**EXHIBIT 31.2**

**CERTIFICATION      OF PRINCIPAL FINANCIAL OFFICER**

**Pursuant      to 18 U.S.C. 1350**

**Section 302(a)      of the Sarbanes-Oxley Act of      2002**

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|   |       a) designed such              disclosure controls and procedures, or caused such disclosure controls              and              procedures to be designed under our supervision, to ensure that material              information relating to the Registrant, including its consolidated              subsidiaries, is made known to us by others within those entities,              particularly during the period in which this Report is being              prepared;                 |
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|   |       b) designed such              internal control over financial reporting, or caused such internal              control              over financial reporting to be designed under our supervision, to provide              reasonable assurance regarding the reliability of financial reporting              and              the preparation of financial statements for external purposes in              accordance with generally accepted accounting principles;                        |
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|   |       c) evaluated the              effectiveness of the Registrant’s disclosure controls and procedures and              presented in the Report our conclusions about the effectiveness of              the              disclosure controls and procedures as of the end of the period covered              by              this report based on such evaluation; and                                                                                                                |
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|   |       d) disclosed in the              Report any changes in the Registrant’s internal control over financial              reporting that occurred during the Registrant’s most recent fiscal quarter              (the Registrant’s fourth fiscal quarter in the case of an annual report)              that has materially affected, or is reasonably likely to materially              affect, the Registrant’s internal control over financial              reporting. |

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|   |       a) all significant              deficiencies and material weaknesses in the design or operation of              internal control over financial reporting which are reasonably likely              to              adversely affect the Registrant’s ability to record, process, summarize              and report financial information; and |
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|   |       b) any fraud, whether              or not material, that involves management or other employees who have              a              significant role in the Registrant’s internal control over financial              reporting.                                                                                                                  |

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| Date: December              6, 2006 | By:                                                                                                                                                                                                                                 | /s/ Hillel              Moerman |
|                                     | **Hillel              Moerman**                                                                                                                                                                                                               |
|                                     | Chief                Financial Officer of American                Property Investors, Inc.(Principal                Financial Officer), the General Partner ofAmerican                Real Estate Holdings Limited                Partnership |