UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                      Washington, DC 20549


                           FORM 10-Q


      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF 
              THE SECURITIES EXCHANGE ACT OF 1934

        For the quarterly period ended March 31, 1997
                                
                Commission file number: 1-13762



                 RECKSON ASSOCIATES REALTY CORP.
     (Exact name of registrant as specified in its charter) 


Maryland                                             11-3233650
(State other jurisdiction of incorporation         (IRS. Employer
of organization)                                   Identification Number)

225 Broadhollow Road, Melville, NY                                 11747
(Address of principal executive office)                         (zip code)

                         (516) 694-6900
      (Registrant's telephone number including area code)


     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to
such filing requirements for the past 90 days.

                           Yes  X   No     

The company has only one class of common stock, issued at $.01 par value
per share with 34,288,866 shares outstanding as of April 25, 1997.
<PAGE>
                RECKSON ASSOCIATES REALTY CORP.
                        QUARTERLY REPORT
          FOR THE THREE MONTHS ENDED MARCH 31, 1997
                       TABLE OF CONTENTS
                                
                                
                                
INDEX

PART I. FINANCIAL INFORMATION                                      
                                                                  
Item 1.   Financial Statements (Unaudited)

          Consolidated Balance Sheets of Reckson Associates Realty Corp.
          as of March 31, 1997 and December 31, 1996 ..............

          Consolidated Statement of Operations of Reckson Associates
          Realty Corp. for the three months ended March 31, 1997
          and March 31, 1996 ......................................
         
          Consolidated Statement of Cash Flows of Reckson Associates
          Realty Corp. for the three months ended March 31, 1997
          and March 31, 1996 ......................................

          Notes to the Consolidated Financial Statements of Reckson
          Associates Realty Corp ..................................

Item 2.   Management's Discussion and Analysis of Financial Condition and
          Results of Operations ...................................

PART II   OTHER INFORMATION .......................................


Item 1.   Legal Proceedings
Item 2.   Changes in Securities
Item 3.   Defaults Upon Senior Securities
Item 4.   Submission of Matters to a Vote of Securities Holders
Item 5.   Other Information
Item 6.   Exhibits and Reports on Form 8-K

SIGNATURES
<PAGE>
<TABLE>
PART I -  FINANCIAL INFORMATION
Item 1 -  FINANCIAL STATEMENTS
                                
                  RECKSON ASSOCIATES REALTY CORP. 
                   CONSOLIDATED BALANCE SHEETS
          (Dollars in thousands, except for share amounts)

<CAPTION>
                                                March 31,       December 31,
                                                   1997             1996
                                                _________        _________
                                                (Unaudited)
<S>                                             <C>              <C> 
ASSETS
Commercial real estate properties, at cost:
  Land                                          $  50,196        $  45,259
  Building and improvements                       492,536          457,403  
  Land held for future development                  5,711            5,637
  Development in progress                           9,499            8,469
  Furniture, fixtures and equipment                 2,975            2,736
                                                _________        _________
                                                  560,917          519,504  
   Less accumulated depreciation                  (91,497)         (88,602)
                                                _________        _________
                                                  469,420          430,902                                  
Investment in real estate joint ventures            6,336            5,437
Investment in mortgage notes and notes
  receivables                                      69,435           51,837
Cash and cash equivalents                         111,822           12,688
Tenants receivables                                 2,434            1,732
Affiliate receivables                               4,737            3,826
Deferred rent receivable                           12,708           12,573
Prepaid expenses and other assets                   7,836            6,225
Contract and land deposits and pre-acquistion
  costs                                            11,540            7,100
Deferred leasing and loan costs                    12,451           11,438
                                                _________        _________   
   Total Assets                                 $ 708,719        $ 543,758
                                                =========        =========     
LIABILITIES AND STOCKHOLDERS' EQUITY

Mortgage notes payable                          $ 165,852        $ 161,513
Credit facility                                    55,000          108,500
Accrued expenses and other liabilities             13,723           15,868
Affiliate payables                                    732              502
Dividends and distributions payable                 9,555            9,442 
                                                _________        _________ 
   Total Liabilities                              244,862          295,825
                                                _________        _________
  
Minority interest in consolidated partnership       9,419            9,187
Limited partners' minority interest in
  operating partnership                            76,846           51,879
                                                _________        _________
                                                   86,265           61,066
                                                _________        _________
  
STOCKHOLDERS' EQUITY:
                                                                
Preferred Stock, $.01 par value, 25,000,000
  shares authorized, none issued or
  outstanding                                         ---              ---
Common Stock, $.01 par value, 100,000,000
  shares authorized, 17,136,502 and
  12,178,177 shares issued and outstanding,
  respectively                                        172              122
Additional paid in capital                        377,420          186,745
                                                _________        _________
   Total Stockholders' Equity                     377,592          186,867
                                                _________        _________
   Total Liabilities and Stockholders' Equity   $ 708,719        $ 543,758  
                                                =========        =========
<FN>
See Accompanying Notes to Financial Statements.
</TABLE>
<TABLE>
                  RECKSON ASSOCIATES REALTY CORP.
               CONSOLIDATED STATEMENT OF OPERATIONS
         (Dollars in thousands, except per share amounts)
<CAPTION>
                                            Three Months       Three Months
                                               Ended              Ended
                                             March 31,          March 31,
                                                1997               1996
                                             _________          _________
                                            (Unaudited)        (Unaudited)
<S>                                         <C>                <C>       
REVENUES:
  Base rents                                $  26,590          $  16,144
  Tenants escalation and reimbursements         3,245              2,318
  Equity in earnings of real estate
    joint ventures                                 97                ---
  Equity in earnings of service companies         142                513
  Interest income on mortgage notes and
    note receivable                               959                ---
  Other                                           659                 90
                                            _________          _________
Total Revenues                                 31,692             19,065
                                            _________          _________

EXPENSES:
  Operating Expenses:
   Property operating expenses                  5,664              3,544
   Real Estate Taxes                            4,564              2,866
   Ground Rents                                   303                257
   Marketing, general and administrative        1,980                966
                                            _________          _________
Total Operating Expenses                       12,511              7,633
                                            _________          _________

Interest                                        4,736              2,896
Depreciation and amortization                   5,640              3,633
                                            _________          _________
Total Expenses                                 22,887             14,162
                                            _________          _________

Income before minority interest and 
  extraordinary item                            8,805              4,903
Minority Partners' Interest in consolidated
  partnership (income) loss                      (243)              (235)
Limited Partners' interest in the Operating
  partnership (income) loss                    (1,778)            (1,350)
                                            _________          _________
Income (Loss) before extraordinary item         6,784              3,318
Extraordinary item-write-off of costs on a
  restatement of credit facility, net of
  limited partners share of $364                  ---               (895)
                                            _________          _________
Net income                                  $   6,784          $   2,423
                                            =========          =========
Net income (loss) per common share          $    0.51          $    0.33
                                            =========          =========
Weighted average common shares outstanding  13,284,581         7,444,733  
                                            =========          =========
<FN>
See Accompanying Notes to Financial Statements
</TABLE>
<TABLE>
                  RECKSON ASSOCIATES REALTY CORP.
               CONSOLIDATED STATEMENT OF CASH FLOWS 
                   (Unaudited and in thousands)
<CAPTION>
                                            Reckson             Reckson
                                           Associates          Associates      
                                           Realty Corp.        Realty Corp.    
                                           Three Months        Three Months   
                                              Ended               Ended      
                                            March 31,           March 31,  
                                               1997                1996      
                                            _________           _________    
<S>                                         <C>                 <C>          
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS)                           $   6,784           $   2,423
Adjustments to reconcile net income loss to 
  net cash provided by operating activities
  Depreciation and amortization                 5,640               3,633
  Write off of costs on restatement of credit
  facility                                        ---                 895
  Minority partners' interest in Consolidated
  Partnership                                     243                 235
  Limited partners' interest in Operating
  Partnership                                   1,778               1,350
  Equity in earnings of service companies        (142)               (513)
  Equity in earnings of real estate
  partnerships                                    (97)                ---
  Dividend from service companies                 ---                 100
  Distribution from real estate partnership        98                 ---
  Interest income on mortgage note receivable    (479)                ---
  Tenant receivables                             (229)               (513)
  Prepaid expenses and other assets            (1,344)             (1,272)
  Deferred rents receivable                    (1,134)               (924)
  Accrued expenses and other liabilities       (1,904)                (27)
  Deferred ground rents payable                    66                  56
  Advance rents received                        1,000                 501
                                            _________           _________     
Net cash provided by operating activities      10,280               5,944 
                                            _________           _________     

CASH FLOW FROM INVESTING ACTIVITIES:
  Increase in deferred acquisition costs
   and other                                   (4,314)             (6,095)
  Purchase of commercial real estate
   property                                   (28,046)            (26,740)
  Investment in mortgage note receivable      (17,194)                ---
  Investment in real estate partnerships         (900)                ---
  Investment in service company                  (100)             (3,170)
  Additions to land, buildings and
   improvements                                (7,570)             (3,158)
  Purchase of furniture, fixtures and
   equipment                                     (224)                (49)
  Payment of leasing costs                     (1,230)               (421)
  Advance to equity investee                      ---                 (26)
                                            _________           _________     
  Net cash used in investing activities       (59,578)            (39,659)
                                            _________           _________     
CASH FLOW FROM FINANCING ACTIVITIES:
  Principal payments on borrowings               (328)                (22)
  Payment of loan costs                          (787)               (258)
  Advances to affiliates                         (258)               (172)
  Proceeds from secured credit facility        13,500              36,000
  Repayments of secured credit facility       (67,000)                ---
  Proceeds from issuance of common stock
   net of issuance costs                      211,841                (226)
  Distribution to minority partners in 
   Consolidated Partnership                       (11)               (375)    
  Distribution to minority partners in
    Operating Partnership                      (1,981)                ---
  Payments of dividends                        (7,314)                ---
  Increase (Decrease)
    in security deposit liability                 770                 (18)
                                            _________            _________    
Net cash provided by (used in) financing
activities                                    148,432               34,929
                                            _________            _________    
Net increase (decrease) in cash and
cash equivalents                               99,134                1,214
Cash and cash equivalents at beginning of
period                                         12,688                6,984
                                            _________            _________     
Cash and cash equivalents at end of period  $ 111,822            $   8,198
                                            =========            =========  
<FN>
See Accompanying Notes to Financial Statements
</TABLE>
                       Reckson Associates Realty Corp.
                  Notes to Consolidated Financial Statements
                               March 31, 1997
                                (Unaudited)


1.   Organization and Formation of the Company
     
          Reckson Associates Realty Corp. ("the Company") was incorporated in 
     Maryland in September 1994 and is the successor to the operations of the 
     Reckson Group.  In June, 1995 the Company completed an initial public
     offering of 7,038,000 shares of common stock ("the IPO").  The IPO price 
     was $24.25 per common share resulting in gross offering proceeds of
     approximately $170,671,500.  The Company also issued 400,000 shares in a 
     concurrent offering to the Rechler family resulting in $9,700,000 in 
     additional proceeds.  The aggregate proceeds to the Company, net of 
     underwriting discount and advisory fee and other offering expenses, were 
     approximately $162,000,000.

          The following transactions occurred simultaneously with the completion
     of the IPO:


          The Company consummated various purchase agreements to acquire certain
          properties and interests in partnerships which own properties from 
          certain non-continuing investors.  Pursuant to such agreements the 
          Company paid approximately $6,952,000, in cash to certain holders of 
          the interests.

          The Company became the sole general partner of Reckson Operating 
          Partnership L.P. (the "Operating Partnership") by contributing 
          substantially all of the net proceeds of the IPO, in exchange for an 
          approximately 73% interest in the Operating Partnership.  All 
          properties acquired by the Company are held by or through the 
          Operating Partnership.

          The Operating Partnership executed various option and purchase 
          agreements whereby it issued 2,758,960 units in the Operating 
          Partnership ("OP Units") to certain continuing investors and assumed 
          approximately $163,438,000 (net of Omni mortgages) of indebtedness in
          exchange for interests in certain property partnerships, fee simple 
          and leasehold interests in properties and development land, certain 
          business assets of the executive center entities and 100% of the
          non-voting preferred stock of the management and construction 
          companies.  In addition, the Operating Partnership paid approximately
          $2,623,000 for costs associated with the transfer of the properties 
          and other interests.

          The Operating Partnership contributed $17,500,000 to Omni Partners, 
          L.P. ("Omni").  Omni used $10,000,000 of the cash contribution to 
          repay mortgage indebtedness encumbering Omni's property and $1,000,000
          of cash contribution to repay a loan from its existing partners.  In 
          addition, the remaining $27,214,000 balance of the first mortgage was
          refinanced.  In July 1995, the Omni paid $6,500,000 to the minority 
          partners in Omni to redeem a portion of their limited partnership 
          interest therein.  In addition, the Operating Partnership paid 
          approximately $805,000 of financing costs, on behalf of Omni, in
          connection with the refinancing of Omni's debt.  As a result of these
          transactions the Operating Partnership has a 60% managing general 
          partner interest in Omni.  In addition, the Operating Partnership will
          receive a priority interest in the Omni's annual cash flow equal to 
          12% of $11.0 million of the Operating Partnership's aggregate
          capital contributions.

          The Operating Partnership used a portion of the IPO proceeds and the 
          proceeds of certain new mortgage borrowings to repay approximately 
          $114,016,000 of indebtedness (excluding the Omni indebtedness and 
          including $1,500,000 of a line of credit).  In conjunction with such 
          repayment, the Operating Partnership incurred an extraordinary loss of
          $6,022,000 (before minority interest) consisting of approximately 
          $6,356,000 in prepayment costs and other fees, $1,742,000 of 
          unamortized deferred financing fees written off and a gain on partial
          forgiveness of a mortgage obligation of approximately $2,075,000.  In
          addition, the Operating Partnership used $5,000,000 of the IPO 
          proceeds to repay notes to a Reckson Group partnership.

          The Operating Partnership borrowed $15,000,000 under a credit facility
          to repay certain mortgage indebtedness and to fund an acquisition of a
          commercial real estate investment.

As of March 31, 1997, the Company owned and operated 32 office properties 
comprising approximately 4.4 million square feet, 89 industrial properties 
comprising approximately 5.2 million square feet and 2 retail properties 
comprising approximately 20,000 square feet, located in the New York "Tri-State"
area.  In addition, the Company owned or had contracted to own approximately 145
acres of land in nine separate parcels for development.

2.   Basis of Presentation

     The accompanying consolidated financial statements include the consolidated
financial position of the Company and the Operating Partnership at March 31, 
1997 and the results of their operations for the three months ended March 31, 
1997 and their cash flows for the three months ended March 31, 1997.  The 
operating results of the service businesses currently conducted by Reckson
Management Group, Inc., Reckson Construction Group, Inc. and Reckson Executive 
Centers, L.L.C. are reflected in the accompanying financial statements on the
equity method of accounting. The Operating Partnership also invests in real 
estate joint ventures where it may own less than a controlling interest, such 
investments are also reflected in the accompanying financial statements on the 
equity method of allocating.  All significant intercompany balances and 
transactions have been eliminated in the consolidated financial statements.

     The accompanying interim financial statements have been prepared by the 
Company's management in accordance with generally accepted accounting principles
for interim financial information and in conjunction with the rules and 
regulations of the Securities and Exchange Commission.  In the opinion of 
management, the interim financial statements presented herein reflect all 
adjustments of a normal and recurring nature which are necessary to fairly state
the interim financial statements.  The results of operations for the interim 
period are not necessarily indicative of the results that may be expected for 
the year ending December 31, 1997.  These financial statements should be read in
conjunction with the Company's audited financial statements and the notes 
thereto included in the Company's Form 10K for the year ended December 31, 1996.

     The Company intends to qualify as a real estate investment trust ("REIT") 
under Section 856 through 869 of the Internal Revenue Code of 1986, as amended 
(the "Code").  As a REIT, the Company will not generally be subject to corporate
Federal income taxes as long as it satisfies certain technical requirements of 
the Code relating to composition of its income and assets and requirements 
relating to distributions of taxable income to shareholders.

3.   Mortgage Notes Payable

     As of March 31, 1997, the Company had approximately $133.3 million of fixed
rate mortgage loans which mature at various times between 1999 and 2012.  The 
loans are secured by thirteen properties and have a weighted average interest 
rate of 8.01%.  In addition, the Company has a $32.6 million floating rate 
mortgage loan on the Omni with an interest rate equal to 150 basis points over
one-month LIBOR.  The Company has received a $58 million mortgage loan 
commitment from a financial institution to refinance the current mortgage 
encumbering the Omni.  The loan will have a 10-year term and will bear interest
at a fixed rate to be determined based on 10-year treasury rates plus 130 basis 
points.  

4.   Credit Facility

     On February 25, 1997, the Company obtained a commitment for a three-year 
$175 million unsecured credit facility from Chase Manhattan Bank and Union Bank
of Switzerland (the "Unsecured Credit Facility") which upon syndication could 
provide for a maximum borrowing of up to $225 million.  The Company's ability to
borrow thereunder will be subject to the satisfaction of certain customary 
financial covenants.  In addition, borrowings under the Unsecured Credit 
Facility will bear interest at a floating rate equal to one, two, three or six
month LIBOR (at the Company's election) plus a spread ranging from 1.125% to 
1.5% based on the Company's leverage ratio.  The Unsecured Credit Facility will
replace the Company's existing $150 million secured credit facility.

     The Company currently has a $150 million credit facility (the "Credit 
Facility"). Borrowings under the Credit Facility are guaranteed by Reckson FS 
Limited Partnership and such guarantee is secured by a first mortgage lien and 
an unsecured second mortgage lien on certain properties.  The Company pays a 
financing fee equal to 1.5% on each draw.  The loan agreement also provides for 
unused commitment fees over the term of the facility.  The Credit Facility has 
a two year term which the Company has the option to extend one year subject to
an extension fee of 1.0% of the principal indebtedness outstanding on the 
extension date.  Maximum advance availability is determined under a borrowing 
base formula.  At March 31, 1997, the maximum advance availability was $150 
million.  The maximum advance availability can be increased by adding income 
producing properties to the borrowing base. The balance outstanding on the 
Credit Facility at March 31, 1997 was $55 million.  On February 22, 1996, the
Operating Partnership amended and restated the Credit Facility, pursuant to 
which the interest rate was reduced to 175 basis points over one-month LIBOR and
the minimum debt service coverage ratio was reduced to 1.6.  

5.   Commercial Real Estate Investments

     On January 7, 1997, the Company exercised its option to acquire 110 
Bi-County Blvd. in Farmingdale, New York.  The 147,281 square foot industrial 
property was acquired for approximately $9.0 million.  The acquisition was 
financed with the issuance of OP units and the assumption of a first mortgage 
loan in the amount of approximately $4.67 million.  This property was acquired 
in connection with an option agreement, entered into by the Company at the time
of the IPO, which provided for a purchase price equal to the lesser of (i) a 
fixed price established at the time of the IPO and (ii) the net operating income
divided by a capitalization rate of 11.5%.  The properties were purchased from a
partnership owned by Donald Rechler and Roger Rechler.

     On March 5, 1997, the Company acquired a single story industrial building 
located in Hauppauge, New York, encompassing approximately 70,000 square feet 
for approximately $2.35 million.  The acquisition was financed with proceeds 
from a draw on the Credit Facility.

     On March 12, 1997, the Company acquired a portfolio of ten industrial 
buildings located within the Company's Vanderbilt Industrial Park in Hauppauge,
New York.  Eight of the buildings are multi-tenanted and two of the buildings 
are 100% leased to single tenants.  The ten buildings encompass approximately 
447,800 square feet and were purchased for approximately $21.6 million.  The 
acquisition was financed with proceeds from the Company's most recent equity 
offering (see Note 6).

     On March 13, 1997, the Company loaned approximately $17 million to its 
minority partners in Omni, its flagship office building, and effectively 
increased its economic interest in the property owning partnership.

     On March 31, 1997, the Company acquired a vacant industrial building 
located in Clifton, New Jersey encompassing approximately 180,000 square feet 
for approximately $4.4 million.  The Company plans to redevelop the property 
into a Class A office building.  The acquisition was financed with proceeds from
the most recent equity offering (see Note 6).

     During April 1997, the Company acquired two Class A office buildings 
located in Melville, New York encompassing approximately 301,000 square feet and
one research and development facility located in Shelton, Connecticut 
encompassing approximately 452,000 square feet.  The aggregate purchase prices 
for these properties amounted to approximately $63.3 million and was financed 
with proceeds from the most recent equity offering (see Note 6).

6.   Stockholders Equity

     On March 12, 1997 the Company completed a public stock offering (the 
"Offering") and sold 4,945,000 common shares at a price of $45.25 per share 
(including 645,000 related to the exercise of the underwriters over allotment 
option).  Net proceeds from the Offering were approximately $212 million.

     On January 7, 1997, the Operating Partnership issued 101,902 OP Units in 
connection with the acquisition of 110 Bi-County Boulevard.

     Net income per share was calculated using the weighted average number of 
shares outstanding of 13,284,581 for three months ended March 31, 1997 and 
7,444,733 for the three months ended March 31, 1996.

     On February 12, 1997, the Board of Directors declared a dividend of $.60 
per share of common stock payable on April 15, 1997, to shareholders of record 
as of February 24, 1997.  The dividend declared, which related to the three 
months ended March 31, 1997 is based upon an annual distribution of  $2.40 per
share.

     On February 12,1997, the Board of Directors of the Company declared a 
two-for-one stock split, effective as a stock dividend distributable on April 
15, 1997 to stockholders of record on April 4, 1997.

     In February 1997, the Financial Accounting Standards Board, FASB, issued 
Statement of Financial Accounting Standards No. 128 "Earnings Per Share", which
is required to be adopted on December 31, 1997.  At that time, the Company will 
be required to change the method currently used to compute earnings per share 
and to restate all prior periods.  Under the new requirements for calculating 
primary earnings per share, the dilutive effect of stock options will be 
excluded.  This will not have any impact on primary earnings per share for the
first quarter ended March 31, 1997 and March 31, 1996. The Company has not yet
determined what the impact of Statement 128 will be on the calculation of fully
diluted earnings per share.

7.  SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

                            Reckson           Reckson
                           Associates        Associates  
                          Realty Corp.      Realty Corp.
                          Three Months      Three Months
                             Ended              Ended
                           March 31,          March 31,
                              1997              1996 
                           __________          __________  
Cash paid during the
  period for interest      $    5,486          $    2,628 
      (in thousands)

     On January 7, 1997, the Company purchased 110 Bi-County Boulevard in
Farmingdale, New York, which included the issuance of 101,902 units for a total
non-cash investment of $4,279,884.
       
Item 2.   Management's Discussion and Analysis of Financial Condition and 
          Results of Operations.

     The following discussion should be read in conjunction with the 
accompanying Consolidated Financial Statements of Reckson Associates Realty 
Corp. (the "Company") and related notes thereto.

Overview and Background

     The Company is a self-administered and self arranged real estate investment
trust (REIT) specializing in the acquisition, leasing, financing, management and
development of office and industrial properties.  The Company's growth strategy
is focused on the suburban markets within the 50 mile radius surrounding New 
York City.  Since completion of its initial public offering in May 1995, the 
Company has acquired or contracted to acquire approximately $500 million of 
properties comprising approximately 7.1 million square feet of space.

     On March 12, 1997, the Company completed a public stock offering and sold
4,945,000 common shares at a price of $45.25 per share (including 645,000 common
shares sold in connection with the underwriters exercise of the overallotment 
option).  Net proceeds from the offering were approximately $212 million.

     At March 31, 1997, the Company's portfolio of real estate properties 
included 32 office buildings containing approximately 4.4 million square feet, 
89 industrial buildings containing approximately 5.2 million square feet and 2 
retail properties containing approximately 20,000 square feet.

     During the three months ended March 31, 1997, the Company acquired thirteen
industrial buildings encompassing approximately 845,000 square feet of space for
an aggregate purchase price  amounting to approximately $37.4 million.  These 
acquisitions were financed with a combination of proceeds from a draw on the 
Credit Facility, the issuance of Operating Partnership units and proceeds from 
the Offering.

     In addition, during April 1997, the Company acquired two Class A office 
buildings encompassing an aggregate of approximately 301,000 square feet and one
research and development facility encompassing approximately 452,000 square feet
for an aggregate purchase price of $63.3 million which was financed with 
proceeds from the Offering.

     The market capitalization of the Company, based on the market value (at a 
stock price of   $46.125 at March 31, 1997 on 17,136,502 issued and outstanding
shares of Company common stock and 3,487,407 OP Units (assuming conversion to 
common stock) and the $214.8 million (including share of joint venture debt and
net of minority partners' 40% interest in Omni's debt) of debt outstanding at 
March 31, 1997 was $1.2 billion.  As a result, the Company's total debt to total
market capitalization ratio at March 31, 1997 equaled approximately 18.4%.

Results of Operations

Three months ended March 31, 1997 vs. the three months ended March 31,
1996.

                                           Three Months Ended March 31,
                                                   (as adjusted)
                                              1997               1996
                                           _________          _________ 
Base rental revenue                        $  26,590          $  16,144
Tenant escalations and reimbursements          3,245              2,318
Equity in earnings of service companies          142                513
Equity in real estate joint ventures              97                ---
Interest income on mortgage notes and
  note receivable                                959                ---
Other                                            ---                 90
                                           _________          _________
Total Operating Revenues                      31,692             19,065
                                           _________          _________ 

Operating Expenses                             5,664              3,544
Real estate taxes                              4,564              2,866
Ground rents                                     303                257
Interest                                       4,736              2,896
Depreciation and amortization                  5,640              3,633
Marketing General and Administration           1,980                966
                                           _________           ________ 
Total expenses                                22,887             14,162
                                           _________           ________ 
Income from operations                     $   8,805           $  4,903
                                           =========           ========   
        
          Income of $8,805 for the three months ended March 31, 1997 increased
by $3,902 as compared to income of $4,903 for the 1996 period.  The increase in
base rental revenue of $10,446 and $927 escalations is primarily attributable to
additional square footage leased, particularly at the Omni and the acquisition 
of properties during 1996.  Other income of $659 primarily consists of interest
income on cash balances including net proceeds from the March 12, 1997 equity
offering.

     Operating expenses and real estate taxes increased by $3,818 for the three
months ended March 31, 1997 as compared to the 1996 period. The increase in
operating expenses and real estate taxes during the 1997 period are primarily
attributable to operating an increased number of properties.   Interest expense
increased $1,840 for the three months ended March 31, 1997, compared to the
prior period, principally due to an increase in the amount of outstanding debt
incurred in connection with the acquisition of properties.  Marketing, general 
and administrative expenses increased by $1,014 primarily as a result of overall
growth of the Company including payroll and related costs related to the opening
of the Westchester and Southern Connecticut divisions.

     Gross operating margin (defined as operating revenues, consisting of base
rental revenue and tenant escalations and reimbursements less total operating
expenses, real estate taxes and ground rents, as a percentage of operating
revenues) for the three months ended March 31, 1997 was 64.7% as compared to
63.9% for the three months ended March 31, 1996.  The increase reflects the
Company's ability to realize certain operating efficiencies as a result of 
operating a larger portfolio of properties in its established markets and the 
impact of milder weather conditions in 1997.

Liquidity and Capital Resources

     In June 1995, the Company completed an initial public offering of
7,438,000 shares of its common stock at $24.25 per share.  Net proceeds to the
Company were approximately $162 million.  During 1996, the Company completed
two add-on offerings aggregating 4,725,000 shares of its common stock (the
"Add-On Offerings") resulting in net proceeds to the Company of approximately
$145.3 million.  Proceeds from the Add-On Offerings were primarily used to repay
borrowings under the Credit Facility and to fund the purchase of commercial real
estate properties.

     In connection with the purchase of one industrial property the Company
issued 101,902 OP Units as partial consideration in the transaction.

     On March 12, 1997, the Company completed a 4,945,000 common share
offering, including 645,000 sold in connection with the exercise of the
underwriters overallotment option.  Net proceeds to the Company (after
underwriting discount of approximately $11.7 million and approximately $300,000
of offering costs) were approximately $212 million.  Net proceeds were used to
repay borrowings outstanding under the Credit Facility and to purchase certain
commercial real estate properties under contract and for future acquisitions of
properties and general working capital.

     On February 25, 1997, the Company obtained a commitment for a three-year 
$175 million unsecured credit facility from Chase Manhattan Bank and Union
Bank of Switzerland (the "Unsecured Credit Facility") which upon syndication
could provide for a maximum borrowing of up to $225 million.  The Company's
ability to borrow thereunder will be subject to the satisfaction of certain 
customary financial covenants.  In addition, borrowings under the Unsecured 
Credit Facility will bear interest at a floating rate equal to one, two, three 
or six month LIBOR (at the Company's election) plus a spread ranging from 1.125%
to 1.5% based on the Company's leverage ratio.  The Unsecured Credit Facility 
will replace the Company's existing $150 million secured credit facility.

     The Company has a $150 million credit facility (the "Credit Facility") with
a two-year term, with a one-year extension and requires monthly payments of
interest only, with the balance of all principal and accrued but unpaid interest
due on June 2, 1997.  The loan agreement provides for a financing fee equal to 
1.5% of each draw.  The loan agreement also provides for unused commitment fees,
over the term of the facility.  Borrowings under the Credit Facility are 
guaranteed by Reckson FS Limited Partnership and such guarantee is secured by a
first mortgage lien and an unsecured second mortgage lien on certain properties.

     In February 1996, the Operating Partnership amended and restated the
Credit Facility agreement, pursuant to which the interest rate was reduced to 
175 basis points over one-month LIBOR (at March 31, 1997, the one month LIBOR
approximated 5.47%) and the minimum debt service coverage ratio was reduced
to 1.6.  In addition, the Operating Partnership was given the right to convert
outstanding borrowings at maturity to a five-year term loan at a fixed rate 
equal to the then prevailing interest rate on five-year U.S. Treasury 
instruments plus a spread, provided certain specified conditions are satisfied
and no event of default exists. The Credit Facility contains a number of 
customary financial covenants. 

     The Company's indebtedness at March 31, 1997 totaled $214.8 million
(including its share of joint venture debt and net of the minority partners' 40%
interest in Omni's debt) and was comprised of $55 million outstanding under the
Credit Facility and approximately $159.8 million of mortgage indebtedness.  
Based on the Company's total market capitalization of $1.2 billion at March 31,
1997, (calculated at a $46.125 per share stock price and assuming the conversion
of the 3,487,407 OP Units outstanding on such date, the Company's debt
represented approximately 18.4% of its total market capitalization.

     The Company expects to meet its short term liquidity requirements primarily
through cash flow from operating activities, which the Company believes will be
sufficient to fund non-incremental revenue generating capital expenditures and
payment of dividends.  In addition to its operating cash flow, the Credit 
Facility provides for working capital advances.  The Company intends to finance
its on-going construction and acquisition activities through borrowings under 
the Credit Facility and mortgage indebtedness.  At March 31, 1997, the Company 
had maximum capacity under the Credit Facility of approximately $150 million 
subject to the sufficiency of the borrowings base, as defined in the loan 
agreement (see note 4 to the Financial Statements).  The Company expects to meet
its long-term liquidity requirements, consisting primarily of debt maturities, 
through the refinancing of existing mortgage indebtedness or through the 
issuance of additional equity and/or debt securities.

     In order to qualify as a REIT for federal income tax purposes, the Company
is required to make distributions to its stockholders of at least 95% of REIT 
taxable income.  The Company expects to use its cash flow from operating 
activities for distributions to stockholders and for payment of recurring, 
non-incremental revenue-generating expenditures.  The Company intends to invest
amounts accumulated for distribution in short-term investments.

Supplemental Information on Capital Expenditures and Tenant Improvement and
Leasing Costs 

     The following table summarizes the expenditures incurred for capital
expenditures, tenant improvements and leasing commissions for the Company's
office and industrial properties for the three month period ended March 31, 1997
and the historical average of such capital expenditures, tenant improvements and
leasing commissions for the years 1994 through 1996.

Non-Incremental Revenue Generating Capital Expenditures

                                                          1994-1996     Jan-Mar
                               1994      1995      1996    Average       1997  
                             ________  ________  ________  ________  __________
Office Properties:
 Total                       $158,340  $364,545  $375,026  $299,304  $  216,017
 Per Square Foot                  .10       .19       .13       .14         .05

Industrial Properties:
 Total                       $524,369  $290,457  $670,751  $495,192  $  148,348
 Per Square Foot                  .18       .08       .18       .15         .04



Non-Incremental Revenue - Generating Tenant Improvement and Leasing Commissions
                                                           
                                  1994      1995      1996      1997   
                                ________  ________  ________  ________ 

Long Island Office Properties:
 Tenant Improvement Costs       $902,312  $452,057  $523,574  $ 84,946
 Per Square Foot Improved           5.13      4.44      4.28      7.59
 Leasing Commissions            $341,253  $144,925  $119,047  $ 83,740
 Per Square Foot Leased             1.94      1.42      0.97      7.48
                                ________  ________  ________  ________
Total Per Square Foot           $   7.07  $   5.86  $   5.25  $  15.07
                                ========  ========  ========  ========

Westchester Office Properties:
 Tenant Improvement Costs       $    N/A  $    N/A  $834,764  $258,781
 Per Square Foot Improved            N/A       N/A      6.33      5.46
 Leasing Commissions            $    N/A  $    N/A  $264,388  $154,951
 Per Square Foot Leased              N/A       N/A      2.00      3.27
                                ________  ________  ________  ________
Total Per Square Foot           $    N/A  $    N/A  $   8.33  $   8.73
                                ========  ========  ========  ========
Connecticut Office Properties:
 Tenant Improvement Costs       $    N/A  $    N/A  $ 58,000  $143,420
 Per Square Foot Improved            N/A       N/A     12.45      6.15
 Leasing Commissions            $    N/A  $    N/A  $      0  $ 11,736
 Per Square Foot Leased              N/A       N/A         0       .60
                                ________  ________  ________  ________
Total Per Square Foot           $    N/A  $    N/A  $  12.45  $   7.99
                                ========  ========  ========  ========
Industrial Properties:
 Tenant Improvement Costs       $585,981  $210,496  $380,334  $ 90,524
 Per Square Foot Improved            .88       .90       .72      2.82
 Leasing Commissions            $176,040  $107,351  $436,213  $ 35,948
 Per Square Foot Improved            .27       .46       .82      1.12
                                ________  ________  ________  ________  
Total Per Square Foot           $   1.15  $   1.36  $   1.54  $   3.94
                                ========  ========  ========  ========

LEASE EXPIRATIONS

    The following table sets forth scheduled lease expirations for executed
leases as of March 31, 1997.

Long Island Office Properties (excluding Omni):

                                              % of
                                 Total        Total           Per          Per
                                Rentable     Rentable        Square      Square
                      Number     Square       Square          Foot        Foot 
  Year of Lease         of        Feet         Feet           S/L         Base
    Expiration        Leases    Expiring     Expiring        Rent(1)     Rent(2)
__________________     ______   _________    ________        _______    _______
Remainder of 1997          18     137,798        9.4%       $ 21.42     $ 24.81
1998                       27     197,843       13.6%       $ 22.03     $ 23.65
1999                       26     118,803        8.1%       $ 19.53     $ 21.16
2000                       25     166,299       11.4%       $ 21.79     $ 22.76
2001                       26     135,288        9.3%       $ 21.43     $ 24.85
2002                       21     223,676       15.3%       $ 21.37     $ 22.88
2003and thereafter         46     478,602       32.8%           ---
                       ______   _________    ________    
Totals                    189   1,458,309       100.0%   
                       ======   =========    ========


Office Properties - Omni:

                                              % of
                                 Total        Total           Per          Per
                                Rentable     Rentable        Square      Square
                      Number     Square       Square          Foot        Foot 
  Year of Lease         of        Feet         Feet           S/L         Base
    Expiration        Leases    Expiring     Expiring        Rent(1)     Rent(2)
__________________     ______   _________    ________        _______    _______
Remainder of 1997           2      27,729         5.1%       $ 31.89    $ 36.28
1998                      ---         ---         ---%       $   ---    $   ---
1999                      ---         ---         ---%       $   ---    $   ---
2000                        5      66,131        12.2%       $ 31.58    $ 33.77
2001                        5      59,693        11.0%       $ 19.75    $ 24.01
2002                        4     105,703        19.4%       $ 28.96    $ 30.09
2003and thereafter         13     284,310        52.3%           ---        ---
                       ______   _________    ________    
Totals                     29     543,566       100.0%   
                       ======   =========    ========


Industrial Properties:

                                              % of
                                 Total        Total           Per          Per
                                Rentable     Rentable        Square      Square
                      Number     Square       Square          Foot        Foot 
  Year of Lease         of        Feet         Feet           S/L         Base
    Expiration        Leases    Expiring     Expiring        Rent(1)     Rent(2)
__________________     ______   _________    ________        _______    _______
Remainder of 1997          26     174,831         4.6%       $  5.33    $  5.35
1998                       40     536,436        13.2%       $  5.06    $  5.71
1999                       34     545,511        14.0%       $  5.73    $  5.97
2000                       23     410,701        10.7%       $  5.22    $  4.98
2001                       24     755,291        19.7%       $  5.43    $  5.58
2002                        8      47,926         1.2%       $  5.66    $  5.66
2003and thereafter         34   1,404,043        36.6%           ---        ---
                       ______   _________     ________    
Totals                    189   4,012,739        100.0%   
                       ======   =========     ========


Research and Development:

                                              % of
                                 Total        Total           Per          Per
                                Rentable     Rentable        Square      Square
                      Number     Square       Square          Foot        Foot 
  Year of Lease         of        Feet         Feet           S/L         Base
    Expiration        Leases    Expiring     Expiring        Rent(1)     Rent(2)
__________________     ______   _________    ________        _______    _______
Remainder of 1997           3      85,107        11.7%       $  7.84    $  8.41
1998                        6     190,918        26.3%       $  9.59    $ 11.10
1999                       11     134,487        18.5%       $  8.21    $  8.09
2000                        8     137,440        18.9%       $  8.13    $  8.03
2001                        6      72,259        10.0%       $  9.69    $  5.04
2002                        2       7,967         1.1%       $ 17.32    $  9.18
2003and thereafter          5      97,450        13.4%           ---        ---
                       ______   _________    ________    
Totals                     41     725,628       100.0%   
                       ======   =========    ========


Westchester Properties:

                                              % of
                                 Total        Total           Per          Per
                                Rentable     Rentable        Square      Square
                      Number     Square       Square          Foot        Foot 
  Year of Lease         of        Feet         Feet           S/L         Base
    Expiration        Leases    Expiring     Expiring        Rent(1)     Rent(2)
__________________     ______   _________    ________        _______    _______
Remainder of 1997          24      66,357         6.3%       $ 17.47    $ 18.90
1998                       28     140,585        13.4%       $ 18.69    $ 19.47
1999                       20      45,738         4.4%       $ 18.18    $ 18.93
2000                       21     163,985        15.6%       $ 19.56    $ 20.67
2001                       26     122,361        11.6%       $ 19.24    $ 20.44
2002                       22     166,830        15.9%       $ 17.58    $ 20.38
2003and thereafter         26     344,679        32.8%           ---
                       ______   _________    ________    
Totals                    167   1,050,535       100.0%   
                       ======   =========    ========


Stamford Properties:

                                              % of
                                 Total        Total           Per          Per
                                Rentable     Rentable        Square      Square
                      Number     Square       Square          Foot        Foot 
  Year of Lease         of        Feet         Feet           S/L         Base
    Expiration        Leases    Expiring     Expiring        Rent(1)     Rent(2)
__________________     ______   _________    ________        _______    _______
Remainder of 1997          14      32,592         5.0%       $ 17.92    $ 18.19
1998                       12      38,197         5.8%       $ 20.35    $ 20.68
1999                       17      42,841         6.5%       $ 20.82    $ 21.13
2000                       25      91,314        14.0%       $ 21.02    $ 22.07
2001                       16      85,986        13.1%       $ 24.78    $ 25.54
2002                        9      35,083         5.4%       $ 20.67    $ 21.81
2003and thereafter         20     328,349        50.2%           ---
                       ______   _________    ________    
Totals                    113     654,362       100.0%   
                       ======   =========    ========


(1)  Per square foot rental rate represents annualized straight line rent as
of lease expiration date.
(2)  Per square foot rental rate represents annualized base rent as of the
lease expiration date plus non-recoverable operating expense pass-throughs.

Inflation

     The office leases generally provided for fixed base rent increases or 
indexed escalations.  In addition, the office leases provide for separate 
escalations of real estate taxes and electric costs over a base amount.  The 
industrial leases generally provide for fixed base rent increases, direct pass 
through of certain operating expenses and separate real estate tax escalations 
over a base amount.  The Company believes that inflationary increases in 
expenses will be offset by contractual rent increases described above.  The 
Credit Facility bears interest at a variable rate, which will be influenced by 
changes in short-term interest rates, and is sensitive to inflation.

Funds from Operations

     Management believes that funds from operations ("FFO") is an appropriate
measure of performance of an equity REIT.  Funds from operations is defined by
the National Association of Real Estate Investment Trusts (NAREIT) as net income
or loss, excluding gains or losses from debt restructuring and sales of 
properties plus depreciation and amortization, and after adjustments for 
unconsolidated partnerships and joint ventures.  Funds from operations does not
represent cash generated from operating activities in accordance with generally 
accepted accounting principals and is not indicative of cash available to fund 
cash needs. Funds from Operations should not be considered as an alternative to
net income as an indicator of the Company's operating performance or as an 
alternative to cash flow as a measure of liquidity.  

     In March 1995, NAREIT issued a "White Paper" analysis to address certain
interpretive issues under its definition of FFO.  The White Paper provides that
amortization of deferred financing costs and depreciation of non-rental real 
estate assets are no longer to be added back to net income to arrive at FFO.

     The Company has adopted the new method, the following table presents
the Company's FFO calculation (in thousands, except per share/unit data):

                                             Three Months     Three Months
                                               March 31,        March 31,
                                                 1997             1996
                                              (unaudited)      (unaudited)
                                               _________       __________
Net Income                                     $   6,784       $    2,423

Adjustments for Funds from Operations
Add:                                              
Depreciation and Amortization                      5,574            3,459
Minority interest in consolidated partnership        243              235
Limited partners' minority interest in
  Operating Partnership                            1,778            1,350
Extraordinary loss, net of limited partners'
  interest in Operating Partnership o $0 and
  $364 respectively                                  ---              895
                                               _________        _________ 
                                                  14,379            8,362
Subtract:
Amount distributable to minority partners in
 consolidated partnership                            535              375
                                               _________        _________
Funds From Operations (FFO)                       13,844            7,987
                                               _________        _________   
Subtract:
Straight line rents                                1,090              720
Non-Incremental Capitalized tenant           
 improvements and leasing commissions                864               88
Capitalized improvements                             364              200
                                               _________        _________  
Cash available for distribution                $  11,526        $   6,979
                                               =========        =========
Weighted average shares/units (1)                 16,765           10,477
                                               =========        =========
FFO per weighted average share/unit            $     .83        $     .76
                                               =========        =========
CAD per weighted average share/unit            $     .69        $     .67
                                               =========        =========
Dividends per share/unit                       $     .60        $     .58
                                               =========        =========
FFO payout ratio                                   72.3%            76.3%
                                               =========        =========
CAD payout ratio                                   87.0%            86.6%
                                               =========        =========

(1)  Assumes conversion of limited partnership units of the Operating
Partnership.

PART II

OTHER INFORMATION

Item 1.  Legal Proceedings - None
Item 2.  Changes in Securities - None
Item 3.  Defaults Upon Senior Securities - None
Item 4.  Submission of Matters to a Vote of Securities Holders - None
Item 5.  Other information - None
Item 6.  Exhibits and Reports on Form 8-K
         a)   Exhibits 27 Financial Data Schedule
         b)   During the three months ended March 31, 1997, the registrant
              filed a report 8-K, dated February 18, 1997 pertaining to
              the acquisition of six class "A" office properties and ten
              class "A" industrial properties.

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                            RECKSON ASSOCIATES REALTY CORP.
                            Registrant

May 1, 1997                 Scott H. Rechler
Date                        Scott H. Rechler, Executive Vice President
                            and Chief Operating Officer


May 1, 1997                 Michael Maturo
Date                        Michael Maturo, Executive Vice President
                            and Chief Financial Officer