EXHIBIT 23


                    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  (File  No.
333-79555)  of  our  report  dated  November  21,  2001,  on our  audits  of the
consolidated  financial  statements of First Real Estate Investment Trust of New
Jersey and  Subsidiary as of October 31, 2001 and 2000 and for each of the three
years in the period ended  October 31, 2001 which report is included in the 2001
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
January 28, 2002