EXHIBIT 10.6

                        AMENDMENT TO EMPLOYMENT AGREEMENT

                  This Amendment to Employment  Agreement (this  "Amendment") is
made and entered into as of January 28,  2000,  by and between  Atlantic  Realty
Trust, a Maryland real estate investment trust (the "Company"),  whose principal
place of business  is 747 Third  Avenue,  New York,  New York 10017 and Edwin R.
Frankel  ("Employee"),  who resides at 49 Demopolis Avenue,  Staten Island,  New
York 10308.

                              W I T N E S S E T H:

                  WHEREAS,  the Company and Employee are parties to that certain
Employment Agreement,  dated as of June 11, 1998, by and between the Company and
Employee (the "Employment Agreement"); and

                  WHEREAS,   the  Company  and  Employee  desire  to  amend  the
Employment Agreement as set forth herein.

                  NOW,  THEREFORE,  in  consideration of the mutual premises and
agreements set forth herein and for other good and valuable  consideration,  the
receipt  and  sufficiency  of which is  hereby  acknowledged,  the  Company  and
Employee do hereby agree as follows:

                  1.  Paragraph  6(b)  of the  Employment  Agreement  is  hereby
deleted and replaced in its entirety with the following:

                  "(b)  Termination Due to Death or after Change in Control.  In
         the event that Employee's employment with the Company is terminated (i)
         by reason  of his death or (ii) for any  reason  other  than  Cause (as
         defined  below)  coincident  with or after a Change in  Control  of the
         Company, then Employee (or, in the case of Employee's death, his estate
         or a  beneficiary  designated  in writing by  Employee  to receive  the
         payments  provided by this  Paragraph  6(b) in the event of  Employee's
         death)  shall be  entitled  to receive  (A) all accrued but unpaid Base
         Salary,  unpaid  bonus,  if  any,  and  benefits  through  the  date of
         termination  and  (B) a  lump-sum  payment  equal  to  150  percent  of
         Employee's Base Salary as in effect on the date of termination."

                  2.  Except as amended  and  modified  herein,  the  Employment
Agreement is in all respects  ratified and confirmed,  and the terms,  covenants
and agreements therein shall remain in full force and effect.

                  3. This Amendment may be executed in one or more counterparts,
each of which  will be  deemed an  original  and all of  which,  together,  will
constitute one and the same instrument.

                            [signature page follows]

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                  IN WITNESS WHEREOF,  the Company and Employee have caused this
Amendment to be executed as of the day and year first above written.



                           COMPANY:

                           ATLANTIC REALTY TRUST


                            By:  /s/ Joel M. Pashcow
                                 -------------------
                                 Name:  Joel M. Pashcow
                                 Title: President and Chief Executive Officer



                           EMPLOYEE:



                           /s/ Edwin R. Frankel
                           --------------------
                           Edwin R. Frankel

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