Watching some of Nick Antonelli's business deals produces a certain amount of dizziness.

The money goes round and round, but it ends up there - in Antonelli's hands.

Take the case of the Madison National Bank's headquarters. Dominic F. Antonelli Jr. was one of the founders and major shareholders of the bank. He also shows up on a 1963 lease agreement as landlord to the bank at its headquarters at 1730 M St. NW.

When Madison signed the lease with Antonelli and another trustee for M Street Joint Venture, the bank also agreed to sublease from A&G Partnership a portion of the office building's basement. The A in A&C is Antonelli, of course.

A&G had leased the basement area from the M Street Joint Venture. Later A&G assigned their interest in the lease to Parking Management Inc. (PMI), Antonelli's best-known firm, which continued the sublease to Madison.

These transactions illustrate two things: Antonelli operates under an enormous variety of names and he often can find the services he needs within his own self-contained business world.

Some examples:

One Antonelli partnership, BA Associates, borrows money secured by land owned by other Antonelli partnerships, Capital G Associates, and A&G Partnership.

When Antonelli and other business partners are looking for long-term financing for a soon-to-be-developed office building, they assign income from already-signed leases for space in the building to help secure the loan. Some of the lease are to other Antonelli enterprises.

PMI takes its considerable insurance business to PauL S. Gilbride Insurance Agency Inc., of which Antonelli serves as an officer and director. Gilbride's offices are in 2000 L Street NW. another Antonelli-developed building. The building also has a PMI garage. Gilbride also has interests in other Antonelli undertakings.

Many of the names under which Antonelli operates are real estate partnerships generally headed in part by Antonelli. There is almost one for every piece of land Antonelli has had a hand in developing.

The names tend to be straightforward, either property addresses (such as 60 Florida Avenue Associates) or the initials of the principal partners. For instance, there are GAY Joint Venture (later renamed YAG Associates), made up of Kingdon Gould Jr., Antonelli and Lloyd D. Yates of Southwest Harbor, Maine), and 3 A's Limited Partnership, made up of Antonelli, restaurateur Blackie Auger and Angelo Puglisi.

Over the years there have also been the CAG Medical Center Associates, the 1325 G Street Associates, the Columbia Plaza Limited Partnership, the 1111 19th Street Building Associates, Municipal Associates, Dupont Circle Associates, Number 1 Dupont Circle Associates, MCL Associates (which build the McLachlen Bank Building), 1st and Massachusetts Avenue Associates, Providence Associates (which sought to develop the old Providence Hospital site near Capital Hill) and 1150 17th Street Associates.

There also have been Bell Associates, Embassy Associates, Rome Associates, Paris Associates and London Associates, 2000 L Street Associates, 1140 Connecticut Associates, May-Wash Associates (owners of the Mayflower Hotel), Seventh Street Limited Partnership, Pennsylvania Building Association, Alpine Associates and 1415 H Street Limited Partnership.

And Ocean City II, Lido I, Bay Associates, Belvedere Investment Corp., Achilles Inc., Connecticut Avenue Building Corp., Halifax Square Associates, Fenrod Limited Partnership, Olney Shoppers World, Salisbury Shopping World Partnership, Fountin Square Shoppers World, Charlottesville Shoppers World and the Crossroads Shopping Center.

There have also been the IJAY Corp., Acton Square Limited Partnership, Rhode Island Associates (the Gramercy Inn), Duke Associates, Sage Associates, the Boston-Panama Coconut Company and others that also appear in the public records.

Not all of Antonelli's array of business operations appear in the records, however. When he has exclusive control of a corporation, he doesn't record it, according to one associate, who said, "I've known him to buy land in the name of a partnership two years before the partnership was ever recorded."