1
 
                                                                    EXHIBIT 23.2
 
     As independent public accountants, we hereby consent to the incorporation
by reference into this S-8 Registration Statement of Vornado Realty Trust of our
report dated April 8, 1998, on the combined statement of revenues and certain
operating expenses of The Merchandise Mart Group of Properties for the year
ended December 31, 1997 and to all references to our Firm included in this
registration statement.
 
                                                 /s/ ARTHUR ANDERSEN LLP
 
                                            ------------------------------------
                                                    Arthur Andersen LLP
 
Chicago, Illinois
May 13, 1998
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     As independent public accountants, we hereby consent to the incorporation
by reference into this S-8 Registration Statement of Vornado Realty Trust of our
report dated February 5, 1998, on the combined statement of revenues and certain
operating expenses of The Merchandise Mart Group of Properties for the year
ended December 31, 1996 and to all references to our Firm included in this
registration statement.
 
                                                 /s/ ARTHUR ANDERSEN LLP
 
                                            ------------------------------------
                                                    Arthur Andersen LLP
 
Chicago, Illinois
May 13, 1998