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, 1997         Commission file #0-14547  



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




                Illinois                     36-3339372                
      (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 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 5.    Other Information. . . . . . . . . . . . . . . . .    11

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







<PAGE>


<TABLE>
PART I.  FINANCIAL INFORMATION
     ITEM 1.  FINANCIAL STATEMENTS

                                       JMB/MANHATTAN ASSOCIATES, LTD.
                                           (A LIMITED PARTNERSHIP)

                                               BALANCE SHEETS

                                    MARCH 31, 1997 AND DECEMBER 31, 1996

                                                 (UNAUDITED)

                                                   ASSETS
                                                   ------
<CAPTION>
                                                                              MARCH 31,     DECEMBER 31,
                                                                                1997           1996     
                                                                             -----------    ----------- 
<S>                                                                         <C>            <C>          
Current assets:
  Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       $    3,339          1,679 
                                                                              ----------    ----------- 

                                                                              $    3,339          1,679 
                                                                              ==========    =========== 




<PAGE>


                                       JMB/MANHATTAN ASSOCIATES, LTD.
                                           (A LIMITED PARTNERSHIP)

                                         BALANCE SHEETS - CONTINUED


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

                                                                              MARCH 31,     DECEMBER 31,
                                                                               1997            1996     
                                                                           -------------    ----------- 
Current liabilities:
  Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . .      $   127,530          1,274 
  Amounts due to affiliates . . . . . . . . . . . . . . . . . . . . . .        1,227,681      1,205,330 
                                                                             -----------    ----------- 
          Total current liabilities . . . . . . . . . . . . . . . . . .        1,355,211      1,206,604 

  Note payable to an affiliate - long-term. . . . . . . . . . . . . . .          557,134        536,685 
                                                                             -----------    ----------- 

          Total liabilities . . . . . . . . . . . . . . . . . . . . . .        1,912,345      1,743,289 

Investment in unconsolidated venture. . . . . . . . . . . . . . . . . .        3,830,675      3,864,838 

Commitments and contingencies 

Partners' capital accounts (deficits):
  General partners:
      Capital contributions . . . . . . . . . . . . . . . . . . . . . .            1,500          1,500 
      Cumulative net earnings (losses). . . . . . . . . . . . . . . . .       (1,366,434)    (1,361,105)
      Cumulative cash distributions . . . . . . . . . . . . . . . . . .         (737,500)      (737,500)
                                                                            ------------    ----------- 
                                                                              (2,102,434)    (2,097,105)
                                                                            ------------    ----------- 
  Limited partners (1,000 Interests):
      Capital contributions, net of offering costs. . . . . . . . . . .       57,042,489     57,042,489 
      Cumulative net earnings (losses). . . . . . . . . . . . . . . . .      (42,679,736)   (42,551,832)
      Cumulative cash distributions . . . . . . . . . . . . . . . . . .      (18,000,000)   (18,000,000)
                                                                            ------------    ----------- 
                                                                              (3,637,247)    (3,509,343)
                                                                            ------------    ----------- 
          Total partners' capital accounts (deficits) . . . . . . . . .       (5,739,681)    (5,606,448)
                                                                            ------------    ----------- 
                                                                            $      3,339          1,679 
                                                                            ============    =========== 


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


<PAGE>


<TABLE>
                                       JMB/MANHATTAN ASSOCIATES, LTD.
                                           (A LIMITED PARTNERSHIP)

                                          STATEMENTS OF OPERATIONS

                                 THREE MONTHS ENDED MARCH 31, 1997 AND 1996

                                                 (UNAUDITED)

<CAPTION>

                                                                                 1997             1996    
                                                                             ------------     ----------- 
<S>                                                                         <C>              <C>          
Income:
  Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $     --             41,672 
                                                                              -----------      ---------- 
Expenses:
  Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        30,800          12,918 
  Professional services . . . . . . . . . . . . . . . . . . . . . . . . . .       112,950          45,297 
  General and administrative. . . . . . . . . . . . . . . . . . . . . . . .        23,046          34,592 
                                                                              -----------      ---------- 
                                                                                  166,796          92,807 
                                                                              -----------      ---------- 
        Operating earnings (loss) . . . . . . . . . . . . . . . . . . . . .      (166,796)        (51,135)

Partnership's share of operations of 
  unconsolidated venture. . . . . . . . . . . . . . . . . . . . . . . . . .        33,563      (1,432,339)
                                                                              -----------      ---------- 
        Net operating earnings (loss) . . . . . . . . . . . . . . . . . . .      (133,233)     (1,483,474)
                                                                              -----------      ---------- 

        Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . .   $  (133,233)     (1,483,474)
                                                                              ===========      ========== 

        Net earnings (loss) per limited partnership interest. . . . . . . .   $      (128)         (1,424)
                                                                              ===========      ========== 

        Cash distribution per limited 
          partnership interest. . . . . . . . . . . . . . . . . . . . . . .   $     --              --    
                                                                              ===========      ========== 






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


<PAGE>


<TABLE>
                                       JMB/MANHATTAN ASSOCIATES, LTD.
                                           (A LIMITED PARTNERSHIP)

                                     STATEMENTS OF CHANGES IN CASH FLOWS

                                 THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                                                 (UNAUDITED)

<CAPTION>

                                                                                 1997             1996    
                                                                             ------------     ----------- 
<S>                                                                         <C>              <C>          
Cash flows from operating activities:
  Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . .  $   (133,233)     (1,483,474)
  Items not requiring (providing) cash or cash equivalents:
    Partnership's share of operations of unconsolidated venture . . . . . .       (33,563)      1,432,339 
  Changes in:
    Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . .       126,256          14,274 
    Amounts due to affiliates . . . . . . . . . . . . . . . . . . . . . . .        30,800          12,919 
                                                                             ------------     ----------- 
          Net cash (used in) operating activities . . . . . . . . . . . . .        (9,740)        (23,942)

Cash flows from investing activities:
  Partnership's contribution to unconsolidated venture. . . . . . . . . . .          (600)          --    
                                                                             ------------     ----------- 
          Net cash provided by (used in) investing activities . . . . . . .          (600)          --    
                                                                             ------------     ----------- 
Cash flows from financing activities:
  Bank overdraft. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .         --                614 
  Amounts received from affiliates (net). . . . . . . . . . . . . . . . . .        12,000          23,328 
                                                                             ------------     ----------- 
          Net cash provided by (used in) financing activities . . . . . . .        12,000          23,942 
                                                                             ------------     ----------- 
          Net increase (decrease) in cash and cash equivalents. . . . . . .         1,660           --    
          Cash and cash equivalents, beginning of year. . . . . . . . . . .         1,679           --    
                                                                             ------------     ----------- 
          Cash and cash equivalents, end of period. . . . . . . . . . . . .  $      3,339           --    
                                                                             ============     =========== 
Supplemental disclosure of cash flow information:
  Cash paid for mortgage and other interest . . . . . . . . . . . . . . . .  $      --              --    
                                                                             ============     =========== 
  Non-cash investing and financing activities . . . . . . . . . . . . . . .  $      --              --    
                                                                             ============     =========== 



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


<PAGE>


                    JMB/MANHATTAN ASSOCIATES, LTD.
                        (A LIMITED PARTNERSHIP)

                     NOTES TO FINANCIAL STATEMENTS
                        MARCH 31, 1997 AND 1996

                              (UNAUDITED)

GENERAL

     Readers of this quarterly report should refer to the Partnership's
audited financial statements for the year ended December 31, 1996, which
are included in the Partnership's 1996 Annual Report on Form 10-K (File No.
0-14547) dated March 21, 1997, 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 1996 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.

JMB/NYC

     As a result of the 1996 restructuring, JMB/NYC has an indirect limited
partnership interest which, before taking into account significant
preferences to other partners, equals approximately 4.9% of the reorganized
and restructured ventures owning 237 Park and 1290 Avenue of the Americas
(the "Properties").  The new ownership structure gives control of the
Properties to a newly-organized real estate investment trust ("REIT"). 
JMB/NYC has, under certain limited circumstances, through January 1, 2001
rights of consent regarding sale of the Properties or the consummation of
certain other transactions that significantly reduce indebtedness of the
Properties.

     The Affiliated Partners entered into a joint and several obligation to
indemnify, through a date no later than January 2, 2001, the REIT to the
extent of $25 million to ensure their compliance with the terms and
conditions relating to JMB/NYC's indirect limited partnership interest in
the restructured and reorganized joint ventures that own the Properties. 
The Affiliated Partners contributed approximately $7.8 million (of which
the Partnership's share was approximately $1.9 million) to JMB/NYC which
was deposited into an escrow account as collateral for such
indemnification.  These funds have been invested in stripped U.S.
Government obligations with a maturity date of February 15, 2001. The
provisions of the indemnification agreement generally prohibit the
affiliated partners from taking actions that could have an adverse effect
on the operations of the REIT.  Compliance, therefore, is within the
control of the Affiliated Partners and non-compliance with such provisions
by either the Partnership or the Affiliated Partners is highly unlikely. 
Therefore, the Partnership expects its share of the collateral to be
returned at the termination of the indemnification agreement including
interest earned through 2001 on the government obligations.  Upon return of
such funds, any outstanding advances made by JMB (including accrued and
deferred interest) will be repaid.  After establishing an appropriate
working capital reserve, the remainder, if any, would be available for
distribution to the Holders of Interests.  The level of distributable cash
is dependent upon the amount of advances made by JMB.  The Partnership's
sole source of capital to pay for continuing operations is advances from
JMB.  Advances made by JMB are evidenced by a promissory note with a
maximum principal sum of $2 million and a current maturity date of June 30,
1999.  The note bears interest at the applicable Federal rate which ranged
between 5.55% and 5.73% per annum for the period ending March 31, 1997.



<PAGE>


     While the Partnership is not expected to terminate in the near term,
it currently appears unlikely that any significant distributions will be
made by the Partnership at any time due to the level of indebtedness
remaining on the Properties, the original purchase money notes payable by
JMB/NYC, the significant preference levels within the reorganized structure
and the other liabilities of the Partnership.


TRANSACTIONS WITH AFFILIATES

     In accordance with the Partnership Agreement, the General Partners are
required to loan back to the Partnership, for distribution to the Limited
Partners, its share of Distributable Cash (as defined) if a distribution
made to all partners in a particular quarter does not result in a
distribution to the Holders of Interests which equates to a 7% per annum
return on their adjusted capital investment.  Consequently, for the
distributions made to the partners in 1989 and 1990, the General Partners
have loaned $300,000 of Distributable Cash, as defined, (including such
amounts reflected as a management fee to the General Partners) to the
Partnership for distribution to the Holders of Interests.  Any amounts
loaned bear interest at a rate not to exceed 10% per annum (currently 10%
per annum).  As of March 31, 1997, $282,611 represented interest earned on
such loans, all of which was unpaid.  These loans and accrued interest are
unlikely to be repaid as repayment is subordinate to the Holders of
Interests receiving an amount equal to their contributed capital plus any
deficiency in a stipulated return thereon.

     The Corporate General Partner and its affiliates are entitled to
reimbursement for direct expenses and out-of-pocket expenses relating to
the administration of the Partnership and operation of the Partnership's
real property investments.  Additionally, the Corporate General Partner and
its affiliates are entitled to reimbursements for portfolio management,
legal and accounting services.  Such costs totalled $1,032 for the three
months ended March 31, 1997 and $3,146 for the year ended December 31,
1996, of which $3,058 was unpaid at March 31, 1997.

     The Partnership had obligations to fund, on demand, $600,000 and
$600,000 to Carlyle Managers, Inc. and Carlyle Investors, Inc.,
respectively, of additional paid-in capital (reflected in amounts due to
affiliates in the accompanying financial statements).  During 1996, the
obligations were reduced to $200,000 and $200,000, respectively.  As of
March 31, 1997, these obligations bore interest at 5.75% per annum and
interest accrued on these obligations was $246,070.

     As of March 31, 1997, JMB has advanced the Partnership $542,835. 
Advances made by JMB are evidenced by a promissory note with a maximum
principal sum of $2 million and is due June 30, 1999.  The note bears
interest at the applicable Federal rate which ranged between 5.55% and
5.73% per annum during 1997.  The balance of the note including accrued
interest as of March 31, 1997 is $557,134.  The Partnership's sole source
of capital to fund continuing operations is advances from JMB.

     JMB has guaranteed that the Partnership will receive a certain minimum
return on its working capital (as defined), including amounts previously
accrued under the minimum return guarantee.  In March 1995, JMB paid
$2,850,000 of the accrued amount due under this agreement to the
Partnership.  During 1996, JMB funded its remaining obligation under the
working capital minimum guarantee of approximately $1,800,000 which was
used to fund 1996 operating costs and to fund the Partnership's share of
the collateral required pursuant to the terms of the restructuring of the
Partnership's indirect ownership interests in the Properties.



<PAGE>


SUMMARIZED FINANCIAL INFORMATION - JMB/NYC

     Summary income statement information for JMB/NYC for the three months
ended March 31, 1997 and 1996 is as follows:

                                            1997            1996    
                                        ------------     ---------- 

     Total income . . . . . . . . . .   $    134,252     30,432,917 
                                        ============    =========== 
     Operating loss . . . . . . . . .   $  2,808,709      9,734,268 
                                        ============    =========== 
     Partnership's share 
       of income (loss) . . . . . . .   $     33,563     (1,432,339)
                                        ============    =========== 

     During 1996, JMB/NYC adjusted its deficit in the unconsolidated
ventures owning the Properties to the extent of the maximum obligation of
$25 million pursuant to the terms of the Indemnification Agreement and
adopted the cost method of accounting for its indirect investment in the
unconsolidated ventures owning the Properties.

     The Partnership's share of income for the period ending March 31,
1997, consists of interest income earned on amounts contributed by the
Partnership which are held in escrow by JMB/NYC and reduces the
Partnership's proportionate share of its unfunded maximum obligation under
the Indemnification Agreement.  The Partnership does not recognize its
share of interest expense accruing on the JMB/NYC purchase note due to the
non-recourse nature of the note and that repayment of the outstanding
balance of the note (including accrued interest) is dependent on cash flow
from the Properties.


ADJUSTMENTS

     In the opinion of the Corporate General Partner, all adjustments
(consisting solely of normal recurring adjustments) necessary for a fair
presentation and assuming the Partnership continues as a going concern have
been made to the accompanying figures as of March 31, 1997 and for the
three months ended March 31, 1997 and 1996.



<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
investments.

     The Partnership's sole source of capital to fund continuing operations
is advances from JMB which are evidenced by a promissory note with a
maximum principal sum of $2 million and is due June 30, 1999.  The note has
an outstanding balance of $557,134 at March 31, 1997.  The Partnership's
ability to continue as a going concern is dependent upon the ability to
draw upon such promissory note.

     It is unlikely that the Partnership will be able to distribute any
significant additional amounts to the Holders of Interests.  It should be
noted, however, that in connection with any sale or other disposition
(including a foreclosure) of the Properties (or interests therein), the
Holders of Interests would be allocated substantial net gain for Federal
income tax purposes even though the Partnership would not be able to return
any significant additional amounts of distributions.

RESULTS OF OPERATIONS

     The decrease in interest income for the three months ended March 31,
1997 as compared to the three months ended March 31, 1996 is primarily due
to JMB funding their remaining obligation pursuant to a guarantee of a
minimum return on the Partnership's working capital during 1996.  Such
guarantee (including interest earned) was fully funded in order to secure
compliance by the Affiliated Partners with the terms of the restructuring
of the Joint Ventures during 1996.

     The increase in professional fees for the three months ended March 31,
1997 as compared to the three months ended March 31, 1996 and related
increase in accounts payable at March 31, 1997 compared to December 31,
1996 is due to the timing of payment of audit fees and increased fees for
professional services related to the restructuring of the Partnership's
interests in Joint Ventures.

     The Partnership's share of income from unconsolidated venture for the
period ending March 31, 1997, is due to the restructuring of JMB/NYC's
interests in Joint Ventures during 1996, whereby JMB/NYC adopted the cost
method of accounting for its indirect investment in the unconsolidated
ventures owning the Properties.  Accordingly, JMB/NYC has suspended loss
recognition relative to its real estate investments and has reversed those
previously recognized losses that it is no longer potentially obligated to
fund.  The Partnership's share of income for the period ending March 31,
1997, consists of interest income earned on amounts contributed by the
Partnership which are held in escrow by JMB/NYC and reduces the
Partnership's proportionate share of its unfunded maximum obligation under
the Indemnification Agreement.  The Partnership does not recognize its
share of interest expense accruing on the JMB/NYC purchase note due to the
non-recourse nature of the note and that repayment of the outstanding
balance of the note (including accrued interest) is dependent on cash flow
from the Properties.




<PAGE>


<TABLE>
PART II.  OTHER INFORMATION

     ITEM 5.  OTHER INFORMATION


                                                  OCCUPANCY

     The following is a listing of approximate occupancy levels by quarter for the Partnership's investment
properties owned during 1997:

<CAPTION>
                                                 1996                                1997               
                                  -------------------------------------   ------------------------------
                                     At        At         At        At      At       At      At      At 
                                    3/31      6/30       9/30     12/31    3/31     6/30    9/30   12/31
                                    ----      ----       ----     -----    ----     ----   -----   -----
<S>                               <C>       <C>        <C>       <C>      <C>      <C>     <C>    <C>   
1. 237 Park Avenue Building
    New York, New York. . . .        98%       98%        98%        *       * 

2. 1290 Avenue of the 
    Americas Building
    New York, New York. . . .        78%       71%        81%        *       * 

----------------
<FN>

     An "*" indicates that the joint venture which owns the property was restructured.  Reference is made to the
Notes for further information regarding the reorganized and restructured ventures.

</TABLE>


<PAGE>


     ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

      (a)   Exhibits.

            3.       Amended and Restated Agreement of Limited
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. 0-14547)
dated March 30, 1993.

            10-A.*   Interest Rate Guaranty Agreement dated July 1, 1984
between JMB Realty Corporation and JMB/Manhattan Associates, Ltd. dated
April 30, 1984.

            10-B.*   Loan Agreement between JMB/Manhattan Associates,
JMB/Manhattan Investors, Inc., BPA Associates and APB Associates relating
to the loan back of cash distributions of the Partnership.

            10-C.*   Consent Agreement dated April 30, 1985 between
JMB/NYC Office Building Associates, O&Y Equity Corporation, Olympic and
York, 2 Broadway Limited Partnership and Fame Associates relating to the
rights of mortgage loan participation.

            10-D.*   $9,758,363 12.75% promissory note, due March 20,
1999 between JMB/NYC Office Building Associates and Olympia and York
Holdings Corporation relating to the 1290 Avenue of Americas Building

            10-E.*   $4,514,229 12.75% promissory note, due March 20,
1999 between JMB/NYC Office Building and Olympia and York Holdings
Corporation relating to the 237 Park Avenue Building.

            10-F.    Agreement of Limited Partnership of Property
Partners, L.P. is hereby incorporated by reference to the Partnership's
Report for March 31, 1993 on Form 10-Q (File No. 0-14547) dated May 14,
1993.

            10-G.    Second Amended and Restated Articles of Partnership
of JMB/NYC Office Building Associates is hereby incorporated by reference
to the Partnership's Report for December 31, 1993 on Form 10-K (File No. 0-
14547) dated March 28, 1994.

            10-H.    Amended and Restated Certificate of Incorporation of
Carlyle-XIV Managers, Inc. (known as Carlyle Managers, Inc.) is hereby
incorporated by reference to the Partnership's Report for December 31, 1993
on Form 10-K (File No. 0-14547) dated March 28, 1994.

            10-I.    Amended and Restated Certificate of Incorporation of
Carlyle-XIII Managers, Inc. (known as Carlyle Investors, Inc.) is hereby
incorporated by reference to the Partnership's Report for December 31, 1993
on Form 10-K (File No. 0-14547) dated March 28, 1994.

            10-J.    $600,000 demand note between JMB/Manhattan
Associates, L.P. and Carlyle Managers, Inc., is hereby incorporated by
reference to the Partnership's Report for December 31, 1993 on Form 10-K
(File No. 0-14547) dated March 28, 1994.

            10-K.    $600,000 demand note between JMB/Manhattan
Associates, L.P. and Carlyle Investors, Inc., is hereby incorporated by
reference to the Partnership's Report for December 31, 1993 on Form 10-K
(File No. 0-14547) dated March 28, 1994.


<PAGE>


            10-L.    Amendment No. 1 to the Second Amended and Restated
Articles of Partnership of JMB/NYC Office Building Associates, L.P. dated
January 1, 1994, by and between Carlyle Managers, Inc., Carlyle-XIII
Associates, L.P., Carlyle-XIV associates, L.P. and Property Partners, L.P.,
as the limited partners, is hereby incorporated herein by reference to the
Partnership's Report for March 31, 1995 on Form 10-Q (File No. 0-14547)
dated May 11, 1995.

            10-M.    Amendment No.1 to the Agreement of Limited
Partnership of Property Partners, L.P. dated January 1, 1994 by and between
Carlyle Investors, Inc. a Delaware corporation as general partner, and
JMB/Manhattan Associates, Ltd., a Delaware limited partnership, as limited
partner, is hereby incorporated herein by reference to the Partnership's
Report for March 31, 1995 on Form 10-Q (File No. 0-14547) dated May 11,
1995.

            10-N.    Amended, Restated and Consolidated Promissory Note
between JMB/NYC Office Building Associates, L.P. and Olympia & York
Massachusetts Financial Company dated May 31, 1995, is hereby incorporated
herein by reference to the Partnership's Report for December 31, 1995 on
Form 10-K (File No. 0-14547) dated March 25, 1996.

            10-O.    Amended, Restated and Consolidated Security
Agreement between JMB/NYC Office Building Associates, L.P. and Olympia &
York Massachusetts Financial Company dated May 31, 1995, is hereby
incorporated herein by reference to the Partnership's Report for December
31, 1995 on Form 10-K (File No. 0-14547) dated March 25, 1996.

            10-P.    Agreement of Conversion of 1290 Associates into 1290
Associates, L.L.C. dated October 10, 1995 among JMB/NYC Office Building
Associates, L.P., an Illinois limited partnership, O&Y Equity Company,
L.P., a Delaware limited partnership and O&Y NY Building Corp., a Delaware
corporation, is hereby incorporated herein by reference to the
Partnership's Report for December 31, 1995 on Form 10-K (File No. 0-14547)
dated March 25, 1996.

            10-Q.    Agreement of Conversion of 237 Park Avenue
Associates into 237 Park Avenue Associates, L.L.C., dated October 10, 1995
among JMB/NYC Office Building Associates, L.P., an Illinois limited
partnership, O&Y Equity Company, L.P., a Delaware limited partnership and
O&Y NY Building Corp., a Delaware corporation, is hereby incorporated
herein by reference to the Partnership's Report for December 31, 1995 on
Form 10-K (File No. 0-14547) dated March 25, 1996.

            10-R.    Disclosure Statement for the Second Amended Joint
Plan of Reorganization of 237 Park Avenue Associates, L.L.C. and 1290
Associates, L.L.C. dated August 9, 1996 is hereby incorporated herein by
reference to the Partnership's Report for September 30, 1996 on Form 10-Q
(File No. 0-14547) dated November 8, 1996.



<PAGE>


            10-S.    Consent of Director of Carlyle-XIV Managers, Inc.
(known as Carlyle Managers, Inc.) dated October 31, 1996 by reference to
the Partnership's Report for December 31, 1996 on Form 10-K (File No. 0-
14547) dated March 21, 1997.

            10-T.    Consent of Director of Carlyle-XIII, Managers, Inc.
(known as Carlyle Investors, Inc.) dated October 31, 1996 by reference to
the Partnership's Report for December 31, 1996 on Form 10-K (File No. 0-
14547) dated March 21, 1997.

            10-U.    Allonge to demand note between JMB/Manhattan
Associates, L.P. and Carlyle Managers, Inc. dated October 31, 1996 by
reference to the Partnership's Report for December 31, 1996 on Form 10-K
(File No. 0-14547) dated March 21, 1997.

            10-V.    Allonge to demand note between JMB/Manhattan
Associates, L.P. and Carlyle Investors, Inc., dated October 31, 1996 by
reference to the Partnership's Report for December 31, 1996 on Form 10-K
(File No. 0-14547) dated March 21, 1997.

            10-W.    $2,000,000 promissory note between JMB/Manhattan
Associates, Ltd. and JMB Realty Corporation dated October 7, 1996 by
reference to the Partnership's Report for December 31, 1996 on Form 10-K
(File No. 0-14547) dated March 21, 1997.

            10-X.    Indemnification agreement between Property Partners,
L.P., Carlyle-XIII Associates, L.P., and Carlyle-XIV Associates, L.P. dated
as of October 10, 1996 by reference to the Partnership's Report for
December 31, 1996 on Form 10-K (File No. 0-14547) dated March 21, 1997.

            10-Y.    Agreement of Limited Partnership of 237/1290 Lower
Tier Associates, L.P. dated as of October 10, 1996 by reference to the
Partnership's Report for December 31, 1996 on Form 10-K (File No. 0-14547)
dated March 21, 1997.

            10-Z.    Amended and Restated Limited Partnership Agreement
of 237/1290 Upper Tier Associates, L.P. dated as of October 10, 1996 by
reference to the Partnership's Report for December 31, 1996 on Form 10-K
(File No. 0-14547) dated March 21, 1997.

            27.      Financial Data Schedule


            *        Previously filed as Exhibits to the Partnership's
Registration Statement on Form 10 (as amended) of the Securities Exchange
Act of 1934 (File No. 2-88687) filed April 29, 1986 and hereby incorporated
by reference to the Partnership's report for December 31, 1992 on Form 10-K
filed March 30, 1993.

      (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/MANHATTAN ASSOCIATES, LTD.

                BY:   JMB/Manhattan Investors, Inc.
                      Corporate General Partner




                      By:   GAILEN J. HULL
                            Gailen J. Hull, Vice President
                      Date: May 9, 1997


     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: May 9, 1997