-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 MKODIHgul2yaOYzU3ag1UQ==

<SEC-DOCUMENT>0000891836-03-000431.txt : 20030716
<SEC-HEADER>0000891836-03-000431.hdr.sgml : 20030716
<ACCEPTANCE-DATETIME>20030716160425
ACCESSION NUMBER:		0000891836-03-000431
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030714
FILED AS OF DATE:		20030716

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LARNER PAUL
		CENTRAL INDEX KEY:			0001246481

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11954
		FILM NUMBER:		03789496

	BUSINESS ADDRESS:	
		STREET 1:		888 SEVENTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2128947000

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VORNADO REALTY TRUST
		CENTRAL INDEX KEY:			0000899689
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				221657560
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		888 SEVENTH AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2015871000

	MAIL ADDRESS:	
		STREET 1:		888 SEVENTH AVE
		CITY:			NEW YORK
		STATE:			NJ
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>sc0231-03_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   04/22/03  TZ    -->
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-07-14</periodOfReport>
    <issuer>
        <issuerCik>0000899689</issuerCik>
        <issuerName>VORNADO REALTY TRUST</issuerName>
        <issuerTradingSymbol>VNO</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
      <reportingOwnerId>
            <rptOwnerCik>0001246481</rptOwnerCik>
            <rptOwnerName>LARNER PAUL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>Exec. V.P.-Chief Admin. Off.</officerTitle>
       </reportingOwnerRelationship>
   </reportingOwner>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>common shares of beneficial interest (&quot;Common Shares&quot;)</value>
      </securityTitle>
      <transactionDate>
         <value>2003-07-14</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>X</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>21719</value>
         </transactionShares>
         <transactionValue>
           <value>30.39</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>67307</value>
            <footnoteId id="F1"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeSecurity>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>Common Shares</value>
      </securityTitle>
      <transactionDate>
         <value>2003-07-14</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>21719</value>
         </transactionShares>
         <transactionValue>
           <value>44.3784</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>45588</value>
            <footnoteId id="F1"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeSecurity>
   <derivativeSecurity>
      <securityTitle>
         <value>employee stock option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>30.39</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-07-14</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>X</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>21719</value>
         </transactionShares>
         <transactionValue>
           <value>0</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2002-01-01</value>
      </exerciseDate>
      <expirationDate>
         <value>2007-01-01</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Shares</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>21719</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>0</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeSecurity>
   <footnotes>
<footnote id="F1"> 24,811 of these Common Shares are &quot;restricted stock&quot;under the terms of the Vorando Realty Trust 2002 Omnibus Share Plan. 5,266 of these 24,811 Common Shares will vest on January 1, 2004 and 5,265 will vest on each of January 1, 2005, January 1, 2006 and January 1, 2007, subject to the terms of the plan. 750 of these 24,811 will vest on each of January 28, 2004, January 28, 2005, January 28, 2006, January 28, 2007 and January 28, 2008, subject to the terms of the plan.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>/s/ Paul F. Larner</signatureName>
      <signatureDate>2003-07-16</signatureDate>
   </ownerSignature>
</ownershipDocument>

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