Item 1. Business.
(a) General
Registrant is a joint venture which was organized on May 25, 1953. On September 30, 1953, Registrant acquired fee title to The Fisk Building, 250-264 West 57th Street, New York, New York (the "Building") and to the land thereunder (the "Property"). Registrant's joint venturers are Peter L. Malkin and Anthony E. Malkin (individually, a "Joint Venturer" and, collectively, the "Joint Venturers") each of whom also acts as an agent for holders of participations in their undivided joint venture interests in Registrant (each holder of a participation, individually, a "Participant" and, collectively, the "Participants").
Registrant leases the Property to Fisk Building Associates (the "Net Lessee"), a partnership, under a long-term net operating lease dated May 1, 1954 (the "Net Lease"), the current term of which expires on September 30, 2003. Net Lessee is a partnership in which Mr. Peter L. Malkin is one of the Partners. In addition, one of the Joint Venturers is also a member of Wien & Malkin LLP, 60 East 42nd Street, New York, New York, which provides supervisory and other services to Registrant and the Net Lessee ("Supervisor"). See Items 10, 11, 12 and 13 hereof for a description of the on-going services rendered by, and compensation paid to, Supervisor and for a discussion of certain relationships which may pose actual or potential conflicts of interest among Registrant, Net Lessee and certain of their respective affiliates.
As of December 31, 2000, the Building was approximately 97.66% occupied by approximately 299 tenants, a majority of whom are engaged in the practices of law, dentistry and accounting, and the businesses of publishing, insurance and entertainment. Registrant does not maintain a full-time staff. See Item 2
Item 2. Properties.
As stated in Item 1 hereof, Registrant owns the Building located at 250-264 West 57th Street, New York, New York, known as the "Fisk Building", and the land thereunder. Registrant's fee title to the Property is encumbered by a Mortgage Loan which, at December 31, 2000, had an unpaid principal balance of $7,000,000. For a description of the terms of the Mortgage Loan see Note 3 of the Notes.
The Building, erected in 1921 and containing 26 floors, occupies the entire block front on the south side of West 57th Street between Broadway and Eighth Avenue, New York, New York. The Building has ten passenger and three freight elevators and is equipped with a combination of central and individual window unit air-conditioning.
The Building is net leased to Net Lessee under the Net Lease. A modification of the Net Lease, effective October 1, 1984, provides for a further renewal term of 25 years, from October 1, 2003 through September 30, 2028. The holders of more than 80% of the participations 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. There is no change in the terms of the Net Lease during the renewal periods. See Item 1 hereof.
A majority of the Building's tenants are engaged in the entertainment business, insurance business, publishing, and the practice of law, accounting and dentistry. In addition, there are several commercial tenants located on the street level of the Building, including a restaurant and several retail stores. Item 3.
Item 3. 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, Mr. Malkin and Wien & Malkin LLP are evaluating with counsel possible court review of the decision and other action.
Item 4.
Item 4. Submission of Matters to a Vote of Participants.
No matters were submitted to the participants during the last quarter of the period covered by this report.
PART II
Item 5.
Item 5.	Market for Registrant's Common Equity and Related Security Holder Matters.
Registrant is a joint venture organized pursuant to a joint venture agreement entered into among various individuals dated May 1, 1954.
Registrant has not issued any common stock. The securities registered by it under the Securities Exchange Act of 1934, as amended, consist of participations in the joint venture interests of the Joint Venturers in Registrant (each, individually, a "Participation" and, collectively, "Participations") and are not shares of common stock or their equivalent. The Participations represent each Participant's fractional share in the Joint Venturers' undivided interest in Registrant and are divided approximately equally among the Joint Venturers. Each unit of the Participations was originally offered at a purchase price of $5,000; fractional units were also offered at proportionate purchase prices. Registrant has not repurchased Participations in the past and it is not likely to change its policy in the future.
(a) The Participations neither are traded on an established securities market nor are readily tradable on a secondary market or the substantial equivalent thereof. Based on Registrant's transfer records, Participations are sold by the holders thereof from time to time in privately negotiated transactions and, in many instances, Registrant is not aware of the prices at which such transactions occur. Registrant was advised of 31 transfers of Participations during 2000. In one instance, the indicated purchase price was equal to three times the face amount of the Participation transferred, i.e., $15,000 for a $5,000 Participation. In all other cases, no consideration was indicated.
(b) As of December 31, 2000, there were 567 holders of Participations of record.
(c) Registrant does not pay dividends. During the years ended December 31, 2000 and 1999, 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, 2000 and November 30, 1999, Registrant made additional distributions for each $5,000 Participation of $3,157 and $2,829, respectively. Such distributions represented primarily Secondary Overage Rent payable by Net Lessee. There are no restrictions on Registrant's present or future ability to make distributions; however, the amount of such distributions, particularly distributions of Secondary Overage Rent, depends solely on Net Lessee's ability to make payments of Basic Rent, Primary Overage Rent and Secondary Overage Rent to Registrant. (See Item 1 hereof). Registrant expects to make distributions so long as it receives the payments provided for under the Net Lease. See Item 7 hereof.
[SELECTED FINANCIAL DATA]
Item 6.
Item 6.
250 WEST 57th ST. ASSOCIATES
SELECTED FINANCIAL DATA
Item 7.
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operation.
		Registrant was organized solely for the purpose of owning the Property described in Item 2 hereof 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 to then distribute the balance of such Basic Rent to holders of Participations. 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 sub- stantial 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 over the next few years. The following summarizes the material factors for the three most re- cent years affecting Registrant's results of operations for such periods:
(a)	Total income increased for the year ended December 31, 2000 as compared with the year ended December 31, 1999. The increase resulted from an increase in Basic minimum rent, an increase in dividend income and interest income and an increase in Secondary Overage Rent. See Note 4 of the Notes. Total income increased for the year ended December 31, 1999 as compared with the year ended December 31, 1998. The increase resulted from an increase in Basic minimum rent and dividend income. See Note 4 of the Notes.
(b)	Total expenses increased for the year ended December 31, 2000 as compared with the year ended December 31, 1999. The increase resulted from an increase in the additional payment for supervisory services payable with respect to an increased amount of Secondary Overage Rent received by Registrant in 2000, payment of second mortgage interest expense and an increase in professional fees and amortization of mortgage refinancing costs. See Notes 3 and 5 of the Notes. Total expenses increased for the year ended December 31, 1999 as compared with the year ended December 31, 1998. The increase was the net result of an increase in mortgage interest expense, professional fees and amortization of mortgage refinancing costs and a decrease in supervisory service expense. See Notes 3 and 5 of the Notes.
{SELECTED FINANCIAL DATA]
Item 7. 250 WEST 57th ST. ASSOCIATES
QUARTERLY RESULTS OF OPERATIONS
Item 7. 250 WEST 57th ST. ASSOCIATES
QUARTERLY RESULTS OF OPERATIONS (Continued)
Liquidity and Capital Resources
Registrant's liquidity has changed significantly as a result of a new mortgage placed on the property in 2000. The prior first mortgage matured in 2000 and was therefore reflected as a current liability at December 31, 1999. The new mortgage matures on December 1, 2005 and is therefore reflected as a long- term liability at December 31, 2000.
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. Registrant foresees no need to make material commitments for capital expenditures while the Lease is in effect.
Inflation
Inflationary trends in the economy do not directly affect Registrant's operations since Registrant does not actively engage in the operation of the Property. Inflation may impact the operations of Net Lessee. Net Lessee is required to pay Basic Rent, regardless of the results of its operations. Inflation and other operating factors affect the amount of Primary and Secondary Overage Rent payable by Net Lessee, which is based on Net Lessee's net operating profit.
Item 8.
Item 8. Financial Statements and Supplementary Data.
The financial statements, together with the accom- panying report by, and the consent to the use thereof, of J.H. Cohn LLP immediately following, are being filed in response to this item.
Item 9.
Item 9.	Disagreements on Accounting and Financial Disclosure.
		Not applicable.
PART III
Item 10.
Item 10 hereof) did not beneficially own, directly or indirectly, any Participations in Registrant.
At such date, certain of the Partners held additional Participations as follows:
Anthony E. Malkin owned of record as co-trustee an aggregate of $8,333 of Participations. Mr. Anthony E. Malkin disclaims any beneficial ownership of such Participations.
Entities for the benefit of members of Peter L. Malkin's family owned of record and beneficially $88,333 of Participations. Mr. Malkin disclaims any beneficial ownership of such Participations, except that trusts related to such entities are required to complete scheduled payments to Mr. Malkin.
(c) Not applicable.
Item 13. Certain Relationships and Related Transactions.
(a) As stated in Item 1 hereof, each Joint Venturer acts as agent for his respective group of Participants. Mr. Malkin is also a partner in Net Lessee. As a consequence of one of the two Joint Venturers being a partner in Net Lessee and one of the two Joint Venturers being a member of Supervisor (which supervises Registrant and Net Lessee), certain actual or potential conflicts of interest may arise with respect to the management and administration of the business of Registrant. However, under the respective participating agreements pursuant to which the Joint Venturers act as agents for the Participants, certain transactions require the prior consent from Participants owning a specified interest under the Agreements in order for the agents to act on their behalf. Such transactions include modifications and extensions of the Net Lease or the Mortgage Loan, or a sale or other disposition of the Property or substantially all of Registrant's other assets.
Reference is made to Items 1 and 2 hereof for a description of the terms of the Net Lease between Registrant and Net Lessee. The respective interest, if any, of each Joint Venturer in Registrant and in Net Lessee arises solely from ownership of Participations in Registrant and partnership interests or participations in Net Lessee. The Joint Venturers receive no extra or special benefit not shared on a pro rata basis with all other Participants in Registrant or partners and participants in Net Lessee. However, Mr. Peter L. Malkin, by reason of his respective partnership interest in Supervisor, is entitled to receive his pro rata share of any supervisory, service, legal or other remuneration paid to Supervisor for services rendered to Registrant and Net Lessee. See Item 11
Item 11 hereof for a description of the remuneration arrangements between Registrant and Supervisor relating to supervisory services provided by Supervisor.
(b) Reference is made to Paragraph (a) above.
(c) Not applicable.
(d) Not applicable.
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K.
(a)(1) Financial Statements:
Consent of J.H. Cohn LLP, Certified Public Accountants, dated February 19, 2001.
Accountant's Report of J.H. Cohn LLP, Certified Public Accountants, dated February 15, 2001.
Balance Sheets at December 31, 2000 and at December 31, 1999 (Exhibit A).
Statements of Income for the fiscal years ended December 31, 2000, 1999 and 1998 (Exhibit B).
Statement of Partners' Capital Deficit for the fiscal year ended December 31, 2000 (Exhibit C-1).
Statement of Partners' Capital Deficit for the fiscal year ended December 31, 1999 (Exhibit C-2).
Statement of Partners' Capital Deficit for the fiscal year ended December 31, 1998 (Exhibit C-3).
Statements of Cash Flows for the fiscal years ended December 31, 2000, 1999 and 1998 (Exhibit D).
Notes to Financial Statements for the fiscal years ended December 31, 2000, 1999 and 1998.
(2) Financial Statement Schedules:
List of Omitted Schedules.
	Real Estate and Accumulated Depreciation - December 31, 2000 (Schedule III).
(3) Exhibits: See Exhibit Index.
(b) No report on Form 8-K was filed by Registrant during the last quarter of the period covered by this report.
[LETTER OF J.H. COHN ACCOUNTANTS & CONSULTANTS]
INDEPENDENT ACCOUNTANTS' REPORT
To the participants in 250 West 57th St. Associates (a Joint Venture) New York, N. Y.
We have audited the accompanying balance sheets of 250 West 57th St. Associates (the "Company") as of December 31, 2000 and 1999, and the related statements of income, partners' capital deficit and cash flows for each of the three years in the period ended December 31, 2000, and the supporting financial statement schedule as contained in Item 14(a)(2) of this Form 10-K. These financial statements and schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and financial statement schedule based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of 250 West 57th St. Associates as of December 31, 2000 and 1999, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2000 in conformity with accounting principles generally accepted in the United States of America, and the related financial statement schedule, when considered in relation to the basic financial statements, presents fairly, in all material respects, the information set forth therein.
						J.H. Cohn LLP
New York, N. Y. February 15, 2001
						February 19, 2001
250 West 57th St. Associates New York, N.Y.
We consent to the use of our independent accountants' report dated February 15, 2001, covering our audits of the accompanying financial statements of 250 West 57th St. Associates in connection with and as part of your December 31, 2000 annual report (Form 10-K) to the Securities and Exchange Commission.
						J.H. Cohn LLP
EXHIBIT A 250 WEST 57th ST. ASSOCIATES
BALANCE SHEETS
A S S E T S
	See accompanying notes to financial statements.
EXHIBIT B
250 WEST 57th ST. ASSOCIATES
STATEMENTS OF INCOME
	See accompanying notes to financial statements. EXHIBIT C-1 250 WEST 57th ST. ASSOCIATES
STATEMENT OF PARTNERS' CAPITAL DEFICIT YEAR ENDED DECEMBER 31, 2000
	See accompanying notes to financial statements. EXHIBIT C-2 250 WEST 57th ST. ASSOCIATES
STATEMENT OF PARTNERS' CAPITAL DEFICIT YEAR ENDED DECEMBER 31, 1999
	See accompanying notes to financial statements.
EXHIBIT C-3 250 WEST 57th ST. ASSOCIATES
STATEMENT OF PARTNERS' CAPITAL DEFICIT YEAR ENDED DECEMBER 31, 1998
	See accompanying notes to financial statements.
EXHIBIT D 250 WEST 57th ST. ASSOCIATES
STATEMENTS OF CASH FLOWS
Supplemental disclosures of noncash investing and financing activities:
In 1999 the Company purchased certain building improvements, construction in progress, totaling $244,960, by means of a financing agreement with the Lessee.
	See accompanying notes to financial statements.
250 WEST 57th ST. ASSOCIATES
NOTES TO FINANCIAL STATEMENTS
1. Business Activity
250 West 57th Street Associates (the "Company") is a joint venture which owns commercial property situated at 250 West 57th Street, New York, New York, known as the "Fisk Building". The property is net leased to Fisk Building Associates (the Lessee").
2. Summary of Significant Accounting Policies
a. Cash and cash equivalents:
Cash and cash equivalents include investments in money market funds and all highly liquid debt instruments purchased with a maturity of three months or less.
b. Real Estate and Depreciation:
Land and building:
The basis for building valuation was seventy per cent (70%) of the total purchase price in 1953 of the land and building, $7,058,117, which amounts to $4,940,682. The balance of the purchase price, $2,117,435, was allocated to land cost. The seventy per cent allocation of total cost to the building was based upon the percentage of assessed valuation of the building to the total assessed valuation on the land and building at the time of acquisition.
The building, building improvements and tenants installations and improvements are fully depreciated.
In 1999 the Company began a building improvements program (see Note 12). At December 31, 2000 building improvements construction costing $2,198,805 was in progress. No depreciation has been taken on these assets since they were not finished or put into service as of December 31, 2000.
c. Mortgage refinancing costs, amortization and related party transactions:
Mortgage refinancing costs in 1999 include charges of $41,106 incurred in connection with the 1996 modification of the previous first mortgage (see Note 3); such charges include $17,754 paid to the firm of Wien & Malkin LLP, a related party. These mortgage refinancing costs were amortized ratably over the extended term of the previous first mortgage, from March 1, 1996 through November 17, 2000.
Mortgage refinancing costs paid in 1999, totaling $89,402, include charges incurred in connection with the second mortgage. Such charges include $17,435 paid to the firm of Wien & Malkin LLP. These mortgage refinancing costs were amortized ratably over the extended term of the second mortgage, from September 22, 1999 through November 17, 2000.
Mortgage refinancing costs paid in 2000, totaling $516,549, include charges incurred in connection with the new first mortgage. Such charges include $38,817 paid to the firm of Wien & Malkin LLP. These mortgage refinancing costs are being amortized ratably over the term of the new first mortgage, from November 17, 2000 through December 1, 2005.
250 WEST 57th ST. ASSOCIATES
NOTES TO FINANCIAL STATEMENTS (continued)
2. Summary of Significant Accounting Policies (continued)
d. Use of estimates:
In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
3. First and Second Mortgages Payable
The previous first mortgage was held by Apple Bank for Savings and was scheduled to mature on December 1, 2000, as extended from June 1, 2000. Annual mortgage charges were $289,157, payable in equal monthly installments, applied first to interest at the rate of 9.4% per annum and the balance to principal.
Effective September 22, 1999 a second mortgage was placed on the property with Apple Bank for Savings, in the amount of $1,500,000, to finance the building improvements program (see Note 12). The mortgage required monthly payments of interest only based on the 30-day LIBOR rate and was scheduled to mature on December 1, 2000, as extended from June 1, 2000.
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 then 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. 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 the Company.
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 real estate is pledged as collateral for the first mortgage.
250 WEST 57th ST. ASSOCIATES
NOTES TO FINANCIAL STATEMENTS (continued)
4. Related Party Transactions - Rent Income
Rent income earned during the year ended December 31, 2000, 1999 and 1998, totaling $3,707,463, $3,356,230 and $3,351,221, respectively, constitutes the basic minimum annual rental plus overage rent under an operating lease dated September 30, 1953 (as modified June 12, 1961, June 10, 1965, May 1, 1975, October 1, 1984, September 1, 1999 and November 17, 2000) with the Lessee, consisting of the following:
Year ended December 31, 2000 1999 1998
Basic minimum annual rent... $ 429,740 $ 341,274 $ 317,157 Primary overage rent........ 752,000 752,000 752,000 Secondary overage rent...... 2,525,723 2,262,956 2,282,064
$3,707,463 $3,356,230 $3,351,221
The lease, as modified, provided for rent income until September 30, 2003, as follows:
A) A basic annual rent equal to the sum of $28,000 plus current mortgage requirements for interest and amortization.
The lease modification dated November 17, 2000 provides that the basic rent will be payable in equal monthly installments totaling an annual amount equal to the sum of $28,000, plus payments for interest and amortization (not including any balloon principal payment due at maturity) required annually under the new $15,500,000 first mortgage loan from Emigrant Savings Bank (Note 3), and any refinancings of such mortgage.
B) A primary overage rent equal to the lesser of $752,000 per annum for each year ending September 30th, or the Lessee's defined net operating profit for its lease year ending September 30th after deduction of basic rent and advances previously paid on account of primary overage rent; and
C) A secondary overage rent consisting of 50% of any remaining balance of the Lessee's defined net operating profit (after payment of basic rent and primary overage rent) for its lease year ending September 30th.
Primary overage rent has been billed to and advanced by the Lessee in equal monthly installments of $62,667. While it is not practicable to estimate that portion of overage rent for the lease year ending on the ensuing September 30th which would be allocable to the current three month period ending December 31st, the Company's policy is to include in its income each year the advances of primary overage rent income received from October 1st to December 31st.
No other overage rent is accrued by the Company for the period between the end of the Lessee's lease year ending September 30th and the end of the Company's fiscal year ending December 31st.
250 WEST 57th ST. ASSOCIATES
NOTES TO FINANCIAL STATEMENTS (continued)
4. Related Party Transactions - Rent Income (continued)
In 1978, the Lessee exercised its option to renew the lease for a 25 year period from October 1, 1978 through September 30, 2003 on the same terms as provided during the balance of the initial period. The lease modification effective October 1, 1984 provides for an option for one renewal term of 25 years commencing October 1, 2003. The terms of the lease remain the same during the renewal period.
The Lessee may surrender the lease at the end of any month, upon sixty days' prior written notice; the liability of the Lessee will end on the effective date of such surrender.
A partner in the Company is also a partner in the Lessee.
5. Related Party Transactions - Supervisory Services
Fees for supervisory services (including disbursements and cost of regular accounting services) during the years ended December 31, 2000, 1999 and 1998, totaling $312,572, $286,296 and $287,959, respectively, were paid to the firm of Wien & Malkin LLP. Some members of that firm are partners in the Company. Fees for supervisory services are paid pursuant to an agreement, which amount is based on a rate of return of investment achieved by the participants of the Company each year.
6. Related Party Transactions - Professional Fees
Professional fees (including disbursements) during the years ended December 31, 2000, 1999 and 1998, totaling $34,260, $31,855 and $2,469, respectively, were paid to the firm of Wien & Malkin LLP, a related party.
7. Number of Participants
There were approximately 550 participants in the various joint ventures as of December 31, 2000, 1999 and 1998.
8. Determination of Distributions to Participants
Distributions to participants during each year represent mainly the excess of rent income received over the mortgage requirements and cash expenses.
250 WEST 57th ST. ASSOCIATES
NOTES TO FINANCIAL STATEMENTS (continued)
9. Distributions and Amount of Income per $5,000 Participation Unit
Distributions and amount of income per $5,000 participation unit during the years 2000, 1999 and 1998, based on 720 participation units outstanding during each year, consisted of the following:
Year ended December 31, 2000 1999 1998
Income................. $ 4,101 $ 3,777 $ 3,850 Return of capital...... 56 52 -
Total distributions.. $ 4,157 $ 3,829 $ 3,850
Net income is computed without regard to income tax expense since the Company does not pay a tax on its income; instead, any such taxes are paid by the participants in their individual capacities.
10. Concentration of Credit Risk
The Company maintains cash balances in two banks, a money market fund (Fidelity U.S. Treasury Income Portfolio) and in a distribution account held by Wien & Malkin LLP. The bank balances are each insured by the Federal Deposit Insurance Corporation up to $100,000. Uninsured balances of cash in banks amounted to approximately $1,591,000 at December 31, 2000. The cash in the money market fund and the distribution account held by Wien & Malkin LLP is not insured. The funds held in the distribution account were paid to the participants on January 1, 2001.
11.	Contingencies
Wien & Malkin LLP and Peter L. Malkin, a partner in the Company, are engaged in a dispute with Helmsley-Spear, Inc., the managing agent of the Fisk Building, concerning the future management, leasing and supervision of the property. In this connection, certain legal and professional fees and other expenses have been paid and incurred and additional costs are expected to be incurred. The Company's allocable share of such costs cannot as yet be determined. Accordingly, the Company has not provided for the expense and related liability with respect to such costs in the accompanying financial statements.
250 WEST 57th ST. ASSOCIATES
NOTES TO FINANCIAL STATEMENTS (continued)
12. Building Improvements Program
In 1999 the participants of the Company and the Lessee approved a building improvements program (the "Program") estimated to cost between $7,700,000 and $10,000,000, and expected to take five years to complete.
The Lessee began financing the Program in 1999 and billing the Company for the costs incurred. The Company will own the improvements and finance them through an increase in the fee mortgage.
In November 2000 the Company obtained a new first mortgage (Note 3) in the amount of $15,500,000 to finance the Program. At December 31, 2000 $7,000,000 was advanced against the new first mortgage. The increased mortgage charges will be paid by the Company from an equivalent increase in the basic rent paid by the Lessee to the Company (Note 4).
13. Receipt of Warrants and Stock in Telecommunications Companies
In 2000 the Company received 3,153 shares of common stock of Broadband Office, Inc., and warrants to acquire 8,107 shares and 6,600 shares of common stock of Gillette Global Network, Inc. ("Gillette") and ENN Providers, Inc. ("Narrowcast"), respectively, (each of the aforementioned companies collectively referred to as the "Corporations"). The stock and warrants were provided to the Company for allowing the Corporations, at little or no cost to the Company, to wire the building to provide high speed internet access and other telecommunications services, the installation of monitors in the building's elevator cabs to display current news and weather reports, advertisements and building information messages. The Lessee received an equal amount of shares and warrants. In addition, the Lessee will receive from 5% to 10% of the revenues generated by such services from advertising and subscriptions with tenants of the building. No income from these sources was earned in 2000. The warrants are exercisable, generally, following an initial public offering ("IPO") of each of the Corporations. There is no expectation that such an IPO will occur at anytime soon. The Gillette and Narrowcast warrants expire on August 29, 2003 and August 17, 2005, respectively. There are restrictions as to the transfer of stock and there is no current market for the warrants or the stock. Since they did not have an ascertainable value as of the date they were granted or at December 31, 2000, no amounts have been recorded in the accompanying financial statements for such warrants or shares.
250 WEST 57th ST. ASSOCIATES
OMITTED SCHEDULES
The following schedules have been omitted as not applicable in the present instance:
	SCHEDULE I - Condensed financial information of registrant.
	SCHEDULE II - Valuation and qualifying accounts.
	SCHEDULE IV - Mortgage loans on real estate.
SCHEDULE III 250 WEST 57th ST. ASSOCIATES
Real Estate and Accumulated Depreciation December 31, 2000
Column
A Description Office building and land located at 250-264 West 57th Street, New York, New York, known as the "Fisk Building".
B Encumbrances Emigrant Savings Bank Balance at December 31, 2000............................... $ 7,000,000
C Initial cost to company Land....................................................... $ 2,117,435
Building................................................... $ 4,940,682
D Costs capitalized subsequent to acquisition Improvements............................................... $ 937,791
Building improvements, construction in progress............. $ 2,198,805
Carrying costs............................................. $ NONE
E Gross amount at which carried at close of period Land....................................................... $ 2,117,435 Building, building improvements and building improvements, construction in progress.......... 8,077,278
Total..................................................... $10,194,713(a)
F Accumulated depreciation.................................... $ 5,878,473(b)
G Date of construction 1921
H Date acquired September 30, 1953
I Life on which depreciation in latest income statements is computed Not applicable
(a) For the years ended December 31, 2000 and 1999 the Company engaged in a Building Improvements Program (see Note 12) and incurred building improvements, construction in progress costs of $1,953,845 and $244,960, respectively, which increased the carrying value of real estate property to $10,194,713 and $8,240,868, respectively. The carrying value of real estate for the year ended December 31, 1998 was $7,995,908. The costs for federal income tax purposes are the same as for financial statement purposes.
(b) Accumulated depreciation Balance at January 1, 1998 $5,878,473 Depreciation: F/Y/E 12/31/98 None 12/31/99 None 12/31/00 None None Balance at December 31, 2000 $5,878,473
SIGNATURE
		Pursuant to the requirements of Section 13 or 15(d) 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 a Power of Attorney, dated March 29, 1996 and May 14, 1998 (collectively, the "Power").
250 WEST 57TH ST. ASSOCIATES 	(Registrant)
By /s/ Stanley Katzman Stanley Katzman, Attorney-in-Fact*
Date: April 16, 2001
		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 the Registrant and as a Joint Venturer in Registrant on the date indicated.
By /s/ Stanley Katzman Stanley Katzman, Attorney-in-Fact*
Date: April 16, 2001
________________________ *	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 which was filed as Exhibit 3(b) to Registrant's Amended Quarterly Report on 10-Q for the period ended September 30, 1998 and is incorporated by reference as an exhibit hereto.
3(c) Registrant's Memorandum of Agreement among Joint Venturers in 250 West 57th St. Associates, dated June 9, 1953, filed as Exhibit 1 to the Registration Statement, is incorporated by reference as an exhibit hereto.
4 	Registrant's form of Participation Agreement, which was filed as Exhibit No. 4(a) to the Registration Statement, is incorporated by reference as an exhibit hereto.
10(a)	Net Lease between Registrant and Fisk Building Associates dated September 30, 1957, which was filed as Exhibit No. 2(d) to the Registration Statement, is incorporated by reference as an exhibit hereto.
10(b)	Modification of Net Lease dated November 10, 1961, was filed by letter dated November 21, 1961 as Exhibit B to Registrant's Statement of Registration on Form 8-K for the month of October, 1961, is incorporated by reference as an exhibit hereto.
_______________________ *	Page references are based on a sequential numbering system.
10(c)	Second Modification Agreement of Net Lease dated June 10, 1965, between Registrant and Fisk Building Associates which was filed by letter dated December 29, 1981 as Exhibit 10(c) to Registrant's Annual Report on Form 10-K for the year ended September 30, 1981 is incorporated by reference as an exhibit hereto.
10(d)	Fourth Lease Modification Agreement dated November 12, 1985 between Registrant and Fisk Building Associates, which was filed by letter dated January 13, 1986 as Exhibit 10(g) to Registrant's Annual Report on Form 10-K for the year ended, September 30, 1985, is incorporated herein by reference as an exhibit hereto.
10(e)	Modification of Mortgage dated as of March 1, 1995 between Registrant and the Apple Bank for Savings, which was filed on March 30, 1995 as Exhibit 10(e) to Registrant's Annual Report on Form 10-K, is incorporated herein by reference as an exhibit hereto.
13(a)	Letter to Participants dated March 2, 2001 and supplementary financial reports for the fiscal year ended December 31, 2000. The foregoing material shall not be deemed "filed" with the Commission or otherwise subject to the liabilities of Section 18 of the Securities Exchange Act of 1934.
13(b)	Letter to Participants dated November 30, 2000 and supplementary financial reports for the lease year ended September 30, 2000. The foregoing material shall not be deemed "filed" with the Commission or otherwise subject to the liabilities of Section 18 of the Securities Exchange Act of 1934.
_______________________ *	Page references are based on a sequential numbering system.
24 Power of Attorney dated March 29, 1996 and May 14, 1998 between Partners of Registrant and Stanley Katzman and Richard A. Shapiro, attached as Exhibit 24 to Registrant's 10-Q for the quarter ended March 31, 1998, and incorporated herein by reference as an exhibit hereto.
_______________________ *	Page references are based on a sequential numbering system.
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K.
(a)(1) Financial Statements:
Consent of J.H. Cohn LLP, Certified Public Accountants, dated February 19, 2001.
Accountant's Report of J.H. Cohn LLP, Certified Public Accountants, dated February 15, 2001.
Balance Sheets at December 31, 2000 and at December 31, 1999 (Exhibit A).
Statements of Income for the fiscal years ended December 31, 2000, 1999 and 1998 (Exhibit B).
Statement of Partners' Capital Deficit for the fiscal year ended December 31, 2000 (Exhibit C-1).
Statement of Partners' Capital Deficit for the fiscal year ended December 31, 1999 (Exhibit C-2).
Statement of Partners' Capital Deficit for the fiscal year ended December 31, 1998 (Exhibit C-3).
Statements of Cash Flows for the fiscal years ended December 31, 2000, 1999 and 1998 (Exhibit D).
Notes to Financial Statements for the fiscal years ended December 31, 2000, 1999 and 1998.
(2) Financial Statement Schedules:
List of Omitted Schedules.
	Real Estate and Accumulated Depreciation - December 31, 2000 (Schedule III).
(3) Exhibits: See Exhibit Index.
(b) No report on Form 8-K was filed by Registrant during the last quarter of the period covered by this report.
[LETTER OF J.H. COHN ACCOUNTANTS & CONSULTANTS]
INDEPENDENT ACCOUNTANTS' REPORT
To the participants in 250 West 57th St. Associates (a Joint Venture) New York, N. Y.
We have audited the accompanying balance sheets of 250 West 57th St. Associates (the "Company") as of December 31, 2000 and 1999, and the related statements of income, partners' capital deficit and cash flows for each of the three years in the period ended December 31, 2000, and the supporting financial statement schedule as contained in Item 14(a)(2) of this Form 10-K. These financial statements and schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and financial statement schedule based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of 250 West 57th St. Associates as of December 31, 2000 and 1999, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2000 in conformity with accounting principles generally accepted in the United States of America, and the related financial statement schedule, when considered in relation to the basic financial statements, presents fairly, in all material respects, the information set forth therein.
						J.H. Cohn LLP
New York, N. Y. February 15, 2001
						February 19, 2001
250 West 57th St. Associates New York, N.Y.
We consent to the use of our independent accountants' report dated February 15, 2001, covering our audits of the accompanying financial statements of 250 West 57th St. Associates in connection with and as part of your December 31, 2000 annual report (Form 10-K) to the Securities and Exchange Commission.
						J.H. Cohn LLP
EXHIBIT A 250 WEST 57th ST. ASSOCIATES
BALANCE SHEETS
A S S E T S
	See accompanying notes to financial statements.
EXHIBIT B
250 WEST 57th ST. ASSOCIATES
STATEMENTS OF INCOME
	See accompanying notes to financial statements. EXHIBIT C-1 250 WEST 57th ST. ASSOCIATES
STATEMENT OF PARTNERS' CAPITAL DEFICIT YEAR ENDED DECEMBER 31, 2000
	See accompanying notes to financial statements. EXHIBIT C-2 250 WEST 57th ST. ASSOCIATES
STATEMENT OF PARTNERS' CAPITAL DEFICIT YEAR ENDED DECEMBER 31, 1999
	See accompanying notes to financial statements.
EXHIBIT C-3 250 WEST 57th ST. ASSOCIATES
STATEMENT OF PARTNERS' CAPITAL DEFICIT YEAR ENDED DECEMBER 31, 1998
	See accompanying notes to financial statements.
EXHIBIT D 250 WEST 57th ST. ASSOCIATES
STATEMENTS OF CASH FLOWS
Supplemental disclosures of noncash investing and financing activities:
In 1999 the Company purchased certain building improvements, construction in progress, totaling $244,960, by means of a financing agreement with the Lessee.
	See accompanying notes to financial statements.
250 WEST 57th ST. ASSOCIATES
NOTES TO FINANCIAL STATEMENTS
1. Business Activity
250 West 57th Street Associates (the "Company") is a joint venture which owns commercial property situated at 250 West 57th Street, New York, New York, known as the "Fisk Building". The property is net leased to Fisk Building Associates (the Lessee").
2. Summary of Significant Accounting Policies
a. Cash and cash equivalents:
Cash and cash equivalents include investments in money market funds and all highly liquid debt instruments purchased with a maturity of three months or less.
b. Real Estate and Depreciation:
Land and building:
The basis for building valuation was seventy per cent (70%) of the total purchase price in 1953 of the land and building, $7,058,117, which amounts to $4,940,682. The balance of the purchase price, $2,117,435, was allocated to land cost. The seventy per cent allocation of total cost to the building was based upon the percentage of assessed valuation of the building to the total assessed valuation on the land and building at the time of acquisition.
The building, building improvements and tenants installations and improvements are fully depreciated.
In 1999 the Company began a building improvements program (see Note 12). At December 31, 2000 building improvements construction costing $2,198,805 was in progress. No depreciation has been taken on these assets since they were not finished or put into service as of December 31, 2000.
c. Mortgage refinancing costs, amortization and related party transactions:
Mortgage refinancing costs in 1999 include charges of $41,106 incurred in connection with the 1996 modification of the previous first mortgage (see Note 3); such charges include $17,754 paid to the firm of Wien & Malkin LLP, a related party. These mortgage refinancing costs were amortized ratably over the extended term of the previous first mortgage, from March 1, 1996 through November 17, 2000.
Mortgage refinancing costs paid in 1999, totaling $89,402, include charges incurred in connection with the second mortgage. Such charges include $17,435 paid to the firm of Wien & Malkin LLP. These mortgage refinancing costs were amortized ratably over the extended term of the second mortgage, from September 22, 1999 through November 17, 2000.
Mortgage refinancing costs paid in 2000, totaling $516,549, include charges incurred in connection with the new first mortgage. Such charges include $38,817 paid to the firm of Wien & Malkin LLP. These mortgage refinancing costs are being amortized ratably over the term of the new first mortgage, from November 17, 2000 through December 1, 2005.
250 WEST 57th ST. ASSOCIATES
NOTES TO FINANCIAL STATEMENTS (continued)
2. Summary of Significant Accounting Policies (continued)
d. Use of estimates:
In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
3. First and Second Mortgages Payable
The previous first mortgage was held by Apple Bank for Savings and was scheduled to mature on December 1, 2000, as extended from June 1, 2000. Annual mortgage charges were $289,157, payable in equal monthly installments, applied first to interest at the rate of 9.4% per annum and the balance to principal.
Effective September 22, 1999 a second mortgage was placed on the property with Apple Bank for Savings, in the amount of $1,500,000, to finance the building improvements program (see Note 12). The mortgage required monthly payments of interest only based on the 30-day LIBOR rate and was scheduled to mature on December 1, 2000, as extended from June 1, 2000.
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 then 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. 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 the Company.
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 real estate is pledged as collateral for the first mortgage.
250 WEST 57th ST. ASSOCIATES
NOTES TO FINANCIAL STATEMENTS (continued)
4. Related Party Transactions - Rent Income
Rent income earned during the year ended December 31, 2000, 1999 and 1998, totaling $3,707,463, $3,356,230 and $3,351,221, respectively, constitutes the basic minimum annual rental plus overage rent under an operating lease dated September 30, 1953 (as modified June 12, 1961, June 10, 1965, May 1, 1975, October 1, 1984, September 1, 1999 and November 17, 2000) with the Lessee, consisting of the following:
Year ended December 31, 2000 1999 1998
Basic minimum annual rent... $ 429,740 $ 341,274 $ 317,157 Primary overage rent........ 752,000 752,000 752,000 Secondary overage rent...... 2,525,723 2,262,956 2,282,064
$3,707,463 $3,356,230 $3,351,221
The lease, as modified, provided for rent income until September 30, 2003, as follows:
A) A basic annual rent equal to the sum of $28,000 plus current mortgage requirements for interest and amortization.
The lease modification dated November 17, 2000 provides that the basic rent will be payable in equal monthly installments totaling an annual amount equal to the sum of $28,000, plus payments for interest and amortization (not including any balloon principal payment due at maturity) required annually under the new $15,500,000 first mortgage loan from Emigrant Savings Bank (Note 3), and any refinancings of such mortgage.
B) A primary overage rent equal to the lesser of $752,000 per annum for each year ending September 30th, or the Lessee's defined net operating profit for its lease year ending September 30th after deduction of basic rent and advances previously paid on account of primary overage rent; and
C) A secondary overage rent consisting of 50% of any remaining balance of the Lessee's defined net operating profit (after payment of basic rent and primary overage rent) for its lease year ending September 30th.
Primary overage rent has been billed to and advanced by the Lessee in equal monthly installments of $62,667. While it is not practicable to estimate that portion of overage rent for the lease year ending on the ensuing September 30th which would be allocable to the current three month period ending December 31st, the Company's policy is to include in its income each year the advances of primary overage rent income received from October 1st to December 31st.
No other overage rent is accrued by the Company for the period between the end of the Lessee's lease year ending September 30th and the end of the Company's fiscal year ending December 31st.
250 WEST 57th ST. ASSOCIATES
NOTES TO FINANCIAL STATEMENTS (continued)
4. Related Party Transactions - Rent Income (continued)
In 1978, the Lessee exercised its option to renew the lease for a 25 year period from October 1, 1978 through September 30, 2003 on the same terms as provided during the balance of the initial period. The lease modification effective October 1, 1984 provides for an option for one renewal term of 25 years commencing October 1, 2003. The terms of the lease remain the same during the renewal period.
The Lessee may surrender the lease at the end of any month, upon sixty days' prior written notice; the liability of the Lessee will end on the effective date of such surrender.
A partner in the Company is also a partner in the Lessee.
5. Related Party Transactions - Supervisory Services
Fees for supervisory services (including disbursements and cost of regular accounting services) during the years ended December 31, 2000, 1999 and 1998, totaling $312,572, $286,296 and $287,959, respectively, were paid to the firm of Wien & Malkin LLP. Some members of that firm are partners in the Company. Fees for supervisory services are paid pursuant to an agreement, which amount is based on a rate of return of investment achieved by the participants of the Company each year.
6. Related Party Transactions - Professional Fees
Professional fees (including disbursements) during the years ended December 31, 2000, 1999 and 1998, totaling $34,260, $31,855 and $2,469, respectively, were paid to the firm of Wien & Malkin LLP, a related party.
7. Number of Participants
There were approximately 550 participants in the various joint ventures as of December 31, 2000, 1999 and 1998.
8. Determination of Distributions to Participants
Distributions to participants during each year represent mainly the excess of rent income received over the mortgage requirements and cash expenses.
250 WEST 57th ST. ASSOCIATES
NOTES TO FINANCIAL STATEMENTS (continued)
9. Distributions and Amount of Income per $5,000 Participation Unit
Distributions and amount of income per $5,000 participation unit during the years 2000, 1999 and 1998, based on 720 participation units outstanding during each year, consisted of the following:
Year ended December 31, 2000 1999 1998
Income................. $ 4,101 $ 3,777 $ 3,850 Return of capital...... 56 52 -
Total distributions.. $ 4,157 $ 3,829 $ 3,850
Net income is computed without regard to income tax expense since the Company does not pay a tax on its income; instead, any such taxes are paid by the participants in their individual capacities.
10. Concentration of Credit Risk
The Company maintains cash balances in two banks, a money market fund (Fidelity U.S. Treasury Income Portfolio) and in a distribution account held by Wien & Malkin LLP. The bank balances are each insured by the Federal Deposit Insurance Corporation up to $100,000. Uninsured balances of cash in banks amounted to approximately $1,591,000 at December 31, 2000. The cash in the money market fund and the distribution account held by Wien & Malkin LLP is not insured. The funds held in the distribution account were paid to the participants on January 1, 2001.
11.	Contingencies
Wien & Malkin LLP and Peter L. Malkin, a partner in the Company, are engaged in a dispute with Helmsley-Spear, Inc., the managing agent of the Fisk Building, concerning the future management, leasing and supervision of the property. In this connection, certain legal and professional fees and other expenses have been paid and incurred and additional costs are expected to be incurred. The Company's allocable share of such costs cannot as yet be determined. Accordingly, the Company has not provided for the expense and related liability with respect to such costs in the accompanying financial statements.
250 WEST 57th ST. ASSOCIATES
NOTES TO FINANCIAL STATEMENTS (continued)
12. Building Improvements Program
In 1999 the participants of the Company and the Lessee approved a building improvements program (the "Program") estimated to cost between $7,700,000 and $10,000,000, and expected to take five years to complete.
The Lessee began financing the Program in 1999 and billing the Company for the costs incurred. The Company will own the improvements and finance them through an increase in the fee mortgage.
In November 2000 the Company obtained a new first mortgage (Note 3) in the amount of $15,500,000 to finance the Program. At December 31, 2000 $7,000,000 was advanced against the new first mortgage. The increased mortgage charges will be paid by the Company from an equivalent increase in the basic rent paid by the Lessee to the Company (Note 4).
13. Receipt of Warrants and Stock in Telecommunications Companies
In 2000 the Company received 3,153 shares of common stock of Broadband Office, Inc., and warrants to acquire 8,107 shares and 6,600 shares of common stock of Gillette Global Network, Inc. ("Gillette") and ENN Providers, Inc. ("Narrowcast"), respectively, (each of the aforementioned companies collectively referred to as the "Corporations"). The stock and warrants were provided to the Company for allowing the Corporations, at little or no cost to the Company, to wire the building to provide high speed internet access and other telecommunications services, the installation of monitors in the building's elevator cabs to display current news and weather reports, advertisements and building information messages. The Lessee received an equal amount of shares and warrants. In addition, the Lessee will receive from 5% to 10% of the revenues generated by such services from advertising and subscriptions with tenants of the building. No income from these sources was earned in 2000. The warrants are exercisable, generally, following an initial public offering ("IPO") of each of the Corporations. There is no expectation that such an IPO will occur at anytime soon. The Gillette and Narrowcast warrants expire on August 29, 2003 and August 17, 2005, respectively. There are restrictions as to the transfer of stock and there is no current market for the warrants or the stock. Since they did not have an ascertainable value as of the date they were granted or at December 31, 2000, no amounts have been recorded in the accompanying financial statements for such warrants or shares.
250 WEST 57th ST. ASSOCIATES
OMITTED SCHEDULES
The following schedules have been omitted as not applicable in the present instance:
	SCHEDULE I - Condensed financial information of registrant.
	SCHEDULE II - Valuation and qualifying accounts.
	SCHEDULE IV - Mortgage loans on real estate.
SCHEDULE III 250 WEST 57th ST. ASSOCIATES
Real Estate and Accumulated Depreciation December 31, 2000
Column
A Description Office building and land located at 250-264 West 57th Street, New York, New York, known as the "Fisk Building".
B Encumbrances Emigrant Savings Bank Balance at December 31, 2000............................... $ 7,000,000
C Initial cost to company Land....................................................... $ 2,117,435
Building................................................... $ 4,940,682
D Costs capitalized subsequent to acquisition Improvements............................................... $ 937,791
Building improvements, construction in progress............. $ 2,198,805
Carrying costs............................................. $ NONE
E Gross amount at which carried at close of period Land....................................................... $ 2,117,435 Building, building improvements and building improvements, construction in progress.......... 8,077,278
Total..................................................... $10,194,713(a)
F Accumulated depreciation.................................... $ 5,878,473(b)
G Date of construction 1921
H Date acquired September 30, 1953
I Life on which depreciation in latest income statements is computed Not applicable
(a) For the years ended December 31, 2000 and 1999 the Company engaged in a Building Improvements Program (see Note 12) and incurred building improvements, construction in progress costs of $1,953,845 and $244,960, respectively, which increased the carrying value of real estate property to $10,194,713 and $8,240,868, respectively. The carrying value of real estate for the year ended December 31, 1998 was $7,995,908. The costs for federal income tax purposes are the same as for financial statement purposes.
(b) Accumulated depreciation Balance at January 1, 1998 $5,878,473 Depreciation: F/Y/E 12/31/98 None 12/31/99 None 12/31/00 None None Balance at December 31, 2000 $5,878,473
SIGNATURE
		Pursuant to the requirements of Section 13 or 15(d) 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 a Power of Attorney, dated March 29, 1996 and May 14, 1998 (collectively, the "Power").
250 WEST 57TH ST. ASSOCIATES 	(Registrant)
By /s/ Stanley Katzman Stanley Katzman, Attorney-in-Fact*
Date: April 16, 2001
		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 the Registrant and as a Joint Venturer in Registrant on the date indicated.
By /s/ Stanley Katzman Stanley Katzman, Attorney-in-Fact*
Date: April 16, 2001
________________________ *	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 which was filed as Exhibit 3(b) to Registrant's Amended Quarterly Report on 10-Q for the period ended September 30, 1998 and is incorporated by reference as an exhibit hereto.
3(c) Registrant's Memorandum of Agreement among Joint Venturers in 250 West 57th St. Associates, dated June 9, 1953, filed as Exhibit 1 to the Registration Statement, is incorporated by reference as an exhibit hereto.
4 	Registrant's form of Participation Agreement, which was filed as Exhibit No. 4(a) to the Registration Statement, is incorporated by reference as an exhibit hereto.
10(a)	Net Lease between Registrant and Fisk Building Associates dated September 30, 1957, which was filed as Exhibit No. 2(d) to the Registration Statement, is incorporated by reference as an exhibit hereto.
10(b)	Modification of Net Lease dated November 10, 1961, was filed by letter dated November 21, 1961 as Exhibit B to Registrant's Statement of Registration on Form 8-K for the month of October, 1961, is incorporated by reference as an exhibit hereto.
_______________________ *	Page references are based on a sequential numbering system.
10(c)	Second Modification Agreement of Net Lease dated June 10, 1965, between Registrant and Fisk Building Associates which was filed by letter dated December 29, 1981 as Exhibit 10(c) to Registrant's Annual Report on Form 10-K for the year ended September 30, 1981 is incorporated by reference as an exhibit hereto.
10(d)	Fourth Lease Modification Agreement dated November 12, 1985 between Registrant and Fisk Building Associates, which was filed by letter dated January 13, 1986 as Exhibit 10(g) to Registrant's Annual Report on Form 10-K for the year ended, September 30, 1985, is incorporated herein by reference as an exhibit hereto.
10(e)	Modification of Mortgage dated as of March 1, 1995 between Registrant and the Apple Bank for Savings, which was filed on March 30, 1995 as Exhibit 10(e) to Registrant's Annual Report on Form 10-K, is incorporated herein by reference as an exhibit hereto.
13(a)	Letter to Participants dated March 2, 2001 and supplementary financial reports for the fiscal year ended December 31, 2000. The foregoing material shall not be deemed "filed" with the Commission or otherwise subject to the liabilities of Section 18 of the Securities Exchange Act of 1934.
13(b)	Letter to Participants dated November 30, 2000 and supplementary financial reports for the lease year ended September 30, 2000. The foregoing material shall not be deemed "filed" with the Commission or otherwise subject to the liabilities of Section 18 of the Securities Exchange Act of 1934.
_______________________ *	Page references are based on a sequential numbering system.
24 Power of Attorney dated March 29, 1996 and May 14, 1998 between Partners of Registrant and Stanley Katzman and Richard A. Shapiro, attached as Exhibit 24 to Registrant's 10-Q for the quarter ended March 31, 1998, and incorporated herein by reference as an exhibit hereto.
_______________________ *	Page references are based on a sequential numbering system.