EXHIBIT31.2

CERTIFICATION OF CHIEF FINANCIALOFFICER

I, Mark E. Chertok, certifythat:

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| 1.  | I have reviewed this quarterlyreport on Form 10-Q of NorthStar Realty Finance Corp.; |

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

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| 3.  | Based on my knowledge, the financialstatements, 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; |

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| 4.  | Theregistrant's other certifying officer and I are responsible forestablishing and maintaining disclosure controls and procedures (asdefined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for theregistrant and have: |

(a) Designed suchdisclosure controls and procedures, or caused such disclosure controlsand procedures to be designed under our supervision, to ensure thatmaterial information relating to the registrant, including itsconsolidated subsidiaries, is made known to us by others within thoseentities, particularly during the period in which this report is beingprepared;

(b) Evaluated the effectiveness of theregistrant's disclosure controls and procedures and presented inthis report our conclusions about the effectiveness of the disclosurecontrols and procedures, as of the end of the period covered by thisreport based on such evaluation; and

(c)Disclosed in this report any change in the registrant's internalcontrol over financial reporting that occurred during theregistrant's most recent fiscal quarter (the registrant'sfourth fiscal quarter in the case of an annual report) that hasmaterially affected, or is reasonably likely to materially affect, theregistrant's internal control over financial reporting; and

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| 5.  | The registrant's other certifyingofficer and I have disclosed, based on our most recent evaluation ofinternal control over financial reporting, to the registrant'sauditors and the audit committee of registrant's board ofdirectors (or persons performing the equivalent functions): |

(a) All significant deficiencies and materialweaknesses in the design or operation of internal control overfinancial reporting which are reasonably likely to adversely affect theregistrant's ability to record, process, summarize and reportfinancial information; and

(b) Any fraud,whether or not material, that involves management or other employeeswho have a significant role in the registrant's internal controlover financial reporting.

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| Date:November 14, 2005 |  | By: |  | /s/ Mark E.ChertokMark E. Chertok Chief FinancialOfficer |
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