Pricing Supplement dated August 9, 1996              Rule 424(b)(3)
(To Prospectus dated May 24, 1996 and            File no. 33-61383
Prospectus Supplement dated May 24, 1996)

                      NEW PLAN REALTY TRUST

                  Medium-Term Note - Floating Rate
- -----------------------------------------------------------------
Face Amount:                            $10,000,000
Issue Price:                            100%
Initial Interest Rate:                  5.58906%
Base Rate:                              3-month LIBOR (Telerate Page 3750)
Spread:					+ 5 bps
Interest Reset Dates:			Quarterly on the 3rd of each February,
					May, August and November, commencing
					on November 3, 1996
Interest Payment Dates:                 Quarterly on the 3rd of each February,
					May, August and November
Stated Maturity Date:                   August 3, 1998
Denominations (if other than
$1000 and integral multiples thereof).  _________________

Trade Date:                             August 6, 1996
Original Issue Date:                    August 9, 1996
Net Proceeds to Issuer:                 99.80%
Agent's Discount/Commission:            00.20%
Name of Agent:                          Merrill Lynch & Co.
Agent acting in the capacity indicated below:
        
           ___  As Agent
       
            x   As Principal
           ---
        
- -----------------------------------------------------------------

Day Count Convention:
           30/360 for the period from             to 
       --- 
        x  Actual/360 for the period from August 9, 1996 to 
       ___   August 3, 1998
       ___ Actual/Actual for the period from       to
       ___ Other (see attached)                    to
       
Redemption:
        x  The Notes cannot be redeemed prior to the Stated
       --- Maturity Date.
       ___ The Notes may be redeemed prior to Stated Maturity
           Date.
           Initial Redemption Date:
           Initial Redemption Percentage:    %
           Annual Redemption Percentage Reduction:    % until    
                 Redemption Percentage is 100% of the Principal  
                 Amount.

Repayment:
        x
       --- The Notes cannot be repaid prior to the Stated
           Maturity Date.
       ___ The Notes can be repaid prior to the Stated Maturity
           Date at the option of the holder of the Notes.
           Optional Repayment Date(s):
           Repayment Price:     %

Original Issue Discount:       ___ Yes      _X_  No              
Total Amount of OID:
       Yield to Maturity:
       Initial Accrued Period:

	x
Form:  ---  Book-entry         ___ Certified