1
                                                                    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 - December 9, 1998

         SADDLE BROOK, NEW JERSEY ..... VORNADO REALTY TRUST (NYSE:VNO) today
announced that it has completed its previously announced acquisition of the 1.05
million square foot Market Square Complex of showrooms in the nation's
"furniture capital", High Point, NC. The consideration was approximately $97
million consisting of $46 million in debt and $51 million in Operating
Partnership Units and 6.5% Preferred Operating Partnership Units convertible at
$43.74 per unit.

         The acquired real estate assets include the Market Square, Hamilton
Market and Furniture Plaza showroom buildings and the High Point Holiday Inn
hotel.

         In a second transaction, Vornado announced that it has also acquired
the 243,000 square foot National Furniture Mart, which is adjacent to the
aforementioned properties, in High Point. The price was approximately $17.7
million consisting of $3.8 million in cash and $13.9 million in debt.

         The properties will be managed by Merchandise Mart Properties, Inc.
which Vornado acquired as part of the Kennedy Family portfolio in April 1998.

         Vornado 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.

                                      ####