UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 12b-25


                           NOTIFICATION OF LATE FILING


                             SEC FILE NUMBER 0-5613




(Check one): [ ] Form 10-K   [ ] Form 11-K    [ ] Form 20-F    [X]  Form 10-Q


For Period Ended:          June 30, 2000


[  ]   Transition Report on Form 10-K   [  ]  Transition Report on Form 10-Q
[  ]   Transition Report on Form 20-F   [  ]  Transition Report on Form N-SAR
[  ]   Transition Report on Form 11-K


For the Transition Period Ended:______________________________________________


     Read  Instructions  (on back page) Before  Preparing Form.  Please Print or
Type.

     Nothing in this form shall be  construed to imply that the  Commission  has
verified any information contained herein.

     If the  notification  relates  to a portion of the  filing  checked  above,
identify the Item(s) to which the notification relates:







Part I - Registrant Information

REXX ENVIRONMENTAL CORPORATION
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Full name of registrant

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Former name if applicable

445 Park Avenue
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Address of Principal Executive Office (Street and Number)

New York, New York 10022
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City, State and Zip Code


Part II - Rule 12b-25 (b) and (c)

     If the subject  report could not be filed  without  unreasonable  effort or
expense  and  the  registrant  seeks  relief  pursuant  to Rule  12b-25(b),  the
following should be completed. (Check appropriate box)

     [ ]    (a) The reasons described in reasonable detail in Part III of this
                form could not be eliminated without unreasonable effort or
                expense;

     [X]    (b) The subject annual report, semi-annual report, transition report
                on Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof, will
                be filed on or before the fifteenth calendar day following the
                prescribed due date; or the subject quarterly report or
                transition report on Form 10-Q, or portion thereof will be
                filed on or before the fifth calendar day following the
                prescribed due date; and

     [ ]    (c) The accountant's statement or other exhibit required by
                Rule 12b-25(c) has been attached if applicable.


Part III - Narrative

     State below in reasonable  detail the reasons why Forms 10-K,  20-F,  11-K,
10-Q,  N-SAR, or the transition  report or portion  thereof,  could not be filed
within the prescribed time period.

     As a result of a delay in obtaining  the necessary  financial  information,
the registrant is unable to file its Form 10-Q in a timely manner.










Part IV - Other Information

     (1) Name and  telephone  number  of  person  to  contact  in regard to this
notification

     Arthur L. Asch            (212)                    750-7755
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      (Name)                (Area Code)            (Telephone Number)


     (2) Have all other periodic  reports  required under Section 13 or 15(d) of
the Securities  Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940  during the  preceding  12 months or for such  shorter  period  that the
registrant was required to file such report(s) been filed?  If the answer is no,
identify report(s).

                                                     [X ]  Yes         [  ]  No

     (3) Is it anticipated that any significant  change in results of operations
from the corresponding  period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?

                                                     [  ]  Yes         [X ]  No

     If so, attach an explanation of the anticipated  change,  both  narratively
and  quantitatively,  and, if  appropriate,  state the reasons why a  reasonable
estimate of the results cannot be made.

                         REXX ENVIRONMENTAL CORPORATION
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                  (Name of registrant as specified in charter)

has caused this  notification to be signed on its behalf by the undersigned
thereunto duly authorized.

Date:      August 14, 2000                By:/s/ Arthur L. Asch
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                                               Arthur L. Asch
                                               Chairman of the Board and
                                               Chief Executive Officer







     INSTRUCTION.  The  form  may  be  signed  by an  executive  officer  of the
registrant or by any other duly authorized representative. The name and title of
the person signing the form shall be typed or printed beneath the signature.  If
the  statement  is  signed  on  behalf  of  the   registrant  by  an  authorized
representative   (other   than   an   executive   officer),   evidence   of  the
representative's  authority to sign on behalf of the  registrant  shall be filed
with the form.




                                    ATTENTION
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Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).
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