<SEC-DOCUMENT>0001179110-15-000415.txt : 20150106
<SEC-HEADER>0001179110-15-000415.hdr.sgml : 20150106
<ACCEPTANCE-DATETIME>20150106111506
ACCESSION NUMBER:		0001179110-15-000415
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20141231
FILED AS OF DATE:		20150106
DATE AS OF CHANGE:		20150106

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP
		CENTRAL INDEX KEY:			0000746514
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF APARTMENT BUILDINGS [6513]
		IRS NUMBER:				042619298
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		39 BRIGHTON AVE
		CITY:			ALLSTON
		STATE:			MA
		ZIP:			02134
		BUSINESS PHONE:		6177830039

	MAIL ADDRESS:	
		STREET 1:		39 BRIGHTON AVE
		CITY:			ALLSTON
		STATE:			MA
		ZIP:			02134

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BROWN RONALD
		CENTRAL INDEX KEY:			0001036437

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31568
		FILM NUMBER:		15508571

	MAIL ADDRESS:	
		STREET 1:		NEW ENGLAND REALTY ASSOCIATES LP
		STREET 2:		39 BRIGHTON AVENUE
		CITY:			ALLSTON
		STATE:			MA
		ZIP:			02134
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2014-12-31</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000746514</issuerCik>
        <issuerName>NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP</issuerName>
        <issuerTradingSymbol>NEN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001036437</rptOwnerCik>
            <rptOwnerName>BROWN RONALD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>NEW ENGLAND REALTY ASSOCIATES LP</rptOwnerStreet1>
            <rptOwnerStreet2>39 BRIGHTON AVENUE</rptOwnerStreet2>
            <rptOwnerCity>ALLSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02134</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>NEN Class B Units of Limited Partnership Interest</value>
            </securityTitle>
            <transactionDate>
                <value>2014-12-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>35.8</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1466</value>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6063.5</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>NEN Units of General Partner Interest</value>
            </securityTitle>
            <transactionDate>
                <value>2014-12-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1.9</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1466</value>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>319.2</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Close-Held Corporation</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Pursuant to the Partnership's equity repurchase program, as renewed and reauthorized by the Board of Directors of the General Partner on March 22, 2010 and as further described in the Partnership's Report on Form 8-K filed with the Securities and Exchange Commission on March 23, 2010, the Partnership repurchased 35.8 Class B Units of Limited Partnership Interest directly beneficially owned by the reporting person and 1.9 Units of General Partner Interest from the general partner of the Partnership that are indirectly beneficially owned by the reporting person.</footnote>
        <footnote id="F2">Amounts reported represent 25% of the securities owned by the close-held corporation (which corporation is the general partner of the Partnership) based upon the reporting person's 25% equity interest in the corporation.</footnote>
        <footnote id="F3">The purchase price of the Class B Units and Units of General Partner Interest was equal to the $48.88 purchase price of the Depositary Receipts (each of which represents one-thirtieth of a Class A Unit of the Partnership) contemporaneously repurchased by the Partnership pursuant to its equity repurchase program.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Ronald Brown</signatureName>
        <signatureDate>2015-01-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>