SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2018

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 18—SUBSEQUENT EVENTS

From January 1, 2019 through March 8, 2019, the Partnership purchased a total of 41,900 Depository Receipts. The average price was $54.11 per receipt or $1,623.00 per unit. The total cost was $2,267,072. Included in the above purchase is a block purchase of 40,000 Depository Receipts  from the former president of the management company.

The Partnership is required to purchase 332 Class B units and 17 General Partnership units at a cost of $538,421 and $28,338 respectively.

In January of 2019, the Partnership paid off the balance of $2,000,000 on the Line of Credit

On February 24, 2019, Harold Brown, the owner of 75% of the outstanding voting securities of NewReal Inc. (“New Real”), the general partner, of New England Realty Associates Limited Partnership (the “Partnership”) died.  As a result, Mr. Brown’s estate currently holds voting control over the NewReal shares.

Effective as of February 24, 2019, the Board of Directors of the Partnership’s general partner, NewReal Inc. (“NewReal”), elected Jameson Brown as the Treasurer and Chief Financial Officer of New Real to fill the vacancy created by the death of Harold Brown, who served as both the Treasurer and a director of NewReal.