-----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,
 MmxvgUCiEnJkjP0CYEUVRFL0joJqrUDue7wwlJ1hDZmO4MP3IY1O1SYg7+znNA9k
 gE4BFqLfhM9njvonWrGsyg==

<SEC-DOCUMENT>0001179110-07-008221.txt : 20070423
<SEC-HEADER>0001179110-07-008221.hdr.sgml : 20070423
<ACCEPTANCE-DATETIME>20070423172431
ACCESSION NUMBER:		0001179110-07-008221
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070419
FILED AS OF DATE:		20070423
DATE AS OF CHANGE:		20070423

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VORNADO REALTY TRUST
		CENTRAL INDEX KEY:			0000899689
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				221657560
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		888 SEVENTH AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-894-7000

	MAIL ADDRESS:	
		STREET 1:		888 SEVENTH AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SCHEAR MITCHELL N
		CENTRAL INDEX KEY:			0001246488

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11954
		FILM NUMBER:		07782369

	BUSINESS ADDRESS:	
		STREET 1:		888 SEVENTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2128947000
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-04-19</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000899689</issuerCik>
        <issuerName>VORNADO REALTY TRUST</issuerName>
        <issuerTradingSymbol>VNO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001246488</rptOwnerCik>
            <rptOwnerName>SCHEAR MITCHELL N</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2345 CRYSTAL DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1000</rptOwnerStreet2>
            <rptOwnerCity>ARLINGTON</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>22202</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President - VNO/Smith Division</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Options (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>119.94</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-04-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>200000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>119.94</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2017-04-19</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>200000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>200000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Options vest in equal portions over a three-year period beginning March 31, 2010.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Mitchell Schear</signatureName>
        <signatureDate>2007-04-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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