CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS


We consent to the incorporation by reference in this  registration  statement of
First  Real  Estate  Investment  Trust  of New  Jersey  on Form  S-8  (File  No.
333-79555) of our report dated November 22, 1999, on our audits of the financial
statements of First Real Estate Investment Trust of New Jersey as of October 31,
1999 and 1998 and for each of the three  years in the period  ended  October 31,
1999 which  report is included  in the 1999  Annual  Report of First Real Estate
Investment Trust of New Jersey on Form 10-K.




                                                                /S/J.H. Cohn LLP
                                                               -----------------
                                                                J.H Cohn LLP
Roseland, New Jersey
January 26, 2000