-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HFBGlEBCS5WyGbN9TIm2KoE0mt/TSSVIQ3L2b4BhLwmuty37pZu59ZFWz0k3E7jh
 hWg6n4k9pptoSoXGSUMYxw==

<SEC-DOCUMENT>0000905148-04-001854.txt : 20040329
<SEC-HEADER>0000905148-04-001854.hdr.sgml : 20040329
<ACCEPTANCE-DATETIME>20040329140835
ACCESSION NUMBER:		0000905148-04-001854
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040325
FILED AS OF DATE:		20040329

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RECKSON ASSOCIATES REALTY CORP
		CENTRAL INDEX KEY:			0000930548
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				113233650
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		225 BROADHOLLOW RD
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
		BUSINESS PHONE:		6316946900

	MAIL ADDRESS:	
		STREET 1:		225 BROADHOLLOW RD
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WATERMAN PHILIP III
		CENTRAL INDEX KEY:			0001270352

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13762
		FILM NUMBER:		04695576

	BUSINESS ADDRESS:	
		STREET 1:		C/O RECKSON ASSOCIATES REALTY CORP
		STREET 2:		225 BROADHOLLOW RD
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
		BUSINESS PHONE:		6316946900

	MAIL ADDRESS:	
		STREET 1:		C/O RECKSON ASSOCIATES REALTY CORP
		STREET 2:		225 BROADHOLLOW RD
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>efc4-0791_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-03-25</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000930548</issuerCik>
        <issuerName>RECKSON ASSOCIATES REALTY CORP</issuerName>
        <issuerTradingSymbol>RA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001270352</rptOwnerCik>
            <rptOwnerName>WATERMAN PHILIP III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O RECKSON ASSOCIATES REALTY CORP</rptOwnerStreet1>
            <rptOwnerStreet2>225 BROADHOLLOW RD</rptOwnerStreet2>
            <rptOwnerCity>MELVILLE</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>11747</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Ch. Development Off., Exec. VP</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A common stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-03-25</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>13900</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>27.48</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>231280</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <ownerSignature>
        <signatureName>/s/ Philip Waterman</signatureName>
        <signatureDate>2004-03-29</signatureDate>
    </ownerSignature>
</ownershipDocument>

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