<PAGE> 1
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
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(f) of the Investment Company Act of 1940
(Print or Type Responses)
================================================================================
1. Name and Address of Reporting Person*
Vornado Realty L.P.
- --------------------------------------------------------------------------------
(Last) (First) (Middle)
Park 80 West, Plaza II
- --------------------------------------------------------------------------------
(Street)
Saddle Brook NJ 07663
- --------------------------------------------------------------------------------
(City) (State) (Zip)
================================================================================
2. Date of Event Requiring Statement (Month/Day/Year)
7/28/98
================================================================================
3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
================================================================================
4. Issuer Name and Ticker or Trading Symbol:
Capital Trust (CT)
================================================================================
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[ ] Director [ x ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
--------------------------------------------------------------------
================================================================================
6. If Amendment, Date of Original (Month/Day/Year)
================================================================================
7. Individual or Joint/Group Filing (Check applicable line)
[ x ] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
================================================================================
Table I -- Non-Derivative Securities Beneficially Owned
================================================================================
<TABLE>
<CAPTION>
3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr. 5)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
* If the Form is filed by more than one Reporting Person, see Instruction
5(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
<PAGE> 2
FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
================================================================================
<TABLE>
<CAPTION>
5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Derivative Exer- tion of Derivative (I) Ownership
Security (Instr. 4) cisable Date Title Shares Security (Instr.5) (Instr. 5)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
8.25% Step Up last Business Class A Common Shares 4,273,500 85.47 Common D N/A
Convertible Trust Day before of Beneficial Interest, Shares per
Preferred Securities 7/28/98 9/30/2018 par value $1.00 per $1,000 prin-
share, of Capital cipal amount
Trust of Debentures
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
Explanation of Responses:
+ Beneficial ownership of 4,273,500 shares of Class A common shares of
beneficial interest, par value $1.00 per share ("Common Shares"), of Capital
Trust (the "Trust") is being reported hereunder as a result of Vornado Realty
L.P.'s ownership of 50,000 8.25% Step Up Convertible Trust Preferred Securities
(the "Preferred Securities"). The Preferred Securities may be converted into
Debentures of the Trust on the basis of one Preferred Security for each $1,000
principal amount of Debentures, and the Debentures are immediately convertible
into Common Shares of the Trust at an initial rate of 85.47 Common Shares per
$1,000 principal amount of Debentures, subject to adjustment to prevent
dilution.
VORNADO REALTY L.P.
By: Vornado Realty Trust, its general
partner
By: /s/ Irwin Goldberg 8/7/98
-------------------------------- --------------
Name: Irwin Goldberg Date
Title: Vice President - Chief
Financial Officer
**Signature of Reporting Person
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, See Instruction 6 for procedure.
Page 2
SEC 1473 (7-96)