[LETTERHEAD OF VORNADO REALTY TRUST]


CONTACT:  JOSEPH MACNOW
          (201) 587-1000

FOR IMMEDIATE RELEASE - November 10, 2004


             VORNADO ANNOUNCES PUBLIC OFFERING OF $150 MILLION 6.75%
                 SERIES F CUMULATIVE REDEEMABLE PREFERRED SHARES

         PARAMUS,  NEW   JERSEY,......Vornado   Realty  Trust  (NYSE:VNO)  today
announced the pricing of a public offering of six million perpetual 6.75% Series
F  Cumulative  Redeemable  Preferred  Shares,  at a price of $25.00  per  share,
pursuant  to an  effective  registration  statement.  The Company may redeem the
Series F  Preferred  Shares  at a  redemption  price of $25.00  per share  after
November 17, 2009. Citigroup and Merrill Lynch & Co. acted as joint book-running
managers.



         This  communication  shall  not  constitute  an  offer  to  sell or the
solicitation  of an offer to buy, nor shall there be any sale of the  securities
in any state in which such offer,  solicitation  or sale would be unlawful prior
to registration or qualification.



         Vornado  Realty  Trust  is  a   fully-integrated   equity  real  estate
investment trust.

         Certain  statements  contained  herein may constitute  "forward-looking
statements" within the meaning of the Private  Securities  Litigation Reform Act
of 1995.  Such  forward-looking  statements  involve  known and  unknown  risks,
uncertainties and other factors which may cause the actual results,  performance
or  achievements  of the  Company  to be  materially  different  from any future
results,   performance   or   achievements   expressed   or   implied   by  such
forward-looking statements. Such factors include, among others, risks associated
with the timing of and costs  associated with property  improvements,  financing
commitments and general competitive factors.