UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                  Schedule 13G

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 1 )*


                              Kranzco Realty Trust
                                (Name of Issuer)

                     Common Stock, par value $ .01 per share
                         (Title of Class of Securities)

                                    50076E103
                                 (CUSIP Number)




Check the following box if a fee is being paid with this statement []. (A fee is
not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



                              (Continued on the following page(s))
                                      Page 1 of  4   Pages







                                                                     Page 2 of 4




CUSIP NO.    50076E103

(1)       Names of Reporting Persons S.S. or I.R.S. Identification Nos. of 
          Above Persons:

          First Union Corporation           56-0898180


(2)       Check the Appropriate Box if a Member of a Group (See Instructions)
          (a)   [ ]
          (b)   [ ]


(3)       SEC Use Only


(4)       Citizenship or Place of Organization:

          North Carolina


Number of Shares              (5)   Sole Voting Power          817,600
                                    ------------------------   -------
Beneficially                  (6)   Shared Voting Power         25,000
                                    ------------------------   -------
Owned by Each                 (7)   Sole Dispositive Power     841,800
                                    ------------------------   -------
Reporting Person With:        (8)   Shared Dispositive Power       800
                                    ------------------------   -------


(9)   Aggregate Amount Beneficially Owned by Each Reporting Person

      842,600

(10)  Check if the Aggregate Amount in Row 9 Excludes Certain Shares (See 
      Instructions) [ ]


(11)  Percent of Class Represented by Amount in Row 9

      8.16%  (based on   10,324,000   shares outstanding on  12/31/95)
                       --------------

(12)  Type of Reporting Person (See Instructions)

      First Union Corporation (HC)












                                                                    Page 3 of 4
Item 1(a)   Name of Issuer:

            Kranzco Realty Trust

Item 1(b)   Address of Issuer's Principal Executive Offices:

            128 Fayette Steet
            Conshohocken, PA  19428

Item 2(a)   Name of Person Filing:

            First Union Corporation

Item 2(b)   Address of Principal Business Office or, if none, Residence:

            One First Union Center
            Charlotte, North Carolina 28288-0137

Item 2(c)   Citizenship:

            North Carolina

Item 2(d)   Title of Class of Securities:

            Common Stock

Item 2(e)   CUSIP Number:

            50076E103

Item 3      If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
            check whether the person filing is a:

             (g)      [X]  Parent Holding Company, in accordance with section 
                      240.13d-1(b) (ii) (G)

Item 4       Ownership.


                                                                           
(a)             Amount Beneficially Owned:                                842,600
                                                                          -------
(b)             Percent of Class:                                            8.16%
                                                                          -------
(c)             Number of shares as to which such person has:
        (I)     sole power to vote or to direct the vote                  817,600
                                                                          -------
        (ii)    shared power to vote or to direct the vote                 25,000
                                                                          -------
        (iii)   sole power to dispose or to direct the disposition of     841,800
                                                                          -------
        (iv)    shared power to dispose or to direct the disposition of       800
                                                                          -------



Item 5       Ownership of Five Percent or Less of a Class.

             Not applicable

Item 6       Ownership of More Than Five Percent on Behalf of Another Person.

             Not applicable





                                                                    Page 4 of 4

Item 7       Identification and Classification of the Subsidiary Which Acquired
             the Security Being Reported on by the Parent Holding Company.

             Evergreen Asset Management Group                       13-2682544

             First Union Corporation is filing this schedule pursuant to Rule
             13d-1(b)(ii)(G) as indicated under Item 3(g). The relevant
             subsidiaries are Evergreen Asset Management Group (IA) and Lieber
             and Company (IA). Such subsidiaries are investment advisers for
             mutual funds and other clients. The securities being reported on
             are beneficially owned by such mutual funds or other clients.


Item 8       Identification and Classification of Members of the Group.

             Not applicable

Item 9       Notice of Dissolution of Group.

             Not applicable

Item 10      Certification.

             By signing below, I certify that, to the best of my knowledge and
             belief, the securities referred to above were acquired in the
             ordinary course of business and were not acquired for the purpose
             of and do not have the effect of changing or influencing the
             control of the issuer of such securities and were not acquired in
             connection with or as a participant in any transaction having such
             purposes or effect.


Signature.

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.

FIRST UNION CORPORATION

February 12, 1996
Date




Signature

Dorothy F. Crowe,  Assistant Vice President & Compliance Officer