Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statements (i) Form S-3 (No. 333-126938, No. 333-128013 and No. 333-143037) and in the related Prospectus, (ii) Form S-4 (No. 333-147765) and in the related Prospectus, (iii) Form S-8 (No. 333-121051) pertaining to the Gramercy Capital Corp. Equity Incentive Plan,  and (iv) Form S-8 (No. 333-149838) pertaining to the Gramercy Capital Corp. 2008 Employee Stock Purchase Plan of our reports dated March 16, 2009 with respect to the consolidated financial statements and schedules of Gramercy Capital Corp., and the effectiveness of internal control over financial reporting of Gramercy Capital Corp., included in this Annual Report (Form 10-K) for the year ended December 31, 2008.

/s/ Ernst and Young LLP

New York, New York

March 16, 2009