UNITED STATES
                       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): May 5, 2004

                              ATLANTIC REALTY TRUST
                              ---------------------
             (Exact Name of Registrant as Specified in its Charter)

           MARYLAND                    0-27562                   13-3849655
           --------                    --------                  ----------
(State or other jurisdiction    (Commission File Number)       (I.R.S. Employer
     of incorporation)                                       Identification No.)


                      747 THIRD AVENUE, NEW YORK, NY 10017
                      ------------------------------------
                    (Address of principal executive offices)

       Registrant's telephone number, including area code: (212) 702-8561







ITEM 5.  OTHER EVENTS AND REGULATION FD DISCLOSURE.

         On May 5, 2004, the Special Committee of the Board of Trustees of
Atlantic Realty Trust issued a press release announcing that it had unanimously
rejected the proposal by First Union Real Estate Equity and Mortgage
Investments, as amended, to acquire Atlantic Realty Trust. The complete text of
the press release, dated May 5, 2004, is set forth as Exhibit 99.1 hereto.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

        99.1   Press Release, dated May 5, 2004.*

*This  exhibit  is  furnished  with this  Current  Report on Form 8-K and is not
deemed  "filed" for  purposes of Section 18 of the  Securities  Exchange  Act of
1934, as amended, or otherwise subject to the liability of that section,  and is
not incorporated by reference into any filing of Atlantic Realty Trust under the
Securities  Act of 1933 or the  Securities  Exchange  Act of 1934,  whether made
before or after the date hereof and  irrespective  of any general  incorporation
language in the filing. The furnishing of the information in this Current Report
on Form 8-K is not intended to, and does not,  constitute a representation  that
such furnishing is required by Regulation FD or that the  information  contained
in this Current Report on Form 8-K is material investor  information that is not
otherwise publicly available.




                                          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.

                                         ATLANTIC REALTY TRUST


                                         By:  /s/Edwin R. Frankel
                                            ------------------------------------
                                               Edwin R. Frankel
                                               Executive Vice President,
                                               Chief Financial Officer,
                                               Secretary and Principal
                                               Financial and Accounting Officer

May 5, 2004