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                                                                    Exhibit 99.1

CONTACT: JOSEPH MACNOW
         (201) 587-1000

                                                     [Vornado Realty Trust logo]
                                                     Park 80 West, Plaza II
                                                     Saddle Brook, NJ 07663

FOR IMMEDIATE RELEASE - November 12, 1998

     SADDLE BROOK, NEW JERSEY .... VORNADO REALTY TRUST (NYSE:VNO) today
announced that Vornado Realty L.P., the operating partnership through which
Vornado Realty Trust conducts its business, has sold $60 million of 8.5% Series
D-1 Cumulative Redeemable Preferred Units to an institutional investor in a
private placement, resulting in net proceeds of approximately $58.5 million. The
perpetual Preferred Units may be called without penalty at the option of Vornado
Realty L.P. commencing in 2003.

     The securities have not been and will not be registered under the
Securities Act of 1933, as amended, or any state securities laws and may not be
offered or sold except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state securities laws.

     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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