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EX-99.CERT

Exhibit 10(b)(1)

         I, Robert H. Steers, certify that:

         1.       I have reviewed this report on Form N-CSR of Cohen & Steers
                  Advantage Income Realty Fund, Inc.;

         2.       Based on my knowledge, this report does not contain any untrue
                  statement of a material fact or omit to state a material fact
                  necessary to make the statements made, in light of the
                  circumstances under which such statements were made, not
                  misleading with respect to the period covered by this report;
                  and

         3.       Based on my knowledge, the financial statements, and other
                  financial information included in this report, fairly present
                  in all material respects the financial condition, results of
                  operations, changes in net assets, and cash flows (if the
                  financial statements are required to include a statement of
                  cash flows) of the registrant as of, and for, the periods
                  presented in this report.


                  Date: February 26, 2003

                                          /s/ Robert H. Steers
                                          -----------------------------------
                                          Robert H. Steers
                                          Chairman, Secretary and
                                          principal executive officer