EXHIBIT 31.2

CERTIFICATION

I, Thomas
Staples, certify that:

|1. | I
have reviewed this Quarterly Report on Form 10-Q of Newkirk Realty Trust, Inc.;
|-- | ---------------------------------------------------------------------------------

|2. | Based
on my knowledge,  this report does not contain any untrue  statement of a material fact
or omit to state a material fact  necessary to  make the statements  made, in light of
the  circumstances  under which such  statements were made, not misleading with respect
to the period  covered by this report;
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | Based
on my knowledge,  the financial  statements,  and other financial  information included
in this report, fairly present in all material  respects the financial  condition,
results of  operations  and cash flows of the  Registrant as of, and for, the periods
presented in this  report;
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | The
Registrants other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined  in Exchange Act Rules
13a-15(e) and 15d-15(e)) for the Registrant and have:
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) | Designed
such  disclosure  controls and  procedures,  or caused such  disclosure  controls  and
procedures  to be designed  under our  supervision, to ensure that material information
relating to the Registrant,  including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in which this report
is being prepared;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | Evaluated
the effectiveness of the Registrants  disclosure  controls and procedures and
presented in this report our conclusions about  the  effectiveness  of the  disclosure
controls  and  procedures,  as of the end of the period  covered by this  report  based
on such  evaluation; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | Disclosed
in this  report any  changes in the  Registrants  internal  control  over
financial  reporting  that  occurred  during the  Registrants most recent fiscal
quarter,  that has materially affected,  or is reasonably likely to materially affect,
the Registrants  internal control over financial reporting; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | The
Registrants  other  certifying  officer and I have disclosed,  based on our most
recent  evaluation of internal control over financial  reporting,  to the  Registrants
auditors  and the audit  committee  of the  Registrants  board of directors  (or
persons  performing  the  equivalent functions):
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) | All
significant  deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are  reasonably likely to adversely affect the
Registrants ability to record, process, summarize and report financial information;
and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | Any
fraud,  whether or not material,  that  involves  management or other  employees  who
have a significant  role in the  Registrants  internal control over financial
reporting.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Date: August 8,
2006

| | /s/ Thomas C. Staples                         
| | ----------------------------------------------
| |                                               
| | Thomas C. Staples 
    Chief Financial Officer

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