250 West 57th St. Associates
                                  Condensed Balance Sheet
                                        (Unaudited)

Assets                            September 30, 1998    December 31, 1997
Current assets:
  Cash                                   $   84,124              $    84,124
  Rent receivable, from Fisk
   Building Associates, a
   related party (Note B)                 2,282,064                      -0-
                                         ----------              -----------
  Total current assets                    2,366,188                   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           28,056                   22,184
                                         ----------              -----------
                                             13,050                   18,922
                                         ----------              -----------
        Total assets                     $4,496,673              $ 2,220,481
                                         ==========              ===========
Liabilities and Capital
Current liabilities:
   Accrued interest payable              $   22,097              $    22,232
   Accrued Supervisory Services,
    to a related party (Note C)          $  228,206              $       -0-
   First mortgage principal payments
    due within one year (Note B)         $   25,057              $    23,358
                                         ----------              -----------
        Total current liabilities           275,360                   45,590
Long-term debt (Note B)                   2,795,810                2,814,821
Capital (See analysis, page 4):
   September 30, 1998                     1,425,503                      -0-
   December 31, 1997                            -0-                 (639,930)
                                         ----------              -----------
        Total liabilities and capital:
   September 30, 1998                     4,496,673
   December 31, 1997                     ==========                2,220,481
                                                                  ==========