Lepercq-Istel Trust
                                  1675 Broadway
                            New York, New York 10019



VIA EDGAR
U.S. Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC  20549

      Re:   Lepercq-Istel Trust-- CIK. No. 0000052761
            Request for Withdrawal of Registration Statement on Form N-1R
            File No. 002-10841
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Ladies and Gentlemen:

We hereby request the withdrawal of the Registration Statement for Lepercq-Istel
Trust (the "Fund"). The Fund filed a Registration Statement on Form N-1R with
the Securities and Exchange Commission on May 27, 1966.

The Fund intends to file an application for deregistration on Form N-8F pursuant
to section 8(f) of the Investment Company Act of 1940, as amended for an order
declaring that the Fund has ceased to be an investment company. The Fund seeks
to obtain an order on the basis that it has distributed substantially all of its
assets to its shareholders and is effecting a winding up of its affairs.

Based on the above, the Fund submits that withdrawal of the Registration
Statement is consistent with the public interest and protection of investors. We
hereby request withdrawal of the Fund's Registration Statement pursuant to Rule
477(a) under the Securities Act of 1933.

                                  Very truly yours,


                                  /s/ Tsering Ngudu
                                  -----------------
                                  Tsering Ngudu
                                  President