FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * RECHLER SCOTT H   2. Issuer Name and Ticker or Trading Symbol RECKSON ASSOCIATES REALTY CORP [RA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chief Executive Officer (Last) (First) (Middle) C/O RECKSON ASSOCIATES REALTY CORP., 625 RECKSON PLAZA 3. Date of Earliest Transaction (Month/Day/Year) 12/22/2006 (Street) UNIONDALE, NY 11556 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock (1) 12/22/2006   M   50,000 A $ 25.666 458,187 D   Common Stock (1) 12/22/2006   S   150 D $ 45.29 458,037 D   Common Stock (1) 12/22/2006   S   250 D $ 45.33 457,787 D   Common Stock (1) 12/22/2006   S   100 D $ 45.34 457,687 D   Common Stock (1) 12/22/2006   S   750 D $ 45.35 456,937 D   Common Stock (1) 12/22/2006   S   400 D $ 45.36 456,537 D   Common Stock (1) 12/22/2006   S   2,250 D $ 45.37 454,287 D   Common Stock (1) 12/22/2006   S   2,700 D $ 45.38 451,587 D   Common Stock (1) 12/22/2006   S   750 D $ 45.39 450,837 D   Common Stock (1) 12/22/2006   S   950 D $ 45.4 449,887 D   Common Stock (1) 12/22/2006   S   350 D $ 45.41 449,537 D   Common Stock (1) 12/22/2006   S   1,200 D $ 45.42 448,337 D   Common Stock (1) 12/22/2006   S   4,100 D $ 45.43 444,237 D   Common Stock (1) 12/22/2006   S   3,550 D $ 45.44 440,687 D   Common Stock (1) 12/22/2006   S   6,198 D $ 45.45 434,489 D   Common Stock (1) 12/22/2006   S   1,502 D $ 45.46 432,987 D   Common Stock (1) 12/22/2006   S   900 D $ 45.47 432,087 D   Common Stock (1) 12/22/2006   S   293 D $ 45.48 431,794 D   Common Stock (1) 12/22/2006   S   495 D $ 45.49 431,299 D   Common Stock (1) 12/22/2006   S   10,061 D $ 45.5 421,238 D   Common Stock (1) 12/22/2006   S   6,601 D $ 45.51 414,637 D   Common Stock (1) 12/22/2006   S   5,700 D $ 45.52 408,937 D   Common Stock (1) 12/22/2006   S   650 D $ 45.53 408,287 D   Common Stock (1) 12/22/2006   S   100 D $ 45.54 408,187 (2) D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (Right to Buy) (1)

$ 25.666

12/22/2006

M

50,000

01/09/1998

01/09/2008

Common Stock

50,000

(3)

26,750

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
RECHLER SCOTT H C/O RECKSON ASSOCIATES REALTY CORP. 625 RECKSON PLAZA UNIONDALE, NY 11556	X		Chief Executive Officer

Signatures

/s/ Scott H. Rechler		12/27/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	On December 22, 2006, the registrant exercised employee stock options for an aggregate of 50,000 shares of common stock of Reckson Associates Realty Corp. (the "Company"), and subsequently sold such shares in the open market.
(2)	Includes 646 shares owned through the Company's 401(k) Plan. Mr. Rechler indirectly holds 2,929 shares of common stock in trust for his children, beneficial ownership of which is disclaimed by Mr. Rechler.
(3)	N/A.

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