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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1. Name and Address of Reporting Person * KENNEDY CHRISTOPHER   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 - Merchandise Mart (Last) (First) (Middle) 222 MERCHANDISE MART PLAZA, SUITE 470 3. Date of Earliest Transaction (Month/Day/Year) 01/10/2008 (Street) CHICAGO, IL 60654 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 Common Shares 01/10/2008   M   61,228 A $ 47.4353 70,843 (1) D   Common Shares 01/11/2008   M   9,119 A $ 32.8893 79,962 (1) D   Common Shares 01/11/2008   M   3,314 A $ 30.1638 83,276 (1) D   Common Shares 01/11/2008   M   4,842 A $ 41.285 88,118 (1) D   Common Shares 01/11/2008   M   2,844 A $ 70.2986 90,962 (1) D

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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

Options (Right to Buy)

$ 47.4353

01/10/2008

M

61,228

01/20/1999

01/20/2008

Common Shares

61,228

$ 0

0

D

Options (Right to Buy)

$ 32.8893

01/11/2008

M

9,119

02/16/2000

02/16/2009

Common Shares

9,119

$ 0

0

D

Options (Right to Buy)

$ 30.1638

01/11/2008

M

3,314

03/02/2001

03/02/2010

Common Shares

3,314

$ 0

0

D

Options (Right to Buy)

$ 41.285

01/11/2008

M

4,842

01/28/2003

01/28/2012

Common Shares

4,842

$ 0

24,287

D

Options (Right to Buy)

$ 70.2986

01/11/2008

M

2,844

02/08/2006

02/08/2015

Common Shares

2,844

$ 0

12,768

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
KENNEDY CHRISTOPHER 222 MERCHANDISE MART PLAZA SUITE 470 CHICAGO, IL 60654			President - Merchandise Mart

Signatures

/s/ Christopher G. Kennedy		01/14/2008
**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)	3,154 of these Common Shares were issued as restricted stock and remain unvested under the terms of the Vornado Realty Trust 2002 Omnibus Share plan (the "Plan"), with each original grant vesting in equal portions over a five year period. Of these 3,154 Common Shares, (i) 1,000 Common Shares of restricted stock remain to vest in January of 2008, (ii) 1,230 Common Shares of restricted stock remain to vest ratably in January of 2008 and 2009 and (iii) 924 Common Shares of restricted stock remain to vest ratably in January 2008, 2009 and 2010.

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