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 June 30, 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 16 of this Report.
Number of pages (including exhibits) in this filing: 17
250 West 57th St. Associates L.L.C.
June 30, 2002
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 For the Six Months
Ended June 30, Ended June 30,
2002 2001 2002 2001
Income:
Basic rent, from a
related party (Note B) $156,926 $138,442 $309,729 $276,885
Advance of primary overage
rent from a related
party (Note B) 188,000 188,000 376,000 376,000
Dividend income 789 1,464 1,637 3,379
Interest Income 2,251 14,659 6,905 34,608
-------- -------- -------- --------
Total income 347,966 342,565 694,271 690,872
-------- -------- -------- --------
Expenses:
Interest on mortgage 149,927 131,442 295,729 262,885
Supervisory services, to a
related party (Note C) 15,000 15,000 30,000 30,000
Fees, to a
related party (Note D) (13,325) 462 -0- 530
Depreciation of improvements 38,544 5,917 71,443 11,834
Amortization of mortgage
refinancing costs 25,687 25,630 51,343 51,260
Miscellaneous -0- -0- 325 -0-
--------- -------- -------- -------
Total expenses 215,833 178,451 448,840 356,509
--------- -------- ------- --------
Net Income $ 132,133 $164,114 $ 245,431 $ 334,363
======== ======== ======= =======
Earnings per $5,000 participation
unit, based on 720
participation units outstanding
during the period $ 183.52 $227.94 $ 340.88 $ 464.40
======= ======= ======= ======
Distributions per $5,000
participation consisted of
the following:
Income $ 183.52 $227.94 $ 340.88 $464.40
Return of Capital 66.48 22.06 159.12 35.60
------- ------- ------- -------
Total distributions $ 250.00 $250.00 $ 500.00 $ 500.00
======= ====== ====== ======
At June 30, 2002 and 2001, there were $3,600,000 of participations
outstanding.
See notes to the condensed financial statements
-2-
250 West 57th St. Associates L.L.C.
June 30, 2002
250 West 57th St. Associates L.L.C.
Condensed Balance Sheets
(Unaudited)
Assets June 30, 2002 December 31, 2001
Current assets:
Cash $ 216,828 $ 272,962
Fidelity U.S. Treasury
Income Portfolio 189,715 132,078
Emigrant Money Market Fund 411,124 561,642
---------- -----------
Total current assets 817,667 966,682
---------- -----------
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 6,898,246 5,659,421
Less: Accumulated depreciation 811,165 739,722
---------- -----------
6,087,081 4,919,699
---------- ----------
Tenants' installations and
Improvements 249,791 249,791
Less: Accumulated depreciation 249,791 249,791
---------- ----------
-0- -0-
---------- ----------
Other assets:
Mortgage refinancing costs 517,770 516,618
Less: Accumulated amortization 166,421 115,078
---------- -----------
351,349 401,540
---------- -----------
Total assets $9,373,532 $ 8,405,356
========== ===========
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250 West 57th St. Associates L.L.C.
June 30, 2002
250 West 57th St. Associates L.L.C.
Condensed Balance Sheets
(Unaudited)
(CONTINUED)
Liabilities and Members'Deficiency: June 30, 2002 December 31, 2001
Current liabilities:
Due to Fisk Building Associates,
a related party $ 1,260,879 $ 2,170,902
Accrued expenses -0- 13,325
Accrued interest on mortgage 49,907 43,814
---------- -----------
Total current liabilities 1,310,786 2,228,041
Long-term Liabilities :
First mortgage payable (Note B) 9,000,000 7,000,000
----------- -----------
Total liabilities $10,310,786 9,228,041
Members' Deficiency:
June 30, 2002 (937,254) -0-
December 31, 2001 -0- (822,685)
---------- -----------
Total liabilities and members'
deficiency:
June 30, 2002 $ 9,373,532
December 31, 2001 ========== $8,405,356
===========
See notes to the condensed financial statements
-4-
250 West 57th St. Associates L.L.C.
June 30, 2002
250 West 57th St. Associates L.L.C.
Statements of Members' Deficiency
(Unaudited)
For the Six For the Year
Months Ended Ended
June 30, 2002 December 31, 2001
Members' Deficiency:
January 1, 2002 $ (822,685)
January 1, 2001 $ (701,849)
Add, Net income:
January 1, 2002 through
June 30, 2002 245,431 -0-
January 1, 2001 through
December 31, 2001 -0- 3,058,314
---------- -----------
(577,254) 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 June 30, 2002 360,000 -0-
Distributions January 1, 2001
through December 31, 2001 -0- 720,000
---------- -----------
360,000 3,179,150
---------- -----------
Members' deficiency:
June 30, 2002 $ (937,254)
December 31, 2001 ========== $ (822,685)
===========
See notes to the condensed financial statements
-5-
250 West 57th St. Associates L.L.C.
June 30, 2002
250 West 57th St. Associates L.L.C.
Condensed Statements of Cash Flows
(Unaudited)
For the Six Months
Ended June 30,
2002 2001
Cash flows from operating activities:
Net income $ 245,431 $ 334,363
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation of improvements 71,443 11,834
Amortization of mortgage refinancing
costs 51,343 51,260
Change in accrued interest payable 6,094 -0-
Decrease in accrued expenses (13,325) -0-
---------- ---------
Net cash provided by operating
activities 360,986 397,457
---------- ----------
Cash flows from investing activities:
Payments for building improvements,
construction in progress -0- (587,807)
Payments for building improvements (1,238,825) -0-
---------- ----------
Net cash used in investing
activities (1,238,825) (587,807)
---------- ----------
Cash flows from financing activities:
Cash distributions (360,000) (360,000)
Proceeds from second mortgage payable 2,000,000 -0-
Payments to Fisk Building Associates (910,024) 402,198
Payments for mortgage refinancing
costs (1,152) (68)
---------- ----------
Net cash provided by (used in)
financing activities 728,824 42,130
---------- ----------
Net (decrease) in cash (149,015) (148,220)
Cash and Cash equivalents,
beginning of period 966,682 1,938,798
---------- ----------
Cash and Cash equivalents,
end of period $ 817,667 $ 1,790,578
========== ==========
Cash paid for:
Interest $ 289,635 $ 262,885
=========== ===========
See notes to the condensed financial statements
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250 West 57th St. Associates L.L.C.
June 30, 2002
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
June 30, 2002, its results of operations for the six months and
three months ended June 30, 2002 and 2001 and cash flows for
the six months ended June 30, 2002 and 2001 and its changes in
Members'deficiency for the six months ended June 30, 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 changes 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 six months ended June
30, 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 57th 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").
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250 West 57th St. Associates L.L.C.
June 30, 2002
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, and
Trusts created by Peter L. Malkin for family members are
beneficial owners of interests 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 57th 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.
-8-
250 West 57th St. Associates L.L.C.
June 30, 2002
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.
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250 West 57th St. Associates L.L.C.
June 30, 2002
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 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
June 30, 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.
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.
Registrant also pays Supervisor for other services at
hourly rates.
Pursuant to the fee arrangements described herein,
Registrant also paid Supervisor $20,000 of the Basic Payment and
$10,000 on account of the Additional Payment for the six month
period ended June 30, 2002. No remuneration was paid during the
six month period ended June 30, 2002 by Registrant to either of
the Members as such.
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250 West 57th St. Associates L.L.C.
June 30, 2002
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 June 30, 2002, certain of the Members in
Registrant held additional Participations as follows:
Trusts for the benefit of members of Peter L. Malkin's
family owned of record and beneficially $88,333 of
Participations. Peter L. Malkin disclaims any
beneficial ownership of such Participations, except
that such Trusts are required to complete scheduled
payments to Peter L. Malkin.
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.
Note D Fees
Fees of $530 for the six months ended June 30, 2001
were paid to Wien & Malkin LLP, a related party.
-11-
250 West 57th St. Associates L.L.C.
June 30, 2002
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 sole responsibility for
the condition, operation, repair, maintenance and management of
the Property. Accordingly, Registrant need not maintain substan-
tial 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 six
month period ended June 30, 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 increased for the six month period
ended June 30, 2002, as compared with the six
month period ended June 30, 2001. Such
increase was the 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 six month
period ended June 30, 2002 as compared with the
six month period ended June 30, 2001.
Total expenses increased for the six month
period ended June 30, 2002, as compared to the
six month period ended June 30, 2001. Such
increase was the result of an increase in
interest on the mortgage, amortization of
mortgage refinancing costs and depreciation for
the six month period ended June 30, 2002 as
compared with the six month period ended June
30, 2001.
-12-
250 West 57th St. Associates L.L.C.
June 30, 2002
Liquidity and Capital Resources
Registrant's liquidity has decreased significantly due
to the improvement program for the six month period ended June
30, 2002, as compared with the six month period ended June 30,
2001. Costs relating to the improvement program are funded from
proceeds of a second mortgage of $15,500,000, of which $6,500,000
is available to be drawn down at June 30, 2002. 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.
-13-
250 West 57th St. Associates L.L.C.
June 30, 2002
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 confirmation 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.
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250 West 57th St. Associates L.L.C.
June 30, 2002
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: August 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: August 20, 2002
_______________________________
* Mr. Katzman supervises accounting functions for Registrant.
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250 West 57th St. Associates L.L.C.
June 30, 2002
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.
99 (1) Chief Executive Officer certification
pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
-16-
250 West 57th St. Associates L.L.C.
June 30, 2002
EXHIBIT INDEX
(cont.)
Number Document Page*
99 (2) Chief Financial Officer certification
pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
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* Page references are based on sequential numbering system.
-17-