UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) February 27, 2009

Presidential Realty Corporation
(Exact name of registrant as specified in its charter) 

 DELAWARE 1-8594 13-1954619
---------------------------- ------------ ------------
(State or other jurisdiction (Commission (I.R.S. Employer
 of incorporation) File Number) Identification Number)

180 South Broadway, White Plains, New York 10605
------------------------------------------- ------
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (914) 948-1300
 --------------

No change since last Report
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17CFR230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))

ITEM 1.01 Entry into a Material Definitive Agreement

On February 27, 2009, the Company completed a settlement of various claims that it had asserted against The Lightstone Group and David Lichtenstein. The material terms of the settlement are described in a Press Release dated March 3, 2009 issued by the Company, a copy of which is annexed hereto as Exhibit 99.1.

Reference is made to the Company's Annual Report on Form 10-KSB for the year ended December 31, 2007, and to the Company's quarterly reports on Form 10-Q for the quarters ended March 31, 2008, June 30, 2008 and September 30, 2008, for additional information with respect to the Company's relationship with David Lichtenstein and The Lightstone Group.

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 hereunto duly authorized. 

Date: March 3, 2009 PRESIDENTIAL REALTY CORPORATION



 By: /s/ Jeffrey F. Joseph
 -----------------------
 Jeffrey F. Joseph
 President

INDEX TO EXHIBITS

Index to Exhibits Description 

99.1 Press Release dated March 3, 2009.

99.2 Settlement Agreement dated February
 27, 2009 among Presidential Realty
 Corporation, PRC Member LLC, David
 Lichtenstein and various other
 parties.

99.3 Consolidated Promissory Note dated
 February 27, 2009 in the original
 principal amount of $12,075,000
 payable to Presidential Realty
 Corporation from David Lichtenstein
 and various affiliated entities.

99.4 Amended and Restated Guaranty dated
 February 27, 2009 between David
 Lichtenstein and Presidential Realty
 Corporation.

99.5 First Modification to Loan Agreement
 and Operating Agreement dated
 February 27, 2009 between
 Presidential Realty Corporation and
 Lightstone Member II LLC.

99.6 Amended and Restated Limited
 Liability Company Agreement of IATG
 Puerto Rico, LLC dated February 27,
 2009.

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