SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13D
under the Securities Exchange Act of 1934
(Amendment No. __)
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NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP
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(Name of Issuer)
Depositary Receipts
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(Title of Class of Securities)
644206104
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(CUSIP Number of Class
of Securities)
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Charles L. Frischer
30 West 63rd Street
Apt 12
New York, NY 10023
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 14, 2007
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box |_|.
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover shall not be deemed to
be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934
("Act") or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the Notes).
(continued on next page(s)) Page 1 of 11
CUSIP NO. 644206104 13D Page 2 of 11
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Steven A. Berger
I.R.S. I.D. No.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(e) OF 2(f) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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7 SOLE VOTING POWER
15,845
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 15,845
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,845
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.2%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 644206104 13D Page 3 of 11
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Charles Frischer
I.R.S. I.D. No.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(e) OF 2(f) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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7 SOLE VOTING POWER
52,096
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 52,096
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
52,096
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.9%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 644206104 13D Page 4 of 11
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Jon Goodman
I.R.S. I.D. No.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(e) OF 2(f) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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7 SOLE VOTING POWER
1,000
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 1,000
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 644206104 13D Page 5 of 11
Item 1. Security and Issuer
This Schedule 13D relates to depositary receipts (the "Depositary
Receipts") of New England Realty Associates Limited Partnership, a Massachusetts
limited partnership (the "Issuer"). The principal executive offices of the
Issuer are located at 39 Brighton Avenue, Allston, Massachusetts 02134.
Item 2. Identity and Background.
(a)-(c) Name, Address and Occupation
The name, residence or business address and present principal occupation
or employment by each of the persons filing this Schedule 13D (the "Reporting
Persons") is as follows:
Reporting Persons Residence or Business Address Present Occupation or Employment
----------------- ----------------------------- --------------------------------
Steven A. Berger. c/o PRG Real Estate Owner of developer and owner of
2701 E. Luzerne Street garden apartment communities.
Philadelphia, PA 19137
Charles Frischer c/o Zephyr Management Principal of Zephyr Management a
320 Park Avenue global private equity and marketable
New York, NY 10022 securities firm
Jon Goodman c/o PRG Real Estate Owner of developer and owner of
2701 E. Luzerne Street garden apartment communities.
Philadelphia, PA 19137
A joint filing agreement among the Reporting Persons is attached hereto as
Exhibit 1.
(d) - (e) Legal Proceedings
During the past five years, none of the Reporting Persons has been (a)
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (b) a party to any civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of which such
person was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws, or finding any violation with respect to such laws.
(f) Citizenship
Each Reporting Person is a citizen of the United States.
CUSIP NO. 644206104 13D Page 6 of 11
Item 3. Source and Amount of Funds of Other Consideration.
The total amount of funds required to acquire the Depositary Receipts
acquired by Steven Berger, Charles Frischer and Jon Goodman were $1,222,442,
$2,907,705 and $83,860, respectively. Each Reporting Person used his personal
funds to acquire his respective Depositary Receipts.
Item 4. Purpose of Transaction.
Each of the Reporting Persons acquired his respective Depositary Receipts
reported herein with a view to making a profit on his investment. In light of
their investment objectives, the Reporting Persons intends to consider
appropriate methods of maximizing the value of the Depositary Receipts and
limited partner value in general including, without limitation, seeking
representation on the Issuer's Advisory Committee, changes in management of the
Issuer and potential strategic transactions with the Issuer.
Item 5. Interest of Securities of the Issuer.
(a) and (b) Beneficial ownership
As of the date of this Schedule 13D, the Reporting Persons beneficially
owned the respective numbers of Depositary Receipts set forth below. The
percentages set forth below and on the cover pages hereto represent percentages
of the outstanding Depositary Receipts based on a total of 1,323,766 Depositary
Receipts outstanding at March 31, 2007 as reported in the Issuer's Quarterly
Report on Form 10-Q for the period ended March 31, 2007.
Reporting Person Number of Depositary Receipts Percentage
---------------- ----------------------------- ----------
Steven A. Berger 15,845 1.2%
Charles Frischer 52,096 3.9%
Jon Goodman 1,000 0.1%
All Members of the Group 68,941 5.2%
By virtue of their status as a "group" for purposes of Rule 13d-5, each of
the Reporting Persons may be deemed to have shared voting and dispositive power
over the Depositary Receipts owned by the other Reporting Persons. Each
Reporting Person disclaims beneficial ownership of the Depositary Receipts owned
by the other Reporting Persons.
Steven A. Berger has sole voting power and sole investment power with
respect to all of the 15,845 Depositary Receipts he beneficially owns.
Charles Frischer has sole voting power and sole investment power with
respect to all of the 52,096 Depositary Receipts he beneficially owns.
CUSIP NO. 644206104 13D Page 7 of 11
Jon Goodman has sole voting power and sole investment power with respect
to all of the 1,000 Depositary Receipts he beneficially owns.
(c) Transactions during the past sixty days
Information with respect to each of the Reporting Persons transactions
effected during the past 60 days are set forth on Annex A hereto.
(d) Right to receive dividends or proceeds
Not applicable.
(e) Beneficial ownership of less than five percent
Not applicable.
Item 6. Contracts, Arrangement, Understandings or Relationships With Respect to
Securities of the Issuer.
The Reporting Persons have agreed to jointly seek to explore appropriate
methods of maximizing the value of the Depositary Receipts and limited partner
value in general including, without limitation, seeking representation on the
Issuer's Investment Committee, changes in management of the Issuer and potential
strategic transactions with the Issuer.
Except as otherwise provided in this Schedule 13D, there are no contracts,
arrangements, understandings or relationships among any of the Reporting Persons
and between the Reporting Persons and any persons with respect to any securities
of the Issuer.
Item 7. Materials to be Filed as Exhibits.
1. Joint Filing Agreement
2. Letter Agreement among Steven A. Berger, Charles Frischer and Jon
Goodman dated June 14, 2007.
CUSIP NO. 644206104 13D Page 8 of 11
Signatures
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Pursuant to Rule 13d-1(k), this Schedule 13D is filed jointly on behalf of
each of the Reporting Persons.
Dated as of: June 14, 2007
/s/ Steven A. Berger
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Steven A. Berger
/s/ Charles Frischer
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Charles Frischer
/s/ Jon Goodman
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Jon Goodman
Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations (See 18 U.S.C. 1001).
CUSIP NO. 644206104 13D Page 9 of 11
ANNEX A
Schedule of Transactions in Depositary Receipts of the Issuer
During the Past 60 Days
Steven A. Berger
Date of Transaction Quantity Purchased(1) Price per Depositary Receipt(2)
------------------- --------------------- -------------------------------
4/30/2007 400 $87.00
4/30/2007 600 $86.51
5/07/2007 1000 $85.01
5/09/2007 400 $83.01
5/09/2007 200 $83.51
5/09/2007 300 $83.01
5/09/2007 500 $82.71
5/10/2007 300 $82.51
5/10/2007 600 $82,51
5/11/2007 200 $82.54
5/14/2007 500 $83.27
5/15/2007 400 $84.02
5/16/2007 500 $83.87
5/22/2007 500 $82.76
5/22/2007 500 $83.01
5/24/2007 300 $82.78
5/25/2007 500 $83.52
Charles Frischer
Date of Transaction Quantity Purchased(1) Price per Depositary Receipt(2)
------------------- --------------------- -------------------------------
6/13/2007 1,000 $77.00
6/13/2007 950 $76.50
Jon Goodman
Date of Transaction Quantity Purchased(1) Price per Depositary Receipt(2)
------------------- --------------------- -------------------------------
5/09/2007 700 $83.00
(1) All purchases were effected through open market or privately negotiated
transactions.
(2) Inclusive of brokerage commissions
CUSIP NO. 644206104 13D Page 10 of 11
Exhibit 1
Joint Filing Agreement
In accordance with Rule 13d-1(k) under the Securities and Exchange Act of
1934, the persons or entities named below agree to the joint filing on behalf of
each of them of a statement on Schedule 13D (including amendments thereto) with
respect to the Depositary Receipts of the Issuer and further agree that this
joint filing agreement be included as an exhibit to this Schedule 13D. In
evidence thereof, the undersigned, being duly authorized, have executed this
Joint Filing Agreement as of June 14, 2007.
/s/ Steven A. Berger
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Steven A. Berger
/s/ Charles Frischer
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Charles Frischer
/s/ Jon Goodman
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Jon Goodman
CUSIP NO. 644206104 13D Page 11 of 11
Exhibit 2
Charles Frischer
30 West 63rd Street
Apt 12M
New York, NY 10023
June 14, 2007
Mr. Steven A. Berger
Mr. Jon Goodman
PRG Real Estate Management
2701 Luzerne Street
Philadelphia, PA 19137
Re: New England Realty Limited Partnership
Dear Jon and Steven:
As we agreed today, it is our desire to work together as a group, on a joint
venture basis on an investment in the depository receipts of New England Realty
Limited Partnership. This agreement can be terminated by either party, without
penalty, by providing written notice to the other parties.
Sincerely,
/s/ Charles Frischer
Charles Frischer
Agreed and acknowledged
/s/ Steven A Berger /s/ Jon Goodman
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By: Steven A. Berger By: Jon Goodman