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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 L4gv2riZlBoLiIcNxTqx7wV1ylyM+xxIRowCzyTYAnJtxGFeVIHakcWlxSiF/5+E
 yQwyujakWkQcbV1b0bgG5A==

<SEC-DOCUMENT>0001179110-05-008061.txt : 20050422
<SEC-HEADER>0001179110-05-008061.hdr.sgml : 20050422
<ACCEPTANCE-DATETIME>20050422175110
ACCESSION NUMBER:		0001179110-05-008061
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050420
FILED AS OF DATE:		20050422
DATE AS OF CHANGE:		20050422

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAMERCY CAPITAL CORP
		CENTRAL INDEX KEY:			0001287701
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				061722127
		STATE OF INCORPORATION:			MD

	BUSINESS ADDRESS:	
		STREET 1:		420 LEXINGTON AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10170
		BUSINESS PHONE:		2125942700

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MATHIAS ANDREW W
		CENTRAL INDEX KEY:			0001275645

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32248
		FILM NUMBER:		05768382

	BUSINESS ADDRESS:	
		STREET 1:		SL GREEN REALTY CORP
		STREET 2:		420 LEXINGTON AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10170
		BUSINESS PHONE:		2125942700
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-04-20</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001287701</issuerCik>
        <issuerName>GRAMERCY CAPITAL CORP</issuerName>
        <issuerTradingSymbol>GKK</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001275645</rptOwnerCik>
            <rptOwnerName>MATHIAS ANDREW W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O SL GREEN REALTY CORP.</rptOwnerStreet1>
            <rptOwnerStreet2>420 LEXINGTON AVENUE 19TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10170</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Investment Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Options to purchase Common Stock, par value $0.001 per share</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>19.85</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-04-20</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>25000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2015-04-20</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, par value $0.001 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>25000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>80000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The option vests in three installments with one-third vesting on April 20, 2006, one-third vesting on April 20, 2007 and the final third vesting on April 20, 2008.</footnote>
        <footnote id="F2">Not applicable.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Andrew S. Levine</signatureName>
        <signatureDate>2005-04-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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