Exhibit 23.1

                         Consent of Independent Auditors

We  consent to the  reference  to our firm under the  caption  "Experts"  in the
Registration  Statement (Form S-3 No.  33_______________) and related Prospectus
of Capital Trust Inc. for the  registration of 22,036,581  shares of its class A
common stock and to the  incorporation by reference  therein of our report dated
February 14, 2002 except for note 26, as to which the date is February 28, 2002,
with respect to the  consolidated  financial  statements  of Capital  Trust Inc.
included in its Annual Report (Form 10-K) for the year ended  December 31, 2002,
filed with the Securities and Exchange Commission.



/s/ Ernst & Young LLP

New York, New York
March 5, 2003