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 to be filed on May
28, 1999 of our report dated  November 20, 1998,  on our audits of the financial
statements of First Real Estate Investment Trust of New Jersey as of October 31,
1998 and 1997 and for each of the three  years in the period  ended  October 31,
1998 which  report is included  in the 1998  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
May 28, 1999