Exhibit 23.4
 
                        CONSENT OF INDEPENDENT AUDITORS
 
  We consent to the incorporation by reference in this Registration Statement
on Form S-1 of Capital Trust to our firm under the caption "Experts" and of our
report dated November 5, 1997, appearing in the Registration Statement on Form
S-1 (File No. 333-37271) and related Prospectus of Capital Trust.
 
                                          Ernst & Young LLP
 
New York, New York
December 10, 1997