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                                  EXHIBIT 23.2


                       Consent of Independent Accountants

                 We hereby consent to the incorporation by reference in the
Prospectus constituting part of this Registration Statement on Form S-3 (No. 
33-63119) of our report dated March 24, 1995, relating to the financial 
statements of New Valley Corporation and its subsidiaries, which appears on 
page C-40 of the Company's Annual Report on Form 10-K for the year ended
December 31, 1994. We also consent to the reference to us under the heading 
"Experts" in such Prospectus.


PRICE WATERHOUSE LLP

Morristown, New Jersey
November 10, 1995