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)
Code V Amount (A) or (D) Price
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)

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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

Reporting Owners

Reporting Owner Name / Address Relationships
 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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