-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 NTwp8dk3ipuJBeRFfz5MJjoSa7KpGKh4f+E6xhQiGAgTW7AIoyAJFPc6LrFpwkfd
 A/lyEwZwZANWS+gxwXCtZA==

<SEC-DOCUMENT>0000014846-99-000010.txt : 19990903
<SEC-HEADER>0000014846-99-000010.hdr.sgml : 19990903
ACCESSION NUMBER:		0000014846-99-000010
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19990824
ITEM INFORMATION:		
ITEM INFORMATION:		
FILED AS OF DATE:		19990902

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRT REALTY TRUST
		CENTRAL INDEX KEY:			0000014846
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				132755856
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		
		SEC FILE NUMBER:	001-07172
		FILM NUMBER:		99705344

	BUSINESS ADDRESS:	
		STREET 1:		60 CUTTER MILL RD
		STREET 2:		SUITE 303
		CITY:			GREAT NECK
		STATE:			NY
		ZIP:			11021-3190
		BUSINESS PHONE:		5164663100

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BERG ENTERPRISES REALTY GROUP
		DATE OF NAME CHANGE:	19750724
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<TEXT>






                      SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


                  ----------------------------------------



                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


        Date of Report (Date of earliest event reported) August 24, 1999


                                BRT REALTY TRUST
                                ----------------
               (Exact name of registrant as specified in charter)




         Massachusetts              I-7172                  13-2755856
         -------------------------------------------------------------
        (State or other      (Commission file No.)       (IRS Employer
        jurisdiction of                                   I.D. No.)
        incorporation)


           60 Cutter Mill Road, Suite 303, Great Neck, New York 11021
           ----------------------------------------------------------
               (Address of principal executive offices) (Zip code)


         Registrant's telephone number, including area code 516-466-3100
                                                            ------------

Item 5.  Other Events.

On August 24,  1999  registrant  signed a non  binding  Letter of Intent for the
acquisition of a controlling  interest  (approximately 86%) in Reliance Bank, an
independent  bank located in  Westchester  County.  Reliance Bank is a community
bank  with  assets  of  approximately  $25,000,000,  deposits  of  approximately
$23,000,000 and stockholders' equity of approximately $1,700,000.

The  Letter of Intent  contemplates  that  registrant  will  capitalize  a newly
organized subsidiary with a cash capital contribution of $20,850,000 in exchange
for  5,000,000  shares  of the new  subsidiary's  capital  stock  and  that  the
subsidiary  will acquire  Reliance  Bank in exchange  for 815,764  shares of the
subsidiary's capital stock. BRT's current expectation is that after capitalizing
the subsidiary and  approximately at the time of the Reliance  acquisition,  BRT
will distribute the 5,000,000 shares to its shareholders, with the result that a
newly  organized  bank  holding  company  will  be  created  with   registrant's
shareholders  owning  approximately  86% of the holding  company and the current
shareholders of Reliance owning approximately 14%. The entity will be a publicly
owned one bank holding company having 5,815,764 shares outstanding and equity of
$22,550,000. Philip Zegarelli, President and Chief Executive Officer of Reliance
Bank will remain as President and CEO of Reliance.

Consummation of the transaction is conditioned upon satisfaction of registrant's
business, financial and legal due diligence review of Reliance,  negotiation and
execution  of a mutually  acceptable  agreement  and  receipt  of all  necessary
regulatory consents and approvals,  including New York State and federal banking
authorities,  and compliance with Securities and Exchange  Commission  rules and
regulations related to the creation of a new public entity through a spinoff.

The  proposed  transaction  will result in the  creation  of a one bank  holding
company,  whose sole asset will be an operating commercial bank. By spinning off
the  bank  holding  company  to its  shareholders,  registrant  will  be able to
continue to maintain its status as a real estate investment trust.


On May 28,  1999  registrant  filed  applications  with  the  Office  of  Thrift
Supervision ("OTS") to establish a de novo federal savings and loan association.
As a result  of the  Letter of  Intent  with  Reliance,  BRT has  withdrawn  the
application  filed with the OTS to establish a de novo federal  savings and loan
association.

Certain   statements   contained   in  this   Form  8-K  may  be  deemed  to  be
forward-looking  statements  within the meaning of the federal  securities laws.
The words "believe," "expect," "forecast,"  "anticipate,"  "estimate," "project"
and similar expressions identify forward-looking  statements that are inherently
subject  to risks  and  uncertainties,  some of which  cannot  be  predicted  or
quantified.  Actual  results  and the  timing of  certain  events  could  differ
materially  from  those  projected  in or  contemplated  by the  forward-looking
statements  due to a number of factors,  including  the effect of  economic  and
market  conditions;  the level and  volatility  of interest  rates;  the actions
undertaken by both current and potential new competitors; the impact of current,
pending or future legislation and regulations; the timing and uncertainty of the
regulatory  approval  process;  the  timing  and  uncertainty  related  to other
consents and approvals which may be required; and other risk factors outlined in
the reports that registrant files with the Securities and Exchange Commission.


Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits

           None


<PAGE>



                                   Signatures
                                   ----------

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                               BRT REALTY TRUST


                                               By: (s)Simeon Brinberg
                                               -----------------------
                                               Simeon Brinberg, Secretary



Date:  September 2, 1999



</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
