FORM 10-K
                         SECURITIES AND EXCHANGE COMMISSION
                               Washington, D.C. 20549

                [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                         THE SECURITIES EXCHANGE ACT OF 1934
         For the fiscal year ended December 31, 1996                      

               [ ]  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 O-2666                                    

                             250 WEST 57TH ST. ASSOCIATES                 
               (Exact name of registrant as specified in its charter)

                    New York                            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)

         Registrant's telephone number, including area code (212) 687-8700

         Securities registered pursuant to Section 12(b) of the Act:

                                        None

             Securities registered pursuant to section 12(g) of the Act:

               $3,600,000 of Participations in Joint-Venture Interests

         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
         reports), and (2) has been subject to such filing requirements for
         the past 90 days.  Yes [ x ]  No [   ]

         The aggregate market of the voting stock held by non-affiliates of
         the Registrant:  Not applicable, but see Items 5 and 10 of this
         report.

         Indicate by check mark if disclosure of delinquent filers pursuant
         to Item 405 of Regulation S-K is not contained herein, and will
         not be contained, to the best of Registrant's knowledge, in
         definitive proxy or information statements incorporated by
         reference in Part III of this Form 10-K or any amendment to this
         Form 10-K.  

         An Exhibit Index is located on pages 31 through 33 hereof.
         Number of pages (including exhibits) in this filing: 49
         



                                       PART I


         Item 1.  Business.

                   (a)  General

                   Registrant is a joint venture which was organized on May
         25, 1953.  On September 30, 1953, Registrant acquired fee title to
         The Fisk Building, 250-264 West 57th Street, New York, New York
         (the "Building") and to the land thereunder (the "Property").
         Registrant's joint venturers are Peter L. Malkin, Stanley Katzman
         and Ralph W. Felsten (individually, a "Joint Venturer" and,
         collectively, the "Joint Venturers") each of whom also acts as an
         agent for holders of participations in their undivided joint
         venture interests in Registrant (each holder of a participation,
         individually, a "Participant" and, collectively, the
         "Participants").  

                   Registrant leases the Property to Fisk Building
         Associates (the "Net Lessee"), a partnership, under a net
         operating lease dated May 1, 1954 (the "Net Lease"), the current
         term of which expires on September 30, 2003.  Net Lessee is a
         partnership in which Mr. Malkin is one of the Partners.  Two of
         three Joint Venturers are also current members, and one is a
         retired, former member, of the law firm of Wien & Malkin LLP, 60
         East 42nd Street, New York, New York, counsel to Registrant and
         the Net Lessee ("Counsel").  See Items 10, 11, 12 and 13 hereof
         for a description of the ongoing services rendered by, and
         compensation paid to, Counsel and for a discussion of certain
         relationships which may pose actual or potential conflicts of
         interest among Registrant, Net Lessee and certain of their respec-
         tive affiliates.

                   As of December 31, 1996, the Building was approximately
         93% occupied by approximately 280 tenants, a majority of whom are
         engaged in the practices of law, dentistry and accounting, and the
         businesses of publishing, insurance and entertainment.  Registrant
         does not maintain a full-time staff.  See Item 2 hereof for
         additional information concerning the Building.

                   (b)  Net Lease

                   Under the Net Lease, Net Lessee must pay (i) annual
         basic rent equal to the sum of $28,000 plus an amount equal to the
         rate of constant payments for interest and amortization required
         annually under the first mortgage described below (the "Basic
         Rent"), and (ii)(A) primary overage rent equal to the lesser of
         (1) Net Lessee's net operating income for the lease year or (2)
         $752,000 (the "Primary Overage Rent"), and (B) secondary overage
         rent equal to 50% of any remaining balance of Net Lessee's net
         operating income for such lease year ("Secondary Overage Rent").  




                   Net Lessee is required to make a monthly payment to
         Registrant, as an advance against Primary Overage Rent, of an
         amount equal to its operating profit for its previous lease year
         in the maximum amount of $752,000 per annum.  Net Lessee currently
         advances $752,000 each year, which permits Registrant to make
         regular monthly distributions at 20% per annum on the
         Participants' original cash investment.

                   For the lease year ended September 30, 1996, Net Lessee
         reported net operating profit of $4,068,953 after deduction of
         Basic Rent.  Net Lessee paid Primary Overage Rent of $752,000,
         together with Secondary Overage Rent of $1,658,477 for the fiscal
         year ended September 30, 1996.  The Secondary Overage Rent of
         $1,658,477 represents 50% of the excess of the net operating
         profit of $4,068,953 over $752,000.  After the payment of $165,848
         to Counsel as an additional payment for supervisory services, the
         balance of $1,492,629 was distributed to the Participants on
         November 30, 1996.

                   Secondary Overage Rent income is recognized when earned
         from Net Lessee, at the close of the lease year ending September
         30.  Such income is not determinable until Net Lessee, pursuant to
         the Net Lease, renders to Registrant a certified report on the Net
         Lessee's operation of the Property.  The Net Lease requires that
         this report be delivered to Registrant annually within 60 days
         after the end of each such lease year.  Accordingly, all Secondary
         Overage Rent income and related supervisory service expense can
         only be determined after the receipt of such report.  The Net
         Lease does not provide for the Net Lessee to render interim
         reports to Registrant, so no income is reflected for the period
         between the end of the lease year and the end of Registrant's
         fiscal year.  See Note 4 of Notes to Financial Statements filed
         under Item 8 hereof (the "Notes") regarding Secondary Overage Rent
         payments by Net Lessee for the fiscal years ended December 31,
         1996, 1995 and 1994.

                   The Net Lease provides for one renewal option of 25
         years.  The Participants in Registrant and the partners in Net
         Lessee have agreed to execute three additional 25-year renewal
         terms on or before the expiration of the then applicable renewal
         term.

                   (c)  Mortgage Loan Refinancing

                   Effective March 1, 1995, the first mortgage loan on the
         Property, in the principal amount of $2,890,758, held by Apple
         Bank for Savings ("Apple Bank") was refinanced (the
         "Refinancing").  The material terms of the refinanced mortgage
         loan (the "Mortgage Loan") are as follows:


                   



                                         -2-

                   


                        (i)  a maturity date of June 1, 2000;

                       (ii)  monthly payments of $24,096, aggregating
                   $289,157 per annum, applied first to interest at the
                   rate of 9.4% per annum and the balance in reduction of
                   principal; 

                      (iii)  no prepayment until after the third loan year.
                   Thereafter, a 3% penalty will be imposed in the fourth
                   loan year and a 2% penalty during the fifth loan year.
                   No prepayment penalty will be imposed if the Mortgage
                   Loan is paid in full during the last 90 days prior to
                   maturity of the Mortgage Loan; and

                       (iv)  no Partner or Participant will have any
                   personal liability for principal of, or interest on, the
                   Mortgage Loan.  

                   Registrant incurred $36,758 of expenses in connection
         with the Refinancing, including $17,754 which was paid to Counsel
         for various services and disbursements.  Net Lessee paid $14,453
         of these expenses as additional basic rent and advanced the
         balance of $22,305, which was repaid from the receipt of Secondary
         Overage Rent, thus obviating the need to increase the principal
         amount of the Mortgage Loan.  

                   Net Lessee is obligated to pay Basic Rent equal to the
         sum of annual mortgage charges and basic supervisory fees.
         Accordingly, effective March 3, 1995, Basic Rent was reduced by
         $4,329 a year, such amount representing the annual savings in
         mortgage charges under the refinanced Mortgage Loan.  Assuming
         that Net Lessee continues to earn a profit in excess of Basic Rent
         and Primary Overage Rent, Registrant should receive increased
         Secondary Overage Rent at the annual rate of $2,164 (one half of
         the annual savings on the Mortgage Loan).  The Refinancing will
         not affect the amount of regular monthly distributions to the
         Participants.  

                   Prior to the Refinancing, the Property was subject to a
         mortgage loan with the following material terms:  

                        (i)  a maturity date of June 1, 1995, with an
                   option to extend the loan for an additional five-year
                   term at 300 basis points over the highest five-year U.S.
                   Treasury Note Yield, but not less than 9.75% per annum,
                   with constant monthly payments based upon a 30-year
                   amortization schedule;

                       (ii)  during the initial term, monthly payments of
                   $24,457, aggregating $293,486 per annum, applied first
                   to interest at the rate of 9.75% per annum and the
                   balance in reduction of principal; and



                                         -3-


                   

                      (iii)  no prepayment until the fourth loan year or,
                   if Registrant exercises its option to extend the loan,
                   no prepayment until the fourth extended loan year.
                   Thereafter, prepayment in full, but not in part, upon
                   furnishing to Apple Bank (a) not more than 120 days and
                   not less than 60 days' prior written notice and (b) a
                   prepayment fee of 3% based on the then outstanding
                   principal balance, which fee shall decrease to 2% during
                   the fifth loan year (or fifth extended loan year),
                   except that no prepayment fee will be charged to
                   Registrant if prepayment is made within 90 days prior to
                   maturity under the initial term or extended term of the
                   Mortgage Loan.

                   (d)  Competition

                   Pursuant to currently offered tenant space leases at the
         Building, the average annual base rental rate payable to Net
         Lessee approximates $26 per square foot (exclusive of electricity
         charges and escalation). This rental rate is competitive with the
         average rental rates charged by similar office buildings currently
         offering comparable space in the immediate vicinity.  Registrant
         has been advised that the currently offered average rental rate is
         approximately $27 per square foot at one neighboring office build-
         ing with certain upgraded interior improvements, located at 1775
         Broadway (across 57th Street).  A building located at 1780
         Broadway, which contains 12 stories and provides no rear or side
         window exposure (due to its location in the middle of the block),
         offers space at approximately $22 per square foot.  1776 Broadway,
         a building which contains 24 stories and offers approximately the
         same grade facilities as the Building, currently offers a rental
         rate averaging approximately $26 per square foot.

                   In the overall rental market for commercial space in
         Manhattan, rents range from approximately $50 per square foot on
         Fifth Avenue to approximately $12 per square foot in less-
         developed industrial and/or commercial areas.  Accordingly, rents
         at the Building may be considered competitive in the area, given
         the relative condition of surrounding buildings and the nature of
         services, amenities and office space offered by them as compared
         to the Building.

                   (e)  Tenant Leases

                   Net Lessee operates the Building free from any federal,
         state or local government restrictions involving rent control or
         other similar rent regulations which may be imposed upon
         residential real estate in Manhattan.  Any increase or decrease in
         the amount of rent payable by a tenant is governed by the
         provisions of the tenant's particular lease.  With respect to the
         retail leases, the tenants are required to pay electricity charges
         and taxes, and some tenants are required to pay cost of living



                                         -4-


                   
         increases in rent.  In one particular instance, percentage rent
         was included in the tenant's lease in lieu of cost of living
         increases.  


         Item 2.  Properties.

                   As stated in Item 1 hereof, Registrant owns the Building
         located at 250-264 West 57th Street, New York, New York, known as
         the "Fisk Building", and the land thereunder.  Registrant's fee
         title to the Property is encumbered by the Mortgage Loan which, at
         December 31, 1996, had an unpaid principal balance of $2,859,449.
         For a description of the terms of the Mortgage Loan see Note 3 of
         the Notes.

                   The Building, erected in 1921 and containing 26 floors,
         occupies the entire block front on the south side of West 57th
         Street between Broadway and Eighth Avenue, New York, New York.
         The Building has ten passenger and three freight elevators and is
         equipped with a combination of central and individual window unit
         air-conditioning.

                   The Building is net leased to Net Lessee under the Net
         Lease.  A modification of the Net Lease, effective October 1,
         1984, provides for a further renewal term of 25 years, from
         October 1, 2003 through September 30, 2028.  Registrant and Net
         Lessee have agreed to execute separate lease modification
         agreements covering three additional 25-year renewal terms on or
         before the expiration of the then applicable renewal term.  There
         is no change in the terms of the Net Lease during the renewal
         periods.  See Item 1 hereof.  

                   A majority of the Building's tenants are engaged in the
         entertainment business, insurance business, publishing, and the
         practice of law, accounting and dentistry.  In addition, there are
         several commercial tenants located on the street level of the
         Building, including a restaurant and several retail stores.


         Item 3.  Legal Proceedings.

                   There are no material pending legal proceedings to which
         Registrant is a party.  

         Item 4.  Submission of Matters to a Vote of Security Holders.

                   During the fourth quarter of the fiscal year ended
         December 31, 1996, Registrant did not submit any matter to a vote
         of the Participants through the solicitation of proxies or other-
         wise.






                                         -5-


                   

                                       PART II


         Item 5.   Market for Registrant's Common Stock
                   and Related Security Holder Matters.

                   Registrant is a joint venture organized pursuant to a
         joint venture agreement entered into among various individuals
         dated May 1, 1954.

                   Registrant has not issued any common stock.  The
         securities registered by it under the Securities Exchange Act of
         1934, as amended, consist of participations in the joint venture
         interests of the Joint Venturers in Registrant (each,
         individually, a "Participation" and, collectively,
         "Participations") and are not shares of common stock or their
         equivalent.  The Participations represent each Participant's
         fractional share in the Joint Venturers' undivided interest in
         Registrant and are divided approximately equally among the Joint
         Venturers.  Each unit of the Participations was originally offered
         at a purchase price of $5,000; fractional units were also offered
         at proportionate purchase prices.  Registrant has not repurchased
         Participations in the past and it is not likely to change its
         policy in the future.

                   (a)  The Participations neither are traded on an
         established securities market nor are readily tradable on a
         secondary market or the substantial equivalent thereof.  Based on
         Registrant's transfer records, Participations are sold by the
         holders thereof from time to time in privately negotiated
         transactions and, in many instances, Registrant is not aware of
         the prices at which such transactions occur.  Registrant was
         advised of 31 transfers of Participations during 1996.  In four
         instances, the indicated purchase price was equal to 2.5 times the
         face amount of the Participation transferred, i.e., $12,500 for a
         $5,000 Participation.  In all other cases, no consideration was
         indicated.  

                   (b)  As of December 31, 1996, there were 550 holders of
         Participations of record.

                   (c)  Registrant does not pay dividends.  During the
         years ended December 31, 1996 and 1995, 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,
         1996 and November 30, 1995, Registrant made additional
         distributions for each $5,000 Participation of $2,073 and $1,415,
         respectively.  Such distributions represented primarily Secondary
         Overage Rent payable by Net Lessee.  There are no restrictions on
         Registrant's present or future ability to make distributions;





                                         -6-

                   


         however, the amount of such distributions, particularly
         distributions of Secondary Overage Rent, depends solely on Net
         Lessee's ability to make payments of Basic Rent, Primary Overage
         Rent and Secondary Overage Rent to Registrant.  (See Item 1
         hereof).  Registrant expects to make distributions so long as it
         receives the payments provided for under the Net Lease.  See Item
         7 hereof.
















































                                         -7-
               


                                  250 WEST 57th ST. ASSOCIATES

                                     SELECTED FINANCIAL DATA




                                                   Year ended December 31,                
                                       1996       1995       1994       1993       1992   

                                                                 
Basic minimum annual rent income.   $  317,157 $  331,691 $  321,486 $  321,486 $  321,486
Primary overage rent income......      752,000    752,000    752,000    752,000    752,000
Secondary overage rent income....    1,658,477  1,154,342  1,367,772  1,146,828  1,003,181

   Total revenue.................   $2,727,634 $2,238,033 $2,441,258 $2,220,314 $2,076,667

Net income.......................   $2,224,320 $1,781,573 $1,944,494 $1,744,631 $1,614,436

Earnings per $5,000 participation                                              
 unit, based on 720 participation                                              
 units outstanding during each                                                 
 year............................   $    3,089 $    2,474 $    2,701 $    2,423 $    2,242


Total assets.....................   $2,228,311 $2,236,141 $2,209,164 $2,226,533 $2,243,909


Long-term obligations............   $2,838,179 $2,859,449 $2,877,271 $2,893,621 $2,904,401


Distributions per $5,000                                                       
 participation unit, based on                                                  
 720 participation units                                                       
 outstanding during each year:
   Income........................   $    3,073 $    2,415 $    2,701 $    2,423 $    2,242
   Return of capital.............         -          -             9         11         12

   Total distributions...........   $    3,073 $    2,415 $    2,710 $    2,434 $    2,254
               
















                                         -8-



        
         Item 7.   Management's Discussion and Analysis of Financial
                   Condition and Results of Operation.

                   Registrant was organized solely for the purpose of
         owning the Property described in Item 2 hereof subject to a net
         operating lease of the Property held by Net Lessee.  Registrant is
         required to pay, from Basic Rent, the mortgage charges and amounts
         for supervisory services, and to then distribute the balance of
         such Basic Rent to holders of Participations.  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 amount of Secondary Overage Rent is affected by the New York
         City economy and its real estate market.  It is difficult to
         forecast whether the New York City economy and real estate market
         will improve or deteriorate over the next few years.  The
         following summarizes the material factors for the three most re-
         cent years affecting Registrant's results of operations for such
         periods: 

         (a)  Total income increased for the year ended December 31, 1996
              as compared with the year ended December 31, 1995.  The
              increase resulted from an increase in Secondary Overage Rent
              net of a decrease in Basic Rent received by Registrant for
              the lease year ended September 30, 1996 as compared with the
              lease year ended September 30, 1995.  See Note 4 of the
              Notes.  Total income decreased for the year ended December
              31, 1995 as compared with the year ended December 31, 1994.
              The decrease resulted from a decrease in Secondary Overage
              Rent net of an increase in Basic Rent received by Registrant
              for the lease year ended September 30, 1995 as compared with
              the lease year ended September 30, 1994.  See Note 4 of the
              Notes.

         (b)  Total expenses increased for the year ended December 31, 1996
              as compared with the year ended December 31, 1995.  The
              increase was the net result of (i) an increase in supervisory
              service expense, (ii) a decrease in interest on the Mortgage
              Loan and (iii) a decrease in amortization of mortgage
              refinancing costs.  See Notes 2b, 3a and 5 of the Notes.
              Total expenses decreased for the year ended December 31, 1995
              as compared with the year ended December 31, 1994.  The
              decrease was the result of (x) a decrease in supervisory
              service expense, (y) a decrease in interest on the Mortgage
              Loan, and (z) a decrease in amortization of mortgage
              refinancing costs.  See Notes 2b, 3a and 5 of the Notes. 




                                         -9-


        

                           Liquidity and Capital Resources

                   There has been no significant change in Registrant's
         liquidity for the year ended December 31, 1996 as compared with
         the year ended December 31, 1995.  

                   Based on the current net profit from the Building and
         current trends in the geographic area in which the Property is
         located, the value of the Property is estimated to be in excess of
         the amount of the Mortgage Loan balance at December 31, 1996.
         Consequently, there are no material changes anticipated in the
         short-term or long-term financial liquidity position of
         Registrant, other than the need to refinance the Mortgage Loan
         upon maturity.  Registrant foresees no need to make material
         commitments for capital expenditures from its own resources while
         the Net Lease is in effect.

                                      Inflation

                   Inflationary trends in the economy do not directly
         affect Registrant's operations since Registrant does not actively
         engage in the operation of the Property.  Inflation may impact the
         operations of Net Lessee.  Net Lessee is required to pay Basic
         Rent, regardless of the results of its operations.  Inflation and
         other operating factors affect only the amount of Primary and
         Secondary Overage Rent payable by Net Lessee, which is based on
         Net Lessee's net operating profit.


         Item 8.  Financial Statements and Supplementary Data.

                   The financial statements, together with the accompanying
         report by, and the consent to the use thereof, of Jacobs Evall &
         Blumenfeld LLP immediately following, are being filed in response
         to this item.


         Item 9.   Disagreements on Accounting and Financial Disclosure.

                   Not applicable.     















                                        -10-


        

                                      PART III

         Item 10.  Directors and Executive Officers of the Registrant.

                   Registrant has no directors or officers or any other
         centralization of management.  There is no specific term of office
         for any Joint Venturer in Registrant.  The table below sets forth
         as to each individual who served as a Joint-Venturer in Registrant
         as of December 31, 1996 the following: name, age, nature of any
         family relationship with any other Joint Venturer, business exper-
         ience during the past five years and principal occupation and
         employment during such period, including the name and principal
         business of any corporation or any organization in which such
         occupation and employment was carried on and the date such
         individual became a Joint-Venturer in Registrant:
                                                                      Date
                                                       Principal      Individual
                        Nature of                      Occupation     became
                        Family        Business         and            Joint
 Name              Age  Relationship  Experience       Employment     Venturer  

 Ralph W. Felsten  70      None       Attorney-at-Law  Retired Former    1990
                                                       Senior Partner
                                                       Wien & Malkin,
                                                       LLP,
                                                       Counsellors-
                                                       at-Law

 Stanley Katzman   64      None       Attorney-at-Law  Senior Partner    1995
                                                       Wien & Malkin
                                                       LLP,
                                                       Counsellors-
                                                       at-Law

 Peter L. Malkin   63      None       Attorney-at-Law  Senior Partner    1982
                                                       Wien & Malkin
                                                       LLP,
                                                       Counsellors-
                                                       at-Law

                   As stated in Item 1 hereof, two of the Joint Venturers
         are current members and one of the Joint Venturers is now a
         retired former member of Counsel.  See Items 11, 12 and 13 hereof
         for a description of the services rendered by, and the
         compensation paid to, Counsel and for a discussion of certain
         relationships which may pose actual or potential conflicts of
         interest among Registrant, Net Lessee and certain of their respec-
         tive affiliates.  

                   The names of entities which have a class of securities
         registered pursuant to Section 12 of the Securities Exchange Act




                                        -11-

        


         of 1934 or are subject to the requirements of Section 15(d) of
         that Act, and in which the Joint Venturers are also either a
         director, joint venturer or general partner are as follows:

                   Ralph W. Felsten is a general partner in 60 East 42nd
                   St. Associates.

                   Stanley Katzman is a general partner in Garment Capitol
                   Associates, 60 East 42nd St. Associates, Navarre-500
                   Building Associates and Empire State Building
                   Associates.

                   Peter L. Malkin is a general partner in Garment Capitol
                   Associates, 60 East 42nd St. Associates, Navarre-500
                   Building Associates and Empire State Building
                   Associates.

         Item 11.  Executive Compensation.

                   As stated in Item 10 hereof, Registrant has no directors
         or officers or any other centralization of management.

                   No remuneration was paid during the fiscal year ended
         December 31, 1996 by Registrant to any of the Joint Venturers as
         such.  Registrant pays Counsel, for legal fees and supervisory
         services and disbursements, fees of $40,000 per annum, plus 10% of
         all distributions to the Participants in any year in excess of the
         amount representing a return at the rate of 15% per annum on their
         remaining original cash investment.  At December 31, 1996, such
         remaining original cash investment was $3,600,000.  See Item 1
         hereof.  Pursuant to such fee arrangements, Registrant paid
         Counsel $225,848 during the fiscal year ended December 31, 1996.
         The supervisory services include, among other items, the
         preparation of reports and related documentation required by the
         Securities and Exchange Commission, the monitoring of all areas of
         federal and local securities law compliance, the preparation of
         certain financial reports, as well as the supervision of
         accounting and other documentation related to the administration
         of Registrant's business.  Out of its fees, Counsel paid all
         disbursements and costs of regular accounting services.  As noted
         in Items 1 and 10 hereof, the Joint Venturers are members of
         Counsel.


         Item 12.  Security Ownership of Certain Beneficial Owners and
                   Management.

                   (a)  Registrant has no voting securities.  See Item 5
         hereof.  At December 31, 1996, no person owned of record or was
         known by Registrant to own beneficially more than 5% of the
         outstanding Participations in the undivided Joint Venture
         interests in Registrant.



                                        -12-


        

                   (b)  At December 31, 1996, the Joint Venturers (see Item
         10 hereof) beneficially owned, directly or indirectly, the
         following Participations in Registrant:

                            Name & Address         Amount of 
                            of Beneficial          Beneficial     Percent
         Title of Class         Owners             Ownership      of Class

         Participations     Ralph W. Felsten       $ 5,000.00     .1388%
         in Joint Venture   300 East 54th St.
         Interests          Apartment 15H
                            New York, NY  10022

                            Stanley Katzman        $ 5,833.34     .1620%
                            30 East 62nd Street
                            New York, NY  10021

                            Peter L. Malkin        $18,333.34     .5093%
                            21 Bobolink Lane
                            Greenwich, CT  06830

                   At such date, the spouse of one of the Joint Venturers
         (see Item 10 hereof) held additional Participations as follows:

                        Isabel Malkin, the wife of Peter L. Malkin, owned
                   of record and beneficially $70,000 of Participations.
                   Mr. Malkin disclaims any beneficial ownership of such
                   Participations.

                        (c)  Not applicable.


         Item 13.  Certain Relationships and Related Transactions.

                        (a)  As stated in Item 1 hereof, each Joint
         Venturer acts as agent for his respective group of Participants.
         Mr. Malkin is also a partner in Net Lessee.  Mr. Felsten is a
         participant in the Net Lessee.  As a consequence of one of the
         three Joint Venturers being a partner in Net Lessee, one being a
         participant in the Net Lessee, and two of the three Joint
         Venturers currently being members of Counsel (which represents
         Registrant and Net Lessee), certain actual or potential conflicts
         of interest may arise with respect to the management and
         administration of the business of Registrant.  However, under the
         respective participating agreements pursuant to which the Joint
         Venturers act as agents for the Participants, certain transactions
         require the prior consent from Participants owning a specified
         interest under the Agreements in order for the agents to act on
         their behalf.  Such transactions include modifications and exten-
         sions of the Net Lease or the Mortgage Loan, or a sale or other
         disposition of the Property or substantially all of Registrant's
         other assets.



                                        -13-


        

                   Reference is made to Items 1 and 2 hereof for a
         description of the terms of the Net Lease between Registrant and
         Net Lessee.  The respective interest, if any, of each Joint
         Venturer in Registrant and in Net Lessee arises solely from
         ownership of Participations in Registrant and partnership
         interests or participations in Net Lessee.  The Joint Venturers
         receive no extra or special benefit not shared on a pro rata basis
         with all other Participants in Registrant or partners and
         participants in Net Lessee.  However, each of the two Joint
         Venturers who is currently a member of Counsel, by reason of his
         respective partnership interest in Counsel, is entitled to receive
         his pro rata share of any legal fees or other remuneration paid to
         Counsel for professional services rendered to Registrant and Net
         Lessee.  See Item 11 hereof for a description of the remuneration
         arrangements between Registrant and Counsel relating to
         supervisory services provided by Counsel.

                   Reference is also made to Items 1 and 10 hereof for a
         description of the relationship between Registrant and Counsel of
         which the Joint Venturers are members.  The respective interests
         of the Joint Venturers in any remuneration paid or given by
         Registrant to Counsel arose and arises solely from the ownership
         of their respective partnership interests therein.  See Item 11
         hereof for a description of the remuneration arrangements between
         Registrant and Counsel relating to supervisory services provided
         by Counsel.

                        (b)  Reference is made to Paragraph (a) above.

                        (c)  Not applicable.

                        (d)  Not applicable.























                                        -14-


        

                                       PART IV

         Item 14.  Exhibits, Financial Statement Schedules and
                   Reports on Form 8-K.

                   (a)(1)  Financial Statements:

                   Consent of Jacobs Evall & Blumenfeld LLP, Certified
                   Public Accountants, dated January 31, 1997.

                   Accountant's Report of Jacobs Evall & Blumenfeld LLP,
                   Certified Public Accountants, dated January 31, 1997.

                   Balance Sheets at December 31, 1996 and at December 31,
                   1995 (Exhibit A).

                   Statements of Income for the fiscal years ended December
                   31, 1996, 1995 and 1994 (Exhibit B).

                   Statement of Partners' Capital Deficit for the fiscal
                   year ended December 31, 1996 (Exhibit C-1).

                   Statement of Partners' Capital Deficit for the fiscal
                   year ended December 31, 1995 (Exhibit C-2).

                   Statement of Partners' Capital Deficit for the fiscal
                   year ended December 31, 1994 (Exhibit C-3).

                   Statements of Cash Flows for the fiscal years ended
                   December 31, 1996, 1995 and 1994 (Exhibit D).

                   Notes to Financial Statements for the fiscal years ended
                   December 31, 1996, 1995 and 1994.

                   (2)  Financial Statement Schedules:

                   List of Omitted Schedules.

                   Real Estate and Accumulated Depreciation - December 31,
                   1996 (Schedule III).

                   (3)  Exhibits:  See Exhibit Index.

                   (b)  No report on Form 8-K was filed by Registrant
                        during the last quarter of the period covered by
                        this report.









                                        -15-

[LETTERHEAD OF
JACOBS EVALL & BLUMENFELD LLP
CERTIFIED PUBLIC ACCOUNTANTS]


                           INDEPENDENT ACCOUNTANTS' REPORT


To the participants in 250 West 57th St. Associates
(a Joint Venture)
New York, N. Y.


We have audited the accompanying balance sheets of 250 West 57th St.
Associates (the "Company") as of December 31, 1996 and 1995, and the
related statements of income, partners' capital deficit and cash flows
for each of the three years in the period ended December 31, 1996 and
the supporting financial statement schedule as contained in Item
14(a)(2) of this Form    10-K.  These financial statements and
schedule are the responsibility of the Company's management.  Our
responsibility is to express an opinion on these financial statements
and financial statement schedule based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement.  An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation.  We
believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of 250 West
57th St. Associates as of December 31, 1996 and 1995, and the results
of its operations and its cash flows for each of the three years in
the period ended December 31, 1996 in conformity with generally
accepted accounting principles, and the related financial statement
schedule, when considered in relation to the basic financial
statements, presents fairly, in all material respects, the information
set forth therein.




                                 Jacobs Evall & Blumenfeld LLP
                                 Certified Public Accountants

New York, N. Y.
January 31, 1997







                                        -16-






                                    January 31, 1997

250 West 57th St. Associates
New York, N.Y.

We consent to the use of our independent accountants' report dated
January 31, 1997, covering our audits of the accompanying financial
statements of 250 West 57th St. Associates in connection with and as
part of your December 31, 1996 annual report (Form 10-K) to the
Securities and Exchange Commission.






                                    Jacobs Evall & Blumenfeld LLP
                                    Certified Public Accountants



































                                        -17-

                                                                    EXHIBIT A
                                 250 WEST 57th ST. ASSOCIATES
                                        BALANCE SHEETS
                                          A S S E T S                           


                                                                 December 31,                 
                                                         1996                    1995         
                                                                        
Current Assets:
  Cash in NatWest Bank N.A...................               $   24,125              $   24,125
  Cash in distribution account held by
     Wien, Malkin & Bettex LLP (Note 9)......                   60,000                  60,000
          TOTAL CURRENT ASSETS...............                   84,125                  84,125
Real Estate, at cost:
  Property situated at 250-264 West 57th
   Street, New York, N. Y. (Notes 2a and 3):
     Land....................................                2,117,435               2,117,435
     Building................................   $4,940,682              $4,940,682            
       Less: Accumulated depreciation........    4,940,682        -      4,940,682        -   
     Building improvements...................      688,000                 688,000            
       Less: Accumulated depreciation........      688,000        -        688,000        -
     Tenants' installations and
      improvements...........................      249,791                 249,791
        Less: Accumulated depreciation.......      249,791        -        249,791        -   
Other Assets:
  Mortgage refinancing costs (Note 2b).......       41,106                  41,106            
    Less: Accumulated amortization...........       14,355                   6,525            
                                                                26,751                  34,581
          TOTAL ASSETS.......................               $2,228,311              $2,236,141

                           LIABILITIES AND PARTNERS' CAPITAL DEFICIT

                                                                        
Current Liabilities:
  Accrued interest payable...................               $   22,399              $   22,551
  Principal payments of first mortgage
   payable within one year (Note 3)..........                   21,270                  19,369
          TOTAL CURRENT LIABILITIES..........                   43,669                  41,920
Long-term Liabilities:
  Bonds, mortgages and similar debt:
    First mortgage payable (Note 3)..........   $2,859,449              $2,878,818            
      Less: Current installments shown
       above.................................       21,270                  19,369            
                                                             2,838,179               2,859,449
          TOTAL LIABILITIES..................                2,881,848               2,901,369
Partners' Capital Deficit (Exhibit C)........                 (653,537)               (665,228)
          TOTAL LIABILITIES AND
           PARTNERS' CAPITAL DEFICIT.........               $2,228,311              $2,236,141
                   






                        See accompanying notes to financial statements.

                                       -18-

                                                                  EXHIBIT B
                                 250 WEST 57th ST. ASSOCIATES
                                     STATEMENTS OF INCOME

                                                           
                                                   Year ended December 31,            
                                         1996                1995              1994    
                                                                    
Revenues:

  Rent income, from a
   related party (Note 4).........    $2,727,634          $2,238,033         $2,441,258


Expenses:

  Interest on mortgage
   (Note 3).......................       269,636             273,835            282,611

  Supervisory services, to
   a related party (Note 5).......       225,848             173,204            196,777

  Amortization of mortgage
   refinancing costs
   (Note 2b)......................         7,830               9,421             17,376

                                         503,314             456,460            496,764 
           
          NET INCOME, CARRIED TO
           PARTNERS' CAPITAL
           DEFICIT (NOTE 8).......    $2,224,320          $1,781,573         $1,944,494


Earnings per $5,000
 participation unit, based
 on 720 participation units
 outstanding during each
 year.............................    $    3,089          $    2,474         $    2,701




                                          









                                          


     
                    See accompanying notes to financial statements. 

                                        -19-

                                                              EXHIBIT C-1
                                 250 WEST 57th ST. ASSOCIATES
                            STATEMENT OF PARTNERS' CAPITAL DEFICIT
                                 YEAR ENDED DECEMBER 31, 1995     


                                    Partners'                                  Partners'
                                 capital deficit   Share of                 capital deficit
                                 January 1, 1995  net income Distributions December 31, 1995
                                                                   
Ralph W. Felsten
 Joint Venture #1..............     $ (70,797)    $  178,157   $  173,883      $ (66,523)

Ralph W. Felsten
 Joint Venture #2..............       (70,797)       178,157      173,883        (66,523)

Ralph W. Felsten
 Joint Venture #3..............       (70,797)       178,157      173,883        (66,523)

Ralph W. Felsten
 Joint Venture #4..............       (70,797)       178,158      173,884        (66,523)

Stanley Katzman
 Joint Venture #1
 (formerly
  Alvin Silverman
  Joint Venture #1)............       (70,797)       178,158      173,884        (66,523)

Stanley Katzman
 Joint Venture #2
 (formerly
  Alvin Silverman
  Joint Venture #2)............       (70,797)       178,158      173,884        (66,523)

Stanley Katzman
 Joint Venture #3
 (formerly
  Alvin Silverman
  Joint Venture #3)............       (70,796)       178,157      173,883        (66,522)

Stanley Katzman
 Joint Venture #4
 (formerly 
  Alvin Silverman
  Joint Venture #4)............       (70,797)       178,157      173,883        (66,523)

Peter L. Malkin
 Joint Venture #1..............       (70,797)       178,157      173,883        (66,523)

Peter L. Malkin
 Joint Venture #2..............       (70,796)       178,157      173,883        (66,522)

                                    $(707,968)    $1,781,573   $1,738,833      $(665,228) 



                        See accompanying notes to financial statements.

                                        -20-

                                                               EXHIBIT C-2
                                 250 WEST 57th ST. ASSOCIATES
                            STATEMENT OF PARTNERS' CAPITAL DEFICIT
                                 YEAR ENDED DECEMBER 31, 1994     


                                    Partners'                                  Partners'
                                 capital deficit   Share of                 capital deficit
                                 January 1, 1994  net income Distributions December 31, 1994
                                                                   
Ralph W. Felsten
 Joint Venture #1..............     $ (70,147)    $  194,450   $  195,100      $ (70,797)


Ralph W. Felsten
 Joint Venture #2..............       (70,147)       194,450      195,100        (70,797)


Ralph W. Felsten
 Joint Venture #3..............       (70,147)       194,450      195,100        (70,797)


Ralph W. Felsten
 Joint Venture #4..............       (70,147)       194,450      195,100        (70,797)


Alvin Silverman
 Joint Venture #1..............       (70,147)       194,449      195,099        (70,797)


Alvin Silverman
 Joint Venture #2..............       (70,146)       194,449      195,100        (70,797)


Alvin Silverman
 Joint Venture #3..............       (70,146)       194,449      195,099        (70,796)


Alvin Silverman
 Joint Venture #4..............       (70,147)       194,449      195,099        (70,797)


Peter L. Malkin
 Joint Venture #1..............       (70,147)       194,449      195,099        (70,797)


Peter L. Malkin
 Joint Venture #2..............       (70,146)       194,449      195,099        (70,796)

                                    $(701,467)    $1,944,494   $1,950,995      $(707,968) 
 





                        See accompanying notes to financial statements.

                                      -21-

                                                                EXHIBIT C-3
                                                             
                                250 WEST 57th ST. ASSOCIATES
                            STATEMENT OF PARTNERS' CAPITAL DEFICIT
                                 YEAR ENDED DECEMBER 31, 1996     

 
                                    Partners'                                  Partners'
                                 capital deficit   Share of                 capital deficit
                                 January 1, 1996  net income Distributions December 31, 1996
                                                                   
Ralph W. Felsten
 Joint Venture #1..............     $ (66,523)    $  222,432   $  221,263      $ (65,354)


Ralph W. Felsten
 Joint Venture #2..............       (66,523)       222,432      221,263        (65,354)


Ralph W. Felsten
 Joint Venture #3..............       (66,523)       222,432      221,263        (65,354)


Ralph W. Felsten
 Joint Venture #4..............       (66,523)       222,432      221,262        (65,353)


Stanley Katzman
 Joint Venture #1..............       (66,523)       222,432      221,263        (65,354)


Stanley Katzman
 Joint Venture #2..............       (66,523)       222,432      221,263        (65,354)


Stanley Katzman
 Joint Venture #3..............       (66,522)       222,432      221,263        (65,353)


Stanley Katzman
 Joint Venture #4..............       (66,523)       222,432      221,263        (65,354)


Peter L. Malkin
 Joint Venture #1..............       (66,523)       222,432      221,263        (65,354)


Peter L. Malkin
 Joint Venture #2..............       (66,522)       222,432      221,263        (65,353)

                                    $(665,228)    $2,224,320   $2,212,629      $(653,537) 




                                                       
                       See accompanying notes to financial statements. 

                                        -22-

                                                                 EXHIBIT D
                                  250 WEST 57th ST. ASSOCIATES
                                   STATEMENTS OF CASH FLOWS

 
                                                       Year ended December 31,         
                                                  1996           1995          1994   

                                                                  
Cash flows from operating activities:
  Net income..............................     $ 2,224,320   $ 1,781,573   $ 1,944,494 
  Adjustments to reconcile net income
   to cash provided by operating
   activities:
     Amortization.........................           7,830         9,421        17,376 
     Change in accrued interest payable...            (152)         (960)          (88)
  Payments of mortgage refinancing costs:
    To a related party (Note 2b)..........            -          (17,754)         - 
    Other.................................            -          (19,004)         -    

          Net cash provided by
           operating activities...........       2,231,998     1,753,276     1,961,782 

Cash flows from financing activities:
  Cash distributions......................      (2,212,629)   (1,738,833)   (1,950,995)
  Principal payments on long-term debt....         (19,369)      (14,803)      (10,780)

          Net cash used in financing
           activities.....................      (2,231,998)   (1,753,636)   (1,961,775)

          Net change in cash..............            -             (360)            7

Cash, beginning of year...................          84,125        84,485        84,478 

          CASH, END OF YEAR...............     $    84,125   $    84,125   $    84,485 



Supplemental disclosures of cash flow information:

                                                       Year ended December 31,        
                                                   1996          1995          1994   
    Cash paid for:
     Interest.............................     $   269,788   $   274,795   $   282,699 










  

                    See accompanying notes to financial statements.

                                        -23-

                              250 WEST 57th ST. ASSOCIATES
                              NOTES TO FINANCIAL STATEMENTS


1.    Business Activity

      250 West 57th Street Associates (the "Company") is a joint venture
      which owns commercial property situated at 250 West 57th Street, New
      York, New York, known as the "Fisk Building".  The property is net
      leased to Fisk Building Associates (the "Lessee").


2.    Summary of Significant Accounting Policies

      a.  Real Estate and Depreciation:

          Land and building:

          The basis for building valuation was seventy per cent (70%) of
          the total purchase price in 1953 of the land and building,
          $7,058,117, which amounts to $4,940,682.  The balance of the
          purchase price, $2,117,435, was allocated to land cost.  The
          seventy per cent allocation of total cost to the building was
          based upon the percentage of assessed valuation of the building
          to the total assessed valuation on the land and building at the
          time of acquisition.

          The building, building improvements and tenants installations and
          improvements are fully depreciated.

      b.  Mortgage Refinancing Costs, Amortization and Related Party
          Transactions:

          Mortgage refinancing costs of $87,333 were incurred in connection
          with the 1990 refinancing of the first mortgage payable and were
          charged to income ratably over the five year term of the mortgage
          (see Note 3a).  Such costs include payments of $45,020 to the
          firm of Wien, Malkin & Bettex LLP; some members of that firm are
          partners in the Company.

          Effective March 1, 1995, the first mortgage was modified and
          extended (see Note 3b) and new mortgage refinancing costs of
          $36,758 were incurred.

          Mortgage refinancing costs of $41,106 consist of the unamortized
          balance of the 1990 refinancing costs of $4,348 plus the new
          refinancing costs of $36,758 (including payments of $17,754 to
          the firm of Wien, Malkin & Bettex LLP).  Such costs are being
          amortized ratably over the extended term of the first mortgage,
          from March 1, 1995 through June 1, 2000.

      c.  Use of Estimates: 

          In preparing financial statements in conformity with generally
          accepted accounting principles, management often makes estimates
          and assumptions that affect the reported amounts of assets and
          liabilities and disclosures of contingent assets and liabilities
          at the date of the financial statements, as well as the reported
          amounts of revenues and expenses during the reporting period. 
          Actual results could differ from those estimates. 

                                        -24-

                              250 WEST 57th ST. ASSOCIATES
                              NOTES TO FINANCIAL STATEMENTS
                                       (continued)
3.   First Mortgage Payable

     a.  On May 24, 1990, a first mortgage was placed on the property with
         Apple Bank for Savings in the amount of $2,934,861.  Annual
         mortgage charges were $293,486, payable in equal monthly
         installments, applied first to interest at the rate of 9.75% per
         annum and the balance to principal.  The first mortgage was
         scheduled to mature on June 1, 1995.

     b.  Effective March 1, 1995, the first mortgage, having a balance of
         $2,890,758, was modified and extended to mature on June 1, 2000,
         when the principal balance will be $2,777,754.  Annual mortgage
         charges are $289,157, payable in equal monthly installments,
         applied first to interest at the rate of 9.4% per annum and the
         balance to principal.

         Principal payments required to be made on long-term debt are as
         follows:
                  Year ending December 31,
                  1997...............................  $   21,270
                  1998...............................      23,358
                  1999...............................      25,650
                  Through June 1, 2000...............   2,789,171
                                                       $2,859,449  
     The real estate is pledged as collateral for the first mortgage.

4.   Related Party Transactions - Rent Income

     Rent income earned during the year ended December 31, 1996, 1995 and
     1994, totaling $2,727,634, $2,238,033 and $2,441,258, respectively,
     constitutes the basic minimum annual rental plus overage rent under an
     operating lease dated September 30, 1953 (as modified June 12, 1961,
     June 10, 1965, May 1, 1975 and October 1, 1984) with the Lessee,
     consisting of the following:   
                                             Year ended December 31,       
                                         1996         1995          1994   

     Basic minimum annual rent...     $  317,157   $  331,691   $  321,486
     Primary overage rent........        752,000      752,000      752,000
     Secondary overage rent......      1,658,477    1,154,342    1,367,772

                                      $2,727,634   $2,238,033   $2,441,258

     The lease modification dated October 1, 1984 provides for rent income
     until September 30, 2003, as follows:

     A)  A basic annual rent equal to the sum of $28,000 plus current
         mortgage  requirements for interest and amortization.  Upon any
         further refinancing of the first mortgage (Note 3), the annual
         basic rent will be modified and will be equal to the sum of
         $28,000 plus an amount equal to the rate of constant payments for
         interest and amortization required annually under any such first
         mortgage immediately subsequent to refinancing computed on the
         principal balance of the mortgage immediately prior to such
         refinancing;                               



                                        -25-

                              250 WEST 57th ST. ASSOCIATES
                              NOTES TO FINANCIAL STATEMENTS
                                       (continued)

4.   Related Party Transactions - Rent Income (continued)

     B)  A primary overage rent equal to the lesser of $752,000 per annum
         for each year ending September 30th, or the lessee's defined net
         operating profit for its lease year ending September 30th after
         deduction of basic rent and advances previously paid on account of
         primary overage rent; and

     C)  A secondary overage rent consisting of 50% of any remaining
         balance of the lessee's defined net operating profit (after
         payment of basic rent and primary overage rent) for its lease year
         ending September 30th.

     Primary overage rent has been billed to and advanced by the Lessee in
     equal monthly installments of $62,667.  While it is not practicable to
     estimate that portion of overage rent for the lease year ending on the
     ensuing September 30th which would be allocable to the current three
     month period ending December 31st, the Company's policy is to include
     in its income each year the advances of primary overage rent income
     received from October 1st to December 31st.

     No other overage rent is accrued by the Company for the period between
     the end of the Lessee's lease year ending September 30th and the end
     of the Company's fiscal year ending December 31st.

     In 1978, the Lessee exercised its option to renew the lease for a
     twenty-five year period from October 1, 1978 through September 30,
     2003 on the same terms as provided during the balance of the initial
     period.  The lease modification effective October 1, 1984 provides for
     an option for one renewal term of 25 years commencing October 1, 2003. 
     The terms of the lease remain the same during the renewal period.

     The Lessee may surrender the lease at the end of any month, upon sixty
     days' prior written notice; the liability of the Lessee will end on
     the effective date of such surrender.

     A partner in the Company is also a partner in the Lessee.  
     
5.   Related Party Transactions - Supervisory Services

     Fees for supervisory services (including disbursements and cost of
     regular accounting services) during the years ended December 31, 1996,
     1995 and 1994, totaling $225,848, $173,204 and $196,777, respectively,
     were paid to the firm of Wien, Malkin & Bettex LLP.  Some members of
     that firm are partners in the Company.  Fees for supervisory services
     are paid pursuant to an agreement, which amount is based on a rate of
     return of investment achieved by the participants of the Company each
     year. 

6.   Number of Participants

     There were approximately 550 participants in the various joint
     ventures as at December 31, 1996, 1995 and 1994.




                                        -26-
                           

                              250 WEST 57th ST. ASSOCIATES
                              NOTES TO FINANCIAL STATEMENTS
                                       (continued)



7.   Determination of Distributions to Participants

     Distributions to participants during each year represent mainly the
     excess of rent income received over the mortgage requirements and cash
     expenses.




8.   Distributions and Amount of Income per $5,000 Participation Unit

     Distributions per $5,000 participation unit for each fiscal period,
     based on 720 participation units outstanding during each such period,
     consisted of the following:

                                          Year ended December 31,    
                                     1996          1995         1994  

          Income.................   $3,073        $2,415       $2,701
          Return of capital......        -             -            9

            TOTAL DISTRIBUTIONS..   $3,073        $2,415       $2,710


     Net income is computed without regard to income tax expense since the
     Company does not pay a tax on its income; instead, any such taxes are
     paid by the participants in their individual capacities.




9.   Concentration of Credit Risk

     The Company maintains cash balances in a bank and in a distribution
     account held by Wien, Malkin & Bettex LLP.  The bank balance is
     insured by the Federal Deposit Insurance Corporation up to $100,000,
     and at December 31, 1996 was completely insured.  The distribution
     account held by Wien, Malkin & Bettex LLP is not insured.  The funds
     held in the distribution account were paid to the participants on
     January 1, 1997.















                                        -27-

                              250 WEST 57th ST. ASSOCIATES

                                    OMITTED SCHEDULES




 The following schedules have been omitted as not applicable in the
present instance:


 SCHEDULE I   -  Condensed financial information of registrant.

 SCHEDULE II  -  Valuation and qualifying accounts.

 SCHEDULE IV  -  Mortgage loans on real estate.













































                                        -28-

                                                                   SCHEDULE III
                                  250 WEST 57th ST. ASSOCIATES

                            Real Estate and Accumulated Depreciation
                                       December 31, 1996          
                                       

                                                                      
Column

  A      Description            Office building and land located at
                                 250-264 West 57th Street, New York,
                                 New York, known as the "Fisk
                                 Building".

  B      Encumbrances Apple Bank for Savings
           Balance at December 31, 1996..................................   $2,859,449
                                                                                  
  C      Initial cost to company
           Land..........................................................   $2,117,435
                                                                                  
           Building......................................................   $4,940,682
                                                                                  
  D      Costs capitalized subsequent to acquisition
           Improvements..................................................   $  937,791

           Carrying costs................................................   $  NONE   

  E      Gross amount at which carried at
          close of period
            Land.........................................................   $2,117,435
            Building and Improvements....................................    5,878,473

            Total........................................................   $7,995,908(a)

  F      Accumulated depreciation........................................   $5,878,473(b)

  G      Date of construction                                       1921

  H      Date acquired                                September 30, 1953

  I      Life on which depreciation in latest
          income statements is computed                   Not applicable 


     (a)    There have been no changes in the carrying value of real estate for
            the year ended December 31, 1996, December 31, 1995 and December 31,
            1994.  The costs for federal income tax purposes are the same as  
            for financial statement purposes.

     (b)    Accumulated depreciation
              Balance at January 1, 1994                            $5,878,473
                  Depreciation:
                    F/Y/E 12/31/94                     None
                          12/31/95                     None
                          12/31/96                     None            None   
              Balance at December 31, 1996                          $5,878,473




                                        -29-


                                        

                                      SIGNATURE


                   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.

                   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 a Power of Attorney,
         dated March 29, 1996 (the "Power").


         250 WEST 57TH ST. ASSOCIATES
              (Registrant)


         By /s/ Stanley Katzman               
            Stanley Katzman, Attorney-in-Fact*


         Date:  March __, 1997


                   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 the Registrant and as a Joint
         Venturer in Registrant on the date indicated.


         By /s/ Stanley Katzman               
            Stanley Katzman, Attorney-in-Fact*


         Date:  March __, 1997















         ______________________
         *    Mr. Katzman supervises accounting functions for Registrant.

                                        -30-


                                        

                                    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
                   incorporated by reference as an exhibit
                   hereto.

          3(b)     Amended Business Certificate of Registrant
                   filed with the Clerk of New York County on
                   December 22, 1995 reflecting a change in the
                   Partners of Registrant which was filed as
                   Exhibit 3(b) to Registrant's Annual Report on
                   10-K for the fiscal year ended December 31,
                   1995 and is incorporated by reference as an
                   exhibit hereto.  


          3(c)     Registrant's Memorandum of Agreement among
                   Joint Venturers in 250 West 57th St.
                   Associates, dated June 9, 1953, filed as
                   Exhibit 1 to the Registration Statement, is
                   incorporated by reference as an exhibit
                   hereto.

          4        Registrant's form of Participation Agreement,
                   which was filed as Exhibit No. 4(a) to the
                   Registration Statement, is incorporated by
                   reference as an exhibit hereto.

         10(a)     Net Lease between Registrant and Fisk Building
                   Associates dated September 30, 1957, which was
                   filed as Exhibit No. 2(d) to the Registration
                   Statement, is incorporated by reference as an
                   exhibit hereto.

         10(b)     Modification of Net Lease dated November 10,
                   1961, was filed by letter dated November 21,
                   1961 as Exhibit B to Registrant's Statement of
                   Registration on Form 8-K for the month of
                   October, 1961, is incorporated by reference as
                   an exhibit hereto.






         ______________________
         *    Page references are based on a sequential numbering system.  

                                        -31-


                                        

         Number                   Document                           Page*

         10(c)     Second Modification Agreement of Net Lease
                   dated June 10, 1965, between Registrant and
                   Fisk Building Associates which was filed by
                   letter dated December 29, 1981 as Exhibit
                   10(c) to Registrant's Annual Report on Form
                   10-K for the year ended September 30, 1981 is
                   incorporated by reference as an exhibit
                   hereto.

         10(d)     Fourth Lease Modification Agreement dated
                   November 12, 1985 between Registrant and Fisk
                   Building Associates, which was filed by letter
                   dated January 13, 1986 as Exhibit 10(g) to
                   Registrant's Annual Report on Form 10-K for
                   the year ended, September 30, 1985, is
                   incorporated herein by reference as an exhibit
                   hereto.

         10(e)     Modification of Mortgage dated as of March 1,
                   1995 between Registrant and the Apple Bank for
                   Savings, which was filed on March 30, 1995 as
                   Exhibit 10(e) to Registrant's Annual Report on
                   Form 10-K, is incorporated herein by reference
                   as an exhibit hereto.  

         13(a)     Letter to Participants dated February 3, 1997
                   and supplementary financial reports for the
                   fiscal year ended December 31, 1996.  The
                   foregoing material shall not be deemed "filed"
                   with the Commission or otherwise subject to
                   the liabilities of Section 18 of the
                   Securities Exchange Act of 1934.

         13(b)     Letter to Participants dated November 30, 1996
                   and supplementary financial reports for the
                   lease year ended September 30, 1996.  The
                   foregoing material shall not be deemed "filed"
                   with the Commission or otherwise subject to
                   the liabilities of Section 18 of the
                   Securities Exchange Act of 1934.










         ______________________
         *    Page references are based on a sequential numbering system.  

                                        -32-


                                        

         24        Power of Attorney dated March 29, 1996,
                   between Peter L. Malkin, Stanley Katzman and
                   Ralph W. Felsten as partners of Registrant and
                   Stanley Katzman and Richard A. Shapiro,
                   attached as Exhibit 24 to Registrant's Annual
                   Report on Form 10-K for the year ended 1995,
                   and incorporated herein by reference as an
                   exhibit hereto. 

         27        Financial Data Schedule of Registrant for
                   fiscal year ended December 31, 1996.  









































                                        -33-