| DELAWARE(State                  or other jurisdictionof                  incorporation or organization)                                                              | 94-3038456(I.R.S.                  EmployerIdentification                  No.) |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
| 100                  Bush StreetSuite                  1250San                  Francisco, California 94104(Address                  of principal executive offices) |

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| PART                  I                   FINANCIAL INFORMATION                                                                                  | Page                                                                    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|
| Item                  1. Financial                  Statements                                                                                   |                                                                    |
|                                                                                                                                                  | - Consolidated                  balance sheets                     | 3 |
|                                                                                                                                                  | - Consolidated                  statements of income               | 4 |
|                                                                                                                                                  | - Consolidated                  statements of stockholders' equity | 5 |
|                                                                                                                                                  | - Consolidated                  statements of cash flows           | 6 |
|                                                                                                                                                  | - Notes                  to consolidated financial statements      | 7 |
|                                                                                                                                                  |                                                                    |
| Item                  2. Management's                  Discussion and Analysis of Financial Condition and Results                  of Operations | 14                                                                      |
|                                                                                                                                                  |                                                                    |
| Item                  3. Controls                  and Procedures                                                                                | 18                                                                      |
|                                                                                                                                                  |                                                                    |   |
| PART                  II OTHER INFORMATION                                                                                                            |                                                                    |
|                                                                                                                                                  |                                                                    |   |
| Item                  6. Exhibits                  and Reports on Form 8-K                                                                       | 19                                                                      |
|                                                                                                                                                  |                                                                    |

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|                                                                                                                    |   |   | (Unaudited)June                  30,2005  |   |   | December                  31, 2004 |   |
|--------------------------------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------|--------|--------|------------------------------------|--------|
|                                                                                                               |   |   |                                           |   |   |                               |   |
| ASSETS:                                                                                                            |   |   |                                           |   |   |                               |   |
| Cash                  and cash equivalents                                                                         |   | $      | 15,304                                         |   | $      | 15,138                             |   |
| Marketable                  securities, restricted, at market value                                                |   |   | 499                                            |   |   | --                                 |   |
| Marketable                  securities available for sale, at market value                                         |   |   | 973                                            |   |   | 534                                |   |
| Mortgage                  loans receivable                                                                         |   |   | 1,553                                          |   |   | 2,199                              |   |
| Other                  receivables                                                                                 |   |   | 78                                             |   |   | 44                                 |   |
| Investment                  in joint venture                                                                       |   |   | 99                                             |   |   | --                                 |   |
| Real                  estate rental property, net of accumulated depreciation                                      |   |   | 1,970                                          |   |   | 1,992                              |   |
| Real                  estate inventory held for current sale and land held for future                  development |   |   | 9,557                                          |   |   | 9,752                              |   |
| Lease                  contract receivable                                                                         |   |   | 46                                             |   |   | 97                                 |   |
| Other                  assets                                                                                      |   |   | 257                                            |   |   | 291                                |   |
| TOTAL                  ASSETS                                                                                      |   | $      | 30,336                                         |   | $      | 30,047                             |   |
|                                                                                                               |   |   |                                           |   |   |                               |   |
| LIABILITIES                  AND STOCKHOLDERS' EQUITY:                                                             |   |   |                                           |   |   |                               |   |
| Liabilities:                                                                                                       |   |   |                                           |   |   |                               |   |
| Payables                  and accrued liabilities                                                                  |   | $      | 828                                            |   | $      | 718                                |   |
| Deferred                  revenue                                                                                  |   |   | 660                                            |   |   | 660                                |   |
| Deferred                  income taxes                                                                             |   |   | 884                                            |   |   | 997                                |   |
| Total                  liabilities                                                                                 |   |   | 2,372                                          |   |   | 2,375                              |   |
|                                                                                                               |   |   |                                           |   |   |                               |   |
| Contingencies                                                                                                      |   |   | --                                             |   |   | --                                 |   |
|                                                                                                               |   |   |                                           |   |   |                               |   |
| Stockholders'                  equity:                                                                             |   |   |                                           |   |   |                               |   |
| Common                  stock - $.10 par value                                                                     |   |   |                                           |   |   |                               |   |
| Authorized                  - 10,000,000 shares                                                                    |   |   |                                           |   |   |                               |   |
| Issued                  and outstanding - 3,538,053 and 3,482,331 shares                                           |   |   | 354                                            |   |   | 348                                |   |
| Capital                  surplus                                                                                   |   |   | 13,512                                         |   |   | 13,181                             |   |
| Retained                  earnings                                                                                 |   |   | 14,082                                         |   |   | 14,172                             |   |
| Accumulated                  other comprehensive gain (loss)                                                       |   |   | 16                                             |   |   | (29                                | )      |
| Total                  stockholders' equity                                                                        |   |   | 27,964                                         |   |   | 27,672                             |   |
|                                                                                                               |   |   |                                           |   |   |                               |   |
| TOTAL                  LIABILITIES AND STOCKHOLDERS' EQUITY                                                        |   | $      | 30,336                                         |   | $      | 30,047                             |   |

----

|                                                                                                                                 |   | Three                  Months EndedJune 30,  | Six                  Months EndedJune                  30, |
|--------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------|------------------------------------------------------------|
|                                                                                                                                 |   |                                                   | 2005                                                       |   |   | 2004 |   |   | 2005 |   |   | 2004 |   |
| Revenues:                                                                                                                            |   |                                                   |                                                       |   |   |   |   |   |   |   |   |   |   |
| Real                  estate sales                                                                                                   |   | $                                                      | 214                                                        |   | $ | 319 |   | $ | 214 |   | $ | 622 |   |
| Real                  estate rental income                                                                                           |   |                                                   | 558                                                        |   |   | 453 |   |   | 1,116 |   |   | 907 |   |
| Interest                  and dividends from marketable securities                                                                   |   |                                                   | 98                                                         |   |   | 26 |   |   | 191 |   |   | 53 |   |
| Interest                  from mortgage loans                                                                                        |   |                                                   | 25                                                         |   |   | 47 |   |   | 51 |   |   | 97 |   |
| Other                                                                                                                                |   |                                                   | --                                                         |   |   | 6 |   |   | -- |   |   | 6 |   |
|                                                                                                                                 |   |                                                   | 895                                                        |   |   | 851 |   |   | 1,572 |   |   | 1,685 |   |
| Costs                  and Expenses:                                                                                                 |   |                                                   |                                                       |   |   |   |   |   |   |   |   |   |   |
| Cost                  of real estate sold                                                                                            |   |                                                   | 157                                                        |   |   | 69 |   |   | 157 |   |   | 152 |   |
| Depreciation                  and amortization                                                                                       |   |                                                   | 14                                                         |   |   | 24 |   |   | 34 |   |   | 48 |   |
| General                  and administrative                                                                                          |   |                                                   | 731                                                        |   |   | 579 |   |   | 1,474 |   |   | 1,100 |   |
|                                                                                                                                 |   |                                                   | 902                                                        |   |   | 672 |   |   | 1,665 |   |   | 1,300 |   |
| Income                  (loss) before losses from securities and income taxes                                                        |   |                                                   | (7                                                         | ) |   | 179 |   |   | (93 | ) |   | 385 |   |
|    Losses                from securities:                                                                                  |   |                                                   |                                                       |   |   |   |   |   |   |   |   |   |   |
|     Realized                from sales                                                                           |   |                                                   | (9                                                         | ) |   | --  |   |   | (9 | ) |   | --  |   |
|                     Unrealized                                                                                             |   |                                                   | (44                                                        | )  |   | --  |   |   | (44 | ) |   | --  |   |
|                                                                                                                                 |   |                                                   | (53                                                        | ) |   | --  |   |   | (53 | ) |   | --  |   |
| Income                  (loss) before income taxes                                                                                   |   |                                                   | (60                                                        | ) |   | 179 |   |   | (146 | ) |   | 385 |   |
| Provision                  (benefit) for income taxes                                                                                |   |                                                   | (20                                                        | ) |   | 70 |   |   | (56 | ) |   | 149 |   |
| Net                  income (loss)                                                                                                   |   |                                                   | (40                                                        | ) |   | 109 |   |   | (90 | ) |   | 236 |   |
|    Net                income (loss) per share:                                                                             |   |                                                   |                                                       |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                                |   |  $                                                | (.01                                                       | ) |  $ | .03  |   |  $ | (.03 | ) | $  | .07  |   |
| Diluted                                                                                                                              |   |  $                                                | (.01                                                       | ) |  $ | .03  |   |  $ | (.03 | ) |  $ | .07  |   |
| Weighted                  average shares used in computing basic net                  income (loss) per share                        |   |                                                   | 3,507                                                      |   |   | 3,490 |   |   | 3,495 |   |   | 3,492 |   |
| Weighted                  average shares and share equivalents usedin                  computing diluted net income (loss) per share |   |                                                   | 3,576                                                      |   |   | 3,568 |   |   | 3,564 |   |   | 3,579 |   |

----

|                                                                                                                                                               |   | Six                  Months EndedJune                  30,  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------|
|                                                                                                                                                          |   |                                                             | 2005 |   |   | 2004 |   |
| Common                  stock - shares:                                                                                                                       |   |                                                             |   |   |   |   |   |
| Balance                  at beginning of period                                                                                                               |   |                                                             | 3,482 |   |   | 3,506 |   |
| Purchases                  of common stock                                                                                                                    |   |                                                             | (4 | ) |   | -- |   |
| Exercises                  of stock options                                                                                                                   |   |                                                             | 60 |   |   | 5 |   |
| Tender                  or surrender of common stock for principal and interest payments                  on notes                  receivable from employees |   |                                                             | -- |   |   | (20 | ) |
| Balance                  at end of period                                                                                                                     |   |                                                             | 3,538 |   |   | 3,491 |   |
| Common                  stock - par value:                                                                                                                    |   |                                                             |   |   |   |   |   |
| Balance                  at beginning of period                                                                                                               |   | $                                                                | 348 |   | $ | 351 |   |
| Purchases                  of common stock                                                                                                                    |   |                                                             | -- |   |   | (1 | ) |
| Exercises                  of stock options                                                                                                                   |   |                                                             | 6 |   |   | 1 |   |
| Principal                  and interest payments on notes receivable from employees                                                                           |   |                                                             | -- |   |   | (2 | ) |
| Balance                  at end of period                                                                                                                     |   | $                                                                | 354 |   | $ | 349 |   |
| Capital                  surplus:                                                                                                                             |   |                                                             |   |   |   |   |   |
| Balance                  at beginning of period                                                                                                               |   | $                                                                | 13,181 |   | $ | 13,402 |   |
| Purchases                  of common stock - excess over par value                                                                                            |   |                                                             | (35 | ) |   | (38 | ) |
| Exercises                  of stock options - excess over par value                                                                                           |   |                                                             | 286 |   |   | 38 |   |
| Benefit                  for income taxes from exercises of stock options                                                                                     |   |                                                             | 80 |   |   | 18 |   |
| Principal                  and interest payments on notes receivable from employees - excess                  over par                  value                 |   |                                                             | -- |   |   | (179 | ) |
| Balance                  at end of period                                                                                                                     |   | $                                                                | 13,512 |   | $ | 13,241 |   |
| Retained                  earnings:                                                                                                                           |   |                                                             |   |   |   |   |   |
| Balance                  at beginning of period                                                                                                               |   | $                                                                | 14,172 |   | $ | 13,953 |   |
| Net                  income (loss)                                                                                                                            |   |                                                             | (90 | ) |   | 236 |   |
| Balance                  at end of period                                                                                                                     |   | $                                                                | 14,082 |   | $ | 14,189 |   |
| Accumulated                  other comprehensive income (loss):                                                                                               |   |                                                             |   |   |   |   |   |
| Balance                  at beginning of period                                                                                                               |   | $                                                                | (29 | ) | $ | (10 | ) |
| Unrealized                  gains (losses) from marketable equity securities, net of income                  taxes                                       |   |                                                             | 13 |   |   | (51 | ) |
| Reclassification                  adjustment for gains from sales of securities included in net                  loss                                         |   |                                                             | 5 |   |   | -- |   |
| Valuation                  adjustment for unrealized losses from securities included in net                  loss                                             |   |                                                             | 27 |   |   | -- |   |
| Balance                  at end of period                                                                                                                     |   | $                                                                | 16 |   | $ | (61 | ) |
| Notes                  receivable from employees:                                                                                                             |   |                                                             |   |   |   |   |   |
| Balance                  at beginning of period                                                                                                               |   | $                                                                | -- |   | $ | (180 | ) |
| Interest                  on notes receivable from employees                                                                                                  |   |                                                             | -- |   |   | (1 | ) |
| Principal                  and interest payments                                                                                                              |   |                                                             | -- |   |   | 181 |   |
| Balance                  at end of period                                                                                                                     |   | $                                                                | -- |   | $ | -- |   |
| Accumulated                  comprehensive income:                                                                                                            |   |                                                             |   |   |   |   |   |
| Balance                  at beginning of period                                                                                                               |   | $                                                                | 14,143 |   | $ | 13,943 |   |
| Net                  income (loss)                                                                                                                            |   |                                                             | (90 | ) |   | 236 |   |
| Unrealized                  income (losses) from marketable equity securities, net of income                  taxes                                           |   |                                                             | 13 |   |   | (51 | ) |
| Reclassification                  adjustment for gains from sales of securities included in net                  loss                                         |   |                                                             | 5 |   |   | -- |   |
| Valuation                  adjustment for unrealized losses from securities included in net                  loss                                             |   |                                                             | 27 |   |   | -- |   |
| Comprehensive                  income (loss) for period                                                                                                       |   |                                                             | (45 | ) |   | 185 |   |
| Balance                  at end of period                                                                                                                     |   | $                                                                | 14,098 |   | $ | 14,128 |   |

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|                                                                                                                            |   | Six                  Months EndedJune                  30,  |
|----------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------|
|                                                                                                                       |   |                                                             | 2005 |   |   | 2004 |   |
| Cash                  flows from operating activities:                                                                     |   |                                                             |   |   |   |   |   |
| Net                  income (loss)                                                                                         |   | $                                                                | (90 | ) | $ | 236 |   |
| Adjustments                  to reconcile net income (loss) to net cash provided by operating                  activities: |   |                                                             |   |   |   |   |   |
| Gains                  from sales of real estate                                                                           |   |                                                             | (57 | ) |   | (470 | ) |
| Losses                  from securities                                                                                    |   |                                                             | 53 |   |   | -- |   |
| Provision                  (benefit) for deferred income taxes                                                             |   |                                                             | (56 | ) |   | 131 |   |
| Federal                  alternative minimum tax refund (payment)                                                          |   |                                                             | (2 | ) |   | 92 |   |
| Net                  cash proceeds from sales of real estate                                                               |   |                                                             | 214 |   |   | 442 |   |
| Real                  estate development costs                                                                             |   |                                                             | (187 | ) |   | (398 | ) |
| Reimbursement                  of real estate development costs                                                            |   |                                                             | 222 |   |   | 349 |   |
| Changes                  in certain assets and liabilities:                                                                |   |                                                             |   |   |   |   |   |
| Decrease                  (increase) in other receivables                                                                  |   |                                                             | (34 | ) |   | 224 |   |
| Decrease                  in lease contract receivable                                                                     |   |                                                             | 51 |   |   | 83 |   |
| Increase                  (decrease) in payables and accrued liabilities                                                   |   |                                                             | 110 |   |   | (49 | ) |
| Other,                  net                                                                                                |   |                                                             | 55 |   |   | 106 |   |
| Total                  adjustments to net income (loss)                                                                    |   |                                                             | 369 |   |   | 510 |   |
| Net                  cash provided by operating activities                                                                 |   |                                                             | 279 |   |   | 746 |   |
|                                                                                                                       |   |                                                             |   |   |   |   |   |
| Cash                  flows from investing activities:                                                                     |   |                                                             |   |   |   |   |   |
| Principal                  payments on mortgage loans receivable                                                           |   |                                                             | 649 |   |   | 122 |   |
| Additions                  to mortgage loans receivable                                                                    |   |                                                             | (3 | ) |   | -- |   |
| Proceeds                  from sales of marketable equity securities                                                       |   |                                                             | 78 |   |   | -- |   |
| Purchases                  of marketable securities                                                                        |   |                                                             | (995 | ) |   | -- |   |
| Investment                  in joint venture                                                                               |   |                                                             | (99 | ) |   | -- |   |
| Net                  cash provided (used) by investing activities                                                          |   |                                                             | (370 | ) |   | 122 |   |
|                                                                                                                       |   |                                                             |   |   |   |   |   |
| Cash                  flows from financing activities:                                                                     |   |                                                             |   |   |   |   |   |
| Proceeds                  from exercises of stock options                                                                  |   |                                                             | 257 |   |   | -- |   |
| Net                  cash provided by financing activities                                                                 |   |                                                             | 257 |   |   | -- |   |
|                                                                                                                       |   |                                                             |   |   |   |   |   |
| Net                  increase in cash and cash equivalents                                                                 |   |                                                             | 166 |   |   | 868 |   |
| Cash                  and cash equivalents at beginning of period                                                          |   |                                                             | 15,138 |   |   | 14,036 |   |
| Cash                  and cash equivalents at end of period                                                                |   | $                                                                | 15,304 |   | $ | 14,904 |   |
|                                                                                                                       |   |                                                             |   |   |   |   |   |
| Supplemental                  disclosure of non-cash investing activities:                                                 |   |                                                             |   |   |   |   |   |
| Tender                  or surrender of the Company’s common stock for:                                              |   |                                                             |   |   |   |   |   |
| Principal                  and interest payments on notes receivable from employees                                        |   |                                                             | -- |   |   | 181 |   |
| Stock                  option exercise costs                                                                               |   |                                                             | 35 |   |   | 39 |   |

----

|                                                                                                                                                                |   | Three                  Months EndedJune                  30,  | Six                  Months EndedJune                  30, |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|------------------------------------------------------------|
|                                                                                                                                                           |   |                                                               | 2005                                                       |   |   | 2004 |   |   | 2005 |   |   | 2004 |   |
| Net                  income (loss)                                                                                                                             |   | $                                                                  | (40                                                        | ) | $ | 109 |   | $ | (90 | ) | $ | 236 |   |
| Weighted                  average number of shares outstanding:                                                                                                |   |                                                               |                                                       |   |   |   |   |   |   |   |   |   |   |
| Common                  stock                                                                                                                                  |   |                                                               | 3,507                                                      |   |   | 3,490 |   |   | 3,495 |   |   | 3,492 |   |
| Common                  stock equivalents - stock options                                                                                                      |   |                                                               | 69                                                         |   |   | 78 |   |   | 69 |   |   | 87 |   |
|                                                                                                                                                           |   |                                                               | 3,576                                                      |   |   | 3,568 |   |   | 3,564 |   |   | 3,579 |   |
| Net                  income (loss) per share:                                                                                                                  |   |                                                               |                                                       |   |   |   |   |   |   |   |   |   |   |
| Basic                  - based on weighted average number of shares of common stock                  outstanding                                               |   | $                                                                  | (.01                                                       | ) | $ | .03 |   | $ | (.03 | ) | $ | .07 |   |
| Diluted                  - based on weighted average numberof                  shares of common stock and common stockequivalents                  outstanding |   | $                                                                  | (.01                                                       | ) | $ | .03 |   | $ | (.03 | ) | $ | .07 |   |

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|                                        |   | June                  30,  |
|----------------------------------------|--------|---------------------------------|
|                                   |   |                            | 2005 |   |   | 2004 |   |
| Hobson                  Note           |   | $                               | 1,000 |   | $ | -- |   |
| Graham                  Mortgage Loans |   |                            | 553 |   |   | 1,550 |   |
|                                   |   | $                               | 1,553 |   | $ | 1,550 |   |
|                                   |   |                            |   |   |   |   |   |

*Hobson        Note*

*Accounting        for Sales of Real Estate*

*Graham        Mortgage Loans*

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*Accounting        for Stock Issued to Employees*
*Accounting        for Stock-Based Compensation *
*Accounting        for Stock-Based Compensation-Transition and Disclosure-an Amendment of FASB        Statement 123*
*i.e.*

|                                                                                                                                                                                                               |   | Six                  Months EndedJune                  30,  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------|
|                                                                                                                                                                                                          |   |                                                             | 2005 |   |   | 2004 |   |
|                                                                                                                                                                                                          |   |                                                             |   |   |   |   |   |
| Net                  income (loss)                                                                                                                                                                            |   | $                                                                | (90 | ) | $ | 236 |   |
| Less:                  Total stock based employee compensation expense determined under                  fair                  value based method for all awards, net of related tax                  effects |   |                                                             | -- |   |   | (19 | ) |
| Pro                  Forma net income (loss)                                                                                                                                                                  |   | $                                                                | (90 | ) | $ | 217 |   |
|                                                                                                                                                                                                          |   |                                                             |   |   |   |   |   |
| Net                  income (loss) per share:                                                                                                                                                                 |   |                                                             |   |   |   |   |   |
| Basic:                                                                                                                                                                                                        |   |                                                             |   |   |   |   |   |
| As                  reported                                                                                                                                                                                  |   | $                                                                | (.03 | ) | $ | .07 |   |
| Pro                  Forma                                                                                                                                                                                    |   | $                                                                | (.03 | ) | $ | .06 |   |
|                                                                                                                                                                                                          |   |                                                             |   |   |   |   |   |
| Diluted:                                                                                                                                                                                                      |   |                                                             |   |   |   |   |   |
| As                  reported                                                                                                                                                                                  |   | $                                                                | (.03 | ) | $ | .07 |   |
| Pro                  Forma                                                                                                                                                                                    |   | $                                                                | (.03 | ) | $ | .06 |   |

----

|                                                                                                               |   | Three                  Months EndedJune                  30,  |
|-------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|
|                                                                                                                    |   |                                                               | 2005 |   |   | 2004 |   |
|                                                                                                                    |   |                                                               |   |   |   |   |   |
| Balance                  at beginning of period                                                                         |   | $                                                                  | (59 | ) | $ | (29 | ) |
| Unrealized                  gains (losses) from marketable equity securities, net of income                  taxes      |   |                                                               | 43 |   |   | (32 | ) |
| Reclassification                  adjustment for gains from sales of securities included in net                  income |   |                                                               | 5 |   |   | -- |   |
| Valuation                  adjustment for unrealized losses from securities included in net                  income     |   |                                                               | 27 |   |   | -- |   |
| Balance                  at end of period                                                                               |   | $                                                                  | 16 |   | $ | (61 | ) |

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|   | 31.1 |   |   | Certification                  of Brian P. Burns, Chairman of the                  Board |
|--------|------|--------|--------|------------------------------------------------------------------------------------------|

|   |   |   |   | and                  Chief Executive Officer of BF Enterprises, Inc., pursuant                  to |
|--------|--------|--------|--------|----------------------------------------------------------------------------------------------------|

|   |   |   |   | Rule                  13a-14(a) of the Securities Exchange Act of                  1934. |
|--------|--------|--------|--------|------------------------------------------------------------------------------------------|

|   | 31.2 |   |   | Certification                  of S. Douglas Post, Vice President,                  Treasurer |
|--------|------|--------|--------|-----------------------------------------------------------------------------------------------|

|   |   |   |   | and                  Chief Financial Officer of BF Enterprises, Inc., pursuant                  to |
|--------|--------|--------|--------|----------------------------------------------------------------------------------------------------|

|   |   |   |   | Rule                  13a-14(a) of the Securities Exchange Act of                  1934. |
|--------|--------|--------|--------|------------------------------------------------------------------------------------------|

|   | 32.1 |   |   | Certification                  of Brian P. Burns, Chairman of the                  Board |
|--------|------|--------|--------|------------------------------------------------------------------------------------------|

|   |   |   |   | and                  Chief Executive Officer of BF Enterprises, Inc., pursuant                  to |
|--------|--------|--------|--------|----------------------------------------------------------------------------------------------------|

|   |   |   |   | 18                  U.S.C. Section 1350. |
|--------|--------|--------|--------|------------------------------------------|

|   | 32.2 |   |   | Certification                  of S. Douglas Post, Vice President, Treasurer |
|--------|------|--------|--------|------------------------------------------------------------------------------|

|   |   |   |   | and                  Chief Financial Officer of BF Enterprises, Inc., pursuant                  to |
|--------|--------|--------|--------|----------------------------------------------------------------------------------------------------|

|   |   |   |   | 18                  U.S.C. Section 1350. |
|--------|--------|--------|--------|------------------------------------------|

|   | (b) |   | Reports                  on Form 8-K. |
|--------|-----|--------|---------------------------------------|

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|                                          |                                                               |                                     |
|-----------------------------------------------|--------------------------------------------------------------------|------------------------------------------|
|                                          | **BF                  ENTERPRISES, INC.**                          |
|                                     |                                                          |                                |
| Date: August                    12, 2005 | By:                                                      | /s/ Brian                  P. Burns |
|                                          |                                                                    |
|                                          | Chairman                  of the Board and Chief Executive Officer |

|                                        |                                                                                    |                                      |
|---------------------------------------------|-----------------------------------------------------------------------------------------|-------------------------------------------|
|                                        | **BF                  ENTERPRISES, INC.**                                               |
|                                   |                                                                               |                                 |
| Date: August                  12, 2005 | By:                                                                           | /s/ S.                  Douglas Post |
|                                        |                                                                                         |
|                                        | Vice                  President, Treasurer and Chief Financial                  Officer |

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