-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 UFoQPAEfbw7W23MYjcJrH4/FkM7mMuKStyKBFJMW8L6McqwgqpYCCUi9qlXubRLX
 5TZ2oDBA35LHRvJ3CoPI9g==

<SEC-DOCUMENT>0001319846-05-000002.txt : 20050310
<SEC-HEADER>0001319846-05-000002.hdr.sgml : 20050310
<ACCEPTANCE-DATETIME>20050310163616
ACCESSION NUMBER:		0001319846-05-000002
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050228
FILED AS OF DATE:		20050310
DATE AS OF CHANGE:		20050310

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:			MANDIS STEVEN GEORGE
		CENTRAL INDEX KEY:			0001319846

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06249
		FILM NUMBER:		05672817

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		2123039493

	MAIL ADDRESS:	
		STREET 1:		HALCYON ASSET MANAGEMENT LLC
		STREET 2:		477 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2005-02-28</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000037008</issuerCik>
        <issuerName>FIRST UNION REAL ESTATE EQUITY &amp; MORTGAGE INVESTMENTS</issuerName>
        <issuerTradingSymbol>FUR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001319846</rptOwnerCik>
            <rptOwnerName>MANDIS STEVEN GEORGE</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>477 MADISON AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>8TH FLOOR</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>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>B-1 Cumulative Convertible Redeemable Preference Shares</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>4.50</value>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares of Beneficial Interest</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3333333</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">These securities are immediately convertible and have no expiration date.</footnote>
        <footnote id="F2">Halcyon Structured Fund (defined below) owns 600,000 B-1 Cumulative Convertible Redeemable Preference Shares of the Issuer.   These securities are presently convertible into 3,333,333 Common Shares of Beneficial Interest of the Issuer.</footnote>
        <footnote id="F3">The securities reported herein are held for the account of Halcyon Structured Opportunities Fund L.P. (&quot;Halcyon Structured Fund&quot;).  The Reporting Person serves as the Chief Investment Officer of Halcyon Structured Asset Management LP, the investment manager of Halcyon Structured Fund.  The Reporting Person disclaims beneficial ownership of the securities held for the account of Halcyon Structured Fund except to the extent of his pecuniary interest therein.</footnote>
    </footnotes>

    <remarks>The Reporting Person serves as a member of the Board of Trustees of the Issuer.  The filing of this statement shall not be deemed to be an admission that the Reporting Person is the beneficial owner of any securities not held directly for his account for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise.</remarks>

    <ownerSignature>
        <signatureName>Steven G. Mandis</signatureName>
        <signatureDate>2005-03-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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