June 19, 2013

Securities and Exchange Commission

Division of Corporation Finance

100 F Street, N.E.

Washington, DC 20549

Attention: Mark Rakip, Senior Staff Accountant

Re: First Real Estate Investment Trust of New Jersey
Form 10-K for the Fiscal Year Ended October 31, 2012
Filed January 14, 2013
File No. 000-25043

Dear Mr. Rakip:

I appreciate your time in discussing the options to FREIT’s response to your recent comment letter dated June 10, 2013. As I indicated on the phone, I worked-up two different alternatives for the FFO calculation (see attached) that we believe comply with NAREIT’s basis for the calculation of FFO. Although Draft #1 complies with NAREIT’s definition, it can be a bit confusing to the reader. Our preference is Draft #2, which eliminates the need to present the line item “FFO from discontinued operations” by simply presenting the depreciation related to discontinued operations. I also, researched the FFO presentation of quite a few other REITs’ 10Qs and 10Ks, and none of the REITs that reported discontinued operations for the period, presented the line item FFO from discontinued operations.  What they did present was a separate line for depreciation related to discontinued operations, which is what we’re proposing. As you’ll note, the FFO under each alternative is exactly the same, but Draft #2 is much easier to understand. Please review the attached and let me know if you’ll accept Draft #2 for our future Exchange Act filings.

Since we received the initial letter from you on June 10^th,  our deadline for filing our response is Friday, June 21st. Could you kindly extend our response deadline by another 10 business days?

Regards,

/s/ Andrew M. Czyzewski

Andrew M. Czyzewski

Controller, Hekemian & Co., Inc.

DRAFT #1

PROPOSED FFO & AFFO PRESENTATION

Funds From Operations ("FFO")
	Year Ended October 31,
	2012			2011			2010
	($ in thousands, except per share amounts)
Net income	$	11,996		$	6,713		$	4,131
Depreciation		6,186			6,070			5,996
Amortization of deferred leasing costs		291			282			284
Discontinued operations		(253	)		(283	)		(223	)
Gain on sale of discontinued operations (net of tax)		(7,528	)		—			—
FFO from discontinued operations		282			322			280
Project abandonment costs related to asset impairment		3,726			—			—
Distributions to minority interests		(834	)		(1,267	)		(1,022	)
FFO	$	13,866		$	11,837		$	9,446
Per Share - Basic	$	2.00		$	1.71		$	1.36
Adjusted Funds From Operations ("AFFO")
FFO		13,866			11,837			9,446
Deferred rents (Straight lining)		(17	)		(242	)		(240	)
Amortization of acquired leases		2			25			30
Under market lease amort re: Giant lease termination		(1,344	)		—			—
FFO from discontinued operations		(282	)		(322	)		(280	)
Capital Improvements - Apartments		(723	)		(433	)		(334	)
AFFO		11,502			10,865			8,622
Per Share - Basic	$	1.66		$	1.57		$	1.24
Weighted Average Shares:
Basic		6,942			6,942			6,942

DRAFT #2

PROPOSED FFO & AFFO PRESENTATION

Funds From Operations ("FFO")
	Year Ended October 31,
	2012			2011			2010
	($ in thousands, except per share amounts)
Net income	$	11,996		$	6,713		$	4,131
Depreciation of consolidated properties		6,186			6,070			5,996
Depreciation of discontinued operations		29			39			57
Amortization of deferred leasing costs		291			282			284
Gain on sale of discontinued operations		(7,528	)		—			—
Project abandonment costs related to asset impairment		3,726			—			—
Distributions to minority interests		(834	)		(1,267	)		(1,022	)
FFO	$	13,866		$	11,837		$	9,446
Per Share - Basic	$	2.00		$	1.71		$	1.36
Adjusted Funds From Operations ("AFFO")
FFO		13,866			11,837			9,446
Deferred rents (Straight lining)		(17	)		(242	)		(240	)
Amortization of acquired leases		2			25			30
Under market lease amort re: Giant lease termination		(1,344	)		—			—
Less: FFO from discontinued operations		(282	)		(322	)		(280	)
Capital Improvements - Apartments		(723	)		(433	)		(334	)
AFFO		11,502			10,865			8,622
Per Share - Basic	$	1.66		$	1.57		$	1.24
Weighted Average Shares:
Basic		6,942			6,942			6,942