Exhibit 23.1



                         Consent of Independent Auditors

We  consent to the  reference  to our firm under the  caption  "Experts"  in the
Registration  Statement  (Form S-3 No.  333-_______)  and related  Prospectus of
Capital  Trust,  Inc. for the  registration  of 8,276,019  shares of its class A
common stock and to the  incorporation by reference  therein of our report dated
February 14, 2003,  with respect to the  consolidated  financial  statements  of
Capital Trust, Inc. included in its Annual Report (Form 10-K) for the year ended
December 31, 2002, filed with the Securities and Exchange Commission.

                                                           /s/ Ernst & Young LLP

New York, New York
July 10, 2003