .     $   369,652         418,268
                                           ===========     ===========


Supplemental disclosure of cash flow
 information:
  Cash paid for interest to
    affiliate. . . . . . . . . . . . .     $12,353,626           --
                                           ===========     ===========












       See accompanying notes to consolidated financial statements.


<PAGE>


                   JMB/245 PARK AVENUE ASSOCIATES, LTD.
                          (A LIMITED PARTNERSHIP)
                         AND CONSOLIDATED VENTURE

                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                        SEPTEMBER 30, 2001 AND 2000
                                (UNAUDITED)

GENERAL

     Readers of this quarterly report should refer to the Partnership's
audited financial statements for the fiscal year ended December 31, 2000,
which are included in the Partnership's 2000 Annual Report on Form 10-K
(File No. 0-13545) dated April 12, 2001, as certain footnote disclosures
which would substantially duplicate those contained in such audited
financial statements have been omitted from this report.  Capitalized terms
used but not defined in this quarterly report have the same meaning as the
Partnership's 2000 Annual Report on Form 10-K.

     The preparation of financial statements in accordance with GAAP
requires the Partnership to make estimates and assumptions that affect the
reported or disclosed amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period.  Actual results could differ from these
estimates.

245 PARK

     Prior to November 1996, the Partnership was a partner with certain
affiliates of Olympia & York Developments, Ltd. ("O&Y") in 245 Park, which
owned the 245 Park Avenue office building in New York, New York.

     As a result of the 1996 restructuring, the Partnership owns (through a
limited liability company of which the Partnership is a 99% member) an
approximate 5% general partner interest (diluted from the original
ownership percentage by notes converted to equity) in Brookfield Financial
Properties, L.P. ("BFP, LP"), formerly known as World Financial Properties,
L.P. ("WFP, LP").  The managing general partner of BFP, LP is an entity
affiliated with certain O&Y creditors and the proponents of the Plan
governing the restructuring and, subject to the partnership agreement of
BFP, LP and the JMB Transaction Agreement (discussed below), has full
authority to manage its affairs.  BFP, LP's principal assets are majority
and controlling interests in seven office buildings (including the 245 Park
Avenue office building).

     In conjunction with the restructuring, the Partnership entered into
the JMB Transaction Agreement dated November 21, 1996, whereby the
Partnership is entitled to receive one third of the monthly management fees
earned at the 245 Park Avenue property through December 2001.  Amounts
received may not be less than $400,000 or exceed $600,000 for any twelve
month period and may not be less than $2,300,000 over the term of the
agreement.  For the nine months ended September 30, 2001 and 2000, the
Partnership has earned $449,275 and $383,921, respectively, of management
fees pursuant to the agreement.  As of the date of this report, all such
amounts have been received.  In addition, pursuant to the JMB Transaction
Agreement, the Partnership has the right, except under certain
circumstances, to prohibit (i) a sale of the 245 Park Avenue property prior
to January 2, 2000 (such right has expired) and (ii) a reduction of the
indebtedness secured by the 245 Park Avenue property below a certain level
prior to January 2, 2003, which could result in the recognition by the
Partnership (and the Holders of Interests) of substantial gain for Federal
income tax purposes without a significant amount of proceeds from such
transaction.



<PAGE>


     In December 1999, BFP, LP executed an option agreement pursuant to
which a third party agreed to an option to purchase a 49% limited
partnership interest in the entities that own the 53 State Street and 75
State Street office buildings.  The transaction closed during the first
quarter of 2001.  Net cash proceeds of approximately $168 million were
applied to the mortgage or other indebtedness of BFP, LP.  The transaction
resulted in gain for federal income tax purposes without any cash proceeds
to the Partnership.

     In July 1995, JMB purchased from the lenders the term loans (including
the note representing the interest swap payment) and their security
interests in the related collateral, including the JMB guarantee, which was
terminated.  JMB continued to hold the notes for these loans generally
under the same terms and conditions that were in effect prior to the
purchase.  However, no scheduled principal payments were required prior to
maturity of the LIBOR Note.  Interest on the LIBOR Note was payable monthly
at a floating rate which, at the option of the Partnership, was related to
either LIBOR or the prime rate of Bank of America.  Through December 31,
2000, no payments of interest on the LIBOR Note had been made subsequent to
July 31, 1995 and unpaid interest at the applicable interest rate
(including the default interest rate for the period from December 31, 1998,
as discussed below) accrued and compounded monthly.  The scheduled maturity
of the term loans was December 31, 1998.  However, JMB did not pursue its
remedies under these notes as a result of the non-payment of interest under
the LIBOR Note or the maturity of these notes.

     Effective January 3, 2001, the Partnership and JMB agreed to extend
the maturity date of the term notes to January 2, 2006 and otherwise to
follow literally the various terms of the notes.  As a result, the parties
agreed that the Partnership would be required to pay default interest on
each of the three term loan notes (at the prime rate plus 3% per annum) for
the period from the maturity date of December 31, 1998 to January 3, 2001,
the effective date on which JMB and the Partnership agreed to extend each
of the notes.  Accordingly, incremental interest cost relating to the
default interest rate aggregating approximately $7.7 million was recorded
as expense in the year ended December 31, 2000.  Under the extended notes,
interest accrues under the same terms as applicable to the term loan notes
prior to December 31, 1998.  Interest is due and payable monthly on the
LIBOR Note with the outstanding principal due and payable on January 2,
2006.  All principal and interest on the other term loan notes (including
the note representing the interest rate swap payment) are due and payable
on January 2, 2006.  Further, all outstanding interest as of December 31,
2000 on the LIBOR Note (approximately $10.8 million) was due and payable
immediately.  The Partnership issued a new demand note payable to JMB,
bearing interest at the prime rate (as such prime rate changes from time to
time) plus 1% per annum with interest accruing and compounding quarterly.
Through September 30, 2001, JMB has advanced approximately $11,954,000 to
the Partnership pursuant to the new demand note.  The Partnership used the
advances to pay the outstanding interest on the LIBOR Note through
December 31, 2000 of approximately $10,845,000 and to pay accrued interest
on the LIBOR Note from January 1, 2001 through September 30, 2001 of
approximately $1,109,000.  The notes payable to JMB generally are cross-
defaulted, secured by the Partnership's interest in BFP, LP and subject to
mandatory payment of principal and interest out of any distributions
received by the Partnership from BFP, LP.

     BFP, LP and the Partnership each have a substantial amount of
indebtedness remaining.  If any of the buildings (or interests therein) are
sold, any proceeds would be first applied to repayment of the mortgage or
other indebtedness of BFP, LP.  In any event, any net proceeds obtained by
the Partnership would then be required to be used to satisfy notes payable
and deferred interest owed to JMB (aggregating approximately $85,757,000 at
September 30, 2001).  Only after such applications would any remaining
proceeds be available to be distributed to the Holders of Interests.  As a
result, it is unlikely that the Holders of Interests ever will receive any


<PAGE>


significant portion of their original investment.  However, over the
remaining term of the Partnership, as a result of sale or other disposition
(including a transfer to the lenders) of the properties, or of the
Partnership's interest in BFP, LP, or a decrease in the Partnership's
indebtedness for Federal income tax purposes, the Holders of Interests will
be allocated substantial gain for Federal income tax purposes
(corresponding at a minimum to all or most of their deficit capital
accounts for tax purposes) without a significant amount of proceeds from
such transaction.  Such gain may be offset by suspended losses from prior
years (if any) that have been allocated to the Holders of Interests.  The
actual tax liability of each Holder of Interests will depend on such
Holder's own tax situation.

TRANSACTIONS WITH AFFILIATES

     The Partnership has notes payable and related deferred interest
payable to JMB, an affiliate of the General Partners.  The aggregate amount
outstanding under these notes including deferred interest was approximately
$85,757,000 at September 30, 2001.  In the first quarter of 2001, the
Partnership made an interest payment to JMB of $400,000 on one of the
demand notes.  Through September 30, 2001, JMB has advanced approximately
$11,954,000 to the Partnership through the new demand note.  The
Partnership used the funds to pay outstanding accrued interest through
December 31, 2000 on the LIBOR Note of $10,845,000 and to pay outstanding
accrued interest on the LIBOR Note from January 1, 2001 through
September 30, 2001 of approximately $1,109,000.

     In accordance with the Partnership Agreement, the Corporate General
Partner and its affiliates are entitled to receive payment or reimbursement
for direct expenses and out-of-pocket expenses related to the
administration of the Partnership and operation of the Partnership's real
property investment.  Additionally, the Corporate General Partner and its
affiliates are entitled to reimbursements for portfolio management, legal
and accounting services.  The Partnership incurred approximately $8,600 and
$6,687 for the nine months ended September 30, 2001 and 2000, respectively,
payable to an affiliate of the Corporate General Partner for insurance
commissions for professional liability insurance and for portfolio
management, legal and accounting services, of which $2,000 was unpaid as of
September 30, 2001.

     Any reimbursable amounts currently payable to the General Partners and
their affiliates do not bear interest.

UNCONSOLIDATED VENTURE - SUMMARY INFORMATION

     Summary income statement information for BFP, LP for the nine months
ended September 30, 2001 and 2000 is as follows:

                                                 2001             2000
                                               --------         -------
                                               (000's)          (000's)
     Total income. . . . . . . . . . .         $700,574         382,460
                                               ========         =======
     Operating income. . . . . . . . .         $ 69,018          73,177
                                               ========         =======
     Partnership's share of income . .         $  3,741           3,967
                                               ========         =======

     The above total income, operating income and Partnership's share of
income for 2001 include the 2001 sale of a 49% limited partnership interest
in the entities that own 53 State Street and 75 State Street office
buildings.



<PAGE>


     The Partnership's capital in BFP, LP differs from its investment in
unconsolidated venture, primarily due to the adoption of fresh start
accounting by BFP, LP in connection with the restructuring, and the
resultant restatement of all of its assets and liabilities to reflect their
reorganization value.  The Partnership is amortizing the difference between
its historical basis in 245 Park and its underlying equity (which was
transferred to the basis in BFP, LP on the Effective Date) over a period
not to exceed forty years.  The amortization for each of the nine months
ended September 30, 2001 and 2000 was $1,841,357.  Such amount may be
written off sooner in the event of the sale or other disposition of the
properties owned by BFP, LP or the Partnership's interest in BFP, LP.

ADJUSTMENTS

     In the opinion of the Corporate General Partner, all adjustments
(consisting solely of normal recurring adjustments) necessary for a fair
presentation (assuming the Partnership continues as a going concern) have
been made to the accompanying figures as of September 30, 2001 and for the
three and nine months ended September 30, 2001 and 2000.


<PAGE>


PART I.  FINANCIAL INFORMATION

     ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

     Reference is made to the notes to the accompanying financial
statements for additional information concerning the Partnership's
investment property.

     The Partnership's liquidity and ability to continue as a going concern
are dependent upon the receipt of one-third of the property management fees
earned at the 245 Park Avenue property which, pursuant to the terms of the
JMB Transaction Agreement, continues only through December 2001, and
additional advances from JMB Realty Corporation ("JMB") under the demand
loans.  To the extent that the share of the property management fees
received by the Partnership exceeds the costs of operating the Partnership,
and after establishing an appropriate cash reserve, the Partnership will
make payments to JMB on the demand notes or the term loan notes.

     JMB's term loans to the Partnership had a maturity date of December
31, 1998.  Effective January 3, 2001, the Partnership and JMB agreed to
extend the maturity date of the term notes to January 2, 2006 and otherwise
to follow literally the various terms of the notes.  As a result, the
parties agreed that the Partnership would be required to pay default
interest on each of the three term loan notes (at the prime rate plus 3%
per annum) for the period from the maturity date of December 31, 1998 to
January 3, 2001, the effective date on which JMB and the Partnership agreed
to extend each of the notes.  Accordingly, incremental interest cost
relating to the default interest rate aggregating approximately $7.7
million was recorded as expense in the year ended December 31, 2000.  Under
the extended notes, interest accrues under the same terms as applicable to
the term loan notes prior to December 31, 1998.  Interest is due and
payable monthly on the LIBOR Note with the outstanding principal due and
payable on January 2, 2006.  All principal and interest on the other term
loan notes (including the note representing the interest rate swap payment)
are due and payable on January 2, 2006.  Further, all outstanding interest
as of December 31, 2000 on the LIBOR Note (approximately $10.8 million) was
due and payable immediately.  The Partnership issued a new demand note
payable to JMB, bearing interest at the prime rate (as such prime rate
changes from time to time) plus 1% (7% at September 30, 2001) per annum
with interest accruing and compounding quarterly.  Through September 30,
2001, JMB has advanced approximately $11,954,000 to the Partnership
pursuant to the new demand note.  The Partnership used the advances to pay
the outstanding interest on the LIBOR Note through December 31, 2000 of
approximately $10,845,000 and to pay accrued interest on the LIBOR Note
from January 1, 2001 through September 30, 2001 of approximately
$1,109,000.

     As of September 30, 2001, JMB has advanced approximately $12,375,000,
under the original demand note, which reflects the principal and interest
payments made related to a term loan modification in prior years and
advances to pay operating costs of the Partnership.  Interest accrues on
these advances at the annual rate of prime (as such prime rate changes from
time to time) plus 1% (7% at September 30, 2001) and is deferred.  The
demand note allows a maximum principal sum of a specified amount.  In the
first quarter of 2001, the Partnership made an interest payment to JMB of
$400,000 on the demand note.

     Brookfield Properties Corporation ("BPC"), the parent company of the
managing general partner of BFP, LP, has reported that BFP, LP's four
downtown Manhattan office buildings (One Liberty Plaza, One World Financial
Center, Two World Financial Center and Four World Financial Center)
sustained no structural damage as a result of the September 11, 2001,
attacks on the World Trade Center.  The properties did incur broken
windows, damaged window frames and loss of water, electric and telephone
services for a period of time.  Substantial clean-up of the properties was
also required.  In general, BFP, LP was ahead of its original schedule in
returning tenants to the properties.  Tenants re-occupied One Liberty Plaza


<PAGE>


and Four World Financial Center in October 2001 while BFP, LP received the
necessary approvals for re-occupancy of One World Financial Center and
turned over Two World Financial Center to the tenant under its net lease of
that property in November 2001.

     BPC has also reported the BFP, LP had comprehensive insurance coverage
for the damage arising out of the events of September 11, 2001, including
casualty and business interruption coverage.  In October 2001 insurance
coverage was renewed for BFP, LP's properties with new business
interruption and property insurance to cover the replacement cost of its
properties.  There continues to be liability risk insurance for acts of
terrorism.  However, the new property and business interruption insurance
excludes coverage for acts of terrorism.

     In December 1999, BFP, LP executed an option agreement pursuant to
which a third party agreed to an option to purchase a 49% limited
partnership interest in the entities that own the 53 State Street and 75
State Street office buildings.  The transaction closed during the first
quarter of 2001.  Net cash proceeds of approximately $168 million were
applied to the mortgage or other indebtedness of BFP, LP.  The transaction
resulted in gain for federal income tax purposes without any cash proceeds
to the Partnership.

     BPC has reported that during the first quarter of 2001, BFP, LP
refinanced the loans secured by the 245 Park Avenue and One Liberty Plaza
office buildings with loans of $500 million and $432 million, respectively.

The new financing secured by the 245 Park Avenue property has a term of ten
years and bears interest at a fixed rate of 6.65% per annum.  The new
financing secured by One Liberty Plaza has a term of ten years and bears
interest at a fixed rate of 6.75% per annum.

     BFP, LP is currently developing a 31-story office building at 300
Madison Avenue in New York, New York.  The property is currently scheduled
to be completed in early 2004.  BPC has reported that a majority of the
approximately 1.2 million square feet of space to be built for this
property has been pre-leased to a single tenant for a 30-year term.

     BFP, LP and the Partnership each have a substantial amount of
indebtedness remaining.  If any of the buildings (or interests therein) are
sold, any proceeds would be first applied to repayment of the mortgage or
other indebtedness of BFP, LP.  In any event, any net proceeds obtained by
the Partnership would then be required to be used to satisfy notes payable
and deferred interest owed to JMB (aggregating approximately $85,757,000 at
September 30, 2001).  Only after such applications would any remaining
proceeds be available to be distributed to the Holders of Interests.  As a
result, it is unlikely that the Holders of Interest ever will receive any
significant portion of their original investment.  However, over the
remaining term of the Partnership, as a result of sale or other disposition
(including a transfer to the lenders) of the properties, or of the
Partnership's interest in BFP, LP, or a decrease in the Partnership's
indebtedness for Federal income tax purposes, the Holders of Interests will
be allocated substantial gain for Federal income tax purposes
(corresponding at a minimum to all or most of their deficit capital
accounts for tax purposes) without a significant amount of proceeds from
such transaction.  Such gain may be offset by suspended losses from prior
years (if any) that have been allocated to the Holders of Interests.  The
actual tax liability of each Holder of Interests will depend on such
Holder's own tax situation.

RESULTS OF OPERATIONS

     The decrease in cash at September 30, 2001 as compared to December 31,
2000 is primarily due to a first quarter 2001 interest payment of $400,000
on one of the demand notes payable to JMB, partially offset by property
management fees received by the Partnership pursuant to the JMB Transaction
Agreement.



<PAGE>


     The increase in other receivables at September 30, 2001 as compared to
December 31, 2000 is primarily due to the timing of receipt of certain
property management fees from 245 Park Avenue.

     The decrease in interest payable to affiliate and the corresponding
increases in demand notes payable to affiliate and notes payable to
affiliate - long-term including accrued interest at September 30, 2001, as
compared to December 31, 2000 is primarily due to the advances under the
new demand note payable and the payment of outstanding interest on the
LIBOR Note, and the reclassification of short-term accrued interest to note
payable to an affiliate - long-term including accrued interest, as a result
of the extension of the term loan notes effective January 3, 2001.

     Interest and other income for the three and nine months ended
September 30, 2001 and September 30, 2000 primarily consists of the
Partnership's share of the property management fees from the 245 Park
Avenue property pursuant to the terms of the JMB Transaction Agreement
described above.

     The decrease in interest expense for the three and nine months ended
September 30, 2001 as compared to the three and nine months ended September
30, 2000 is primarily due to a lower average interest rate on the
outstanding principal balances of the LIBOR Note and the demand notes
payable to JMB.

     The increase in professional services for the nine months ended
September 30, 2001 as compared to the nine months ended September 30, 2000
is primarily due to legal fees related to the extension of the
Partnership's term loan notes.

     The decreases in Partnership's share of earnings (loss) from
operations of unconsolidated venture and venture partner's share of venture
operations for the three and nine months ended September 30, 2001 as
compared to the same periods in 2000 is primarily due to the write off of
capitalized financing costs by BFP, LP in the third quarter of 2001.



PART II.  OTHER INFORMATION

     ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

      (a)   Exhibits.

            3-A.  Amended and Restated Agreement of Limited Partnership of
                  the Partnership is hereby incorporated herein by
                  reference to Exhibit 3 to the Partnership's Report for
                  December 31, 1992 on Form 10-K (File No. 0-13545) dated
                  March 19, 1993.

            3-B.  Amendment to the Amended and Restated Agreement of
                  Limited Partnership of JMB/245 Park Avenue Associates,
                  Ltd. by and between JMB Park Avenue, Inc. and Park
                  Associates, L.P. dated January 1, 1994 is hereby
                  incorporated herein by reference to Exhibit 3-B to the
                  Partnership's Report for March 31, 1995 on Form 10-Q
                  (File No. 0-13545) dated May 11, 1995.

      (b)   No reports on Form 8-K have been filed during the period
covered by this report.



<PAGE>


                                SIGNATURES



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


                       JMB/245 PARK AVENUE ASSOCIATES, LTD.

                       BY:   JMB Park Avenue, Inc.
                             Corporate General Partner




                       By:   GAILEN J. HULL
                             Gailen J. Hull, Vice President
                       Date: December 11, 2001


     Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following person in the capacity
and on the date indicated.




                       By:   GAILEN J. HULL
                             Gailen J. Hull, Principal Accounting Officer
                       Date: December 11, 2001