Edgar Filing: ROTH STEVEN

Ownership Submission

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 ^*

ROTH STEVEN

2. Issuer Name and Ticker or Trading Symbol
VORNADO REALTY TRUST [VNO]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Chairman & CEO

(Last)

(First)

(Middle)

888 SEVENTH AVENUE

3. Date of Earliest Transaction (Month/Day/Year)
12/27/2006

(Street)

NEW YORK, NY 10019

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)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares	12/27/2006		S		3,800	D	$ 120	1,913,508 ⁽¹⁾	D
Common Shares	12/27/2006		S		3,563	D	$ 120.01	1,909,945 ⁽¹⁾	D
Common Shares	12/27/2006		S		500	D	$ 120.02	1,909,445 ⁽¹⁾	D
Common Shares	12/27/2006		S		2,000	D	$ 120.03	1,907,445 ⁽¹⁾	D
Common Shares	12/27/2006		S		700	D	$ 120.04	1,906,745 ⁽¹⁾	D
Common Shares	12/27/2006		S		4,200	D	$ 120.05	1,902,545 ⁽¹⁾	D
Common Shares	12/27/2006		S		2,300	D	$ 120.06	1,900,245 ⁽¹⁾	D
Common Shares	12/27/2006		S		1,200	D	$ 120.07	1,899,045 ⁽¹⁾	D
Common Shares	12/27/2006		S		3,000	D	$ 120.08	1,896,045 ⁽¹⁾	D
Common Shares	12/27/2006		S		2,900	D	$ 120.09	1,893,145 ⁽¹⁾	D
Common Shares	12/27/2006		S		1,900	D	$ 120.1	1,891,245 ⁽¹⁾	D
Common Shares	12/27/2006		S		1,700	D	$ 120.11	1,889,545 ⁽¹⁾	D
Common Shares	12/27/2006		S		100	D	$ 120.12	1,889,445 ⁽¹⁾	D
Common Shares	12/27/2006		S		500	D	$ 120.13	1,888,945 ⁽¹⁾	D
Common Shares	12/27/2006		S		200	D	$ 120.14	1,888,745 ⁽¹⁾	D
Common Shares	12/27/2006		S		1,337	D	$ 120.15	1,887,408 ⁽¹⁾	D
Common Shares	12/27/2006		S		600	D	$ 120.16	1,886,808 ⁽¹⁾	D
Common Shares	12/27/2006		S		2,700	D	$ 120.17	1,884,108 ⁽¹⁾	D
Common Shares	12/27/2006		S		1,100	D	$ 120.18	1,883,008 ⁽¹⁾	D
Common Shares	12/27/2006		S		1,200	D	$ 120.19	1,881,808 ⁽¹⁾	D
Common Shares	12/27/2006		S		900	D	$ 120.2	1,880,908 ⁽¹⁾	D
Common Shares	12/27/2006		S		400	D	$ 120.21	1,880,508 ⁽¹⁾	D
Common Shares	12/27/2006		S		200	D	$ 120.22	1,880,308 ⁽¹⁾	D
Common Shares	12/27/2006		S		1,300	D	$ 120.23	1,879,008 ⁽¹⁾	D
Common Shares	12/27/2006		S		700	D	$ 120.26	1,878,308 ⁽¹⁾	D
Common Shares	12/27/2006		S		1,000	D	$ 120.27	1,877,308 ⁽¹⁾	D
Common Shares								5,600	I	Held by Foundation ⁽²⁾
Common Shares								36,000	I	Held by Spouse ⁽³⁾
Common Shares								7,943,000	I	Held by Partnership ⁽⁴⁾

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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
ROTH STEVEN 888 SEVENTH AVENUE NEW YORK, NY 10019	X		Chairman & CEO

Signatures

/s/ Steven Roth		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)	38,100 of these Common Shares are issued as "restricted stock" under the terms of the Vornado Realty Trust 2002 Omnibus Share Plan (the "Plan"), with each original grant vesting in equal portions over a five year period. Of these 38,100 Common Shares, (i) 15,000 Common Shares of restricted stock remain to vest ratably in January of 2007 and 2008, (ii) 13,860 Common Shares of restricted stock remain to vest ratably in January of 2007, 2008 and 2009 and (iii) 9,240 Common Shares of restricted stock remain to vest ratably in January 2007, 2008, 2009 and 2010.
(2)	These Common Shares are held by the Daryl and Steven Roth Foundation, over which Mr. Roth holds sole voting and investment power. Mr. Roth disclaims any pecuniary interest in these Common Shares.
(3)	These Common Shares are held by Mr. Roth's spouse. The filing of this Form 4 shall not be deemed an admission that Mr. Roth is the beneficial owner of the Common Shares.
(4)	These Common Shares are held by Interstate Properties, a New Jersey general partnership of which Mr. Roth is the managing general partner. The filing of this Form 4 shall not be deemed an admission that Mr. Roth is the beneficial owner of these 7,943,000 Common Shares, except to the extent of his pecuniary interest.

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