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 March 31, 2002           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. . . . . . . . . . .    13






<PAGE>


PART I.  FINANCIAL INFORMATION
     ITEM 1.  FINANCIAL STATEMENTS

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

                        CONSOLIDATED BALANCE SHEETS

                   MARCH 31, 2002 AND DECEMBER 31, 2001
                                (UNAUDITED)

                                  ASSETS
                                  ------
                                             MARCH 31,       DECEMBER 31,
                                               2002             2001
                                           ------------      -----------
Current assets:
  Cash and cash equivalents. . . . . .     $    504,223          475,931
  Other receivables. . . . . . . . . .            6,107           82,007
                                           ------------     ------------
          Total assets . . . . . . . .     $    510,330          557,938
                                           ============     ============

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

Current liabilities:
  Accounts payable . . . . . . . . . .     $     74,729           74,029
  Interest payable to affiliate. . . .        7,591,932        7,351,940
  Demand notes payable to affiliate. .       25,509,510       25,206,085
                                           ------------     ------------
          Total current liabilities. .       33,176,171       32,632,054

Notes payable to an affiliate -
  long-term including accrued interest       54,103,433       53,949,480
                                           ------------     ------------

Commitments and contingencies

          Total liabilities. . . . . .       87,279,604       86,581,534

Investment in unconsolidated
  venture, at equity . . . . . . . . .       28,934,610       30,712,396
Venture partner's equity in venture. .          378,435          360,658

Partners' capital accounts (deficits):
  General partners:
    Capital contributions. . . . . . .            1,000            1,000
    Cumulative cash distributions. . .         (480,000)        (480,000)
    Cumulative net earnings (losses) .      (11,973,982)     (12,034,842)
                                           ------------     ------------
                                            (12,452,982)     (12,513,842)
                                           ------------     ------------
  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) .     (209,166,731)    (210,120,202)
                                           ------------     ------------
                                           (103,629,337)    (104,582,808)
                                           ------------     ------------
          Total partners' capital
            accounts (deficits). . . .     (116,082,319)    (117,096,650)
                                           ------------     ------------
                                           $    510,330          557,938
                                           ============     ============

       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 MONTHS ENDED MARCH 31, 2002 AND 2001
                                (UNAUDITED)




                                                  2002          2001
                                               ----------    ----------

Income:
  Interest and other income. . . . . . . . .   $    2,164       145,425
                                               ----------    ----------

Expenses:
  Interest . . . . . . . . . . . . . . . . .      697,370     1,020,738
  Professional services. . . . . . . . . . .       23,098        83,878
  General and administrative . . . . . . . .       27,374        26,238
                                               ----------    ----------

                                                  747,842     1,130,854
                                               ----------    ----------

                                                 (745,678)     (985,429)

Partnership's share of earnings (loss)
  from operations of unconsolidated
  venture. . . . . . . . . . . . . . . . . .    1,777,786     3,624,786
Venture partner's share of venture
  operations . . . . . . . . . . . . . . . .      (17,777)      (36,248)
                                               ----------    ----------

          Net earnings (loss). . . . . . . .   $1,014,331     2,603,109
                                               ==========    ==========

          Net earnings (loss) per
            limited partnership
            interest . . . . . . . . . . . .   $      958         2,459
                                               ==========    ==========
























       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

                THREE MONTHS ENDED MARCH 31, 2002 AND 2001
                                (UNAUDITED)




                                                  2002          2001
                                               ----------    ----------

Cash flows from operating activities:
  Net earnings (loss). . . . . . . . . . . .   $1,014,331     2,603,109
  Items not requiring (providing) cash:
    Partnership's share of earnings from
      operations of unconsolidated
      venture. . . . . . . . . . . . . . . .   (1,777,786)   (3,624,786)
    Venture partner's share of
      venture operations . . . . . . . . . .       17,777        36,248
  Changes in:
    Other receivables. . . . . . . . . . . .       75,900        40,966
    Accounts payable . . . . . . . . . . . .          700        82,075
    Interest payable to affiliate. . . . . .      579,265       620,738
                                               ----------    ----------

          Net cash provided by
            (used in) operating
            activities . . . . . . . . . . .      (89,813)     (241,650)
                                               ----------    ----------

Cash flows from financing activities:
  Fundings of demand note payable. . . . . .      118,105         --
                                               ----------    ----------

          Net cash provided by
            (used in) financing
            activities . . . . . . . . . . .      118,105         --
                                               ----------    ----------

          Net increase (decrease)
            in cash. . . . . . . . . . . . .       28,292      (241,650)

          Cash and cash equivalents,
            beginning of year. . . . . . . .      475,931       470,475
                                               ----------    ----------

          Cash and cash equivalents,
            end of period. . . . . . . . . .   $  504,223       228,825
                                               ==========    ==========


Supplemental disclosure of cash flow
 information:
  Cash paid for interest to an affiliate . .   $  118,105       400,000
                                               ==========    ==========









       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

                          MARCH 31, 2002 AND 2001
                                (UNAUDITED)

GENERAL

     Readers of this quarterly report should refer to the Partnership's
audited financial statements for the fiscal year ended December 31, 2001,
which are included in the Partnership's 2001 Annual Report on Form 10-K
(File No. 0-13545) dated May 10, 2002, 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 the
Partnership's 2001 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 (slightly 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.  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 wholly-owned or 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 was entitled to receive one third of the monthly management
fees earned at the 245 Park Avenue property through December 2001.  Amounts
received were not to be less than $400,000 or exceed $600,000 for any
twelve month period and were not to be less than $2,300,000 over the term
of the agreement.  The Partnership's right to receive such fees has expired
and all such amounts were received.  For the three months ended March 31,
2001, the Partnership earned $142,095 of management fees pursuant to the
agreement.  In addition, pursuant to the JMB Transaction Agreement, the
Partnership has or had 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.
During 2001, the debt secured by the 245 Park Avenue property was
refinanced with a new mortgage obligation in the principal amount of $500
million.



<PAGE>


     In December 1999, BFP, LP executed an agreement pursuant to which an
institutional investor 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 and generated net proceeds of approximately $168 million to
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 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 any remedies under these notes as a result of the non-payment of
monthly interest under the LIBOR Note or the maturity of the term loan
notes.  In 2001, the maturity date was extended to January 2, 2006, as
discussed below.

     Effective January 3, 2001, the Partnership and JMB agreed to extend
the maturity date of the term loan notes from December 31, 1998 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 accrued
interest, which is compounded annually, on the other term loan notes 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% (5.75% at March 31, 2002) per annum with
interest accruing and compounding quarterly.  Through March 31, 2002, JMB
has advanced approximately $12,358,000 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 December 31, 2001 of approximately $1,395,000.  For the three
months ended March 31, 2002, JMB has advanced approximately $118,000 to the
Partnership through the new demand note to pay outstanding accrued interest
of approximately $118,000 on the LIBOR note.

     Each of the notes to JMB is 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.  It currently appears unlikely, however, that any significant
operating distributions will be received by the Partnership from BFP, LP
due to the level of indebtedness remaining on the properties owned by BFP,
LP.  Accordingly, the Partnership's primary source of capital to pay for
continuing operations is additional advances from JMB under the demand
loans.  Accrued and unpaid interest on the demand notes and term loan notes
is approximately $18,459,000 and $18,064,000 at March 31, 2002 and
December 31, 2001, respectively.


<PAGE>


     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 $87,205,000
and $86,508,000 at March 31, 2002 and December 31, 2001, respectively).
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 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
$87,205,000 and $86,508,000 at March 31, 2002 and December 31, 2001,
respectively.  In the first quarter of 2001, the Partnership made an
interest payment to JMB of $400,000 on the notes.  For the three months
ended March 31, 2002 and 2001, the Partnership incurred approximately
$697,000 and $1,021,000, respectively, for interest on the demand notes and
term loan notes.  JMB has advanced approximately $118,000 to the
Partnership through the new demand note to pay outstanding accrued interest
on the LIBOR note of approximately $118,000 for the three months ended
March 31, 2002.  Accrued and unpaid interest on the demand notes and term
loan notes is approximately $18,459,000 and $18,064,000 at March 31, 2002
and December 31, 2001, respectively.

     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 $6,215 and $439 for the
three months ended March 31, 2002 and 2001, respectively, payable to an
affiliate of the Corporate General Partner for portfolio management, legal
and accounting services, of which $6,215 was unpaid as of March 31, 2002.

     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 three months
ended March 31, 2002 and 2001 is as follows:

                                                 2002             2001
                                               --------         -------
                                               (000's)          (000's)
     Total income. . . . . . . . . . .         $108,683         307,454
                                               ========         =======
     Operating income. . . . . . . . .         $ 21,460          55,535
                                               ========         =======
     Partnership's share of income . .         $  1,164           3,011
                                               ========         =======



<PAGE>


     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.

     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 three months
ended March 31, 2002 and 2001 was $613,786.  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 March 31, 2002 and for the
three months ended March 31, 2002 and 2001.


<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
is dependent upon additional advances from JMB Realty Corporation ("JMB")
under the demand loans, and there is no assurance that such advances will
continue to be made.

     As of March 31, 2002, JMB has advanced approximately $12,376,000,
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 prime rate (as such prime rate changes from time to
time) plus 1% (5.75% at March 31, 2002) per annum and payment is deferred.
The demand note allows a maximum principal sum of a specified amount.

     Effective January 3, 2001, the Partnership and JMB agreed to extend
the maturity date of the term loan notes from December 31, 1998 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 accrued
interest, which is compounded annually, on the other term loan notes 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% (5.75% at March 31, 2002) per annum with
interest accruing and compounding quarterly.  Through March 31, 2002, JMB
has advanced approximately $12,358,000 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 December 31, 2001 of approximately $1,395,000.  For the three
months ended March 31, 2002, JMB has advanced approximately $118,000 to the
Partnership through the new demand note to pay outstanding interest of
approximately $118,000 on the LIBOR note.  In the first quarter of 2001,
the Partnership made an interest payment to JMB of $400,000 on the notes.
For the three months ended March 31, 2002 and 2001, the Partnership
incurred approximately $697,000 and $1,021,000, respectively, for interest
on the demand notes and term loan notes.  Accrued and unpaid interest on
the demand notes and term loan notes is approximately $18,459,000 and
$18,064,000 at March 31, 2002 and December 31, 2001, respectively.



<PAGE>


     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 building facade and loss of water,
electric and telephone services for a period of time.  Substantial clean-up
of the properties was also required.  In addition, the glass atrium in the
middle of the World Financial Center complex incurred more damage from
falling debris than other areas of the complex.  According to BPC, the
atrium, which is not integral to the daily operation or re-tenanting of the
World Financial Center complex, is expected to be restored and re-opened in
the Fall of 2002.

     According to BPC, BFP, LP is responsible for repairs to One Liberty
Plaza, One World Financial Center, the glass atrium and common areas of the
World Financial Center complex, and Merrill Lynch & Company, as the tenant
under triple-net leases, is responsible for repairs to Two World Financial
Center and Four World Financial Center.  BPC has reported that BFP, LP is
covered by insurance for any costs incurred to repair One Liberty Plaza,
One World Financial Center, the glass atrium and common areas at the
complex and for business interruption claims.  BFP, LP has received payment
for a portion of its insurance claims and expects to receive the full
balance of these claims.  According to BPC, repairs to Two World Financial
Center and Four World Financial Center are covered by insurance obtained by
the tenant under its leases for those properties.  BPC has reported that to
date there have been no lease cancellations at BFP, LP's New York
properties, although there is no assurance that a tenant or tenants will
not attempt to do so as a result of events occurring on September 11, 2001.

One Liberty Plaza and Four World Financial Center re-opened in October
2001, and One World Financial Center and Two World Financial Center re-
opened in the first quarter of 2002.

     Property and casualty and business interruption insurance coverage for
BFP, LP's properties was renewed in October, 2001.  The renewal insurance
covers the replacement cost of the properties but does not include coverage
for damage or business interruption claims related to acts of terrorism.
Accordingly, damage or business interruption costs due to acts of terrorism
in the future could result in material costs to BFP, LP.

     In December 1999, BFP, LP executed an agreement pursuant to which an
institutional investor 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 and generated net proceeds of approximately $168 million to
BFP, LP.  The transaction resulted in gain for financial reporting and
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 35-story, approximately 1,200,000
square foot office building at 300 Madison Avenue in New York, New York.
The property is currently expected to be substantially completed in late
2003.  BPC has reported that acquisition and ongoing development costs are
to be funded primarily through financing obtained in April 2002 and secured
by the project.  The entire project has been leased to one tenant for a 30-
year term.  The tenant also has an option, for two years after substantial
completion of the project, to acquire a 49% interest in the project at
cost.



<PAGE>


     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 $87,205,000
and $86,508,000 at March 31, 2002 and December 31, 2001, respectively).
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 other receivables and the increase in cash and cash
equivalents at March 31, 2002 as compared to December 31, 2001 is primarily
due to the timing of receipt of certain property management fees from 245
Park Avenue.  The Partnership's right to receive such fees pursuant to the
JMB Transaction Agreement expired December 31, 2001.

     Interest and other income for the three months ended March 31, 2001
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 in the Notes. The Partnership's right to
receive such fees expired December 31, 2001.

     The decrease in interest expense for the three months ended March 31,
2002 as compared to the three months ended March 31, 2001 is primarily due
to a lower average interest rates on the outstanding principal balances of
the LIBOR Note and the demand notes payable to JMB.

     The decrease in professional services for the three months ended
March 31, 2002 as compared to the three months ended March 31, 2001 is
primarily due to legal fees incurred related to the extension of the
Partnership's term loan notes in 2001.

     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 months ended March 31, 2002 as compared to the
same period in 2001 is primarily due to the 2001 gain from the sale of a
49% limited partnership interest in the entities that own the 53 State
Street and 75 State Street office buildings.





<PAGE>


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: May 13, 2002


     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: May 13, 2002