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 12, 2005 (May 12, 2005)
                                                   ---------------------------

                         NorthStar Realty Finance Corp.
- --------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

   Maryland                         001-32330                    11-3707493
- ---------------                    -----------               -------------------
 (State or other                   (Commission                  (IRS Employer
 jurisdiction of                   File Number)              Identification No.)
 incorporation)

                 527 Madison Avenue, 16th Floor, New York 10022
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               (Address of principal executive offices) (Zip Code)

                                 (212) 319-8801
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              (Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17
    CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
    CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))




                         NorthStar Realty Finance Corp.
                           Current Report on Form 8-K


Item 2.02 Results of Operations and Financial Condition

     On May 12, 2005, NorthStar Realty Finance Corp. (the "Company") reported
its results of operations and financial condition for the quarter ended March
31, 2005. A copy of the press release issued by the Company is attached hereto
as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(c)  Exhibits

     Exhibit Number
     --------------

          99.1       Press Release, dated May 12, 2005.




                                    SIGNATURE

     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.


Dated: May 12, 2005                               NORTHSTAR REALTY FINANCE CORP.


                                                  By: /s/ Mark E. Chertok
                                                     ---------------------------
                                                  Name:  Mark E. Chertok
                                                  Title: Chief Financial Officer




                                  EXHIBIT INDEX


     Exhibit Number
     --------------

          99.1       Press Release, dated May 12, 2005.