EXHIBIT 23.5     
              
           CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS     
   
We hereby consent to the use in the registration statement of Capital Trust on
Form S-1, of our report dated March 4, 1997, relating to consolidated
financial statements of Phoenix Four, Inc. and Subsidiaries. We also consent
to the references to us under the caption "Experts" in the prospectus.     
                                                      
                                                   /s/ BDO Binder 
                                          -------------------------------------
                                                     BDO BINDER     
   
Nassau, Bahamas
November 7, 1997