FORM 10-Q-A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 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 0-2666 250 WEST 57th ST. ASSOCIATES (Exact name of registrant as specified in its charter) A New York Partnership 13-6083380 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 60 East 42nd Street, New York, New York 10165 (Address of principal executive offices) (Zip Code) (212) 687-8700 (Registrant's telephone number, including area code) N/A (Former name, former address and former fiscal year, if changed since last report) 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 require- ments for the past 90 days. Yes [ X ]. No [ ] . An Exhibit Index is located on Page 6 of this Report. Number of pages (including exhibits) in this filing: 8 PART I. FINANCIAL INFORMATION Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 		Registrant was organized solely for the purpose of owning the Property subject to a net operating lease of the Property held by Net Lessee. Registrant is required to pay, from Basic Rent, the charges on the Mortgage Loan and amounts for supervisory services, and then to distribute the balance of such Basic Rent to holders of Participations. See Note C. Pursuant to the Net Lease, Net Lessee has assumed sole responsibility for the condition, operation, repair, maintenance and management of the Property. Accordingly, Registrant need not maintain substantial reserves or otherwise maintain liquid assets to defray any operating expenses of the Property. 		Registrant's results of operations are affected primarily by the amount of rent payable to it under the Net Lease. The amounts of Primary Overage Rent and Secondary Overage Rent are affected by the New York City economy and its real estate market. It is difficult to forecast the New York City economy and real estate market over the next few years. 		Registrant does not pay dividends. During the nine month period ended September 30, 1998, Registrant made regular monthly distributions of $83.33 for each $5,000 participation ($1,000 per annum for each $5,000 participation). On November 30, 1998, Registrant will make an additional distribution of $2,853 for each $5,000 participation. Such distribution represented the balance of Secondary Overage Rent paid by Net Lessee in accordance with the terms of the Net Lease after deducting the Additional Payment to Counsel. See Notes B and C. There are no restrictions on Registrant's present or future ability to make distributions; however, the amount of such distributions depends solely on the ability of Net Lessee to make monthly payments of Basic Rent, Primary Overage Rent and Secondary Overage Rent to Registrant in accordance with the terms of the Net Lease. Registrant expects to make distributions so long as it receives the payments provided for under the Net Lease. See Note B. 		The following summarizes with respect to the current period and corresponding period of the previous year, the material factors affecting Registrant's results of operations for such periods: Total income increased for the three and nine month periods ended September 30, 1998, as compared with the three and nine month periods ended September 30, 1997. Such increase was the result of an increase in the Secondary Overage Rent payable by the Net Lessee for the lease year ended September 30, 1998, as compared with the lease year ended September 30, 1997 -2- Total expenses increased for the three and nine month periods ended September 30, 1998, as compared to the three and nine month periods ended September 30, 1997. Such increase was mainly attributable to an increase in the Additional Payment being made to Counsel based on the Secondary Overage Rent payable for the lease ended September 30, 1998. Liquidity and Capital Resources 		There has been no significant change in Registrant's liquidity for the nine month period ended September 30, 1998, as compared with the nine month period ended September 30, 1997. 		The amortization payments due under the Mortgage Loan (see Note B of Item 1 hereof) will not be sufficient to fully liquidate the outstanding principal balance thereof at maturity in 2000. Registrant does not maintain any reserve to cover the payment of any mortgage indebtedness at or prior to maturity. Therefore, repayment of such indebtedness will depend on Registrant's ability to arrange a further refinancing of the Mortgage Loan. The ability of Registrant to obtain any such refinancing will depend upon several factors, including the value of the Property at that time and future trends in the real estate market and the economy in the geographic area in which the Property is located. 		Registrant anticipates that funds for working capital for the Property will be provided by rental payments received from the Net Lessee and, to the extent necessary, from additional capital investment by the partners in the Net Lessee and/or external financing. However, as noted above, Registrant has no requirement to maintain substantial reserves to defray any operating expenses of the Property. Registrant foresees no need to make material commitments for capital expenditures while the Net Lease is in effect. Inflation 		Registrant believes that there has been no material change in the impact of inflation on its operations since the filing of its report on Form 10-K for the year ended December 31, 1997, which report and all exhibits thereto are incorporated herein by reference and made a part hereof. -3- Year 2000 Issues 		Pursuant to SEC Release No. 33-7558, the Securities and Exchange Commission ("SEC") has instructed registrants to make suitable disclosure regarding year 2000 readiness. Accordingly, Registrant reports the following: Registrant receives base and overage rent from Sublessee, for which Helmsley-Spear, Inc. manages the property as Sublessee's managing and leasing agent. Registrant's supervisor, Wien & Malkin LLP, has requested the managing agent to provide information related to its Year 2000 readiness. However, this information has not yet been provided by the managing agent. Registrant will continue to seek information related to Year 2000 readiness from the managing agent. -4- SIGNATURES 		Pursuant to the requirements 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. 		The individual signing this report on behalf of Registrant is Attorney-in-Fact for Registrant and each of the Joint Venturers in Registrant, pursuant to Powers of Attorney, dated March 29, 1996 and May 14, 1998 (collectively, the "Power"). 250 WEST 57TH ST. ASSOCIATES (Registrant) By /s/ Stanley Katzman Stanley Katzman, Attorney-in-Fact* Date: March 31, 1999 		Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the undersigned as Attorney-in-Fact for each of the Joint Venturers in Registrant, pursuant to the Power, on behalf of Registrant on the date indicated. By /s/ Stanley Katzman Stanley Katzman, Attorney-in-Fact* Date: March 31, 1999 _______________________________ * Mr. Katzman supervises accounting functions for Registrant. -5- EXHIBIT INDEX Number Document Page* 	3(a)	Registrant's Joint Venture Agreement,	 		dated May 25, 1953, which was filed as	 		Exhibit No. 3(a) to Registrant's		 		Registration Statement on Form S-1 (the	 		"Registration Statement"), is incorpo-	 		rated by reference as an exhibit hereto.	 3 (b) Amended Business Certificate of Registrant filed with the Clerk of New York County on July 24, 1998, reflecting a change in the Partners of Registrant effective as of April 15, 1998. 24 Power of Attorney dated March 29, 1996 and May 14, 1998 between Partners in Registrant and Stanley Katzman and Richard A. Shapiro, which was filed as Exhibit 24 to Registrant's 10-Q for the quarter ended March 31, 1998 and is incorporated by reference as an exhibit hereto. _______________________________ * Page references are based on sequential numbering system. - 6- EXHIBIT 3(b) AMENDED BUSINESS CERTIFICATE The undersigned hereby certify that a certificate of business under the assumed name 250 WEST 57TH ST. ASSOCIATES for the conduct of business at 60 East 42nd Street, New York, New York, was filed in the office of the County Clerk New York County, State of New York, on the 11th day of June, 1953, under index number 6981/53; that the last amended certificate was filed on the 9th day of May, 1997 in the office of said County Clerk under index number 6981/53. It is hereby further certified that this amended certificate is made for the purposes of more accurately setting forth the facts recited in the original certificate or the last amended certificate and to set forth the following changes in such facts;* STANLEY KATZMAN, formerly of 75-18 193 Street, Flushing, New York 11366, now residing at 30 East 62nd Street, New York, New York 10021, has been succeeded as a member of 250 West 57th St. Associates by ANTHONY E. MALKIN, residing at 107 Doubling Road, Greenwich, Connecticut 06830. The members of 250 West 57th St. Associates now consist of: Peter L. Malkin and Anthony E. Malkin. 	In Witness Whereof, the undersigned have as of the 15th day of April, 1998 made and signed this certificate. s/s Anthony E. Malkin s/s Stanley Katzman ANTHONY E. MALKIN STANLEY KATZMAN s/s Peter L. Malkin PETER L. MALKIN -7- State of New York, County of New York ss.: On this 29th day of June, 1998, before me personally appeared STANLEY KATZMAN, ANTHONY E. MALKIN and PETER L. MALKIN, to me known and known to me to be the individuals described in and who executed the foregoing certificate, and they thereupon duly acknowledged to me that they executed the same. 						s/s	Notary Public			 							NOTARY PUBLIC -8-