Exhibit 23.4
 
                        CONSENT OF INDEPENDENT AUDITORS
   
  We consent to the reference to our firm under the caption "Experts" and to
the use of our report dated November 5, 1997, in Amendment No. 2 to the
Registration Statement (Form S-1 No. 333-37271) and related Prospectus of
Capital Trust for the registration of 8,000,000 shares of its Class A Common
Shares of Beneficial Interest.     
 
                                          Ernst & Young LLP
 
New York, New York
   
December 8, 1997