PARTICIPATING DEVELOPMENT FUND 86
15-12G, 2000-03-30
REAL ESTATE
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                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                     FORM 15

   Certification and Notice of Termination of Registration under Section 12(g)
  of the Securities Exchange Act of 1934 or Suspension of Duty to File Reports
       Under Sections 13 and 15(d) of the Securities Exchange Act of 1934.

                         Commission file number: 33-2294

                       PARTICIPATING DEVELOPMENT FUND 86
                       ---------------------------------
             (Exact name of registrant as specified in its charter)


         3 World Financial Center, 29th Floor, New York, NY 10285-2900,
                      (212) 526-3183, Attn.: Andre Anderson
         --------------------------------------------------------------
         (Address, including zip code, and telephone number, including
            area code, of registrant's principal executive offices)


                     Units of Limited Partnership Interest
                     -------------------------------------
            (Title of each class of securities covered by this Form)


                                      None
                                      ----
      (Titles of all other classes of securities for which a duty to file
                 reports under section 13(a) or 15(d) remains)

        Please place an X in the box(es) to designate the appropriate rule
provision(s) relied upon to terminate or suspend the duty to file reports:

      Rule 12g-4(a)(1(i)  [X]                   Rule 12h-3(b)(1)(i)   [X]
      Rule 12g-4(a)(1)(ii)                      Rule 12h-3(b)(1)(ii)
      Rule 12g-4(a)(2)(i)                       Rule  12h-3(b)(2)(i)
      Rule 12g-4(a)(2)(ii)                      Rule 12h-3(b)(2)(ii)
      Rule 15d-6

        Appropriate number of holders of record as of the certification or
notice date: 0. The General Partner of the Registrant has filed, with the
Secretary of State of the State of Connecticut, a Certificate of Cancellation
of the Certificate of Limited Partnership of Participating Development Fund 86
effective as of March 29, 2000.

        Pursuant to the requirements of the Securities Exchange Act of 1934,
Participating Development Fund 86 has caused this certification/notice to be
signed on its behalf by the undersigned duly authorized person.

                                 PARTICIPATING DEVELOPMENT FUND 86

                                 By: PDF86 Real Estate Services Inc.
                                     General Partner


Date: March 30, 2000                 By: /s/Michael T. Marron
                                         ------------------------------------
                                         Michael T. Marron
                                         President and Chief Financial Officer


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