<ARTICLE> 5
<LEGEND>
This schedule contains summary finanical information extracted from Drexel
Burnham Lambert Real Estate Associates 1995 Third Quarter 10-QSB and is
qualified in its entirety by reference to such 10-QSB.
</LEGEND>
<CIK> 0000700951
<NAME> DREXEL BURNHAM LAMBERT REAL ESTATE ASSOCIATES 
<MULTIPLIER> 1
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               SEP-30-1995
<CASH>                                         313,653
<SECURITIES>                                         0
<RECEIVABLES>                                    5,641
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0<F1>
<PP&E>                                       2,929,482
<DEPRECIATION>                               1,206,421
<TOTAL-ASSETS>                               2,254,219
<CURRENT-LIABILITIES>                                0<F1> 
<BONDS>                                      1,303,739
<COMMON>                                             0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                     882,126
<TOTAL-LIABILITY-AND-EQUITY>                 2,254,219
<SALES>                                              0
<TOTAL-REVENUES>                               265,346
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                               263,237
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              78,835
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     2,109
<EPS-PRIMARY>                                      .18
<EPS-DILUTED>                                        0
<FN>
<F1>
 The Registrant has an unclassified balance sheet.
</FN>