SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13D
under the Securities Exchange Act of 1934
(Amendment No. 1)
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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)
July 5, 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 8
CUSIP NO. 644206104 13D Page 2 of 8
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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
28,147
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 28,147
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
28,147
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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)
2.1%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 644206104 13D Page 3 of 8
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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 8
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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 8
Item 1. Security and Issuer
This Amendment No. 1 amends certain information contained in the Schedule
13D filed jointly by Steven Berger, Charles Frischer and Jon Goodman with
respect to its ownership interest New England Realty Associates Limited
Partnership, a Massachusetts limited partnership (the "Issuer"), on June 14,
2007 (the "13D"). Capitalized terms used but not defined herein have the
meanings ascribed to them in the 13D.
Item 3. Source and Amount of Funds of Other Consideration.
Item 3 is amended by adding the following:
Steven Berger purchased 12,302 Depositary Receipts from June 21, 2007
through July 5, 2007 for an aggregate purchase price of $1,032,402. Mr. Berger
used his personal funds to acquire these Depositary Receipts.
Item 4. Purpose of Transaction.
Item 4 is amended by adding the following:
On July 5, 2007, Charles Frischer, on behalf of himself and the other
Reporting Persons, sent a letter to the Issuer advising the Issuer that the
consent being sought pursuant to the Issuer's Proxy Statement filed with the
Securities and Exchange Commission on June 28, 2007 (the "Proxy Statement")
pursuant to which the Issuer is seeking the consent of limited partners and
depositary receipt holders of the Partnership (collectively, "Limited Partners")
to the appointment of three individuals to the Advisory Committee of the Issuer
does not comply with the terms of the Second Amended and Restated Contract of
Limited Partnership of the Issuer (the "Partnership Agreement"). In addition,
the letter stated that Proxy Statement is significantly deficient in its
disclosure regarding the consent being sought and that in light of the
foregoing, the Reporting Persons demanded that, at a minimum, the Proxy
Statement be modified to comply with the Partnership Agreement and applicable
law. A copy of the letter is attached hereto as Exhibit 3 and incorporated by
this reference.
Item 5. Interest of Securities of the Issuer.
Item 5 is amended as follows:
(a) and (b) Beneficial ownership
As of the date of this Amendment No. 1 to 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.
CUSIP NO. 644206104 13D Page 6 of 8
Reporting Person Number of Depositary Receipts Percentage
---------------- ----------------------------- ----------
Steven A. Berger 28,147 2.1%
Charles Frischer 52,096 3.9%
Jon Goodman 1,000 0.1%
All Members of the Group 81,243 6.1%
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 28,147 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.
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.
CUSIP NO. 644206104 13D Page 7 of 8
Item 7. Materials to be Filed as Exhibits.
Item 7 is amended by adding the following:
3. Letter from Charles Frischer to the Issuer dated July 5, 2007
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: July 6, 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 8 of 8
ANNEX A
Schedule of Transactions in Depositary Receipts of the Issuer
During the Past 60 Days
Steven A. Berger
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Date of Transaction Quantity Purchased(1) Price per Depositary Receipt(2)
------------------- --------------------- -------------------------------
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
6/21/07 500 $81.77
6/28/07 100 $83.18
6/29/07 1,000 $84.01
7/02/07 6,100 $84.03
7/03/07 100 $84.38
7/05/07 4,502 $84.00
Charles Frischer
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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
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Date of Transaction Quantity Purchased(1) Price per Depositary Receipt(2)
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5/09/2007 700 $83.00
(1) All purchases were effected through open market or privately negotiated
transactions.
(2) Inclusive of brokerage commissions