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, 1998                           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. . . . . . . . . . . . . . .     9



PART II    OTHER INFORMATION


Item 6.    Exhibits and Reports on Form 8-K . . . . . . . . .    10




<PAGE>


<TABLE>
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, 1998 AND DECEMBER 31, 1997

                                                 (UNAUDITED)


                                                   ASSETS
                                                   ------
<CAPTION>
                                                                           SEPTEMBER 30,   DECEMBER 31, 
                                                                               1998            1997     
                                                                           -------------   ------------ 
<S>                                                                       <C>             <C>           
Current assets:
  Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     $    583,839        318,105 
  Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . .           37,544         54,850 
                                                                            ------------   ------------ 

          Total assets. . . . . . . . . . . . . . . . . . . . . . . . .     $    621,383        372,955 
                                                                            ============   ============ 



<PAGE>


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

                                   CONSOLIDATED BALANCE SHEETS - CONTINUED

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

                                                                           SEPTEMBER 30,   DECEMBER 31, 
                                                                               1998            1997     
                                                                           -------------   ------------ 
Current liabilities:
  Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . .     $     36,375         34,271 
  Deferred interest payable to affiliate. . . . . . . . . . . . . . . .       12,533,613      9,946,217 
  Notes payable to an affiliate . . . . . . . . . . . . . . . . . . . .       55,612,222     55,612,222 
                                                                            ------------   ------------ 
          Total current liabilities . . . . . . . . . . . . . . . . . .       68,182,210     65,592,710 

Commitments and contingencies

          Total liabilities . . . . . . . . . . . . . . . . . . . . . .       68,182,210     65,592,710 

Investment in unconsolidated venture, at equity . . . . . . . . . . . .       56,156,611     60,512,968 

Venture partner's equity in venture . . . . . . . . . . . . . . . . . .          106,226         62,663 

Partners' capital accounts (deficits):
  General partners:
    Capital contributions . . . . . . . . . . . . . . . . . . . . . . .            1,000          1,000 
    Cumulative cash distributions . . . . . . . . . . . . . . . . . . .         (480,000)      (480,000)
    Cumulative net earnings (losses). . . . . . . . . . . . . . . . . .      (12,438,463)   (12,556,766)
                                                                            ------------   ------------ 
                                                                             (12,917,463)   (13,035,766)
                                                                            ------------   ------------ 
  Limited partners (1,000 interests):
    Capital contributions, net of offering costs. . . . . . . . . . . .      113,057,394    113,057,394 
    Cumulative cash distributions . . . . . . . . . . . . . . . . . . .       (7,520,000)    (7,520,000)
    Cumulative net losses . . . . . . . . . . . . . . . . . . . . . . .     (216,443,595)  (218,297,014)
                                                                            ------------   ------------ 
                                                                            (110,906,201)  (112,759,620)
                                                                            ------------   ------------ 
          Total partners' capital accounts (deficits) . . . . . . . . .     (123,823,664)  (125,795,386)
                                                                            ------------   ------------ 
                                                                            $    621,383        372,955 
                                                                            ============   ============ 

<FN>
                        See accompanying notes to consolidated financial statements.
</TABLE>


<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, 1998 AND 1997

                                                 (UNAUDITED)

<CAPTION>
                                                      THREE MONTHS ENDED           NINE MONTHS ENDED     
                                                        SEPTEMBER 30                 SEPTEMBER 30        
                                                  --------------------------  -------------------------- 
                                                       1998          1997          1998          1997    
                                                   -----------    ----------   -----------    ---------- 
<S>                                               <C>            <C>          <C>            <C>         
Income:
  Other income. . . . . . . . . . . . . . . . . .  $   111,330        96,197       367,795       354,943 
                                                   -----------    ----------    ----------    ---------- 
Expenses:
  Interest. . . . . . . . . . . . . . . . . . . .      881,529       825,827     2,587,396     2,437,093 
  Professional services . . . . . . . . . . . . .        --            --           62,800       175,496 
  General and administrative. . . . . . . . . . .       13,310        31,111        58,671        68,422 
                                                   -----------    ----------    ----------    ---------- 

                                                       894,839       856,938     2,708,867     2,681,011 
                                                   -----------    ----------    ----------    ---------- 

                                                      (783,509)     (760,741)   (2,341,072)   (2,326,068)

Partnership's share of earnings (loss) 
  from operations of unconsolidated venture . . .    1,393,786     1,444,042     4,356,357     4,293,613 
Venture partner's share of venture operations . .      (13,938)      (14,440)      (43,563)      (42,936)
                                                   -----------    ----------    ----------    ---------- 

          Net earnings (loss) . . . . . . . . . .  $   596,339       668,861     1,971,722     1,924,609 
                                                   ===========    ==========    ==========    ========== 

          Net earnings (loss) per 
            limited partnership interest. . . . .  $       561           629         1,853         1,809 
                                                   ===========    ==========    ==========    ========== 





<FN>
                        See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


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

                                    CONSOLIDATED STATEMENTS OF CASH FLOWS

                                NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997

                                                 (UNAUDITED)
<CAPTION>
                                                                                 1998             1997    
                                                                             ------------     ----------- 
<S>                                                                         <C>              <C>          
Cash flows from operating activities:
  Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 1,971,722       1,924,609 
  Items not requiring (providing) cash:
    Partnership's share of operations of 
      unconsolidated venture. . . . . . . . . . . . . . . . . . . . . . . .    (4,356,357)     (4,293,613)
    Venture partner's share of venture operations . . . . . . . . . . . . .        43,563          42,936 
  Changes in:
    Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . .        17,306          30,733 
    Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . .         2,104          (1,648)
    Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . . . .     2,587,396       2,437,093 
                                                                             ------------     ----------- 
          Net cash provided by (used in) operating activities . . . . . . .       265,734         140,110 
                                                                             ------------     ----------- 

          Net increase (decrease) in cash . . . . . . . . . . . . . . . . .       265,734         140,110 

          Cash, beginning of year . . . . . . . . . . . . . . . . . . . . .       318,105         109,644 
                                                                             ------------     ----------- 

          Cash, end of period . . . . . . . . . . . . . . . . . . . . . . .  $    583,839         249,754 
                                                                             ============     =========== 

Supplemental disclosure of cash flow information:
  Cash paid for mortgage and other interest . . . . . . . . . . . . . . . .  $      --              --    
                                                                             ============     =========== 
  Non-cash investing and financing activities . . . . . . . . . . . . . . .  $      --              --    
                                                                             ============     =========== 







<FN>
                        See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


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

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                      SEPTEMBER 30, 1998 AND 1997

                              (UNAUDITED)

GENERAL

     Readers of this quarterly report should refer to the Partnership's
audited financial statements for the fiscal year ended December 31, 1997,
which are included in the Partnership's 1997 Annual Report on Form 10-K
(File No. 0-13545) dated March 21, 1998, 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 1997 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 amount of assets and liabilities and 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.

245 PARK

     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 5.56% general partner interest in a newly formed partnership,
World Financial Properties,L.P. ("WFP, LP").  The managing general partner
of WFP, 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 WFP, LP, has full authority to manage its affairs.

WFP, LP's principal assets are majority and controlling interests in six
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, 1998, the Partnership
has earned $367,404 of management fees pursuant to the agreement.  As of
the date of this report, all such amounts have been received.

     WFP, LP and the Partnership each have a substantial amount of
indebtedness remaining.   If any of the buildings are sold, any proceeds
would be first applied to repayment of the mortgage and other indebtedness
of WFP, 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 to JMB Realty Corporation ("JMB") (aggregating $68,145,835 at
September 30, 1998).  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, it is expected
that over the remaining term of the Partnership, as a result of sale or
other disposition of the properties (including a transfer to the lenders),
or of the Partnership's interest in WFP, LP, 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 sale or disposition.  Such gain may be offset by suspended losses from


<PAGE>


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 $68,145,835
at September 30, 1998.

     In accordance with the Partnership Agreement, the Corporate General
Partner and its affiliates are entitled to receive 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 $8,009 and $5,168 for the nine
months ended September 30, 1998 and 1997, respectively, payable to an
affiliate of the Corporate General Partner for portfolio management, legal
and accounting services, of which $1,606 of such costs were unpaid as of
September 30, 1998.

     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 WFP, LP for the nine months
ended September 30, 1998 and 1997 is as follows:

                                              1998            1997  
                                            --------        ------- 
                                            (000's)         (000's) 

     Total income . . . . . . . . . .       $326,206        303,072 
                                            ========        ======= 
     Operating income (loss). . . . .       $ 45,292         44,366 
                                            ========        ======= 
     Partnership's share
       of income (loss) . . . . . . .       $  2,515          2,452 
                                            ========        ======= 

     The Partnership's capital in WFP, LP differs from its investment in
unconsolidated venture, primarily due to the adoption of fresh start
accounting by WFP, 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 WFP, LP on the Effective Date) over a period
not to exceed forty years.  The amortization for the nine months ended
September 30, 1998 and 1997 was $1,841,357.  Such amount may be written off
sooner in the event of the sale or disposition of the properties owned by
WFP, LP or the Partnership's interest in WFP, 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, 1998 and for the
three and nine months ended September 30, 1998 and 1997.




<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.

     The Partnership's liquidity and ability to continue as a going concern
is dependent upon additional advances from JMB pursuant to a demand note,
as well as receipt of one-third of the property management fees earned at
the 245 Park Avenue property.  As of September 30, 1998, JMB has advanced
approximately $12,376,000, evidenced by the demand note which reflects the
principal and interest payments made related to a 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 plus 1%
(9.25% at September 30, 1998).  The demand note allows a maximum principal
sum of a specified amount.  Other notes due JMB have a scheduled maturity
date of December, 1998.

     WFP, LP and the Partnership each have a substantial amount of
indebtedness remaining.   If any of the buildings are sold, any proceeds
would be first applied to repayment of the mortgage and other indebtedness
of WFP, 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 to JMB Realty Corporation ("JMB") (aggregating $68,145,835 at
September 30, 1998).  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, it is expected
that over the remaining term of the Partnership, as a result of sale or
other disposition of the properties (including a transfer to the lenders),
or of the Partnership's interest in WFP, LP, 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 sale or disposition.  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 increase in deferred interest payable to an affiliate as of
September 30, 1998 as compared to December 31, 1997 is due to the interest
accruals on the term loans and the demand note payable to JMB.

     Other income for the three and nine months ended September 30, 1998
and September 30, 1997 represents the Partnership's share of property
management fees from the 245 Park Avenue property pursuant to the terms of
the JMB Transaction Agreement, including fees earned in September
classified as other receivables at September 30, 1998 and 1997.

     The increase in interest expense for the three and nine months ended
September 30, 1998 compared to the same period in 1997 is primarily due to
an increase in the aggregate amounts outstanding on the Partnership's term
loans (including accrued interest, which is deferred and accrues additional
interest) during 1998.

     The decrease in professional fees for the nine months ended
September 30, 1998 as compared to the same period in 1997 is primarily
attributable to increased professional services in 1997 related to the
restructuring of the Partnership's interest in 245 Park.




<PAGE>


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.

           27.   Financial Data Schedule


      (b)  No reports on Form 8-K have been filed during the last quarter
of 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: November 11, 1998


     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.




                            GAILEN J. HULL
                            Gailen J. Hull, Principal Accounting Officer
                      Date: November 11, 1998