Exhibit 23.1



                         Consent of Independent Auditors


We consent to the  incorporation  by  reference in the  Registration  Statements
(Form  S-8 No.  333-39743  and No.  333-72725)  pertaining  to the  Amended  and
Restated  1997 Long  Term  Incentive  Stock  Plan,  Amended  and  Restated  1997
Non-Employee  Director  Stock Plan,  1998 Employee  Stock  Purchase  Plan,  1998
Non-Employee Stock Purchase Plan, and Stock Purchase Loan Plan of Capital Trust,
Inc. of our report  dated  February  14, 2003 with  respect to the  consolidated
financial  statements of Capital Trust, Inc. included in the Annual Report (Form
10-K) for the year ended December 31, 2002.

We consent to the incorporation by reference in the Registration Statement (Form
S-3 No.  333-103662) of Capital Trust, Inc. and in the related Prospectus of our
report  dated  February  14,  2003 with  respect to the  consolidated  financial
statements of Capital Trust, Inc. included in this Annual Report (Form 10-K) for
the year ended December 31, 2002.


                                              /s/ Ernst & Young LLP



New York, New York
March 28, 2003