FORM 10-Q 			 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 March 31, 1997 					 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 	 requirements for the past 90 days. 	 Yes [ X ]. No [ ] . 	 An Exhibit Index is located on Page 13 of this Report. 	 Number of pages (including exhibits) in this filing: 14 									 2. 			 PART I. FINANCIAL INFORMATION Item 1. Financial Statements. 			 250 West 57th St. Associates 			 Condensed Statement of Income 				(Unaudited) 					 For the Three Months 						Ended March 31, 					 1997 1996 Income: Basic rent, from a related party (Note B) $ 79,289 $ 79,289 Advance of primary overage rent, from a related party (Note B) 188,000 188,000 					 -------- -------- Total income 267,289 267,289 					 -------- -------- Expenses: Interest on mortgage 67,117 67,579 Supervisory services, to a related party (Note C) 15,000 15,000 Amortization of mortgage refinancing costs 1,957 1,957 					 -------- -------- Total expenses 84,074 84,536 					 -------- -------- Net income $183,215 $182,753 					 ======== ======== Earnings per $5,000 partici- pation unit, based on 720 participation units out- standing during the year $ 254.47 $ 253.82 					 ======== ======== Distributions per $5,000 participation: Distributions per $5,000 participation consisted of the following: Income $ 250.00 $ 250.00 					 ======== ======== At March 31, 1997 and 1996, there were $3,600,000 of participations outstanding. 									 3. 			 250 West 57th St. Associates 			 Condensed Balance Sheet 				 (Unaudited) 					 March 31, 1997 December 31, 1996 Assets Current assets: Cash $ 84,124 $ 84,124 					 ---------- ---------- Total current assets 84,124 84,124 					 ---------- ---------- Real estate, at cost: Property situated at 250-264 West 57th Street, New York, New York: Land 2,117,435 2,117,435 Building 4,940,682 4,940,682 Less: Accumulated depreciation 4,940,682 4,940,682 					 ---------- ---------- 						 -0- -0- Building improvements 688,000 688,000 Less: Accumulated depreciation 688,000 688,000 					 ---------- ---------- 						 -0- -0- Tenants' installations and improvements 249,791 249,791 Less: Accumulated amortization 249,791 249,791 					 ---------- ---------- 						 -0- -0- Other assets: Mortgage refinancing costs 41,106 41,106 Less: Accumulated amortization 16,311 14,354 					 ---------- ---------- 						 24,795 26,752 					 ---------- ---------- Total assets $2,226,354 $2,228,311 					 ========== ========== Liabilities and Capital Current liabilities: Accrued interest payable $ 22,359 $ 22,399 First mortgage principal payments due within one year (Note B) 21,774 21,270 					 ---------- ---------- Total current liabilities 44,133 43,669 Long-term debt (Note B) 2,832,543 2,838,179 Capital (deficit) (See analysis, page 4): March 31, 1997 (650,322) -0- December 31, 1996 -0- (653,537) 					 ---------- ---------- Total liabilities and capital: March 31, 1997 $2,226,354 December 31, 1996 ========== $2,228,311 								 ========== 									 4. 			 250 West 57th St. Associates 			 Analysis of Capital (Deficit) 				 (Unaudited) 					 March 31, 1997 December 31, 1996 Capital: January 1, 1997 $ (653,537) January 1, 1996 $ (665,228) Add, Net income: January 1, 1997 through 	 March 31, 1997 183,215 -0- January 1, 1996 through 	 December 31, 1996 -0- 2,224,320 					 ---------- ---------- 						(470,322) 1,559,092 Less, Distributions: Distribution, November 30, 1996 of Secondary Overage Rent for the lease year ended September 30, 1996 -0- 1,492,629 Distributions January 1, 1997 through March 31, 1997 180,000 -0- Distributions, January 1, 1996 through December 31, 1996 -0- 720,000 					 ---------- ---------- 						 180,000 2,212,629 					 ---------- ---------- Capital (deficit): March 31, 1997 $ (650,322) December 31, 1996 ========== $ (653,537) 								 ========== 									 5. 			 250 West 57th St. Associates 		 Condensed Statements of Cash Flows 				 (Unaudited) 					 January 1, 1997 January 1, 1996 					 through through 					 March 31, 1997 March 31, 1996 Cash flows from operating activities: Net income $ 183,215 $ 182,753 Adjustments to reconcile net income to cash provided by operating activities: Amortization of mortgage refinancing costs 1,957 1,957 Change in accrued interest payable (40) (37) 					 ----------- ----------- Net cash provided by operating activities 185,132 184,673 					 ----------- ----------- Cash flows from financing activities: Cash distributions (180,000) (180,000) Principal payments on long-term debt (5,132) (4,673) 					 ----------- ----------- Net cash used in financing activities (185,132) (184,673) 					 ----------- ----------- Net increase (decrease) in cash -0- -0- Cash, beginning of period 84,124 84,124 					 ----------- ----------- Cash, end of period 84,124 $ 84,124 					 =========== =========== 					 January 1, 1997 January 1, 1996 					 through through 					 March 31, 1997 March 31, 1996 Cash paid for: Interest $ 67,157 $ 67,616 					 =========== =========== 	 250 West 57th St. Associates 6. 	 March 31, 1997 	 NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) 	 Note A - Basis of Presentation 		 The accompanying unaudited condensed financial 	 statements have been prepared in accordance with the instructions 	 to Form 10-Q and therefore do not include all information and 	 footnotes necessary for a fair presentation of financial position, 	 results of operations and statement of cash flows in conformity 	 with generally accepted accounting principles. The accompanying 	 unaudited condensed financial statements include all adjustments 	 (consisting only of normal recurring accruals) which are, in the 	 opinion of the joint venturers in Registrant, necessary for a fair 	 statement of the results for such interim periods. The joint 	 venturers in Registrant believe that the accompanying unaudited 	 condensed financial statements and the notes thereto fairly 	 disclose the financial condition and results of Registrant's 	 operations for the periods indicated and are adequate to make the 	 information presented therein not misleading. 	 Note B - Interim Period Reporting 		 The results for the interim period are not necessarily 	 indicative of the results to be expected for a full year. 		 Registrant is a New York joint venture which was 	 organized on May 25, 1953. On September 30, 1953, Registrant 	 acquired fee title to the "Fisk Building" (the "Building") and the 	 land thereunder located at 250-264 West 57th Street, New York, New 	 York (collectively, the "Property"). Registrant's joint venturers 	 are Peter L. Malkin and Stanley Katzman (the "Joint Venturers"), 	 each of whom also acts as an agent for holders of participations 	 in their undivided joint venture interests in Registrant (the 	 "Participants"). 		 Registrant leases the Property to Fisk Building 	 Associates (the "Net Lessee"), under a long-term net operating 	 lease (the "Net Lease"), the current term of which expires on 	 September 30, 2003. Net Lessee is a New York partnership in which 	 Mr. Malkin is among its partners. In addition, the Joint 	 Venturers are also members of the law firm of Wien & Malkin LLP, 	 60 East 42nd Street, New York, New York, counsel to Registrant and 	 Net Lessee ("Counsel"). See Note C of this Item 1 ("Note C"). 		 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 	 250 West 57th St. Associates 7. 	 March 31, 1997 	 (1) Net Lessee's net operating income for the preceding 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' remaining 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 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 	 operation of the Property. 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. 		 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. 		 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: 			(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; 	 250 West 57th St. Associates 8. 	 March 31, 1997 		 (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. 	 Note C - Supervisory Services 		 Registrant pays Counsel for legal fees and supervisory 	 services and disbursements: (i) $40,000 per annum (the "Basic 	 Payment"); and (ii) an additional payment of 10% of all 	 distributions to Participants in any year in excess of the amount 	 representing a return to them at the rate of 15% per annum on 	 their remaining original cash investment (the "Additional 	 Payment"). At March 31, 1997, the Participants' remaining 	 original cash investment was $3,600,000. Of the Basic Payment, 	 $28,000 is payable from Basic Rent and $12,000 is payable from 	 Primary Overage Rent received by Registrant. 		 No remuneration was paid during the three month period 	 ended March 31, 1997 by Registrant to any of the Joint Venturers 	 as such. Pursuant to the fee arrangements described herein, 	 Registrant also paid Counsel $10,000 of the Basic Payment and 	 $5,000 on account of the Additional Payment for the three month 	 period ended March 31, 1997. 		 The supervisory services provided to Registrant by 	 Counsel include legal, administrative services and financial 	 services. The legal and administrative services include acting as 	 general counsel to Registrant, maintaining all of its partnership 	 records, performing physical inspections of the Building, 	 reviewing insurance coverage and conducting annual partnership 	 meetings. Financial services include monthly receipt of rent from 	 Net Lessee, payment of monthly and additional distributions to the 	 Participants, payment of all other disbursements, confirmation of 	 the payment of real estate taxes, and active review of financial 	 statements submitted to Registrant by Net Lessee and financial 	 statements audited by and tax information prepared by Registrants' 	 independent certified public accountant, and distribution of such 	 materials to the Participants. Counsel also prepares quarterly, 	 annual and other periodic filings with the Securities and Exchange 	 Commission and applicable state authorities. 		 Reference is made to Note B for a description of the 	 terms of the Net Lease between Registrant and Net Lessee. The 	 respective interests, if any, of each Joint Venturer in Registrant 	 250 West 57th St. Associates 9. 	 March 31, 1997 	 and in Net Lessee arise solely from such person's 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 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 legal services 	 rendered to Registrant and Net Lessee. 		 As of March 31, 1997, the Joint Venturers owned of 	 record and beneficially $29,166 of Participations, representing 	 less than 1% of the currently outstanding Participations in 	 Registrant. 		 In addition, as of March 31, 1997, certain of the Joint 	 Venturers in Registrant (or their respective spouses) 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. 	 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 to then distribute the balance of such 	 Basic Rent to holders of Participations. See Note C of Item 1. 	 Pursuant to the Net Lease, Net Lessee has assumed sole respon- 	 sibility 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 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. 		 Registrant does not pay dividends. During the three 	 month period ended March 31, 1997, 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, 	 Registrant made an additional distribution of $2,073 for each 	 250 West 57th St. Associates 10. 	 March 31, 1997 	 $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 remained the same for the three-month 	 period ended March 31, 1997 as compared with the 	 three-month period ended March 31, 1996. Total 	 expenses decreased for the three month period ended 	 March 31, 1997 as compared to the three month period 	 ended March 31, 1996. Such decrease resulted from a 	 decrease in interest expense on the Mortgage Loan. 			 Liquidity and Capital Resources 		 There has been no significant change in Registrant's 	 liquidity for the three month period ended March 31, 1997, as 	 compared with the three month period ended March 31, 1996. 		 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 commit-ments for capital expenditures while the 	 Net Lease is in effect. 	 250 West 57th St. Associates 11. 	 March 31, 1997 				 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, 	 1996, which report and all exhibits thereto are incorporated 	 herein by reference and made a part hereof. 			 PART II. OTHER INFORMATION 	 Item 1. Legal Proceedings. 		 There are no material pending legal proceedings to which 	 Registrant is a party. 	 Item 6. Exhibits and Reports on Form 8-K. 	 (a) The exhibits hereto are being incorporated by reference. 	 (b) Registrant has not filed any report on Form 8-K during 		 the quarter for which this report is being filed. 	 250 West 57th St. Associates 	 March 31, 1997 12. 				 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 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: May 13, 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 Registrant and as a Joint 	 Venturer in Registrant on the date indicated. 	 By /s/ Stanley Katzman 	 Stanley Katzman, Attorney-in-Fact* 	 Date: May 13, 1997 	 ______________________ 	 * Mr. Katzman supervises accounting functions for 		Registrant. 	 250 West 57th St. Associates 	 March 31, 1997 13. 				 EXHIBIT INDEX 	 Number Document Page* 	 3 Amended Business Certificate of 		 Registrant filed with the Clerk of 		 New York County on May 9, 1997 		 reflecting a change in the Partners 		 of Registrant. 	 25 Power of Attorney dated March 29, 		 1996, which was filed as Exhibit 24 to 		 year ended December 31, 1996 and is 		 incorporated by reference as an 		 exhibit hereto. 	 ______________________ 	 * Page references are based on sequential numbering system.