AETNA REAL ESTATE ASSOCIATES L P
NT 10-Q, 1998-08-14
REAL ESTATE
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                              UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549
                               FORM 12b-25
                       NOTIFICATION OF LATE FILING

(Check One): o Form 10-K o Form 11-K  o Form 20-F xForm 10-Q  o Form N-SAR


                 For Period Ended:     June 30, 1998

Read Instructions (on back page) Before Preparing Form.  Please Print or Type.
Nothing in this Form Shall be construed to imply that the Commission has
verified any information contained herein.

If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:

PART I - REGISTRANT INFORMATION
                    Aetna Real Estate Associates, L.P.

Full Name of Registrant
                    N.A.

Former Name if Applicable

                    242 trumbull Street, Hartford, CT  06013
Address of Principal Executive Officer (Street and Number)

PART II - RULES 12b-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed.  (Check box if appropriate)

   (a)     The reasons described in reasonable detail in
           Part III of this form could not be eliminated without
           unreasonable effort or expense;

x  (b)     The subject annual report or semi-annual report/portion
           thereof will be filed on or before the fifteenth calendar day
           following the prescribed due date; or the subject quarterly
           report/portion thereof will be filed on or before the
           fifth calendar day following the prescribed due date; and

   (c)     The accountant's statement or other exhibit required by Rule
           12b-25(c) has been attached if applicable.


PART III - NARRATIVE

State below in reasonable detail the reasons why the Form 10-K, 11-K, 20-F,
10-Q or N-SAR or portion thereof, could not be filed within the prescribed
time period.

     The Form 10-Q for the above registrant was not completed for filing by
     August 14, 1998 due to current developments concerning this
     partnership which have resulted in insufficient time for proper review
     of the 10-Q report.

PART IV - OTHER INFORMATION

(1)  Name and telephone number of person to contact in regard to this
     notification

           Malachy J. Duffy Jr.           (617)           573-1087
                (Name)                 (Area Code)    (Telephone Number)

(2)  Have all other periodic reports required under Section 13 or          
     15(d) of the Securities Exchange Act of 1934 or Section 30 of
     the Investment Company Act of 1940 during the preceding 12
     months (or for such shorter period that the registrant was
     required to file such reports) been filed?  If answer is no,
     identify report(s).                     Yes

(3)  Is it anticipated that any significant change in results of
     operations from the corresponding period for the last fiscal year
     will be reflected by the earnings statements to be included in the
     subject report or portion thereof? If so, attach an explanation of
     the anticipated change, both narratively and quantitatively, and,
     if appropriate, state the reasons why a reasonable estimate of
     the results cannot be made.
                                              No



                    Aetna Real Estate Associates, L.P.

               (Name of Registrant as Specified in Charter)

has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.


Date: August 14, 1998                By     /s/Mark Marcucci
                                            Mark Marcucci
                                            Director and President
                                            AREA GP Corporation
                                            General Partner

INSTRUCTION:  The form may be signed by an executive officer of the
registrant or by any other duly authorized representative.  The name and
title of the person signing the form shall be typed or printed beneath the
signature.  It the statement is signed on behalf of the registrant by an
authorized representative (other than an executive officer), evidence of
the representative's authority to sign on behalf of the registrant shall be
filed with the form.

                                ATTENTION
Intentional misstatements or omissions of fact constitute Federal  Criminal
Violations (See 18 U.S.C. 1001).


                           GENERAL INSTRUCTIONS
1.   This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the
 General Rules and Regulations under the Securities Exchange Act of 1934.

2.   One signed original and four conformed copies of this Form and
 amendments thereto must be completed and filed with the Securities and
 Exchange Commission, Washington, D.C. 20549, in accordance with Rule 0-3
 of the General Rules and Regulations under the Act.  The information
 contained in or filed with the Form will be made a matter of public
 record in the Commission files.

3.   A manually signed copy of the form and amendments thereto shall be
 filed with each national securities exchange on which any class of
 securities of the registrant is registered.

4.   Amendments to the notifications must also be filed on Form 12b-25 but
 need not restate information that has been correctly furnished.  The Form
 shall be clearly identified as an amendment notification.



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