Edgar Filing: Newkirk Realty Trust, Inc.

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 ^*

VORNADO REALTY TRUST

2. Issuer Name and Ticker or Trading Symbol
Newkirk Realty Trust, Inc. [NKT]

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

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

(Last)

(First)

(Middle)

888 SEVENTH AVE

3. Date of Earliest Transaction (Month/Day/Year)
12/31/2006

(Street)

NEW YORK, NY 10019

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ 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

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

Units of LP Interest in the Newkirk Master LP ("Units")

⁽¹⁾

12/31/2006

D⁽³⁾

10,186,991

⁽²⁾

⁽⁴⁾

Common Stock, par value $.01

10,186,991

⁽³⁾

0 ⁽³⁾

see ⁽⁵⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
VORNADO REALTY TRUST 888 SEVENTH AVE NEW YORK, NY 10019		X
VORNADO REALTY LP PARK 80 WEST PLAZA II SADDLE BROOK, NJ 07663		X

Signatures

Joseph Macnow-Executive Vice President of Vornado Realty Trust		01/03/2007
^**Signature of Reporting Person		Date
Joseph Macnow-Executive Vice President of Vornado Realty, L. P.		01/03/2007
^**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)	The Newkirk Master Limited Partnership is the operating partnership of Newkirk Realty Trust, Inc. (the "Issuer"). The Units are redeemable for cash or, at the option of the Issuer, shares of common stock, par value $.01 per share of the Issuer on a one for one basis.
(2)	Units may currently be redeemed for cash or, at the election of the Issuer, shares of common stock of the Issuer.
(3)	Disposition is being reported solely to disclose that, pursuant to the merger of the Issuer into Lexington Corporate Properties Trust ("Lexington"), the Units became redeemable for cash or, at the election of Lexington, common shares of beneficial interest, par value $.0001 per share, of Lexington. Upon consummation of the merger The Newkirk Master Limited Partnership effected a .80 for 1 unit split resulting in the Reporting Person holding a total of 8,149,592.8 units which are redeemable for cash or, at the election of Lexington, common shares of beneficial interest in Lexington on a one for one basis.
(4)	There is no expiration date.
(5)	Consists of (i) 7,661,976 Units owned by Vornado Realty, L.P., ("Vornado") (ii) 1,486,164 Units owned by Vornado Newkirk LLC, a wholly-owned subsidiary of Vornado, and (iii) 1,038,851 Units owned by VNK L.L.C., a wholly-owned subsidiary of Vornado.

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