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.