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 *
GREENBAUM DAVID R
   2. Issuer Name and Ticker or Trading Symbol
VORNADO REALTY TRUST [VNO] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President - NY Office Division
(Last)
(First)
(Middle)
888 SEVENTH AVENUE		 3. Date of Earliest Transaction (Month/Day/Year)
05/29/2007
(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

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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option (Right to Buy) (1) (2)               (3) 01/12/2008 Common Shares 2,095 (4)   153,068 D  
Options (Right to Buy) (1) (5)               (3) 02/16/2009 Common Shares 2,094 (4)   153,067 D  
Options (Right to Buy) (1) (6)               (3) 03/02/2010 Common Shares 7 (4)   589 D  
Options (Right to Buy) (1) (7)               (3) 01/28/2012 Common Shares 659 (4)   48,211 D  
Options (Right to Buy) (1) (8)               (3) 01/28/2012 Common Shares 541 (4)   39,557 D  
Options (Right to Buy) (1) (9)               (3) 01/28/2012 Common Shares 540 (4)   39,444 D  
Options (Right to Buy) (1) (10)               (3) 02/08/2015 Common Shares 345 (4)   25,345 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
GREENBAUM DAVID R
888 SEVENTH AVENUE
NEW YORK, NY 10019		       President - NY Office Division  

Signatures

 /s/ David R. Greenbaum   05/30/2007
**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) On May 29, 2007, the Compensation Committee of the Board of Trustees of the Issuer approved the calculation of adjustments to the outstanding options issued to the Reporting Person under the Issuer's Omnibus Stock Plans, to reflect the payment of two extraordinary dividends to the Issuer's holders of its Common Shares, one extraordinary dividend of $.77 per Common Share paid December 30, 2005 and the other of $.54 per Common Share paid November 21, 2006 (collectively, the "Adjustment").
(2) As a result of the Adjustment, the exercise price of the outstanding options granted to the Reporting Person was reduced from $45.0204 to $44.4037.
(3) Immediately.
(4) As a result of the Adjustment, this number of additional options was granted to the Reporting Person under this previous award.
(5) As a result of the Adjustment, the exercise price of the outstanding options granted to the Reporting Person was reduced from $33.3461 to $32.8893.
(6) As a result of the Adjustment, the exercise price of the outstanding options granted to the Reporting Person was reduced from $30.5828 to $30.1638.
(7) As a result of the Adjustment, the exercise price of the outstanding options granted to the Reporting Person was reduced from $41.8584 to $41.2850.
(8) As a result of the Adjustment, the exercise price of the outstanding options granted to the Reporting Person was reduced from $41.9799 to $41.4048.
(9) As a result of the Adjustment, the exercise price of the outstanding options granted to the Reporting Person was reduced from $42.1008 to $41.5241.
(10) As a result of the Adjustment, the exercise price of the outstanding options granted to the Reporting Person was reduced from $71.275 to $70.2986.

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