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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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<SEC-DOCUMENT>0000905148-04-005485.txt : 20041229
<SEC-HEADER>0000905148-04-005485.hdr.sgml : 20041229
<ACCEPTANCE-DATETIME>20041229173923
ACCESSION NUMBER:		0000905148-04-005485
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041227
FILED AS OF DATE:		20041229
DATE AS OF CHANGE:		20041229

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:			1204

	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:			RECHLER SCOTT H
		CENTRAL INDEX KEY:			0001061714

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13762
		FILM NUMBER:		041232075

	BUSINESS ADDRESS:	
		STREET 1:		225 BROADHOLLOW RD
		STREET 2:		C/O RECKSON ASSSOCIATES
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
		BUSINESS PHONE:		6316226622

	MAIL ADDRESS:	
		STREET 1:		225 BROADHOLLOW RD
		STREET 2:		C/O RECKSON ASSOCIATES
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>efc4-2298_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-12-27</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001061714</rptOwnerCik>
            <rptOwnerName>RECHLER SCOTT H</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O RECKSON ASSOCIATES REALTY CORP.</rptOwnerStreet1>
            <rptOwnerStreet2>225 BROADHOLLOW ROAD</rptOwnerStreet2>
            <rptOwnerCity>MELVILLE</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>11747</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>CEO and President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-12-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>104167</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>375048</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>LTIP Units</value>
                <footnoteId id="F4"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F5"/>
                <footnoteId id="F6"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-12-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>104167</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-01-01</value>
                <footnoteId id="F4"/>
                <footnoteId id="F5"/>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F7"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                    <footnoteId id="F5"/>
                    <footnoteId id="F6"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>104167</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>104167</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">In March 2003, Reckson Associates Realty Corp. (the &quot;Company&quot;) granted to the registrant shares of restricted
stock pursuant to the Company's 2003 Long-Term Incentive Plan (&quot;2003 LTIP&quot;), which shares were subject to
time and performance-based vesting. Pursuant to an amendment to the 2003 LTIP, the registrant is substituting
the unvested portion of these shares for an equal number of a new class of limited partnership interests of
Reckson Operating Partnership, L.P. (the &quot;Operating Partnership&quot;). (See footnote 3.)</footnote>
        <footnote id="F2">N/A.</footnote>
        <footnote id="F3">Mr. Rechler indirectly holds 3,007 shares of common stock in trust for his children, beneficial ownership of
which is disclaimed by Mr. Rechler.</footnote>
        <footnote id="F4">These profits interest units of limited partnership interests of the Operating Partnership were granted on
December 27, 2004 in substitution of an equal number of shares of restricted stock that were granted
originally pursuant to the Company's 2003 LTIP and that were relinquished in exchange for the LTIP Units.
The LTIP Units are subject to time and performance-based vesting identical to those that were
applicable to the shares of restricted stock. (See footnote 1.)</footnote>
        <footnote id="F5">Subject to achieving minimum allocations to the capital accounts of the LTIP Units for federal income
tax purposes, (i) the registrant may request that the Operating Partnership redeem vested LTIP Units
for cash equal to the then fair market value of a share of the Company's common stock beginning
upon the later of January 1, 2006 or six months after the LTIP Units being redeemed have become
vested, or (ii) if the Company's Compensation Committee elects to make this alternative available,
the registrant may convert vested LTIP Units into an equal number of common units of limited
partnership interests of the Operating Partnership beginning on January 1, 2006 on a one-for-one
basis. (Continued in footnote 6.)</footnote>
        <footnote id="F6">The registrant may then request that the Operating Partnership redeem the common units into which the vested
LTIP Units have been converted for cash in an amount equal to the then fair market value of a share of the
Company's common stock or, at the election of the Company, for shares of common stock on a
one-for-one basis.</footnote>
        <footnote id="F7">The LTIP Units do not have an expiration date. December 31, 2095 is the current termination date of the Operating
Partnership.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Scott Rechler</signatureName>
        <signatureDate>2004-12-29</signatureDate>
    </ownerSignature>
</ownershipDocument>

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