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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 EUAm9xNZ60lJEsTT1u6qV5Dqelx8RiPe6vDptahGmSTGbbTB3x5+nxltVNJqO0fR
 rlT1c19e30IKiWuyVHPNSw==

<SEC-DOCUMENT>0001209191-03-018912.txt : 20030825
<SEC-HEADER>0001209191-03-018912.hdr.sgml : 20030825
<ACCEPTANCE-DATETIME>20030825202845
ACCESSION NUMBER:		0001209191-03-018912
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030821
FILED AS OF DATE:		20030825

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FELMAN MICHELLE
		CENTRAL INDEX KEY:			0001246476

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11954
		FILM NUMBER:		03865289

	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>bny89582_bny001mf.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-08-21</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000899689</issuerCik><issuerName>VORNADO REALTY TRUST</issuerName>        <issuerTradingSymbol>VNO</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001246476</rptOwnerCik><rptOwnerName>FELMAN MICHELLE</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1></rptOwnerStreet1><rptOwnerStreet2></rptOwnerStreet2><rptOwnerCity>NEW YORK</rptOwnerCity><rptOwnerState>NY</rptOwnerState><rptOwnerZipCode>10019</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Executive VP - Acquisitions</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeTable
><nonDerivativeTransaction><securityTitle><value>common shares</value></securityTitle><transactionDate><value>2003-08-21</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>2200</value></transactionShares><transactionPricePerShare><value>34.4375</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>6200</value><footnoteId id="F1" /></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>common shares</value></securityTitle><transactionDate><value>2003-08-21</value></transactionDate><transactionCoding><tran
sactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>2200</value></transactionShares><transactionPricePerShare><value>46.7864</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>4000</value><footnoteId id="F1" /></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>Options (right to buy)</value></securityTitle><conversionOrExercisePrice><value>34.4375</value></conversionOrExercisePrice><transactionDate><value>2003-08-21</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transacti
onCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>2200</value></transactionShares><transactionPricePerShare><value>0</value><footnoteId id="F2" /></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><footnoteId id="F2" /></exerciseDate><expirationDate><value>2010-10-13</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>common shares</value></underlyingSecurityTitle><underlyingSecurityShares><value>2200</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>113800</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">4,000 of these common shares are ???restricted 
stock??? under the terms of the Vornado Realty Trust 2002 Omnibus Share Plan and were granted to Ms. Felman on January 28, 2003.  Twenty percent of these shares of restricted stock 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><footnote id="F2">These options owned by Ms. Felman were granted on October 13, 2000 and are exercisable up to 34% of the shares on the same date 12 months from the date of grant, and an additional 33% in each of the succeeding anniversaries thereafter.</footnote></footnotes><ownerSignature><signatureName>/s/ Michelle Felman</signatureName><signatureDate>2003-08-21</signatureDate></ownerSignature></ownershipDocument>

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</TEXT>
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</SEC-DOCUMENT>
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