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                                                                    EXHIBIT 99.1

                                                            [VORNADO LETTERHEAD]

CONTACT: JOSEPH MACNOW
         (201) 587-1000



FOR IMMEDIATE RELEASE - November 29, 1999



      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 $187 million of 8.25%
Series D-5 Cumulative Redeemable Preferred Units to an institutional investor in
a private placement, resulting in net proceeds of approximately $181.9 million.
The perpetual Preferred Units may be called without penalty at the option of
Vornado Realty L.P. commencing in November 2004.

      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.






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