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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 we1d6R/XkNNenPcbb3yQXg==

<SEC-DOCUMENT>0000919574-04-000098.txt : 20040121
<SEC-HEADER>0000919574-04-000098.hdr.sgml : 20040121
<ACCEPTANCE-DATETIME>20040121160038
ACCESSION NUMBER:		0000919574-04-000098
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040121

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:		7 BULFINCH PLACE
		STREET 2:		SUITE 500 PO BOX 9507
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
		BUSINESS PHONE:		6175704614

	MAIL ADDRESS:	
		STREET 1:		7 BULFINCH PLACE
		STREET 2:		SUITE 500 PO BOX 9507
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			EMBRY TALTON R
		CENTRAL INDEX KEY:			0001025165

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06249
		FILM NUMBER:		04535236

	BUSINESS ADDRESS:	
		STREET 1:		C/O MAGTEN ASSET MANAGEMENT CORP
		STREET 2:		410 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2128130900

	MAIL ADDRESS:	
		STREET 1:		C/O MAGTEN ASSET MANAGEMENT CORP
		STREET 2:		410 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>p457808_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-12-31</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000037008</issuerCik>
        <issuerName>FIRST UNION REAL ESTATE EQUITY &amp; MORTGAGE INVESTMENTS</issuerName>
        <issuerTradingSymbol>FUR</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001025165</rptOwnerCik>
            <rptOwnerName>EMBRY TALTON R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MAGTEN ASSET MANAGEMENT CORP</rptOwnerStreet1>
            <rptOwnerStreet2>410 PARK AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-12-31</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-12-31</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>630217</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>2.30</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1357383</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>Footnote 2</value>
            <footnoteId id="F2"/>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
   <footnotes>
      <footnote id="F1"> On December 31, 2003, Magten tendered 630,217 shares of the Issuer's Common Stock pursuant to a tender offer which was effected on December 31, 2003.</footnote>

      <footnote id="F2"> The amount of securities shown in columns 4 and 5 of Table I of this Form 4 is owned beneficially by discretionary accounts managed by the Reporting Person.  The Reporting Person disclaims any beneficial ownership of any such securities reported herein for purposes of Section 16 or for any other purpose.  Nonetheless, the entire amount of securities held by the accounts is reported herein.</footnote>
   </footnotes>
   <remarks>(+)  The Reporting Person is the Chairman and Chief Investment Officer of Magten Asset Management Corp. (&quot;Magten&quot;), an investment adviser which has voting power and investment power with respect to securities in its client's accounts.  The Reporting Person is a member of the Board of Directors of the issuer.  This report shall not be deemed an admission that the Reporting Person is subject to Section 16 with respect to such securities.</remarks>
   <ownerSignature>
      <signatureName>/s/ Talton R. Embry (+)</signatureName>
      <signatureDate>2004-01-21</signatureDate>
   </ownerSignature>
</ownershipDocument>

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