UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549

FORM 10-Q

[X] Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities 
Exchange Act of 1934
For the quarter ended    March  31, 1998                        	
			or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities 
Exchange Act of 1934

For the transition period from              to              

Commission File Number 33-24129                             

Historic Preservation Properties 1989 Limited Partnership
(Exact name of registrant as specified in its charter)

      Delaware                 				   04-3021042  
 
(State or other jurisdiction				(I.R.S. 
Employer
    of incorporation or					Identification 
No.)
      organization)

Batterymarch Park II,  Quincy,  Massachusetts        02169
(Address of principal executive offices)    (Zip Code)

Registrant's telephone number, including area code (617) 472-1000

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     


Voting stock held by non-affiliates of the registrant:  Not Applicable




      	HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP

                            	FORM 10-Q

                          	MARCH 31, 1998

                        	TABLE OF CONTENTS


			

PART  I  -  FINANCIAL INFORMATION	

     	Financial Statements

     		Balance Sheets                               3   	

     		Statements of Operations                     4

     		Statements of Partners' Equity (Deficit)     5 

     		Statements of Cash Flows                     6

       Notes to Financial Statements                7-14

      Management's Discussion and Analysis of 
        Financial Condition and Results of 
        Operations                                 15-18

PART II - OTHER INFORMATION                        19
	
	     Signatures	                                  20



     HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP
                           BALANCE SHEETS
               MARCH 31, 1998 AND DECEMBER 31, 1997

	 
                            ASSETS

                                            1998         1997
                                         (Unaudited)


INVESTMENTS IN INVESTEE ENTITIES       $  4,063,747    $ 4,000,210
  Less reserve for realization of 
    investments in Investee entity       (3,469,267)    (3,469,267)

                                            594,480        530,943

CASH EQUIVALENTS                             97,971        175,288
OTHER ASSETS                                 77,505         77,505

                                        $   769,956     $  783,736


                  LIABILITIES AND PARTNERS' EQUITY

LIABILITIES
  Accounts payable and accrued expenses  $   1,666      $   33,562 

     Total liabilities                       1,666          33,562

COMMITMENTS AND CONTINGENCIES (Notes 3 and 4)

PARTNERS' EQUITY
  Limited Partners' Equity - 
   Units of  Investor Limited 
   Partnership Interest, $1,000 
   stated value per Unit-
   Issued and outstanding 
   26,588 units                            991,943        974,008
  General Partner's Deficit               (223,653)      (223,834)

     Total partners' equity                768,290        750,174

                                      $    769,956     $  783,736

The accompanying notes are an integral part of these financial statements.

                                     3
      
     HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP
                        STATEMENTS OF OPERATIONS
        FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
                             (UNAUDITED)


                                            1998            1997

REVENUE:
  Interest and other income              $  2,390       $  2,276

EXPENSES:
  Operating and administrative             51,523         41,984

LOSS FROM OPERATIONS                     ( 49,133)       (39,708)

EQUITY IN INCOME (LOSS	
  OF INVESTEE ENTITIES                     67,249         (8,410)


NET INCOME (LOSS)                        $ 18,116      $ (48,118)

NET INCOME (LOSS) ALLOCATED
  TO GENERAL PARTNER                     $    181      $    (481)

NET INCOME (LOSS) ALLOCATED
  TO LIMITED PARTNERS                    $ 17,935      $ (47,637)

NET INCOME (LOSS) PER UNIT OF 
  INVESTOR LIMITED 	PARTNERSHIP 
  INTEREST, BASED ON 26,588 UNITS
  ISSUED AND OUTSTANDING                 $    .67      $   (1.79)


The accompanying notes are an integral part of these financial statements.

                                   4


        HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP
              STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
            FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND
               FOR THE YEAR ENDED DECEMBER 31, 1997


                                Units of
                                Investor   Investor
                                 Limited   Limited    General
                              Partnership  Partners'  Partner's
                               Interest     Equity     Deficit     Total

BALANCE, 
 December 31, 1996 
  (Unaudited)                  26,588     $1,069,565  $(222,869) $ 846,696

 Net Loss                           -        (95,557)      (965)   (96,522) 

BALANCE, 
 December 31,1997              26,588        974,008   (223,834)   750,174

 Net Income (Unaudited)             -         17,935        181     18,116

BALANCE, 
 March 31, 1998 
  (Unaudited)                  26,588     $  991,943  $(223,653) $ 768,290


The accompanying notes are an integral part of these financial statements.

                                  5


       HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP
                     STATEMENTS OF CASH FLOWS
         FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
                               (UNAUDITED)


                                             1998           1997

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                       $ 18,116       $ (48,118)
  Adjustment to reconcile net 
  income (loss) to	net cash used 
  in operating activities:
   	Equity in (income) loss in 
     investee entities                     (67,249)          8,410
   	Decrease in other assets                     -          26,000
   	Decrease in accounts payable 
     and accrued expenses                  (31,896)        (18,379)
  		Net cash used in operation 
     activities                            (81,029)        (32,087)

CASH FLOWS FROM INVESTING ACTIVITIES:
  Cash contributions to investee entity    (35,288)              -
  Cash distributions from investee entity   39,000          39,000
    	Net cash provided by investing 
      activities                             3,712          39,000

NET INCREASE (DECREASE) IN CASH
 AND CASH EQUIVALENTS                      (77,317)          6,913
 	
CASH AND CASH EQUIVALENTS, 
 BEGINNING OF PERIOD                       175,288         163,316

CASH AND CASH EQUIVALENTS, 
 END OF PERIOD                          $   97,971      $  170,229


The accompanying notes are an integral part of these financial statements.

                                     7


       HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP
                     NOTES TO FINANCIAL STATEMENTS
                              MARCH 31, 1998
                                (UNAUDITED)


(1) Organization and General Partner - BHP

    Historic Preservation Properties 1989 Limited Partnership 
    ("HPP'89" or "the Partnership") was formed on September 1, 1988 
    under the Delaware Revised Uniform Limited Partnership Act.  
    The purpose of HPP'89 is to invest in a diversified portfolio 
    of real properties, for which certain costs of rehabilitation 
    have qualified for rehabilitation tax credits (Rehabilitation 
    Tax Credits).

    The general partner of HPP'89 is Boston Historic Partners 
    Limited Partnership (BHP), a Massachusetts limited partnership. 
    BHP was formed in November 1986 for the purpose of organizing, 
    syndicating and managing publicly offered real estate limited 
    partnerships (Public Rehabilitation Partnerships).  As of March 
    31, 1998, BHP had established three such partnerships, 
    including HPP'89.

(2) Basis of Presentation

    The accompanying unaudited financial statements of HPP'89 have 
    been prepared in accordance with generally accepted accounting 
    principles for interim financial information and generally with 
    instructions to Form 10-Q and Article 10 of Regulation S-X.  
    Accordingly, they do not include all of the information and 
    footnotes required by generally accepted accounting principles 
    for complete financial statements.  In the opinion of 
    management, all adjustments (consisting of normal recurring 
    accruals) considered necessary for a fair presentation have 
    been included.  Operating results for the three months ended 
    March 31, 1998 are not necessarily indicative of the results 
    that may be expected for the year ending December 31, 1998.  
    For further information, refer to the financial statements and 
    footnotes thereto included in the Annual Report on Form 10-K 
    for the year ended December 31, 1997 for HPP'89, as filed with 
    the Securities and Exchange Commission.

(3) Investments in Investee Entities and Real Estate; Commitments 
    and Contingencies

    During 1989, HPP'89 acquired general partnership interests in 
    three Investee Entities, as well as a direct interest in a 
    property located in St. Paul, Minnesota.  Each such Investee 
    Entity placed a property in service in December 1989 and 
    commenced initial leasing activity.

    As discussed below, in March 1996, HPP'89 contributed land, 
    building and improvements and furniture and equipment related 
    to its property located in St. Paul, Minnesota (the 
    Cosmopolitan Building), and certain other assets and 
    liabilities, to a limited liability company for a 50% ownership 
    interest in the Investee Entity.
	
    HPP'89's current allocable percentage of operating income 
    and/or losses in the Investee Entities ranges from 50% to 99%. 
    Each of the Investee Entities' agreements is different but, in 
    general, provides for a sharing of management duties and 
    decisions among HPP'89 and the respective local general 
    partners or other managing members, and certain priorities to 
    HPP'89 with respect to return on and return of invested 
    capital.  Significant Investee Entity decisions require the 
    approval of both HPP'89 and the local general partners or other 
    managing members.  In addition, each Investee Entity has 
    entered into various agreements with its local general partners 
    or members, or their affiliates, to provide development, 
    management and other services, for which the local general 
    partners or other members (or their affiliates), are paid fees 
    by the respective Investee Entity.

    Following is summary of information regarding the Investee 
    Entities and HPP'89's investments therein:

                                   7


         HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP
             NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                         MARCH 31, 1998
                          (UNAUDITED)


(3) Investments in Investee Entities and Real Estate; Commitments 
    and Contingencies (continued)

    Jenkins Court Associates Limited Partnership (Jenkins Court) is 
    a Delaware limited partnership which was formed on December 20, 
    1988 to acquire, construct, rehabilitate, operate and manage a 
    144,000 net rentable square foot five-story building and 30,000 
    net rentable square feet of new retail space, including storage 
    areas and parking facilities, located at Old York Road and 
    Rydal Road, Jenkintown Borough, Pennsylvania. 

    HPP'89 contributed $6,563,064 through the date of Jenkins 
    Court's Chapter 11 filing (see below) to the capital of Jenkins 
    Court and had a general partnership interest therein.  HPP'89's 
    investment in Jenkins Court represented approximately 36% of 
    the aggregate amount which HPP'89 originally contributed to the 
    capital of its three Investee Entities acquired during 1989 and 
    to purchase its direct interest in the Cosmopolitan Building.
  
    On November 23, 1994, Jenkins Court filed a petition for relief 
    under Chapter 11 of the federal bankruptcy laws in United 
    States Bankruptcy Court for the jurisdiction of the Eastern 
    District of Pennsylvania.  On August 31, 1995, after maximum 
    vesting of the remaining Rehabilitation Tax Credits had been 
    achieved for 1995 and considering the unlikelihood of a 
    successful plan of reorganization, Jenkins Court and the 
    mortgage holder entered into a settlement agreement under which 
    Jenkins Court transferred the deed and title of the property to 
    the mortgage holder.  The mortgage holder released Jenkins 
    Court and its guarantors for the entire indebtedness, and 
    Jenkins Court received $25,000 to pay certain professional fees 
    incurred during the bankruptcy proceedings. The transfer of 
    deed and title of the property to the mortgage holder resulted 
    in a recapture of Rehabilitation Tax Credits in 1995 of $44,451 
    to HPP'89, of which $44,007 was allocated to the Limited 
    Partners of HPP'89. Tax credits allocated to the Limited 
    Partners of HPP'89 totaling $2,758,113 were vested on or before 
    June 15, 1995.  Therefore, 98.4% of the Limited Partners' tax 
    credits were vested prior to the loss of the property.
	
    Although Jenkins Court no longer owns investment property or 
    has property operations after August 31, 1995, the Jenkins 
    Court partnership will remain in existence until the resolution 
    of certain partnership assets and liabilities. Partnership 
    assets include approximately $312,000 of unsecured receivables 
    from the developer and its affiliates which have been fully 
    reserved for at December 31, 1997 and 1996; partnership 
    liabilities include approximately $94,000 of trade payables 
    which have been fully reserved for at December 31, 1997 and 
    1996 since HPP'89 does not believe such amount will be recourse 
    to HPP'89, as well as a $250,000 default loan and accrued 
    interest thereon which had been provided by HPP'89 and secured 
    by the developer's interest in an unaffiliated limited 
    partnership.

    402 Julia Street Associates Limited Partnership (402 Julia) is 
    a Delaware limited partnership formed on July 25, 1989 to 
    acquire, construct, rehabilitate, operate and manage a 19,000 
    square foot site and the building situated thereon and to 
    rehabilitate the building into 24 residential units and 
    approximately 3,500 net rentable square feet of commercial 
    space located thereon at 402 Julia Street, New Orleans, 
    Louisiana. At March 31, 1998, 402 Julia had leased 100% of its 
    residential units and commercial space.  

    HPP'89 originally contributed $775,000 to the capital of 402 
    Julia and owns a general partnership interest therein. HPP'89's 
    original investment in 402 Julia represented approximately 4% 
    of the aggregate amount which HPP'89 has contributed to the 
    capital of its three Investee Entities acquired in 1989 and to 
    purchase its direct interest in the Cosmopolitan Building.

                                 8


      HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP
             NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                           MARCH 31, 1998
                            (UNAUDITED)


(3) Investments in Investee Entities and Real Estate; Commitments 
    and Contingencies (continued)

    On September 16, 1993, HPP'89 sold one-third of its general 
    partnership interest in 402 Julia to the developer general 
    partner for $185,000. HPP'89's percentage of interest in 402 
    Julia was thereby reduced from 98% to 65%. The terms of the 
    sale required an initial payment of $100,000, which was 
    received in September 1993, and requires annual payments of 
    $3,500 through 2016 and a final payment of $4,500 in 2017.  At 
    March 31, 1998 the remaining uncollected payments total $71,000 
    which are secured by the interest sold to the developer general 
    partner. The sale transaction did not generate any Investment 
    Tax Credit recapture.

    Rehabilitation Tax Credits generated by 402 Julia and 
    previously allocated to HPP'89 Limited Partners totaled 
    $248,796 since inception.  As of March 31, 1995, 100% of these 
    credits were fully vested.

    HPP'89 recorded net income of $813 and $2,281 for the three 
    months ended March 31, 1998 and 1997 respectively, as well as 
    amortization of $813 for each of the three months ended March 
    31, 1998 and 1997, from the 402 Julia Investment.

    Portland Lofts Associates Limited Partnership (Portland Lofts) 
    is a Delaware limited partnership formed on August 8, 1989 to 
    acquire, construct, rehabilitate, operate and manage three 
    buildings containing 89 residential units and 29,250 square 
    feet of ground floor space useable as either commercial space 
    or as home/studio space for artists, located at 555 Northwest 
    Park Avenue in Portland, Oregon. At March 31, 1998, Portland 
    Lofts had leased approximately 94% of its residential apartment 
    units and 95% of the commercial space for a combined occupancy 
    of 94%.  

    HPP'89 contributed $3,820,000 through March 31, 1998 to the 
    capital of Portland Lofts and  owns a general partnership 
    interest therein. HPP'89's investment in Portland Lofts 
    represents approximately 21% of the aggregate amount which 
    HPP'89 originally contributed to the capital of its three 
    Investee Entities acquired in 1989 and to purchase its direct 
    interest in the Cosmopolitan Building.

    Rehabilitation Tax Credits generated by Portland Lofts and 
    allocated to HPP'89's Limited Partners totaled $1,775,571 since 
    inception.  As of April 1, 1996, 100% of these tax credits were 
    fully vested.

    On May 21, 1996, Portland Lofts and the holder of its mortgage 
    note and a $550,000 unsecured note entered into a Settlement 
    Agreement (the Agreement) to resolve claims concerning the 
    mortgage note and the unsecured note (the Notes).  According to 
    the Agreement, Portland Lofts was allowed until July 31, 1996 
    to pay $5,400,000 to the holder in full satisfaction of the 
    Notes.

    On June 20, 1996, Portland Lofts issued a promissory mortgage 
    note to a bank in the amount of $5,625,000 and a promissory 
    note to one of its general partners in the amount of $340,000 
    to provide sufficient funds to pay in full the $5,400,000 
    settlement amount with the holder, a separate $400,000 note 
    payable and all related closing costs.  The transaction 
    resulted in an extraordinary gain on extinguishment of debt of 
    $1,656,579.	

    In 1990, HPP'89 had reserved against its investment in Portland 
    Lofts reducing such investment to zero due to the substantial 
    doubt that Portland Lofts may not be able to continue as a 
    going concern.  Due to the debt settlement and refinancing 
    completed in June 1996, Portland Lofts is expected to continue 
    as a going concern. Generally, under the equity method of 
    accounting, an investment may not be carried below zero.  
    Accordingly, since the Portland Lofts Investment was fully 
    reserved for, HPP'89 had cumulative unrecorded losses of 
    $1,325,926 at December 31, 1995.  Principally as a result of 
    the extraordinary gain on extinguishment of debt,

                                 9 


         HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP
                 NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                            MARCH 31, 1998
                             (UNAUDITED)


(3) Investments in Investee Entities and Real Estate; Commitments 
    and Contingencies (continued)

    Portland Lofts generated net income of $1,547,514 during the 
    year ended December 31, 1996 of which HPP'89 has been allocated 
    $1,532,039. Consequently, HPP'89 was able to recover all of its 
    cumulative unrecorded losses from Portland Lofts and recognize 
    income in equity from its investment in Portland Lofts of 
    $206,113 for the year ended December 31, 1996.  At December 31, 
    1996, HPP'89's net investment balance in Portland Lofts totaled 
    approximately $180,000.

    For the year ended December 31, 1997, Portland Lofts allocated 
    a net loss of $173,710 and paid cash distributions of $156,000 
    to HPP'89. As mentioned above, generally, under the equity 
    method of accounting, an investment may not be carried below 
    zero.  During 1997, HPP'89's investment in Portland Lofts was 
    reduced to zero due to allocated losses and distributions 
    received.  Although HPP'89's investment in Portland Lofts has 
    been reduced to zero, Portland Lofts is expected to continue as 
    a going concern and to continue to provide distributions to 
    HPP'89.  At December 31, 1997, HPP'89 had cumulative unrecorded 
    losses totaling $95,392 relating to the Portland Lofts 
    investment.

    For the three months ended March 31, 1998, HPP'89 recognized 
    unrecorded income of $4,379 from Portland Lofts, thereby 
    reducing the cumulative unrecorded losses relating to the 
    Portland Lofts investment as of March 31, 1998 to $91,013.  For 
    the three months ended March 31, 1997, HPP'89 recorded a net 
    loss of $35,498 from the Portland Lofts investment.

    For each of the three months ended March 31, 1998 and 1997, 
    HPP'89 received distributions of $39,000 from the Portland 
    Lofts investment.  Distributions of $39,000 for the three 
    months ended March 31, 1998 were recorded as equity in income 
    of investee entities. 

    The Cosmopolitan at Mears Park, LLC (TCAMP) On December 18, 
    1989, HPP'89 acquired the Cosmopolitan Building containing 255 
    residential units and approximately 2,200 square feet of 
    commercial space.  The building was renovated, and certain 
    renovation costs qualified for Rehabilitation Tax Credits.  
    HPP'89 purchased the Cosmopolitan Building for one dollar 
    and assumed mortgage indebtedness with a face value of $22,500,000.
    In accordance with the terms of the Purchase and Sale Agreement, 
    HPP'89 paid $5,000,000 at the closing which was used to repay 
    a portion of the outstanding mortgage loan principal.  The
    Cosmopolitan Building was originally recorded at the net purchase
    purchase price of the net indebtedness assumed by HPP'89 plus the
    amount paid at the closing.  Subsequent improvements were recorded
    at cost.   

    HPP'89's investment in the Cosmopolitan Building represented
    approximately 39% of the aggregate amount which HPP'89 originally 
    contributed to the capital of its three Investee Entities acquired
    in 1989 and to purchase its direct interest in the Cosmopolitan
    in the Cosmopolitan Building.  At March 31, 1998, the economic 
    occupancy of TCAMP was 98%
 
    Rehabilitation Tax Credits generated by the purchase of the 
    Cosmopolitan Building and previously allocated to HPP'89's 
    Limited Partners totaled $4,307,491 since inception.  As of 
    December 31, 1994, 100% of these tax credits were fully vested. 
  
    The mortgage HPP'89 assumed relating to its purchase of the 
    Cosmopolitan Building had an original maturity date of December 
    18, 1999.  On January 5, 1995, HPP'89 consummated the Second 
    Amendment to the Loan Agreement (Second Amendment) with the 
    holder to resolve a dispute over funds in a restricted escrow 
    account.  The terms of the Second Amendment allowed HPP'89 to 
    be paid the interest earned on and overfunded deposits to the 
    escrow account.  Also, HPP'89 received an option to buy the 
    mortgage note for the fair market value of the property. In 
    exchange, HPP'89 released the principal funds of the escrow 
    account (approximately $1,311,000) for payment on the 
    outstanding mortgage and agreed to reduce the maturity date of 
    the note from December 18, 1999 to December 18, 1996. 

                               10


         HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP
               NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                         MARCH 31, 1998
                          (UNAUDITED) 


(3) Investments in Investee Entities and Real Estate; Commitments 
    and Contingencies (continued)

    Effective March 15, 1996, HPP'89 contributed the Cosmopolitan 
    Building, and certain other assets and liabilities, to TCAMP (a 
    Limited Liability Company) for a 50% ownership interest.  
    Concurrently, another member contributed $650,000 cash to TCAMP 
    for a 50% ownership interest.  Simultaneously, TCAMP issued a 
    mortgage note in the amount of $7,000,000, the proceeds of 
    which along with the $650,000 contributed cash were used to 
    settle in full HPP'89's mortgage note payable related to the 
    Cosmopolitan Building.  The fair value of the Cosmopolitan 
    Building and other assets contributed by HPP'89 approximated 
    the fair value of liabilities transferred to TCAMP by HPP'89 
    and the amount paid by TCAMP to settle in full HPP'89's 
    mortgage note payable related to the Cosmopolitan Building.  
    This transaction resulted in a provision for impairment of real 
    estate of $8,437,963 to recognize a reduction to fair value at 
    the date of contribution to TCAMP and an extraordinary gain on 
    debt extinguishment of $9,182,017 to recognize the difference 
    between the amount outstanding under the mortgage payable and 
    the amount accepted by the lender from TCAMP in full 
    settlement. Distributions from TCAMP to HPP'89 and the other members are 
    subject to the order of distributions as specified in the 
    Operating Agreement of TCAMP.  To the extent that the 
    Partnership accumulates from whatever sources operating reserve 
    amounts greater than $140,000 at the end of any fiscal year, 
    the Partnership is required to contribute such excess within 
    thirty days of the end of such fiscal year to TCAMP as 
    additional capital contributions to be distributed by TCAMP to 
    its other member as a return of its original capital 
    contribution.

    On February 27, 1998, HPP'89 contributed to TCAMP $35,288, 
    representing operating reserves in excess of $140,000 at 
    December 31, 1997.  The funds were then distributed from TCAMP 
    to its other member as a return of its original capital 
    contribution.  As of March 31, 1998 and December 31, 1997, the 
    outstanding balance of the other member's unreturned original 
    $650,000 capital contribution was $57,877 and $223,773, respectively.
 
    As a result of the contribution of the Cosmopolitan to TCAMP 
    for a 50% ownership interest in TCAMP, HPP'89 no longer has 
    operations directly related to real estate activity.  As of 
    March 15, 1996 (the date of contribution), the Partnership 
    accounts for its investment in TCAMP under the equity method of 
    accounting.

    HPP'89 recorded net income from the TCAMP investment of $28,249 
    and $25,620 for the three months ended March 31, 1998 and 1997, 
    respectively. 

    HPP'89's investments in the Investee Entities at March 31, 1998 
    and December 31, 1997 are summarized as follows:
   
                                         1998          1997
                                                     (Audited)
    Cumulative:
    Investments and advances made
     in cash                         $ 4,880,288    $ 4,845,000
    Evaluation and acquisition 
     costs                               835,709        835,709
    Interest capitalization and 
     other costs                          39,615         39,615
    Net equity in loss of Investee 
     Entities                          (1,083,756)   (1,151,818)
    Reserves for realization of 
     investments                       (3,469,267)   (3,469,267)
    Amortization of certain costs         (47,289)      (46,476)
    Distributions received from 
     Investee Entities                   (319,200)     (280,200)
    Sale of one third interest 
     of Investee Entity                  (241,620)     (241,620)

                                      $   594,480    $  530,943

    The above summary of HPP'89's investments in Investee Entities 
    does not include its investment in Jenkins Court.

                                   11
       

        HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP
               NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                           MARCH 31, 1998 
                             (UNAUDITED)


(3)	Investments in Investee Entities and Real Estate; Commitments 
    and Contingencies (continued)

    The equity in income (loss) of Investee Entities reflected in 
    the accompanying statements of operations for the three months 
    ended March 31, 1998 and 1997 includes allocated income of 
    $68,062 and a net loss of $7,597, respectively and amortization 
    of certain costs of $813 for each of the three months ended 
    March 31, 1998 and 1997.  

    Summary combined balance sheets of the four Investee Entities 
    as of March 31, 1998 and December 31, 1997, and summary 
    combined statements of operations for the three months ended 
    March 31, 1998 and 1997 are as follows:

                        COMBINED BALANCE SHEETS

                                ASSETS

                                              1998          1997
                                                          (Audited)
    Buildings and improvements, 
     (net of accumulated depreciation; 
     1998, $3,032,988; 1997, $2,896,633)  $ 15,727,472   $ 15,855,989
    Land                                     2,041,326      2,041,326
    Other assets (net of accumulated 
     amortization;1998, $98,908; 
     1997,  $10,861)                           626,848        561,218
    Cash and cash equivalents                  211,623        173,001

        Total assets                      $ 18,607,269   $ 18,631,534

                   LIABILITIES AND PARTNERS' EQUITY

                                               1998          1997
                                                           (Audited)
    Liabilities:
     Mortgage and notes payable           $ 13,372,431   $ 13,412,706
     Other liabilities                         870,589        735,828
     Total liabilities                      14,243,020     14,148,534

    Partners' equity:
     HPP'89                                  3,415,323      3,385,594
     Other partners                            948,926      1,097,406
     Total partners' equity                  4,364,249      4,483,000

        Total liabilities and partners' 
         equity                           $ 18,607,269   $ 18,631,534

    Members' equity in TCAMP has been classified as partners' 
    equity in the combined balance sheets.

                                  12


         HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP
                 NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                             MARCH 31, 1998
                                (UNAUDITED)

(3) Investments in Investee Entities and Real Estate; Commitments 
    and Contingencies (continued)

                    COMBINED STATEMENTS OF OPERATIONS

                                               1998          1997
Revenue:
   Rental revenue                           $ 924,711    $ 896,601
   Interest and other income                   41,657       13,719

                                              966,368      910,320
Expenses:
 Interest expense                             315,157      293,376
 Depreciation and amortization                149,061      152,037
 Operating expenses                           439,983      446,032

                                              904,201      891,445

Net income                                  $  62,167    $  18,875
Net income (loss) allocated to HPP'89       $  33,441    $  (7,598)
Net income allocated to other partners      $  28,726    $  26,473

(4) Transactions With Related Parties and Commitments

    On October 1, 1995, HPP'89 engaged Claremont Management 
    Corporation (CMC), a Massachusetts corporation previously 
    unaffiliated and a related party as of March 15, 1996 through 
    ownership by a member of TCAMP,  to provide asset management, 
    accounting and investor services.  CMC provides such services 
    for an annual management fee of $67,200 plus reimbursement of 
    all its costs of providing these services.  The contract with 
    CMC expires June 30, 1998.  For the three months ended March 
    31, 1998 and 1997, CMC was reimbursed $26,038 and $12,184, 
    respectively, for operating costs.  
  
    In November 1995, HPP'89 entered into a management agreement 
    with CMC,  to manage the Cosmopolitan Building.  CMC's 
    management agreement required the payment of management fees 
    equal to the greater of $5,200 monthly or 4% of gross receipts 
    as defined in the agreements. For the period January 1, 1996 
    through March 15, 1996, CMC was paid $21,940 in property 
    management fees.  The CMC management agreement also required 
    the Cosmopolitan to maintain with CMC at all times an Operating 
    Account in the amount of $100,000 and a Contingency Reserve 
    Account in the amount of $50,000 for the benefit of the 
    Cosmopolitan.  On March 15, 1996, the date HPP'89 contributed 
    the property to TCAMP, the property management contract between 
    HPP'89 and CMC was terminated and TCAMP directly engaged CMC 
    under similar management fee terms.  

(5) Fair Value of Financial Instruments

    The fair values of cash equivalents and accounts payable and 
    accrued expenses at March 31, 1998 and December 31, 1997 
    approximate their carrying amounts due to their short 
    maturities.  

                                 13


       HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP
            MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS
                          MARCH 31, 1998

Liquidity and Capital Resources.  The Partnership terminated its 
offering of Units on December 29, 1989, at which time Limited 
Partners had purchased 26,588 Units, representing gross capital 
contributions of $26,588,000.  The Partnership originally invested an 
aggregate of $11,158,064 in three Investee Partnerships which owned 
or acquired real properties, the rehabilitation of which qualified 
for Rehabilitation Tax Credits.  The Partnership also originally 
invested $5,000,000 in the Cosmopolitan, real property that the 
Partnership had purchased directly, and was required to place a total 
of $2,000,000 in an escrow account with the mortgage lender for this 
property for the purpose of funding operating deficits.

Such amounts originally contributed represent approximately 100% of 
the Limited Partners' capital contributions after deduction of 
selling commissions, organizational and sales costs, acquisition fees 
and reserves.  The Partnership does not expect to make any additional 
investments in new real estate.

The Cosmopolitan is a 255 unit residential property located in St. 
Paul, Minnesota.  On January 5, 1995, the Partnership resolved a 
dispute with the holder of the Cosmopolitan's mortgage over certain 
amounts in an escrow account.  As a result, the Partnership received 
approximately $286,000 from the escrow account which was used to fund 
and reserve for the general and administrative expenses of the 
Partnership, and obtained the opportunity to purchase the mortgage 
note at the fair market value of the property, in exchange for the 
release of the principal funds from the escrow account as a payment 
toward the mortgage principal and a reduction of the mortgage term by 
three years.  Effective March 15, 1996, HPP'89 contributed the 
Cosmopolitan, and certain other assets and liabilities, to TCAMP (a 
Limited Liability Company) for a 50% ownership interest.  
Concurrently, another member contributed $650,000 cash to TCAMP for a 
50% ownership interest. Simultaneously, TCAMP issued a mortgage note 
in the amount of $7,000,000 the proceeds of which along with the 
$650,000 contributed cash, were used to settle in full HPP'89's 
mortgage note payable related to the Cosmopolitan Building.  TCAMP's 
mortgage bears interest at 9.14%: amortizes over a 25 year schedule 
and requires monthly payments of principal, interest, real estate tax 
and replacement reserve deposits totaling $92,735; the mortgage 
matures in March 2003, at which time all unpaid principal and accrued 
interest is due. After March 14, 1996, HPP'89 no longer has any 
operations directly related to real estate activity or generates cash 
from rental activity from the Cosmopolitan. As of March 15, 1996, the 
Partnership accounts for its investment in TCAMP under the equity 
method of accounting.

Jenkins Court was a 174,000 square foot building located in 
Jenkintown, Pennsylvania leased to office and retail tenants.  Jenkins 
Court filed for protection under Chapter 11 Federal Bankruptcy laws on 
November 23, 1994.  On August 31, 1995, after maximum vesting of the 
remaining Rehabilitation Tax Credits had been achieved for 1995, and 
considering the unliklihood of a successful plan of reorganization, 
Jenkins Court negotiated with the mortgage holder to transfer the deed 
and the title of the property to the mortgage holder, in lieu of 
foreclosure.

Although Jenkins Court no longer owns its investment property and 
will no longer have property operations, the Jenkins Court 
partnership will remain in existence until the resolution of certain 
partnership assets and liabilities. These liabilities include a 
$250,000 default loan and accrued interest thereon, which has been 
provided by HPP'89 and secured by the developer's interest in an 
unaffiliated limited partnership.  As a result of the Chapter 11 
proceedings, The Partnership is not expected to be liable as a 
general partner of Jenkins Court for any remaining obligations of 
Jenkins Court.

Due to the foreclosure proceeding related to Jenkins Court, HPP'89 no 
longer has an investment in the property.  As of December 31, 1995, 
the investment in Jenkins Court and its corresponding reserve, both 
totaling $5,471,055, were eliminated from the balance sheet.

                                 14


        HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP
            MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
              CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
                            MARCH 31, 1998


Portland Lofts is a mix-use property located in Portland, Oregon with 
89 residential units and 29,250 square feet of commercial space.  In 
May 1996, Portland Lofts reached a settlement agreement with the 
holder of its mortgage note and an unsecured note.  According to the 
Settlement Agreement, Portland Lofts was allowed until, July 31, 
1996, to pay $5,400,000 to the holder in full satisfaction of both 
the mortgage note and an unsecured note. 

On June 20, 1996, Portland Lofts issued a promissory mortgage note in 
the amount of $5,625,000 and a promissory note to a general partner in 
the amount of $340,000 to provide sufficient funds to pay in full the 
$5,400,000 settlement amount with the holder in full satisfaction of 
both the mortgage note, the unsecured note payable and all related 
closing costs.  The transaction resulted in an extraordinary gain on 
extinguishment of debt of $1,656,579.  The current mortgage note on the 
property: bears interest at 9.0%; amortizes over a 25-year schedule; 
requires monthly payments of principal and interest of $47,205; and 
matures on July 1, 2006, at which time all unpaid principal and 
interest is due.

402 Julia is a mix-use property located in New Orleans, Louisiana 
with 24 residential units and 3,500 square feet of commercial 
space. On September 16, 1993, HPP'89 sold one-third of its general 
partnership interest in 402 Julia to the developer general partner 
for $185,000.  HPP'89's percentage of interest in 402 Julia was 
thereby reduced from 98% to 65%.  The terms of the sale required an 
initial payment of $100,000, which was received in September 1993, 
and requires annual payments of $3,500 through 2016 and a final 
payment of $4,500 in 2017.  402 Julia's mortgage loan bears 
interest at 10%; amortizes over a 35-year schedule; requires 
monthly payments of principal and interest, real estate tax, 
insurance and replacement reserve escrow deposits totaling $11,014; 
and matures in May of 2001, at which time all unpaid principal and 
accrued interest is due.

The short-term liquidity of the Investee Entities, with the exception 
of Jenkins Court, depends on their ability to generate sufficient 
rental income to fund operating expenses and debt service requirements. 
TCAMP, Portland Lofts and 402 Julia have stabilized operations and, 
after considering the effects of TCAMP's and Portland Lofts' recent 
respective refinancings, are expected to generate cash flow.  For each 
of the three months ended March 31, 1998 and 1997, the Partnership 
received distributions from Portland Lofts of $39,000, respectively.   

HPP'89's cash is used primarily to fund general and administrative 
expenses of managing the public fund. The Partnership's only source 
of short term liquidity is from distributions received from Investee 
Entities and the proceeds from the previous sale of a partial 
interest in 402 Julia.  The Partnership expects to fund its expenses 
with cash flow distributions from Portland Lofts, and from TCAMP if 
such distributions are available to HPP'89 and are required to fund 
expenses. As of March 31, 1998 and December 31, 1997, the Partnership 
had $97,971 and $175,288 of total cash.

To the extent that The Partnership accumulates from whatever sources 
operating reserve amounts greater than $140,000 at the end of any 
fiscal year, The Partnership is required to contribute such excess 
within thirty days of the end of such fiscal year to TCAMP as 
additional capital contributions to be distributed by TCAMP to its 
other member as a return of the outstanding portion of its original 
capital contribution.  Since the Partnership anticipates funding its 
expenses principally from distributions received from Portland Lofts, 
the Partnership does not expect that this requirement will affect its 
ability to fund its expenses.  On February 27, 1998, HPP'89 
contributed to TCAMP $35,288, representing operating reserves in 
excess of $140,000 at December 31, 1997.  The funds were then 
distributed from TCAMP to its other member as a return of its 
original capital contribution.

Cash flow generated from the Partnership's investment properties and 
the Partnership's share of the proceeds from the sale of such 
properties is expected to be the source of future long-term 
liquidity.

                                 15


      HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP
         MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
                         MARCH 31, 1998


Results of Operations.  As a result of the contribution of the 
Cosmopolitan to TCAMP for a 50% ownership interest in TCAMP, subsequent 
to March 14, 1996, HPP'89 no longer had operations directly related to 
real estate activity.  As of the date of contribution, the Partnership 
accounts for its investment in TCAMP under the equity method of 
accounting.
 
Due to the foreclosure proceeding related to Jenkins Court, HPP'89 no 
longer has an investment in the property.  As of December 31, 1995, the 
investment in Jenkins Court and its corresponding reserve, both 
totaling $5,471,055, were eliminated from the balance sheet.

The Partnership accounts for its investments in its three remaining 
investee entities under the equity method. In general, under the 
equity method of accounting for investments, the investment is 
recorded at cost and the current allocable portion of earnings 
(losses) of an Investee Entity  is  recorded  as  income  (loss) with 
a  corresponding  increase (decrease) to the investment account.  The 
allocable portion of losses of an Investee Entity are not recorded 
after the respective investment account is reduced to zero.  The 
allocable portion of earnings of an Investee Entity are not recorded 
until all previously unrecorded losses are absorbed.  The 
Partnership's allocable share of operating income and/or losses in 
investee entities range from 50% to 99%.  

Distributions received are recorded as reductions to the investment 
account.  Distributions received from an Investee Entity whose 
respective investment account has been reduced to zero are recorded as 
income.

As of March 31, 1998, 402 Julia leased 100% of its residential units 
and commercial space.  402 Julia has benefited from a relatively strong 
New Orleans market and continues to record stable operations.  402 
Julia rents units to residential tenants, half of which are under 
short-term operating leases with the remaining rented under month-
to-month arrangements.  For the three months ended March 31, 1998, 
402 Julia recorded net income of approximately $1,200 of which 
included depreciation and amortization of approximately $11,000.  

At March 31, 1998, Portland Lofts had leased approximately 94% of 
its residential apartment units and 95% of the commercial space for 
a combined occupancy of 94%.  Portland Lofts rents space to 
residential tenants principally under month-to-month arrangements and 
to commercial tenants under operating leases of varying terms expiring 
through 2004.  As of March 31, 1998, the Partnership had entered into 
fifteen commercial leases.  The Partnership's largest commercial tenant 
occupancies 23% of the commercial space at March 31, 1998, representing 
only 5.8% of the total square feet of the property.  For the three 
months ended March 31, 1998, Portland Lofts recorded net income of 
approximately $4,400 of which included depreciation and amortization of 
approximately $71,300.
 
TCAMP operates its 255 unit residential property in the competitive 
lowertown district of St. Paul, Minnesota with traditional, annual 
operating leases to individuals that expire within one year of 
signing.  Despite the availability of low mortgage rates in the 
single family house market, the building has increased rental rates 
with the market and maintained occupancy above 95% for several years.

At March 31, 1998, TCAMP had an economic occupancy of 98%. For the 
three months ended March 31, 1998, TCAMP recorded net income of 
approximately $56,000, which included depreciation and 
amortization expense of approximately $66,800. 

In 1990, the Partnership fully reserved against its investment in 
Portland Lofts, due to the substantial doubt it would continue as a 
going concern. Accordingly, since the Portland Lofts investment was 
fully reserved for, the Partnership had cumulative unrecorded losses 
of $1,325,926  associated  with  the  investment  as  of December 31, 
1995. Principally as a result of an extraordinary gain on 
extinguishment of debt, Portland Lofts generated net income of 
$1,547,514 in 1996, of which HPP'89 has been allocated $1,532,039.  
This allocated net income allowed HPP'89 to recover all of its 
cumulative unrecorded losses from Portland Lofts. 

                                  16


        HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
             CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
                            MARCH 31, 1998


For the year ended December 31, 1997, Portland Lofts allocated a net 
loss of $173,710 and cash distributions of $156,000 to HPP'89. During 
1997, HPP'89's investment in Portland Lofts was reduced to zero due to 
allocation of losses and distributions received.  Accordingly, HPP'89 
had cumulative unrecorded losses at December 31, 1997 of $95,392.  For 
the three months ended March 31, 1998, HPP'89 recognized unrecorded 
income of $4,379 relating to Portland Lofts, thereby reducing the 
unrecorded losses from the Portland Lofts investment to $91,013 as 
of March 31, 1998.  Distributions received from Portland Lofts for 
the three months ended March 31, 1998 totaled $39,000 and were 
recorded as equity income of investee entities.  Although HPP'89's 
investment in Portland Lofts has been reduced to zero, Portland 
Lofts is expected to continue as a going concern and to continue 
to provide distributions to HPP'89.  

The Partnership recorded net income, under generally accepted 
accounting principles, of $18,116 for the three months ended March 31, 
1998, compared to a net loss of $48,118 for the three months ended 
March 31, 1997.  This $66,234 increase in net income is primarily 
attributable to the increase in equity in income (loss) of investee 
entities of approximately $75,700, offset by a slight increase in 
operating and administrative expenses of approximately $9,500.  The 
increase in HPP'89 share of equity in income (loss) is primarily due to 
the activity from Portland Lofts.  As mentioned above, Portland Lofts 
net investment balance has been reduced to zero, therefore, 
distributions for the three months ended March 31, 1998, of $39,000 
were recorded as equity income of investee entities compared to an 
allocated net loss of $35,498 from Portland Lofts for the same period 
in 1997.

Inflation and Other Economic Factors

Recent economic trends have kept inflation relatively low, although 
the Partnership cannot make any predictions as to whether recent 
trends will continue.  The assets of the Partnership, principally 
investments in Investee Entities, are highly leveraged in view of the 
fact that each Investee property is subject to a long-term first 
mortgage loan.  Operating expenses and rental revenue of each 
Investee property are subject to inflationary factors.  Low rates of 
inflation could result in slower rental rate increases, and to the 
extent that these factors are outpaced by increases in property 
operating expenses (which could arise as a result of general economic 
circumstances such as an increase in the cost of energy or fuel, or 
from local economic circumstances), the operations of the Partnership 
and its Investees could be adversely affected.  Actual deflation in 
prices generally would, in effect, increase the economic burden of 
the mortgage debt service with a corresponding adverse effect.

High rates of inflation, on the other hand, raise the operating 
expenses for projects, and to the extent they cannot be passed on to 
tenants through higher rents, such increases could also adversely 
affect Partnership and Investee operations. Although, to the extent 
rent increases are commensurable, the burden imposed by the mortgage 
leverage is reduced with a favorable effect.  Low levels of new 
construction of similar projects and high levels of interest rates 
may foster demand for existing properties through increasing rental 
income and appreciation in value.

Year 2000 Issues

The Partnership and its Investee Entities have analyzed the effect of 
the Year 2000 on their respective financial and computer systems and 
have incorporated and/or expect to have incorporated the necessary 
modifications to avert any negative consequences.  The Partnership does 
not anticipate Year 2000 issues to have any material effect on its 
operations or the operations of the Investee Entities, or incur 
substantial costs to address Year 2000 issues. 

                                  17



      HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP
                  PART II - OTHER INFORMATION
                       MARCH 31, 1998


Item 1.    Legal Proceedings

           The Partnership is not a party to, to the best 
           knowledge of the General Partner, any material pending 		
           legal proceedings.

           To the best knowledge of the General Partner, Jenkins 
           Court Associates L.P., Portland Lofts Associates L.P., 
           402 Julia Street Associates L.P.  nor The Cosmopolitan 
           at Mears Park, LCC are not currently	subject to any 
           material pending legal proceedings.

Item 2.    Changes in Securities - Not applicable.

Item 3.    Defaults Upon Securities - Not applicable.

Item 4.    Submission of Matters to a Vote of Security Holders - 
           Not applicable.

Item 5.    Other Information - Not applicable.

Item 6.		Exhibits and Reports from Fork 8-K

         (a) Exhibits
             None.

         (b) Reports from Form 8-K
             None. 



                              19
             

      HISTORIC PRESERVATION PROPERTIES 1989 LIMITED PARTNERSHIP

                          SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the 
Securities Exchange Act of 1934, the Registrant has duly caused 
this report to be signed on its behalf by the undersigned, 
thereunto duly authorized.

                         HISTORIC PRESERVATION PROPERTIES 1989
                         LIMITED PARTNERSHIP

                         By:	Boston Historic Partners Limited Partnership
                             General Partner

                             By:	Portfolio Advisory Services, Inc. 
                                 General Partner

Date:  May 1, 1998               By:   /s/ Terrence P. Sullivan	
                                       Terrence P. Sullivan,
                                       President

                            	and
				
Date:  May 1, 1998               By:	  /s/ Terrence P. Sullivan	
                                       Terrence P. Sullivan,
                                       General Partner







                                  20