EXHIBIT 23



                    CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
                    -----------------------------------------


We consent to the  incorporation by reference in the  registration  statement of
First  Real  Estate  Investment  Trust  of New  Jersey  on Form  S-8  (File  No.
333-79555)  of  our  report  dated  November  18,  2003,  on our  audits  of the
consolidated  financial  statements of First Real Estate Investment Trust of New
Jersey  and  Subsidiaries  as of October  31,  2003 and 2002 and for each of the
three years in the period ended October 31, 2003 which report is included in the
2003 Annual Report of First Real Estate  Investment  Trust of New Jersey on Form
10-K.




                                               /s/ J.H. COHN LLP
                                               -----------------

Roseland, New Jersey
January 27, 2004