-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 JDOnS6c7GxRAEHe8LRISBsDHU7JH6EY0dzZzog7qoIsGmyXfn+gSgWQ7tcq8OqTQ
 40a3Mu/F6J9pCssNSRboWw==

<SEC-DOCUMENT>0000950172-04-001157.txt : 20040511
<SEC-HEADER>0000950172-04-001157.hdr.sgml : 20040511
<ACCEPTANCE-DATETIME>20040511102601
ACCESSION NUMBER:		0000950172-04-001157
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040507
FILED AS OF DATE:		20040511

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REFAC
		CENTRAL INDEX KEY:			0000082788
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				131681234
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		ONE BRIDGE PLAZA
		STREET 2:		SUITE 605
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024-7102
		BUSINESS PHONE:		2015850600

	MAIL ADDRESS:	
		STREET 1:		ONE BRIDGE PLAZA
		STREET 2:		SUITE 605
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024-7102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REFAC TECHNOLOGY DEVELOPMENT CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RESOURCES & FACILITIES CORP
		DATE OF NAME CHANGE:	19740509

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REFAC INC
		DATE OF NAME CHANGE:	19720628

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			NEWMAN MARK S
		CENTRAL INDEX KEY:			0001201284

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12776
		FILM NUMBER:		04795194

	BUSINESS ADDRESS:	
		STREET 1:		5 SYLVAN WAY
		CITY:			PARSIPPANY
		STATE:			NJ
		ZIP:			07054
		BUSINESS PHONE:		9738981500

	MAIL ADDRESS:	
		STREET 1:		5 SYLVAN WAY
		CITY:			PARSIPPANY
		STATE:			NJ
		ZIP:			07054
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2004-05-07</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000082788</issuerCik>
        <issuerName>REFAC</issuerName>
        <issuerTradingSymbol>(AMEX:REF)</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001201284</rptOwnerCik>
            <rptOwnerName>NEWMAN MARK S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>DRS TECHNOLOGIES, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>5 SYLVAN WAY</rptOwnerStreet2>
            <rptOwnerCity>PARSIPPANY</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07054</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Options to Acquire Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>4.78</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2004-05-07</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-05-07</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>6667</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Options to Acquire Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>4.78</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2005-05-07</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-05-07</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>6667</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Options to Acquire Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>4.78</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2006-05-07</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-05-07</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>6666</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <ownerSignature>
        <signatureName>/s/ Mark S. Newman</signatureName>
        <signatureDate>2004-05-10</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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