1
                                                        Exhibit Index on Page 4



    As filed with the Securities and Exchange Commission on February 20, 1998


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)           NOVEMBER 18, 1997


Commission File Number: 1-11954


                              VORNADO REALTY TRUST
             (Exact name of registrant as specified in its charter)



                 MARYLAND                                     22-1657560
(State or other jurisdiction of incorporation)              (I.R.S. Employer
                                                          Identification Number)


PARK 80 WEST, PLAZA II, SADDLE BROOK, NEW JERSEY                 07663
    (Address of principal executive offices)                   (Zip Code)



                                 (201) 587-1000
              (Registrant's telephone number, including area code)



                                      N/A
         (Former Name or Former Address, if Changed Since Last Report)



                                     Page 1


   2





ITEM 1.           NOT APPLICABLE.

ITEM 2.           ACQUISITION OR DISPOSITION OF ASSETS

                  On February 9, 1998, Vornado Realty Trust ("Vornado") closed
         its previously announced acquisition of the long-term leasehold
         interest in One Penn Plaza for approximately $410 million. The
         transaction was financed with proceeds from a $93 million bridge loan,
         $41 million of existing cash and borrowings under the revolving credit
         facility.

                  One Penn Plaza is a 57 story Manhattan office building
         containing approximately 2,350,000 square feet and encompasses
         substantially the entire square block bounded by 33rd Street, 34th
         Street, Seventh Avenue and Eighth Avenue.

                  This transaction was arrived at through an arms-length
         negotiation and was consummated through a subsidiary of Vornado Realty
         L.P., a limited partnership of which Vornado owns 92.4% and is the sole
         general partner.

ITEM 3-6.         NOT APPLICABLE.

ITEM 7.           FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
                  EXHIBITS.

         (a)-(b) Previously filed with the Securities and Exchange Commission on
Form 8-K/A on February 3, 1998.

         (c) Exhibits.

         EXHIBIT NO.                        EXHIBIT

               99.1        Press release dated February 9, 1998, of Vornado
                           Realty Trust, announcing the completion of its
                           acquisition of One Penn Plaza.


ITEM 8-9.         NOT APPLICABLE.









                                     Page 2
   3



                              VORNADO REALTY TRUST


                                   SIGNATURES






              Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.




                                        VORNADO REALTY TRUST
                                                  (Registrant)



Date: February 20, 1998                       /s/ Irwin Goldberg
                                        ------------------------
                                             IRWIN GOLDBERG
                                                 Vice President,
                                             Chief Financial Officer










                                     Page 3
   4
                                INDEX TO EXHIBITS




                                                                      PAGE
       EXHIBIT NO:               EXHIBIT                            REFERENCE

         99.1     Press release dated February 9, 1998, of
                  Vornado Realty Trust, announcing the
                  completion of its acquisition of One Penn
                  Plaza.................................................5








                                     Page 4