-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001181431-06-004831.txt : 20060123
<SEC-HEADER>0001181431-06-004831.hdr.sgml : 20060123
<ACCEPTANCE-DATETIME>20060123072349
ACCESSION NUMBER: 0001181431-06-004831
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20051024
FILED AS OF DATE: 20060123
DATE AS OF CHANGE: 20060123
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Jarvis David R
CENTRAL INDEX KEY: 0001318128
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-31568
FILM NUMBER: 06542083
BUSINESS ADDRESS:
BUSINESS PHONE: (203) 869-9191
MAIL ADDRESS:
STREET 1: C/O MERCURY REAL ESTATE ADVISORS LLC
STREET 2: 100 FIELD POINT ROAD
CITY: GREENWICH
STATE: CT
ZIP: 06830
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: MacLean Malcolm F IV
CENTRAL INDEX KEY: 0001318129
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-31568
FILM NUMBER: 06542082
BUSINESS ADDRESS:
BUSINESS PHONE: (203) 869-9191
MAIL ADDRESS:
STREET 1: C/O MERCURY REAL ESTATE ADVISORS LLC
STREET 2: 100 FIELD POINT ROAD
CITY: GREENWICH
STATE: CT
ZIP: 06830
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: Mercury Special Situations Offshore Fund Ltd
CENTRAL INDEX KEY: 0001301276
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-31568
FILM NUMBER: 06542084
BUSINESS ADDRESS:
STREET 1: P O BOX 3460 RD TOWN
CITY: TORTOLA BVI
STATE: E9
ZIP: 00000
BUSINESS PHONE: 284-494-5239
MAIL ADDRESS:
STREET 1: P O BOX 3460 RD TOWN
CITY: TORTOLA BVI
STATE: E9
ZIP: 00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd104186.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
<schemaVersion>X0202</schemaVersion>
<documentType>4</documentType>
<periodOfReport>2005-10-24</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
<issuer>
<issuerCik>0000746514</issuerCik>
<issuerName>NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP</issuerName>
<issuerTradingSymbol>[NEN]</issuerTradingSymbol>
</issuer>
<reportingOwner>
<reportingOwnerId>
<rptOwnerCik>0001318128</rptOwnerCik>
<rptOwnerName>Jarvis David R</rptOwnerName>
</reportingOwnerId>
<reportingOwnerAddress>
<rptOwnerStreet1>C/O MERCURY REAL ESTATE ADVISORS LLC</rptOwnerStreet1>
<rptOwnerStreet2>100 FIELD POINT ROAD</rptOwnerStreet2>
<rptOwnerCity>GREENWICH</rptOwnerCity>
<rptOwnerState>CT</rptOwnerState>
<rptOwnerZipCode>06830</rptOwnerZipCode>
<rptOwnerStateDescription></rptOwnerStateDescription>
</reportingOwnerAddress>
<reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>1</isTenPercentOwner>
<isOther>0</isOther>
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<reportingOwner>
<reportingOwnerId>
<rptOwnerCik>0001318129</rptOwnerCik>
<rptOwnerName>MacLean Malcolm F IV</rptOwnerName>
</reportingOwnerId>
<reportingOwnerAddress>
<rptOwnerStreet1>C/O MERCURY REAL ESTATE ADVISORS LLC</rptOwnerStreet1>
<rptOwnerStreet2>100 FIELD POINT ROAD</rptOwnerStreet2>
<rptOwnerCity>GREENWICH</rptOwnerCity>
<rptOwnerState>CT</rptOwnerState>
<rptOwnerZipCode>06830</rptOwnerZipCode>
<rptOwnerStateDescription></rptOwnerStateDescription>
</reportingOwnerAddress>
<reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>1</isTenPercentOwner>
<isOther>0</isOther>
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</reportingOwner>
<reportingOwner>
<reportingOwnerId>
<rptOwnerCik>0001301276</rptOwnerCik>
<rptOwnerName>Mercury Special Situations Offshore Fund Ltd</rptOwnerName>
</reportingOwnerId>
<reportingOwnerAddress>
<rptOwnerStreet1>C/O MERCURY REAL ESTATE ADVISORS LLC</rptOwnerStreet1>
<rptOwnerStreet2>100 FIELD POINT ROAD</rptOwnerStreet2>
<rptOwnerCity>GREENWICH</rptOwnerCity>
<rptOwnerState>CT</rptOwnerState>
<rptOwnerZipCode>06830</rptOwnerZipCode>
<rptOwnerStateDescription></rptOwnerStateDescription>
</reportingOwnerAddress>
<reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>1</isTenPercentOwner>
<isOther>0</isOther>
</reportingOwnerRelationship>
</reportingOwner>
<derivativeTable>
<derivativeTransaction>
<securityTitle>
<value>Equity Swap (obligation to buy)</value>
<footnoteId id="F1"/>
<footnoteId id="F2"/>
</securityTitle>
<conversionOrExercisePrice>
<value>77.74</value>
</conversionOrExercisePrice>
<transactionDate>
<value>2005-10-24</value>
</transactionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>J</transactionCode>
<equitySwapInvolved>1</equitySwapInvolved>
<footnoteId id="F1"/>
<footnoteId id="F2"/>
</transactionCoding>
<transactionAmounts>
<transactionShares>
<value>1</value>
</transactionShares>
<transactionPricePerShare>
<footnoteId id="F1"/>
<footnoteId id="F2"/>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate>
<value>2005-10-24</value>
</exerciseDate>
<expirationDate>
<value>2007-05-24</value>
</expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Depositary Receipts</value>
</underlyingSecurityTitle>
<underlyingSecurityShares>
<value>1300</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>1</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction>
<securityTitle>
<value>Equity Swap (obligation to buy)</value>
<footnoteId id="F4"/>
</securityTitle>
<conversionOrExercisePrice>
<value>77.74</value>
</conversionOrExercisePrice>
<transactionDate>
<value>2005-10-24</value>
</transactionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>J</transactionCode>
<equitySwapInvolved>1</equitySwapInvolved>
<footnoteId id="F1"/>
<footnoteId id="F2"/>
<footnoteId id="F3"/>
</transactionCoding>
<transactionAmounts>
<transactionShares>
<value>2</value>
</transactionShares>
<transactionPricePerShare>
<footnoteId id="F1"/>
<footnoteId id="F2"/>
<footnoteId id="F3"/>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate>
<value>2005-10-24</value>
</exerciseDate>
<expirationDate>
<value>2007-05-24</value>
</expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Depositary Receipts</value>
</underlyingSecurityTitle>
<underlyingSecurityShares>
<value>1500</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>2</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>I</value>
</directOrIndirectOwnership>
<natureOfOwnership>
<value>See Footnote</value>
<footnoteId id="F4"/>
</natureOfOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction>
<securityTitle>
<value>Equity Swap (obligation to buy)</value>
<footnoteId id="F5"/>
</securityTitle>
<conversionOrExercisePrice>
<value>77.74</value>
</conversionOrExercisePrice>
<transactionDate>
<value>2005-10-24</value>
</transactionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>J</transactionCode>
<equitySwapInvolved>1</equitySwapInvolved>
<footnoteId id="F1"/>
<footnoteId id="F2"/>
<footnoteId id="F3"/>
</transactionCoding>
<transactionAmounts>
<transactionShares>
<value>2</value>
</transactionShares>
<transactionPricePerShare>
<footnoteId id="F1"/>
<footnoteId id="F2"/>
<footnoteId id="F3"/>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate>
<value>2005-10-24</value>
</exerciseDate>
<expirationDate>
<value>2007-05-24</value>
</expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Depositary Receipts</value>
</underlyingSecurityTitle>
<underlyingSecurityShares>
<value>1500</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>2</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>I</value>
</directOrIndirectOwnership>
<natureOfOwnership>
<value>See Footnote</value>
<footnoteId id="F5"/>
</natureOfOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes>
<footnote id="F1">On October 24, 2005, Mercury Real Estate Advisors, LLC ("Advisors"), a registered investment adviser, entered into a cash settled equity swap agreement with a securities broker ("Broker") on behalf of Mercury Special Situations Offshore Fund, Ltd. ("MSSOF"), for which Advisors serves as the investment adviser. Mr. David R. Jarvis and Mr. Malcolm F. MacLean IV are managing members of Advisors. The settlement date of the swap agreement is May 24, 2007. (Continued to Footnote 2)</footnote>
<footnote id="F2">On such date, MSSOF or Broker, as applicable, will be required to make a payment to the other such that the resulting economic effect of the swap arrangement will be as if (i) MSSOF paid Broker $101,062, representing $77.74 for each depositary receipt of NEN subject to this agreement as of October 24, 2005, and (ii) Broker paid to MSSOF the market value of 1,300 depositary receipts of NEN as of May 24, 2007. Any dividends received by Broker on account of the depositary receipts subject to this agreement will be paid to MSSOF and MSSOF will pay to Broker a finance charge.</footnote>
<footnote id="F3">On October 24, 2005, Advisors entered into a cash settled equity swap agreement with Broker on behalf of certain managed accounts (the "Managed Accounts"), for which Advisors serves as the investment adviser. The settlement date of the swap agreement is May 24, 2007. On such date, the Managed Accounts or Broker, as applicable, will be required to make a payment to the other such that the resulting economic effect of the swap arrangement will be as if (i) the Managed Accounts paid Broker $15,548, representing $77.74 for each depositary receipt of NEN subject to this agreement as of October 24, 2005, and (ii) Broker paid to the Managed Accounts the market value of 200 depositary receipts of NEN as of May 24, 2007. Any dividends received by Broker on account of the depositary receipts subject to this agreement will be paid to the Managed Accounts and the Managed Accounts will pay to Broker a finance charge.</footnote>
<footnote id="F4">These swap arrangements were entered into by Advisors on behalf of MSSOF and the Managed Accounts. Mr. Jarvis disclaims beneficial ownership of the securities held directly by MSSOF and the Managed Accounts, except to the extent of the pecuniary interest, if any, in such securities as a result of his membership interest in Advisors, which has a contingent right to receive a performance-based advisory fee from MSSOF and the Managed Accounts. That performance-based fee generally qualifies for the exemption set forth in Rule 16a-1(a)(2)(ii)(C).</footnote>
<footnote id="F5">These swap arrangements were entered into by Advisors on behalf of MSSOF and the Managed Accounts. Mr. MacLean disclaims beneficial ownership of the securities held directly by MSSOF and the Managed Accounts except to the extent of the pecuniary interest, if any, in such securities as a result of his membership interest in Advisors, which has a contingent right to receive a performance-based advisory fee from MSSOF and the Managed Accounts. That performance-based fee generally qualifies for the exemption set forth in Rule 16a-1(a)(2)(ii)(C).</footnote>
</footnotes>
<ownerSignature>
<signatureName>/s/ David R. Jarvis</signatureName>
<signatureDate>2006-01-20</signatureDate>
</ownerSignature>
<ownerSignature>
<signatureName>/s/ Malcolm F. MacLean IV</signatureName>
<signatureDate>2006-01-20</signatureDate>
</ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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