[ARTICLE] 5
[CIK] 0000024148
[NAME] CONTINENTAL REAL ESTATE PARTNERS LTD

                             
[PERIOD-TYPE]                   3-MOS
[FISCAL-YEAR-END]                          DEC-31-1998
[PERIOD-END]                               MAR-31-1998
[CASH]                                         1292723
[SECURITIES]                                         0
[RECEIVABLES]                                        0
[ALLOWANCES]                                         0
[INVENTORY]                                          0
[CURRENT-ASSETS]                                237725
[PP&E]                                        13993648
[DEPRECIATION]                                11703681
[TOTAL-ASSETS]                                 3820415
[CURRENT-LIABILITIES]                          2355645
[BONDS]                                              0
[PREFERRED-MANDATORY]                                0
[PREFERRED]                                          0
[COMMON]                                             0
[OTHER-SE]                                     1464770
[TOTAL-LIABILITY-AND-EQUITY]                   3820415
[SALES]                                         133948
[TOTAL-REVENUES]                                133948
[CGS]                                                0
[TOTAL-COSTS]                                        0
[OTHER-EXPENSES]                                186705
[LOSS-PROVISION]                                     0
[INTEREST-EXPENSE]                                   0
[INCOME-PRETAX]                                (52757)
[INCOME-TAX]                                         0
[INCOME-CONTINUING]                            (52757)
[DISCONTINUED]                                       0
[EXTRAORDINARY]                                      0
[CHANGES]                                            0
[NET-INCOME]                                   (52757)
[EPS-PRIMARY]                                   (1.67)
[EPS-DILUTED]                                   (1.67)