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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>0000905148-05-002521.txt : 20050419
<SEC-HEADER>0000905148-05-002521.hdr.sgml : 20050419
<ACCEPTANCE-DATETIME>20050419174824
ACCESSION NUMBER:		0000905148-05-002521
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050311
FILED AS OF DATE:		20050419
DATE AS OF CHANGE:		20050419

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:			WATERMAN PHILIP III
		CENTRAL INDEX KEY:			0001270352

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13762
		FILM NUMBER:		05760182

	BUSINESS ADDRESS:	
		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>efc5-1018_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-03-11</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/0 RECKSON ASSOCIATES REALTY CORP.</rptOwnerStreet1>
            <rptOwnerStreet2>225 BROADHOLLOW ROAD</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>Exec. V.P., Ch. Develpmt Off.</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>LTIP Units</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-03-11</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2600</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F5"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2007-01-01</value>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2600</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2600</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">These LTIP Units, which are profit interest units of limited partnership interest in Reckson Operating Partnership, L.P. (the
&quot;Operating Partnership&quot;), were granted on March 11, 2005, and are subject to time and performance-based vesting.</footnote>
        <footnote id="F2">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, 2007 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
interest in the Operating Partnership beginning on January 1, 2007 on a one-for-one basis.</footnote>
        <footnote id="F3">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="F4">The LTIP Units do not have an expiration date. December 31, 2095 is the current termination date of the Operating
Partnership.</footnote>
        <footnote id="F5">N/A.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Philip Waterman III</signatureName>
        <signatureDate>2005-04-19</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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