
<PAGE>

                                                                Exhibit 23.2






                          CONSENT OF INDEPENDENT ACCOUNTANTS



We hereby consent to the incorporation by reference in the Registration
Statements on Form S-8 (Nos. 33-12207, 33-58500, 33-63917, 333-43171 and 
333-43175) of First Empire State Corporation of our report dated January 9, 1998
appearing on page 55 of this Form 10-K.  We also consent to the reference to us
under the heading "Experts" in Registration Statements (Nos. 33-12207, 
33-58500, 333-43171 and 333-43175).





/s/ PRICE WATERHOUSE LLP   

Buffalo, New York
March 16, 1998

