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                                  EXHIBIT 99.2


                                                  VORNADO REALTY TRUST
                                                  Park 80 West, Plaza II
                                                  Saddle Brook, New Jersey 07663


FOR IMMEDIATE RELEASE - NOVEMBER 21, 1997

         SADDLE BROOK, NEW JERSEY.......VORNADO REALTY TRUST (NYSE:VNO)
today announced that it has entered into an agreement to acquire 150 East 58th
Street, a 39 story Manhattan office building, for approximately $118 million.
The building contains approximately 550,000 square feet.

         The acquisition, which is subject to customary closing conditions, is
expected to be completed in the first quarter of 1998.

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




         Certain statements contained herein may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, risks associated
with the timing of and costs associated with property improvements, financing
commitments and general competitive factors.


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