[Letterhead of Simpson Thacher & Bartlett]




                                                           November 18, 2004


          Re:  Cohen & Steers Advantage Income Realty Fund, Inc.,
               (File Nos. 333-119488 and 811-09993)

VIA ELECTRONIC TRANSMITTAL

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington D.C.  20549
Attn: Filing Desk

Dear Sir/Madam:

     Pursuant to Rule 497(h) under the Securities Act of 1933, as amended and on
behalf of Cohen & Steers Advantage Income Realty Fund, Inc. (the "Fund"), we
transmit for filing with the Securities and Exchange Commission (the
"Commission") the Fund's form of prospectus that discloses the information
previously omitted from the prospectus filed with the Commission as part of the
Fund's effective Registration Statement on Form N-2 (File Nos. 333-119488 and
811-09993) on November 12, 2004.

     Please direct any comments to the undersigned at (212) 455-3205.

                                             Sincerely,

                                             /s/ Jon Gray

                                             Jon Gray

Enclosures

cc:  Keith O'Connell (Securities and Exchange Commission)
     Sarah E. Cogan, Esq.
     Lawrence B. Stoller, Esq.
     Leonard Mackey, Esq.
     Lee Miller, Esq.