FORM 10-Q

                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549




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




For the quarter ended September 30, 2009   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  312-915-1987




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 (the "Exchange Act") 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 [  ]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).  Yes  [  ]    No [ X ]

Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act).  Yes  [  ]    No [ X ]



<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. . . . . . . . . . . . . . .     8


Item 4T.   Controls and Procedures. . . . . . . . . . . . . .    10



PART II    OTHER INFORMATION


Item 1.    Legal Proceedings. . . . . . . . . . . . . . . . .    11


Item 1A.   Risk Factors . . . . . . . . . . . . . . . . . . .    11


Item 6.    Exhibits . . . . . . . . . . . . . . . . . . . . .    11



SIGNATURES  . . . . . . . . . . . . . . . . . . . . . . . . .    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, 2009 AND DECEMBER 31, 2008


                                ASSETS
                                ------

                                        SEPTEMBER 30,
                                            2009        DECEMBER 31,
                                         (UNAUDITED)       2008
                                        ------------    ------------
Current assets:
  Cash and cash equivalents . . . . .   $     12,524          12,112
  Interest and other receivables. . .          --              1,307
                                        ------------    ------------
          Total assets. . . . . . . .   $     12,524          13,419
                                        ============    ============


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

Current liabilities:
  Accounts payable. . . . . . . . . .   $     14,038          27,657
  Demand note payable to an affiliate,
    including accrued interest of
    $1,929,269 at September 30, 2009
    and $1,728,703 at December 31,
    2008. . . . . . . . . . . . . . .      6,533,553       6,137,987
                                        ------------    ------------
Commitments and contingencies

          Total liabilities . . . . .      6,547,591       6,165,644

Partners' capital accounts (deficits):
  General partners:
    Capital contributions . . . . . .     26,664,247      26,664,247
    Cumulative cash distributions . .       (480,000)       (480,000)
    Cumulative net losses . . . . . .    (10,960,628)    (10,937,657)
                                        ------------    ------------
                                          15,223,619      15,246,590
                                        ------------    ------------
  Limited partners (943 interests at
   September 30, 2009 and December 31,
   2008):
    Capital contributions,
      net of offering costs . . . . .    113,057,394     113,057,394
    Cumulative cash distributions . .     (7,520,000)     (7,520,000)
    Cumulative net losses . . . . . .   (127,296,080)   (126,936,209)
                                        ------------    ------------
                                         (21,758,686)    (21,398,815)
                                        ------------    ------------
          Total partners' capital
            accounts (deficits) . . .     (6,535,067)     (6,152,225)
                                        ------------    ------------
                                        $     12,524          13,419
                                        ============    ============



     See accompanying notes to consolidated financial statements.


<PAGE>


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

                 CONSOLIDATED STATEMENTS OF OPERATIONS

        THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
                              (UNAUDITED)



                          THREE MONTHS ENDED     NINE MONTHS ENDED
                             SEPTEMBER 30,         SEPTEMBER 30,
                         --------------------   -------------------
                            2009       2008       2009       2008
                         ---------   --------   --------   --------

Income:
  Interest income . . .  $   --            49      --           329
                         ---------   --------   --------   --------

Expenses:
  Interest. . . . . . .     69,011     89,248    200,566    277,465
  Professional
    services. . . . . .     15,289      5,500    108,183     93,203
  General and
    administrative. . .      8,964     18,772     74,093     81,336
                         ---------   --------   --------   --------
                            93,264    113,520    382,842    452,004
                         ---------   --------   --------   --------

      Net loss. . . . .  $ (93,264)  (113,471)  (382,842)  (451,675)
                         =========   ========   ========   ========

      Net loss per
        limited
        partnership
        interest. . . .  $     (93)      (113)      (382)      (449)
                         =========   ========   ========   ========





























     See accompanying notes to consolidated financial statements.


<PAGE>


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

                 CONSOLIDATED STATEMENTS OF CASH FLOWS

             NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
                              (UNAUDITED)



                                               2009          2008
                                            ----------    ----------
Cash flows from operating activities:
  Net loss. . . . . . . . . . . . . . . .   $ (382,842)     (451,675)
  Items not requiring (providing) cash:
  Changes in:
    Interest and other receivables. . . .        1,307          (300)
    Accounts payable. . . . . . . . . . .      (13,619)       (4,055)
    Interest payable to affiliate . . . .      200,566       277,465
                                            ----------    ----------

          Net cash used in
            operating activities. . . . .     (194,588)     (178,565)
                                            ----------    ----------

Cash flows from financing activities:
  Fundings of demand note payable . . . .      195,000       200,000
                                            ----------    ----------
          Net cash provided by
            financing activities. . . . .      195,000       200,000
                                            ----------    ----------

          Net increase in cash. . . . . .          412        21,435

          Cash and cash equivalents,
            beginning of period . . . . .       12,112           545
                                            ----------    ----------

          Cash and cash equivalents,
            end of period . . . . . . . .   $   12,524        21,980
                                            ==========    ==========


























     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, 2009 AND 2008
                              (UNAUDITED)


GENERAL

     Readers of this quarterly report should refer to the Partnership's
audited financial statements for the fiscal year ended December 31, 2008,
which are included in the Partnership's 2008 Annual Report on Form 10-K
(File No. 0-13545) filed on March 27, 2009, 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 meanings as in
the Partnership's 2008 Annual Report on Form 10-K.

     JMB/245 Park Avenue Associates, Ltd. (the "Partnership"), through JMB
245 Park Avenue Holding Company, LLC ("245 Park Holding"), owns an
approximate .5% general partner interest in Brookfield Financial
Properties, L.P. ("BFP, LP"), formerly known as World Financial Properties,
L.P.  The ownership is represented by 567.375 Class A Units.  BFP, LP is a
limited partnership that holds equity investments in commercial office
buildings, certain of which are owned subject to ground leases of the
underlying land.  Business activities consist primarily of rentals to a
variety of commercial tenants and the ultimate sale or disposition of such
real estate.  245 Park Holding is a limited liability company in which the
Partnership is a 99% member and BFP Property GP Corp. ("BFP GP"), which is
an affiliate of the managing general partner of BFP, LP, is a 1% member.
The accompanying consolidated financial statements include the accounts of
the Partnership and its majority-owned limited liability company, 245 Park
Holding.  The effect of all transactions between the Partnership and its
consolidated venture has been eliminated.

     Because the Partnership has no future funding obligations to BFP, LP,
has not received distributions from BFP, LP and has no indication from BFP,
LP that it intends to make distributions in the future, has no influence or
control over the day-to-day affairs of BFP, LP, and its investment in BFP,
LP has been reduced to less than 1%, the Partnership discontinued the
application of the equity method of accounting, recorded its investment at
zero and no longer recognizes its share of earnings or losses from BFP, LP.

     The preparation of financial statements in accordance with accounting
principles generally accepted in the United States of America requires the
Partnership to make estimates and assumptions that affect the reported
amounts of assets and liabilities and the disclosure of contingent 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.

     The Partnership's future liquidity and ability to continue as a going
concern is dependent upon additional cash advances from JMB Realty
Corporation ("JMB") and there is no assurance that such advances will be
made.  JMB's advances, as well as consolidated balances from prior notes,
are evidenced by a demand note (the "Demand Note"), dated December 1, 2004,
which Demand Note is secured by the Partnership's indirect interest in BFP,
LP.  JMB is under no obligation to make further advances and has the right
to require repayment of the Demand Note together with accrued and unpaid
interest at any time.

     The Partnership has evaluated subsequent events through the date the
financial statements were issued as part of the quarterly report filed on
Form 10-Q for the period ended September 30, 2009.


<PAGE>


RECENTLY ISSUED ACCOUNTING STANDARDS

     In June 2009, the FASB issued guidance related to variable interest
entities, to eliminate certain scope exceptions previously permitted,
provide additional guidance for determining whether an entity is a variable
interest entity, and require companies to more frequently reassess whether
they must consolidate variable interest entities.  The guidance also
replaces the quantitative approach to determining the primary beneficiary
of a variable interest entity previously required with a requirement for an
enterprise to perform a qualitative analysis to determine whether the
enterprise's variable interest on interests give it a controlling financial
interest in a variable interest entity.  The guidance is effective for
periods beginning after November 15, 2009; earlier application is
prohibited.  The Partnership is currently evaluating the application of
this Statement.


TRANSACTIONS WITH AFFILIATES

     The operations of the Partnership since 2004 have been funded
entirely by cash advances from JMB which totaled $1,122,000 as of
September 30, 2009 ($195,000 of which was funded during the nine months
ended September 30, 2009) and which, together with the amount owed and
rolled over from prior notes, are evidenced by the Demand Note.  The Demand
Note, which had an outstanding balance of unpaid principal and accrued
interest at September 30, 2009 of $6,533,553, accrues interest at prime
plus 1 percent, with interest compounded quarterly and included in
principal, and is secured by the Partnership's indirect interest in BFP,
LP.  JMB is under no obligation to make further advances and has the right
to require repayment of the Demand Note together with accrued and unpaid
interest at any time.

     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 costs of $16,605 and
$4,731 for the nine months ended September 30, 2009 and 2008, respectively,
for these services, of which $9,778 was unpaid as of September 30, 2009.

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

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 financial statements as of September 30, 2009
and 2008 and for the three and nine months ended September 30, 2009 and
2008.





<PAGE>


PART I.  FINANCIAL INFORMATION

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

LIQUIDITY AND CAPITAL RESOURCES

     Capitalized terms used herein but not defined have the same meanings
as in the Partnership's 2008 Annual Report on Form 10-K.

     The Partnership's future liquidity and ability to continue as a going
concern are dependent upon additional cash advances from JMB and there is
no assurance that such advances will continue to be made.  The operations
of the Partnership since 2004 have been funded entirely by cash advances
from JMB which totaled $1,122,000 as of September 30, 2009 ($195,000 of
which was funded during the nine months ended September 30, 2009) and
which, together with the amount owed and rolled over from prior notes, are
evidenced by the Demand Note.  The Demand Note, which had an outstanding
balance of unpaid principal and accrued interest at September 30, 2009 of
$6,533,553, accrues interest at prime plus 1 percent, with interest
compounded quarterly and included in principal, and is secured by the
Partnership's indirect interest in BFP, LP.  JMB is under no obligation to
make further advances and has the right to require repayment of advances
previously made together with accrued and unpaid interest at any time.

     BFP, LP has the right to sell the 245 Park Avenue property and any of
its other assets without the consent of the Partnership.  Under certain
circumstances, the Partnership may have obligations for Federal or state
withholding or estimated tax payments on behalf of certain Holders of
Interests.  Notwithstanding any such obligations, the Partnership believes
that the Holders of Interests have the ultimate responsibility for the
timely filing of state and Federal tax returns and the payment of all
related taxes, including the reimbursement to the Partnership of all
withholding tax payments or estimated tax payments made on their behalf.

     The Partnership holds, through 245 Park Holding, an approximate .5%
interest in BFP, LP.  Persons who are interested in obtaining information
concerning BFP, LP should be aware that Brookfield Properties Corporation
("BPC") files periodic reports and other information, which includes
information about BFP, LP and its assets and operations, with the U.S.
Securities and Exchange Commission ("SEC") pursuant to the Securities
Exchange Act of 1934.  BPC's filings with the SEC are available to the
public through the SEC's Electronic Data Gathering, Analysis and Retrieval
system accessible through the SEC's web site at http://www.sec.gov.
Interested persons also may read and copy any report, statement or other
information that BPC has filed with the SEC at its Public Reference Room,
450 Fifth Street, N.W., Washington, D.C. 20549, or may call the SEC for
more information on obtaining information from the SEC's public reference
rooms.  This description is provided for informational purposes only.  The
Partnership does not prepare, and is not responsible for the preparation
of, any of BPC's reports or other information it files with the SEC
including, but not limited to, those concerning the business and financial
results of BFP, LP.  Those reports and other information are not intended
to be incorporated by reference into this report on Form 10-Q, and the
Partnership has no responsibility for the accuracy of any information
included in BPC's reports or other information.



<PAGE>


     BFP, LP has a substantial amount of indebtedness outstanding. Any
proceeds from the sale of the buildings in which BFP, LP has an interest
would be first applied to repayment of the mortgage and other indebtedness
of BFP, LP.  In any event, any net proceeds obtained by the Partnership
could then be available to satisfy the Demand Note (previously discussed).
Only after such applications would any remaining proceeds be available to
be distributed to the Holders of Interests.  Similarly, in the event of a
sale or other disposition of the Retained Interest (including a
redemption), the Partnership's share of the proceeds of such sale or
disposition would first be available to satisfy the Demand Note.  Only
after such application would remaining proceeds, if any, be available to be
distributed to the Holders of Interests.

     It is unlikely that the Holders of Interests ever will receive any
significant portion of their original investment.  However, it is expected
that Holders of Interests will be allocated a substantial amount of
additional gain for Federal and state income tax purposes as a result of
transactions which may occur over the remaining term of the Partnership.
These transactions include (i) a sale or other disposition of the 245 Park
Avenue property or other properties in which BFP, LP owns an interest; (ii)
a sale or other disposition of the Partnership's interest in BFP, LP
(including a redemption of the Retained Interest); or (iii) a significant
reduction in the indebtedness of the 245 Park Avenue property or other
indebtedness of the Partnership for Federal and state income tax purposes.
Moreover, given the current balance of the Demand Note, none of these
transactions is expected to result in Holders of Interests receiving any
significant cash distributions.  The amount of gain for Federal and state
income tax purposes to be allocated to a Holder of Interests over the
remaining term of the Partnership is expected to be, at a minimum, equal to
all or most of the amount of such Holder's deficit capital account for tax
purposes.  Such gain may be offset by suspended losses from prior years (if
any) that have been allocated to the Holder of Interests.  The actual tax
liability of each Holder of Interests will depend on such Holder's own tax
situation.

RESULTS OF OPERATIONS

     The operations of the Partnership since 2004 have been funded
entirely by cash advances from JMB which totaled $1,122,000 as of
September 30, 2009 ($195,000 of which was funded during the nine months
ended September 30, 2009) and which, together with the amount owed and
rolled over from prior notes, are evidenced by the Demand Note at
September 30, 2009.

     The decrease in accounts payable at September 30, 2009 as compared to
December 31, 2008 is due primarily to a decrease in unpaid costs related to
compliance with the Sarbanes-Oxley Act of 2002.

     The increase in demand note payable to an affiliate at September 30,
2009 as compared to December 31, 2008 is due to fundings totaling $195,000
and interest of approximately $201,000 added to the principal in 2009.

     The decreases in interest expense for the three and nine months ended
September 30, 2009 as compared to the three and nine months ended
September 30, 2008 are due to lower effective interest rates in 2009.

     The increases in fees for professional services for the three and
nine months ended September 30, 2009 as compared to the same periods in
2008 are due to higher fees for year-end tax and audit services and for
costs related to compliance with the Sarbanes-Oxley Act of 2002.

     The decreases in general and administrative expenses for the three
and nine months ended September 30, 2009 as compared to the year-ago
periods is due primarily to decreases in costs for accounting services.




<PAGE>


ITEM 4T.  CONTROLS AND PROCEDURES

     Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-15(e)
of the Securities Exchange Act of 1934 promulgated thereunder, the
principal executive officer and the principal financial officer of the
Partnership have evaluated the effectiveness of the Partnership's
disclosure controls and procedures as of the end of the period covered by
this report.  Based on such evaluation, the principal executive officer and
the principal financial officer have concluded that the Partnership's
disclosure controls and procedures were effective as of the end of the
period covered by this report to ensure that information required to be
disclosed in this report was recorded, processed, summarized and reported
within the time period specified in the applicable rules and form of the
Securities and Exchange Commission for this report.  The Partnership's
disclosure controls and procedures do not include the disclosure controls
and procedures of BFP, LP, which the Partnership has no ability to control.




<PAGE>


PART II.  OTHER INFORMATION


     ITEM 1.  LEGAL PROCEEDINGS

     The Partnership is not subject to any material pending legal
proceedings.


     ITEM 1A. RISK FACTORS

     There has been no known material changes from risk factors as
previously disclosed in the Partnership's Annual Report on Form 10-K for
the year ended December 31, 2008.


     ITEM 6.  EXHIBITS

     (a)   Exhibits.

           3.1.  Amended and Restated Agreement of Limited Partnership of
                 the Partnership is hereby incorporated herein by
                 reference to the Partnership's Report for June 30, 2002
                 on Form 10-Q (File No. 0-13545) dated August 21, 2002.

           3.2.  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.

           4.1   Security Agreement, dated May 7, 2001, by JMB/245 Park
                 Avenue Associates, Ltd. in favor of JMB Realty
                 Corporation is hereby incorporated herein by reference
                 to the Partnership's Report for September 30, 2004 on
                 Form 10-Q (File No. 0-13545) dated November 10, 2004.

           4.2   Promissory Note, payable on demand, dated December 1,
                 2004, in the original amount of $172,000, is hereby
                 incorporated herein by reference to the Partnership's
                 Report for December 1, 2004 on Form 8-K (File
                 No. 0-13545), dated December 7, 2004.

           31.1. Certification of Chief Executive Officer Pursuant
                 to Rule 13a-14(a)/15d-14(a) of the Securities and
                 Exchange Act of 1934, as amended, is filed herewith.

           31.2. Certification of Chief Financial Officer Pursuant
                 to Rule 13a-14(a)/15d-14(a) of the Securities and
                 Exchange Act of 1934, as amended, is filed herewith.

           32.   Certifications pursuant to 18 U.S.C. Section 1350, as
                 adopted pursuant to Section 906 of the Sarbanes-Oxley
                 Act of 2002 are furnished herewith.


<PAGE>


                              SIGNATURES


     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.


                      JMB/245 PARK AVENUE ASSOCIATES, LTD.

                      BY:   JMB Park Avenue, Inc.
                            Corporate General Partner


                      By:   GAILEN J. HULL
                            Gailen J. Hull, Vice President
                      Date: November 9, 2009


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


                      By:   GAILEN J. HULL
                            Gailen J. Hull, Chief Financial Officer
                            and Principal Accounting Officer
                      Date: November 9, 2009