Exhibit 99.1

                           Newkirk Realty Trust, Inc.

AT THE COMPANY

Carolyn Tiffany
Chief Operating Officer
(617) 570-4680

                           NEWKIRK REALTY TRUST, INC.
                   ANNOUNCES RECENTLY CONSUMMATED TRANSACTIONS

      FOR IMMEDIATE RELEASE - BOSTON, March 21 /PRNewswire-FirstCall/ -- Newkirk
Realty Trust, Inc. (NYSE:NKT), through its operating partnership, The Newkirk
Master Limited Partnership (the "Operating Partnership"), has recently
consummated the following transactions:

o     executed a ten-year lease extension with Raytheon Company commencing on
      January 1, 2009 for approximately 345,000 square feet of office space and
      63% of the parking structure relating thereto located in El Segundo,
      California. In connection with the lease extension, the tenant is
      obligated to pay annual rent of $4,921,000 from January 2009 through
      December 2013, increasing to $5,267,000 for the period from January 2014
      to December 2018. The property owner, which is 53% owned by the Operating
      Partnership, is required to provide the tenant with $21.5 million in
      tenant improvement allowances and rent concessions over the next forty
      months;

o     acquired two warehouse/distribution centers comprising 240,000 square feet
      for a purchase price of $10,550,000. The properties are currently leased
      on a long-term basis to subsidiaries of Jacobsen Companies, a leading
      third party warehousing company

o     acquired a $30,750,000 B Note secured by a 757,000 square foot office
      building in Dallas, Texas presently net leased to JP Morgan Chase. The
      loan, which has an initial interest rate of 8.67%, was acquired for a
      purchase price of $27,732,309 thereby providing an effective yield to
      maturity to the Operating Partnership of 10.19%. The loan requires
      payments of interest only and matures June 6, 2016. It is anticipated that
      the Operating Partnership will finance approximately 70% of the purchase
      price through a warehouse line of credit;

o     acquired a $3,308,823 participation interest in a $18,750,000 mezzanine
      loan and a $11,691,176 participation interest in a $66,500,000 mezzanine
      loan, both of which are secured by the ownership interests in entities
      owning fee title to retail stores net leased to Toys R Us. Both
      participation interests entitle the Operating Partnership to payments at
      rate of LIBOR plus 175 basis points and the underlying mezzanine loans
      mature on August 9, 2007, subject to three one year extensions. It is
      anticipated that the Operating Partnership will finance approximately 70%
      of the purchase price through a warehouse line of credit.



      Newkirk Realty Trust, Inc. is a real estate investment trust engaged in
the acquisition, ownership, management and strategic disposition of
single-tenant assets. Newkirk conducts its operations through The Newkirk Master
Limited Partnership, which currently owns a highly diversified portfolio of
office, retail and industrial/other assets containing in excess of 17 million
square feet.

Forward-Looking Statements

      Certain statements contained in this press release that are
forward-looking are based on current expectations that are subject to a number
of uncertainties and risks, and actual results may differ materially. Further
information about these matters and the risks generally with respect to Newkirk
can be found in Newkirk's Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q filed with the Securities and Exchange Commission.