EXHIBIT 99.4


                          ASTORIA FINANCIAL CORPORATION

                OFFER TO EXCHANGE ANY AND ALL OF ITS OUTSTANDING
                           5.75% SENIOR NOTES DUE 2012
                 FOR ITS 5.75% SENIOR NOTES DUE 2012, SERIES B,
     WHICH HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED


To Our Clients:

         Enclosed for your consideration is a prospectus, dated _______________,
2002 (as the same may be amended and supplemented from time to time, the
"Prospectus"), and the related Letter of Transmittal relating to the offer (the
"Exchange Offer") of Astoria Financial Corporation (the "Company") to exchange
its 5.75% Senior Notes due 2012, Series B for any and all of its outstanding
5.75% Senior Notes due 2012 (the "Old Notes"), upon the terms and subject to the
conditions described in the Prospectus. The Exchange Offer is being made in
order to satisfy certain obligations of the Company contained in the
registration rights agreements, dated as of October 16, 2002 and November 25,
2002, among the Company and the initial purchasers of the Old Notes.

         This material is being forwarded to you as the beneficial owner of the
Old Notes carried by us in your account but not registered in your name. A
TENDER OF SUCH OLD NOTES MAY ONLY BE MADE BY US AS THE HOLDER OF RECORD AND
PURSUANT TO YOUR INSTRUCTIONS.

         Accordingly, we request instructions as to whether you wish us to
tender on your behalf the Old Notes held by us for your account, pursuant to the
terms and conditions set forth in the enclosed Prospectus and Letter of
Transmittal.

         Your instructions should be forwarded to us as promptly as possible in
order to permit us to tender the Old Notes on your behalf in accordance with the
provisions of the Exchange Offer. The Exchange Offer will expire at 5:00 p.m.,
New York City time, on _______________, 2003, or on such later date or time to
which the Company may extend the Exchange Offer. Any Old Notes tendered pursuant
to the Exchange Offer may be withdrawn at any time before the Expiration Date.

         Your attention is directed to the following:

         1.       The Exchange Offer is for any and all Old Notes.

         2.       The Exchange Offer is subject to certain conditions set forth
                  in the Prospectus in the section captioned "The Exchange Offer
                  -- Conditions to the Exchange Offer."

         3.       Any transfer taxes incident to the transfer of Old Notes from
                  the holder to the Company will be paid by the Company, except
                  as set forth in Instruction 14 of the Letter of Transmittal.

         4.       The Exchange Offer expires at 5:00 p.m., New York City time,
                  on _______________, 2003, or on such later date or time to
                  which the Company may extend the Exchange Offer.

         If you wish to have us tender your Old Notes, please so instruct us by
completing, executing and returning to us the instruction form attached to this
letter. THE LETTER OF TRANSMITTAL IS FURNISHED TO YOU FOR INFORMATION ONLY AND
MAY NOT BE USED DIRECTLY BY YOU TO TENDER OLD NOTES.







                 INSTRUCTIONS WITH RESPECT TO THE EXCHANGE OFFER

         The undersigned acknowledge(s) receipt of your letter and the enclosed
material referred to therein relating to the Exchange Offer made by Astoria
Financial Corporation with respect to its Old Notes.

         This will instruct you to tender for exchange the aggregate principal
amount of Old Notes indicated below which are held by you for the account of the
undersigned (or, if no aggregate principal amount is indicated below, all Old
Notes which are held by you for the account of the undersigned), upon and
subject to the terms and conditions set forth in the Prospectus and the related
Letter of Transmittal.*

         The undersigned expressly agrees to be bound by the Letter of
Transmittal and that such Letter of Transmittal may be enforced against the
undersigned.


| |      Please tender the aggregate principal amount of Old Notes held by you
for the account of the undersigned indicated below:**

         $__________________________________

| |      Please do not tender any Old Notes held by you for the account of the
undersigned.



DATED:________________________

                                 _______________________________________________

                                 _______________________________________________
                                                  SIGNATURE(S)

                                 _______________________________________________

                                 _______________________________________________
                                            PLEASE PRINT NAME(S) HERE

                                 _______________________________________________

                                 _______________________________________________
                                                   ADDRESS(ES)

                                 _______________________________________________
                                        AREA CODE AND TELEPHONE NUMBER(S)

                                 _______________________________________________
                                 TAX IDENTIFICATION OR SOCIAL SECURITY NUMBER(S)


*    None of the Old Notes held by us for your account will be tendered unless
     we receive written instructions from you to do so. Unless a specific
     contrary instruction is given in the space provided, your signature(s)
     hereon shall constitute an instruction to us to tender all the Old Notes
     held by us for your account.

**   Tenders of Old Notes will be accepted only in principal amounts of $1,000
     or integral multiples thereof.


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