1
                                                                   Exhibit 99.3
                                      
CONTACT: JOSEPH MACNOW
         (201) 587-1000




                                              [VORNADO REALTY TRUST LETTERHEAD]



FOR IMMEDIATE RELEASE - April 21, 1997
- --------------------------------------

        SADDLE BROOK, NEW JERSEY ... VORNADO REALTY TRUST (NYSE:VNO) announced
today that it has signed an agreement to acquire a mortgage note for $185
million. The mortgage note is secured by 90 Park Avenue, a midtown Manhattan
office building containing approximately 875,000 square feet. The mortgage,
which is in default, has a face value of $193 million. The acquisition is
subject to approval by the loan participants and is expected to be completed
during the second quarter of 1997.

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