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, 2002

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 L.L.C.

(Exact name of registrant as specified in its charter)

A New York Limited Liability Company 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 14 of this Report. Number of pages (including exhibits) in this filing: 14

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

250 West 57th St. Associates L.L.C.

Condensed Statements of Income

(Unaudited)

For the Three Months

Ended March 31,

2002 2001

Income:

Basic rent, from a related

party (Note B) $ 152,803 $ 138,443

Advance of primary overage rent,

from a related party (Note B) 188,000 188,000

Dividend Income 848 1,915

Interest Income 4,654 19,949

---------- ----------

Total income 346,305 348,307

---------- ----------Expenses:

Interest on mortgage 145,802 131,443

Supervisory services, to a

related party (Note C) 15,000 15,000

Fees, to a

related party (Note D) 13,325 68

Depreciation of improvements 32,899 5,917

Amortization of mortgage

refinancing costs 25,656 25,630

Miscellaneous 325 -0-

---------- ----------

Total expenses 233,007 178,058

---------- ----------

Net Income $ 113,298 $ 170,249

========== ==========

Earnings per $5,000 participation

unit, based on 720 participation

units outstanding during the period $ 157.36 $ 236.46

========== ==========

Distributions per $5,000 participation:

Distributions per $5,000

participation consisted of

the following:

Income $ 157.36 $ 236.46

Return of capital 92.64 13.54

---------- ----------

Total distributions $ 250.00 $ 250.00 ========== ==========

At March 31, 2002 and 2001, there were $3,600,000 of participations outstanding. See notes to the condensed financial statements.

250 West 57th St. Associates L.L.C.

Condensed Balance Sheets

(Unaudited)

Assets: March 31, 2002 December 31, 2001

Current assets:

Cash $ 215,312 $ 272,962

Fidelity U.S. Treasury

Income Portfolio 176,926 132,078

Emigrant Money Market Fund 1,608,873 561,642

Rent receivable 14,360 -0-

---------- -----------

Total current assets 2,015,471 966,682

---------- -----------

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 5,843,148 5,659,421 Less: Accumulated depreciation 772,621 739,722

---------- -----------

5,070,527 4,919,699

---------- -----------Building Improvements, construction

in progress 362,524 -0-

---------- -----------

Other assets:

Mortgage refinancing costs 517,130 516,618

Less: Accumulated amortization 140,734 115,078

---------- -----------

376,396 401,540

---------- -----------

Total assets $9,942,353 $ 8,405,356

========== ===========

250 West 57th St. Associates L.L.C.

Condensed Balance Sheets

(Unaudited)

(CONTINUED)

Liabilities and Members'Deficiency: March 31, 2002 December 31, 2001

Current liabilities:

Due to Fisk Building Associates,

a related party $ 1,768,305 $ 2,170,902

Accrued expenses 13,325 13,325

Accrued interest on mortgage 50,110 43,814

---------- -----------

Total current liabilities 1,831,740 2,228,041

Long-term Liabilities :

First mortgage payable (Note B) 9,000,000 7,000,000

---------- -----------

Total liabilities $10,831,740 $ 9,228,041

Members'Deficiency:

March 31, 2002 (889,387) -0-

December 31, 2001 -0- (822,685)

---------- -----------

Total liabilities and members'

deficiency:

March 31, 2002 $9,942,353

December 31, 2001 ========== $ 8,405,356

===========

See notes to the condensed financial statements.

250 West 57th St. Associates L.L.C.

Statements of Members'Deficiency

(Unaudited)

For the Three For the Year

Months Ended Ended

March 31, 2002 December 31, 2001

Members' deficiency:

January 1, 2002 $ (822,685)

January 1, 2001 $ (701,849)

Add, Net income:

January 1, 2002 through

March 31, 2002 113,298 -0-

January 1, 2001 through

December 31, 2001 -0- 3,058,314

---------- -----------

(709,387) 2,356,465

---------- -----------

Less Distributions:

Distribution, November 30, 2001

of Secondary Overage Rent for

the lease year ended

September 30, 2001 -0- 2,459,150

Distributions January 1, 2002

through March 31, 2002 180,000 -0-

Distributions January 1, 2001

through December 31, 2001 -0- 720,000

---------- -----------

180,000 3,179,150

---------- -----------

Members' deficiency:

March 31, 2002 $ (889,387)

December 31, 2001 ========== $ (822,685)

===========

See notes to the condensed financial statements.

250 West 57th St. Associates L.L.C.

Condensed Statements of Cash Flows

For the Three Months

Ended March 31,

2002 2001

Cash flows from operating activities:

Net income $ 113,298 $ 170,249

Adjustments to reconcile net income

to net cash provided by operating

activities:

Depreciation of improvements 32,899 5,917

Amortization of mortgage refinancing

costs 25,656 25,630

Change in accrued interest payable 6,296 -0-

Increase in rent receivable (14,360) -0-

Increase in mortgage refinancing

costs (512) (68)

Change in accrued expenses -0- (43,814)

---------- ----------

Net cash provided by

operating activities 163,277 157,914

---------- ----------

Cash flows from investing activities:

Payments for building improvements,

construction in progress (362,524) (56,098)

Payments for building improvements (183,727) -0-

---------- ----------

Net cash used in investing

activities (546,251) (56,098)

---------- ----------

Cash flows from financing activities:

Cash distributions (180,000) (180,000)

Proceeds from second mortgage payable 2,000,000 -0-

Payment to Fisk Building Associates (402,597) (87,630)

---------- ----------

Net cash provided by (used in)

financing activities 1,417,403 (267,630)

---------- ----------

Net increase (decrease) in cash 1,034,429 (165,814)

Cash and Cash Equivalents,

beginning of period 966,682 1,938,798

---------- ----------

Cash and Cash Equivalents, end of period $2,001,111 $1,772,984

========== ===========

Cash paid for:

Interest $ 139,505 $ 175,257

======== =========

See notes to the condensed financial statements.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

Note A Organization and Basis of Presentation

In the opinion of management, the accompanying unaudited condensed financial statements reflect all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of Registrant as of March 31, 2002, its results of operations and cash flows for the three months ended March 31, 2002 and 2001 and its changes in Members' deficiency for the three months ended March 31, 2002. Information included in the condensed balance sheet as of December 31, 2001 has been derived from the audited balance sheet included in Registrant's Form 10-K for the year ended December 31, 2001 (the "10-K") previously filed with the Securities and Exchange Commission (the "SEC"). Pursuant to rules and regulations of the SEC, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from these financial statements unless significant chang es have taken place since the end of the most recent fiscal year. Accordingly, these unaudited condensed financial statements should be read in conjunction with the financial statements, notes to financial statements and the other information in the 10-K. The results of operations for the three months ended March 31, 2002 are not necessarily indicative of the results to be expected for the full year.

Note B Interim Period Reporting

Registrant is a New York limited liability company which was organized as a joint venture 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"). On November 30, 2001, Registrant converted to a limited liability company under New York law and is now known as 250 West 57^th St. Associates L.L.C. The conversion does not change any aspect of the assets and operations of Registrant other than to protect its participants from any future liability to a third party. Registrant's members are Peter L. Malkin and Anthony E. Malkin (collectively the "Agents"), each of whom also acts as an agent for holders of participations in his respective member 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 Trusts created by Peter L. Malkin for family members are beneficial owners of an interest in the Net Lessee. In addition, the Agents are at Wien & Malkin LLP, 60 East 42nd Street, New York, New York, which provides supervisory and other services to Registrant and Net Lessee ("Supervisor"). See Note C of this Item 1 ("Note C").

Under the net lease, effective May 1, 1975, between 250 West 57th St. Associates, as lessor, and Fisk Building Associates, as lessee, basic rent was equal to mortgage principal and interest payments plus $28,000 payable to Wien & Malkin LLP for supervisory services. The lease modification dated November 17, 2000 between 250 West 57^th St. Associates, as lessor, and Fisk Building Associates, as lessee, provides that the basic rent will be equal to the sum of $28,000 plus the installment payments for interest and amortization

( not including any balloon payment due at maturity ) required annually under the new $15,500,000 first mortgage loan ( the "First Mortgage" ) from Emigrant Savings Bank. Basic rent is payable in monthly installments on the first day of each calendar month in an amount equal to $2,333.33 plus the projected debt service due on the First Mortgage on the first day of the ensuing calendar month ( with a reconciliation to be made as soon as practicable thereafter ): provided, however, that basic rent due on December 1, 2000 shall include interest prepaid at the closing of the First Mortgage or accrued thereafter. Basic rent shall be adjusted on a dollar-for-dollar basis by changes in the annual debt service on the First Mortgage.

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, 2001, Net Lessee reported net operating profit of $6,343,859 after deduction of Basic Rent. Net Lessee paid Primary Overage Rent of $752,000, together with Secondary Overage Rent of $2,732,389 for the fiscal year ended September 30, 2001. The Secondary Overage Rent of $2,732,389 represents 50% of the excess of the net operating profit of $6,343,859 over $752,000, less $63,541 representing interest earned and retained by Registrant on funds borrowed for the improvement program. After deducting $273,239 to Supervisor as an additional payment for supervisory services, the balance of $2,459,150 was distributed to the Participants on November 30, 2001.

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 report on the Net Lessee's 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 have consented to the granting of options to the Net Lessee to extend the Net Lease for three additional 25-year renewal terms on or before the expiration of the then applicable renewal term.

Effective November 17, 2000, a new first mortgage was placed on the property with Emigrant Savings Bank in the amount of $15,500,000. The Mortgage matures on December 1, 2005. At the closing, the amount of $7,000,000 was advanced to pay off the existing first and second mortgages held by Apple Bank for Savings and to pay for closing and related costs and the costs of improvements made to the property. On January 23, 2002 an additional $2,000,000 was advanced. The balance of the first mortgage loan will be advanced in stages through May 31, 2003 to pay for additional improvements to the property.

Monthly payments under the mortgage are interest only. Amounts advanced at the closing bear interest at the rate of 7.511% throughout the term of the mortgage. Amounts advanced after the closing will bear interest at a floating rate equal to 1.65 percentage points above 30, 60, 90, 180 or 360 day LIBOR or the yield on 30-day U.S. Treasury Securities, as selected by Associates.

On June 1, 2003 the interest rate on all amounts advanced following the closing will be converted to a fixed rate equal to 1.65 percentage points above the then-current yield on U.S. Treasury Securities having the closest maturity to December 1, 2005.

The mortgage may be prepaid at any time, in whole only, upon payment of a prepayment penalty based on a yield maintenance formula. There will be no prepayment penalty if the mortgage is paid in full during the last 90 days of the term thereof.

Note C - Supervisory Services

Registrant pays Supervisor for special services at hourly rates and supervisory services and disbursements. The supervisory fees are $40,000 per annum (the "Basic Payment"); plus 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 cash investment (the "Additional Payment"). At March 31, 2002, the Participants' remaining 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, 2002 by Registrant to either of the Members as such.

Pursuant to the fee arrangements described herein, Registrant also paid Supervisor $10,000 of the Basic Payment and $5,000 on account of the Additional Payment for the three month period ended March 31, 2002.

The supervisory services provided to Registrant by Supervisor include, but are not limited to, providing or coordinating counsel to Registrant, maintaining all of its entity and Participant records, performing physical inspections of the Building, reviewing insurance coverage, conducting annual supervisory review meetings, receipt of monthly 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 Registrant's independent certified public accountant, and distribution of such materials to the Participants. Supervisor also prepares quarterly, annual and other periodic filings with the Securities and Exchange Commission and applicable state authorities.

Reference is made to Note B of Item 1 ("Note B") for a description of the terms of the Net Lease between Registrant and Net Lessee. The respective interests, if any, of each Member in Registrant and in Net Lessee arise solely from ownership of participations in Registrant and partnership interests or participations in Net Lessee. The Members 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 Members, by reason of his respective member interest in Supervisor, is entitled to receive his pro rata share of any supervisory, service or other remuneration paid to Supervisor for services rendered to Registrant and Net Lessee.

As of March 31, 2002, certain of the Members in Registrant held additional Participations as follows:

Anthony E. Malkin owned of record as trustee, but not beneficially, $8,333 of Participations. Anthony E. Malkin disclaims any beneficial ownership of such Participations.

Trusts for the benefit of members of Peter L. Malkin's family owned of record and beneficially $88,333 of Participations. Mr. Peter L. Malkin disclaims any beneficial ownership of such Participations, except that such Trusts are required to complete scheduled payments to Mr. Peter L. Malkin.

Note D Fees

During the three months ended March 31, 2002, fees of

$ 13,325 were paid to the firm of Wien & Malkin LLP, a related party.

Item 2. Management's Discussion and Analysis of

Financial Condition and Results of Operations.

Registrant was organized solely for the purpose of owning the Property subject to a net operating lease of the Property held by Net Lessee. Registrant is required to pay, from Basic Rent, the charges on the Mortgage Loan and amounts for supervisory services, and then to distribute the balance of such Basic Rent to holders of Participations. See Note C. Pursuant to the Net Lease, Net Lessee has assumed responsibility for the condition, operation, repair, maintenance and management of the Property. Accordingly, Registrant need not maintain substantial reserves or otherwise maintain liquid assets to defray any operating expenses of the Property.

Registrant's results of operations are affected primarily by the amount of rent payable to it under the Net Lease. The amounts of Primary Overage Rent and Secondary Overage Rent are affected by the New York City economy and its real estate market. It is difficult to forecast the New York City economy and real estate market.

Registrant does not pay dividends. During the three month period ended March 31, 2002, 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, 2001, Registrant made an additional distribution of $3,415 for each $5,000 participation. Such distribution represented the balance of Secondary Overage Rent paid by Net Lessee in accordance with the terms of the Net Lease after deducting the Additional Payment to Supervisor. 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 decreased for the three month period ended March 31, 2002, as compared with the three month period ended March 31, 2001. Such decrease was the net result of an increase in basic rent received from the Net Lessee and a decrease in interest and dividend income earned on funds temporarily invested for the three month period ended March 31, 2002 as compared with the three month period ended March 31, 2001.

Total expenses increased for the three month period ended March 31, 2002, as compared to the three month period ended March 31, 2001. Such increase was the result of an increase in interest on the mortgage, depreciation of improvements, professional fees and miscellaneous expense for the three month period ended March 31, 2002.

Liquidity and Capital Resources

Registrant's liquidity has changed significantly for the three month period ended March 31, 2002, as compared with the three month period ended March 31, 2001, and Registrant may from time to time establish a reserve for contingent or unforeseen liabilities.

No amortization payments are due under the Mortgage to fully satisfy the outstanding principal balance at maturity, and furthermore, Registrant does not maintain any reserve to cover the payment of such Mortgage indebtedness at maturity. Therefore, repayment of the Mortgage will depend on Registrant's ability to arrange a refinancing. Assuming that the Property continues to generate an annual net profit in future years comparable to that in past years, and assuming further that current real estate trends continue in the geographic area in which the Property is located, Registrant anticipates that the value of the Property would be in excess of the amount of the Mortgage balance at maturity.

Registrant anticipates that funds for working capital for the Property will be provided by rental payments received from Lessee and, to the extent necessary, from additional capital investment by the partners in 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.

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, 2001, which report and all exhibits thereto are incorporated herein by reference and made a part hereof.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

The Property of Registrant is the subject of the following pending litigation:

Wien & Malkin LLP, et. al. v. Helmsley-Spear, Inc., et. al. On June 19, 1997 Wien & Malkin LLP and Peter L. Malkin filed an action in the Supreme Court of the State of New York, against Helmsley-Spear, Inc. and Leona Helmsley concerning various partnerships which own, lease or operate buildings managed by Helmsley-Spear, Inc., including Registrant's property. In their complaint, plaintiffs sought the removal of Helmsley-Spear, Inc. as managing and leasing agent for all of the buildings. Plaintiffs also sought an order precluding Leona Helmsley from exercising any partner management powers in the partnerships. In August, 1997, the Supreme Court directed that the foregoing claims proceed to arbitration. As a result, Mr. Malkin and Wien & Malkin LLP filed an arbitration complaint against Helmsley-Spear, Inc. and Mrs. Helmsley before the American Arbitration Association. Helmsley-Spear, Inc. and Mrs. Helmsley served answers denying liability and asserting various affirmative defenses and counterclaims; and Mr. Malkin and Wien & Malkin LLP filed a reply denying the counterclaims. By agreement dated December 16, 1997, Mr. Malkin and Wien & Malkin LLP (each for their own account and not in any representative capacity) reached a settlement with Mrs. Helmsley of the claims and counterclaims in the arbitration and litigation between them. Mr. Malkin and Wien & Malkin LLP then continued their prosecution of claims in the arbitration for relief against Helmsley-Spear, Inc., including its termination as the leasing and managing agent for various entities and properties, including the Registrant's Lessee. The arbitration hearings were concluded in June 2000, and the arbitrators issued their decision on March 30, 2001, ordering that the termination of Helmsley-Spear, Inc. would require a new vote by the partners in the Lessee, setting forth procedures for such a vote, and denying the other claims of all parties. Following the decision, Helmsley-Spear, Inc. applied to the court for co nfirmation of the decision, and Mr. Malkin and Wien & Malkin LLP applied to the court for an order setting aside that part of the decision regarding the procedure for partnership voting to terminate Helmsley-Spear, Inc. and various other parts of the decision on legal grounds. The court granted the motion to confirm the arbitrators' decision and denied the application to set aside part of the arbitrators' decision. Mr. Malkin and Wien & Malkin LLP have served notice of appeal of the court's determination.

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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

The individual signing this report on behalf of Registrant is Attorney-in-Fact for Registrant and each of the Joint Venturers in Registrant, pursuant to Powers of Attorney, dated March 29, 1996 and May 14, 1998 (collectively, the "Power").

250 WEST 57TH ST. ASSOCIATES L.L.C.

(Registrant)

By /s/ Stanley Katzman

Stanley Katzman, Attorney-in-Fact*

Date: May 20, 2002

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the undersigned as Attorney-in-Fact for each of the Joint Venturers in Registrant, pursuant to the Power, on behalf of Registrant on the date indicated.

By /s/ Stanley Katzman

Stanley Katzman, Attorney-in-Fact*

Date: May 20, 2002

_______________________________

* Mr. Katzman supervises accounting functions for Registrant.

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 July 24, 1998, reflecting a change in the Partners of Registrant effective as of April 15, 1998, which was filed as Exhibit 3(b) to Registrant's 10-Q-A for the quarter ended September 30, 1998 and is incorporated by reference as an exhibit hereto.

24 Powers of Attorney dated March 29, 1996 and May 14, 1998 between Partners in Registrant and Stanley Katzman and Richard A. Shapiro, which was filed as Exhibit 24 to Registrant's 10-Q for the quarter ended March 31, 1998 and is incorporated by reference as an exhibit hereto.

_______________________________

* Page references are based on sequential numbering system.