Exhibit 99.1

                                    AMENDMENT
                             DATED OCTOBER 13, 2008
                                       to
            FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AND
                              CONSULTING AGREEMENT
                            DATED DECEMBER 12, 2007
                                    between
                        JEFFREY F. JOSEPH ("Executive")
                                       and
                 PRESIDENTIAL REALTY CORPORATION (the "Company")


         WHEREAS, the Employment and Consulting Agreement originally entered
into as of January 1, 2004 between Executive and the Company was amended and
restated as of December 12, 2007 and further amended pursuant to a First
Amendment dated December 12, 2007 (collectively the "Amended Agreement"), and

         WHEREAS, Executive and the Company wish to amend the terms and
conditions of the Amended and Restated Agreement as set forth herein.

         NOW, THEREFORE, the parties hereto agree as follows:

         1. Subsection 3(a)(iii) is amended by changing the date "December 31,
2011" to the date "December 31, 2012".

         2. Section 8(a) is amended to delete the seventh line thereof
commencing with the word "2009" and ending with the word "a" and replacing it
with the following:

            "2009 and $.63 per share for calendar years 2010 and
subsequent thereto to the extent any aforesaid year is a"

         3. Except as expressly provided herein, all of the other terms and
conditions of the Amended and Restated Agreement shall remain in full force and
effect.

                                       PRESIDENTIAL REALTY CORPORATION


                                       By:  /s/ Steven Baruch
                                            -----------------------------
                                            Steven Baruch
                                            Executive Vice President


                                       EXECUTIVE:

                                           /s/ Jeffrey F. Joseph
                                           ------------------------------
                                           Jeffrey F. Joseph