This Prospectus Supplement is
being filed pursuant to Rule
424(b)(3) and 424(c) of the
Securities Act of 1933 and
relates to Registration Statement
No. 33-75554.
June 10, 1996
SUPPLEMENT TO PROSPECTUS
DATED FEBRUARY 22, 1994 OF
KRANZCO REALTY TRUST
Effective December 31, 1995, First Union National Bank
of North Carolina ("First Union") became the successor to First
Fidelity Bank, N.A., as transfer agent of the common shares of
beneficial interest, par value $.01 per share, of Kranzco Realty
Trust.
Accordingly, all references to First Fidelity Bank,
N.A. or the "Agent" contained in the Prospectus are deleted and
in lieu thereof reference is made to First Union.
The address contained in Question 4 ("Administration
- -- Who Administers the Plan?"), Question 6 ("Participation by
Shareholders -- How does an eligible shareholder become a
participant?") and Question 13 ("Optional Cash Payments -- How
are the optional cash payments made?") of the Prospectus is
hereby deleted and the following address is inserted in lieu
thereof:
First Union National Bank
230 South Tryon Street
Charlotte, North Carolina 28288
Attention: Customer Service
