Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF 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. Date of Event Requiring Statement (Month/Day/Year)
01/12/2006		 3. Issuer Name and Ticker or Trading Symbol
Newkirk Realty Trust, Inc. [NKT]
(Last)
(First)
(Middle)
888 SEVENTH AVE		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) __X__ Other (specify below)
See Remarks
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

NEW YORK, NY 10019		 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 Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Units of LP Interest in The Newkirk Master LP ("Units") 11/07/2006   (5) Common Stock, par value $0.01 per share ("Common Stock") 7,661,976.12 $ 0 (1) I Through Vornado Realty L.P. (2)
Units 11/07/2006   (5) Common Stock 1,486,165.11 $ 0 (1) I Through Vornado Newkirk L.L.C. (3)
Units 11/07/2006   (5) Common Stock 1,038,851.07 $ 0 (1) I Through VNK L.L.C. (4)

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
VORNADO REALTY TRUST
888 SEVENTH AVE
NEW YORK, NY 10019		   X     See Remarks
VORNADO REALTY LP
888 SEVENTH AVENUE
NEW YORK, NY 10019		   X     See Remarks

Signatures

/s/ Joseph Macnow - Executive Vice President - Finance and Administration, Chief Financial Officer, on behalf of Vornado Realty Trust 01/17/2006
**Signature of Reporting Person Date
/s/ Joseph Macnow - Executive Vice President - Finance and Administration, Chief Financial Officer, on behalf of Vornado Realty L.P. 01/17/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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 will become redeemable by the holder for cash commencing November 7, 2006 or, at the option of the Issuer, shares of Common Stock, par value $0.01 per share, of the Issuer on a one for one basis.
(2) These Units are held directly by Vornado Realty L.P. and are held indirectly by Vornado Realty Trust. Vornado Realty Trust conducts its business through Vornado Realty L.P., a Delaware limited partnership. Vornado Realty Trust is the sole general partner of, an owned approximately 88.9% of the common limited partnership interests in Vornado Realty L.P. as of December 31, 2005. Each reporting person disclaims beneficial ownership of such Units except to the extent of his respective pecuniary interest therein.
(3) These Units are held directly by Vornado Newkirk L.L.C and are held indirectly by Vornado Realty Trust and Vornado Realty L.P. Vornado Newkirk L.L.C. is wholly-owned by Vornado Realty L.P. Each reporting person disclaims beneficial ownership of such Units except to the extent of his respective pecuniary interest therein.
(4) These Units are held directly by VNK L.L.C. and are held indirectly by Vornado Realty Trust and Vornado Realty L.P. VNK L.L.C. is wholly-owned by Vornado Realty L.P. Each reporting person disclaims beneficial ownership of such Units except to the extent of his respective pecuniary interest therein.
(5) None
 
Remarks:
On January 12, 2006, Clifford Broser, Senior Vice President of Vornado Realty Trust, was appointed to the Board of Directors
 of Newkirk Realty Trust, Inc. (the "Issuer") pursuant to a contractual right of Vornado Realty Trust.  The filing of this
 Form 3 shall not be deemed an admission that either Vornado Realty Trust or Vornado Realty L.P. is a director of the Issuer
 by virtue of its appointment of Mr. Broser.

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