SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT
                        PURSUANT TO SECTION 13 OR 15 (D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                         Date of Report: August 9, 2002



                FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
                ------------------------------------------------
             (Exact name of registrant as specified in its charter)


           New Jersey                                    22-1697095
           ----------                                    ----------
(State or other Jurisdiction of                      (I.R.S. Employer
Incorporation or Organization)                       Identification No.)


 505 Main Street, P.O. Box 667, Hackensack, New Jersey             07602
 -----------------------------------------------------             -----
        (Address of principal executive offices)                (Zip Code)


Registrant's telephone number, including area code   201-488-6400
                                                     ------------






Item 5. Other Events

First Real Estate  Investment  Trust  ("FREIT")  announced the sale on August 9,
2002,  of its  Sheridan  Apartment  property in Camden,  NJ. FREIT has owned and
operated  the  property  since 1964.  The sale of the  property  will not have a
material financial affect on FREIT's future operating results.

The selling price of the property was  $1,050,000 and resulted in a capital gain
of approximately  $475,000. The Board of Trustees has declared a special capital
gain dividend of $.15 per share, which will distribute  approximately all of the
gain to the  shareholders.  This  dividend  is payable on  September  6, 2002 to
shareholders of record on August 23, 2002.

The remaining sale proceeds will be retained by FREIT to increase its liquidity.





Disclosure Concerning Forward-Looking Statements
- ------------------------------------------------

Certain  Statements  in this  Form  8-K may  contain  information  that  is,  or
anticipate  certain  events  that are,  forward-looking  within  the  meaning of
Section 27A of the  Securities  Act of 1933, as amended,  and Section 21E of the
Securities  Exchange Act of 1934, as amended.  The Registrant  cautions  readers
that forward-looking statements,  including,  without limitation, those relating
to the  Registrant's  liquidity  and capital  resources,  are subject to certain
risks and  uncertainties.  Actual  results  may  differ  materially  from  those
described in the forward-looking statements and will be affected by a variety of
risks  and  factors,  including  without  limitation,  the  Registrant's  future
financial performance;  the availability of capital;  general market conditions;
national and local economic conditions;  particularly  long-term interest rates;
the terms of federal,  state and local governmental  regulations that affect the
Registrant;  and the competitive  environment in which the Registrant  operates,
including the  availability of retail space and  residential  apartment units in
the areas where the  Registrant's  properties  are  located.  In  addition,  the
Registrant's continued  qualification as a real estate investment trust involves
the  application of highly  technical and complex rules of the Internal  Revenue
Code.  The  forward-looking  statements are made as of the date of this Form 8-K
and  the  Registrant  assumes  no  obligation  to  update  the   forward-looking
statements  or to update the  reasons  actual  results  could  differ from those
projected in such forward-looking statements.








                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereto duly authorized.

                                      FIRST REAL ESTATE INVESTMENT TRUST
                                                           OF NEW JERSEY

                                     By: /s/ Robert S. Hekemian
                                        ----------------------------------------
                                             Robert S. Hekemian
                                             Chairman of the Board


DATED: August 14, 2002