Exhibit 16.1

September 13, 2006

Office of the Chief Accountant

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Re: First Real Estate Investment Trust SEC File No. 2-27018

Ladies and Gentlemen:

We have read Item 4.01 included in the Form 8-K dated September 13, 2006 of First Real Estate Investment Trust which we understand will be filed with the Securities and Exchange Commission and are in agreement with the statements contained therein as they relate to our firm except that we are not in a position to agree or disagree with the Company’s statement that the decision to dismiss J.H. Cohn LLP was approved by the Audit Committee of the Company’s Board of Directors.

Very truly yours,

/s/ J.H. Cohn, LLP

J.H. Cohn LLP