NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP

Director's Dealing • Apr 18, 2003

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| FORM 4 o Check
this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instruction 1(b). (Print or Type Responses) |
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1. Name and Address of Reporting Person * Brown, Harold (Last) (First) (Middle) c/o New England Realty Associates Limited Partnership 39 Brighton Avenue (Street) Allston, MA 02134 (City) (State) (Zip) 2. Issuer Name and Ticker or Trading Symbol New England Realty Associates Limited Partnership, NEN 3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary) 4. Statement for Month/Day/Year April 14, 2003 5. If Amendment, Date of Original (Month/Day/Year) N/A 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X Officer (give title below) X 10% Owner Other (specify below) Treasurer of NewReal, Inc., General Partner of Issuer 7. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

| 1. Title of Security (Instr. 3) | 2. Transaction Date
(Month/Day/ Year) | 2A. Deemed Execution Date,
if any (Month/Day/ Year) | 3. Transaction Code (Instr. 8) | | 4. Securities Acquired (A)
or Disposed of (D) (Instr. 3, 4 and 5) | | | 5. Amount of Securities
Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct
(D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect
Beneficial Ownership (Instr. 4) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | Code | V | Amount | (A)
or (D) | Price | | | |
| NEN Depositary Receipts | April 11, 2003 | April 14, 2003 | P | | 2,600 | A | $49.00 | 97,073 | D | |
| | | | | | | | | 98,394 | I | Owned
by NERA 1994 Irrevocable Trust, grantor trust established by reporting person |

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Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g ., puts, calls, warrants, options, convertible securities)

| 1. Title of Derivative
Security (Instr. 3) — Code | V | 5. Number of Derivative
Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) — (A) | (D) | 6. Date Exercisable and
Expiration Date (Month/Day/Year) — Date Exercisable | Expiration Date | 7. Title and Amount of
Underlying Securities (Instr. 3 and 4) — Title | Amount
or Number of Shares |
| --- | --- | --- | --- | --- | --- | --- | --- |

Explanation of Responses:

/s/ Harold Brown ** Signature of Reporting Person April 18, 2003 Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

• If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** 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 is insufficient, see Instruction 6 for procedure.

http://www.sec.gov/divisions/corpfin/forms/form4.htm

Last update: 09/05/2002

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