<ARTICLE> 5

<LEGEND>
The schedule contains summary financial information extracted from 1626 New
York Associates Limited Partnership and is qualified in its entirety by
reference to such financial statements.
</LEGEND>

<MULTIPLIER> 1

       
                                        
<PERIOD-TYPE>                              3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                       7,990,000 <F1>
<SECURITIES>                                         0
<RECEIVABLES>                                  691,000
<ALLOWANCES>                                  (315,000)
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                     213,499,000
<DEPRECIATION>                            (104,239,000)
<TOTAL-ASSETS>                             140,664,000
<CURRENT-LIABILITIES>                                0
<BONDS>                                    263,883,000 <F2>
<COMMON>                                             0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                (131,648,000)
<TOTAL-LIABILITY-AND-EQUITY>               140,664,000
<SALES>                                              0
<TOTAL-REVENUES>                            27,071,000 <F3>
<CGS>                                                0
<TOTAL-COSTS>                                6,788,000
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                           6,363,000
<INCOME-PRETAX>                             13,802,000
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                         13,802,000
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                13,802,000
<EPS-PRIMARY>                                10,367.16
<EPS-DILUTED>                                10,367.16
<FN>
<F1> Cash includes $7,865,000 of restricted cash.
<F2> Includes accrued interest of $53,577,000.
<F3> Revenues include gain on sale of property of $17,046,000.