<PAGE>
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FORM 5
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/ / CHECK BOX IF NO LONGER SUBJECT TO
SECTION 16. FORM 4 OR FORM 5 OBLI-
GATIONS MAY CONTINUE. SEE INSTRUC-
TION 1(B).
/ / FORM 3 HOLDINGS REPORTED
/X/ FORM 4 TRANSACTIONS REPORTED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Act of 1940
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OMB APPROVAL
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OMB Number 3235-0362
Expires: September 30, 1998
Estimated average burden
hours per response.......1.0
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1. Name and Address of Reporting Person*
BROWN HAROLD
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(Last) (First) (Middle)
c/o New England Realty Associates
Limited Partnership
39 Brighton Avenue
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(Street)
Allston, MA 02134
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
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3. IRS or Social Security
Number of Reporting
Person (Voluntary)
###-##-####
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4. Statement for Month/Year
December, 1996
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5. If Amendment, Date of
Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_X_ Director ___ 10% Owner
_X_ Officer (give ___ Other (specify
title below)
below)
Director and Treasurer of New Real, Inc.
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the General Partner of the Issuer
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7. Individual or Joint/Group Filing
(Check applicable line)
_X_ Form Filed by One Reporting Person
___ Form Filed by More than One Reporting Person
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TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security
(Instr. 3)
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Class B Limited Partnership Units
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General Partnership Units
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Class B Limited Partnership Units
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General Partnership Units
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2. Trans-
action
Date
(Month/
Day/
Year)
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12/12/96
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12/12/96
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12/20/96
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12/20/96
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3. Trans-
action
Code
(Instr. 8)
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S
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S
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S
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S
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4. Securities Acquired (A) or
Disposed of (D)
(Instr. 3, 4 and 5)
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Amount (A) or (D) Price
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235 D 67.75
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12 D 67.75
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49 D 70.00
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3 D 70.00
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5. Amount of
Securities Ben-
eficially Owned
at End of
Issuer's Fiscal
Year
(Instr. 3 and 4)
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25033
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1757
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25033
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1757
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6. Owner-
ship
Form: Di-
rect (D)
or Indi-
rect (I)
(Instr. 4)
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I
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I
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I
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I
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7. Nature of
Indirect
Beneficial
Ownership
(Instr. 4)
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by Trust(1)
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by New Real,
Inc.(2)
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by Trust(1)
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by New Real,
Inc.(2)
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*If the Form is filed by more than one Reporting Person, see Instruction 4(b)(v)
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SEC 2270 (7-96)
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TABLE II -- DERIVATIVE SECURTITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative Security
(Instr. 3)
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2. Conversion
of Exercise
Price of
Derivative
Security
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3. Trans-
action
Date
(Month/
Day/
Year)
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4. Transac-
tion
Code
(Instr. 8)
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5. Number of Deriva-
tive Securities Ac-
quired (A) or Dis-
posed of (D)
(Instr. 3, 4, and 5)
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(A) (D)
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6. Date Exercis-
able and Expi-
ration Date
(Month/Day/
Year)
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Date Expira-
Exer- tion
cisable Date
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7. Title and Amount of Under-
lying Securities
(Instr. 3 and 4)
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Amount or
Number of
Title Shares
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8. Price
of
De-
riva-
tive
Secu-
rity
(Instr. 5)
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9. Number
of De-
rivative
Securi-
ties Ben-
eficially
Owned
at End of
Year
(Instr. 4)
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10. Owner-
ship of
Deriva-
tive Se-
curity:
Direct
(D) or
Indirect
(I)
(Instr. 4)
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11. Nature
of Indi-
rect Ben-
eficial
Owner-
ship
(Instr. 4)
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Explanation of Responses:
(1) Securities of reporting person are held in an Irrevocable Trust. During
that reporting person's lifetime he is entitled to receive the income
from the Trust.
(2) Securities are owned by New Real, Inc., the general partner of the Issuer.
The reporting person is one of two Stockholders of New Real, Inc.
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
/s/ HAROLD BROWN March 31, 1997
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** Signature of Reporting Person Date
Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays a
currently OMB number.
Page 2
SEC 2270 (7-96)
