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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HzbjwLZpRT4aDzV/woqR34y4vZgeJTEb786JI7qnlutjSXqQtrNUrGNoqjRZNHdW
 fXwOd0xPAXhoL7hU4jbwbQ==

<SEC-DOCUMENT>0000898822-03-000664.txt : 20030701
<SEC-HEADER>0000898822-03-000664.hdr.sgml : 20030701
<ACCEPTANCE-DATETIME>20030701164108
ACCESSION NUMBER:		0000898822-03-000664
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030627
FILED AS OF DATE:		20030701

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS
		CENTRAL INDEX KEY:			0000037008
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				346513657
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		551 FIFTH AVE
		STREET 2:		STE 1416
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10176
		BUSINESS PHONE:		2129051104

	MAIL ADDRESS:	
		STREET 1:		551 FIFTH AVE
		STREET 2:		SUITE 1416
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10176

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST UNION REALTY
		DATE OF NAME CHANGE:	19691012

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GOTHAM PARTNERS LP /NY/
		CENTRAL INDEX KEY:			0000899983
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06249
		FILM NUMBER:		03768450

	BUSINESS ADDRESS:	
		STREET 1:		110 EAST 42ND ST 18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2122860300

	MAIL ADDRESS:	
		STREET 1:		110 EAST 42 ND ST 18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>july1form4_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   04/22/03  TZ    -->
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-06-27</periodOfReport>
   <notSubjectToSection16>1</notSubjectToSection16>
    <issuer>
        <issuerCik>0000037008</issuerCik>
        <issuerName>FIRST UNION REAL ESTATE EQUITY &amp; MORTGAGE INVESTMENTS</issuerName>
        <issuerTradingSymbol>FUR</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
      <reportingOwnerId>
            <rptOwnerCik>0000899983</rptOwnerCik>
            <rptOwnerName>GOTHAM PARTNERS LP /NY/</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>1</isOther>
         <otherText>Former 10% owner</otherText>
       </reportingOwnerRelationship>
   </reportingOwner>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>Shares of Beneficial Interest</value>
      </securityTitle>
      <transactionDate>
         <value>2003-06-27</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-06-27</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>5841233</value>
         </transactionShares>
         <transactionValue>
           <value>1.90</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>0</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
            <footnoteId id="F1"/>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>(1)</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeSecurity>
   <footnotes>
<footnote id="F1"> Amount reported includes (a) 2,873,158 shares held by Gotham Partners, L.P. (&quot;Gotham&quot;), (b) 2,431,664 shares held by Gotham International Advisors, L.L.C (&quot;Gotham International&quot;), (c) 58,448 shares held by Gotham Partners III, L.P. (&quot;Gotham III&quot;), and (d) 477,963 shares held by Gotham Holdings II, L.L.C. (&quot;Holdings II&quot;). The general partner of Gotham and Gotham III is Section H Partners, LP (&quot;Section H&quot;). The general partner of Section H is Karenina Corporation (&quot;Karenina&quot;) and DPB Corporation (&quot;DBP&quot;). The president of Karenina is William A. Ackman, and the president of DPB is David P. Berkowitz. Ackman is the senior managing member of Gotham International and Gotham Holdings Management, LLC, which is the manager of Holdings II.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>William A. Ackman, on behalf of Gotham Partners, L.P.</signatureName>
      <signatureDate>2003-07-01</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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