Exhibit 23.1


                         Consent of Independent Auditors


We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 333-39743 and No. 333-72725) pertaining to the Amended and Restated 1997
Long Term  Incentive  Stock Plan,  and Amended and  Restated  1997  Non-Employee
Director Stock Plan of Capital Trust, Inc. of our report dated February 9, 2001,
with respect to the consolidated  financial  statements and schedules of Capital
Trust,  Inc.  included  in the  Annual  Report  (Form  10-K) for the year  ended
December 31, 2000.

                                          /s/ Ernst & Young LLP


New York, New York
April 2, 2001