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 June 30, 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 34,481,737 shares outstanding as of August 1, 1997.
                                
<PAGE>
                RECKSON ASSOCIATES REALTY CORP.
                        QUARTERLY REPORT
           FOR THE THREE MONTHS ENDED JUNE 30, 1997
                       TABLE OF CONTENTS
                                
                                
                                
INDEX

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

          Consolidated Balance Sheets of Reckson Associates Realty Corp.
          as of June 30, 1997 and December 31, 1996 ..............

          Consolidated Statement of Operations of Reckson Associates
          Realty Corp. for the three months and six months ended 
          June 30, 1977 and 1996 .................................
         
          Consolidated Statement of Cash Flows of Reckson Associates
          Realty Corp. for the six months ended June 30, 1997
          and 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>
                                                 June 30,       December 31,
                                                   1997             1996
                                                _________        _________
                                                (Unaudited)
<S>                                             <C>              <C> 
ASSETS:
Commercial real estate properties, at cost:
  Land                                          $  73,560        $  45,259
  Building and improvements                       597,901          457,403  
Land held for future development                   14,912            5,637
Development in progress                            15,811            8,469
Furniture, fixtures and equipment                   3,312            2,736
                                                _________        _________
                                                  705,496          519,504  
   Less accumulated depreciation                  (97,302)         (88,602)
                                                _________        _________
                                                  608,194          430,902                                  
Investment in real estate joint ventures            6,831            5,437
Investment in mortgage notes and notes
  receivable                                       81,333           51,837
Cash and cash equivalents                          20,424           12,688
Tenants receivables                                 2,294            1,732
Affiliate receivables                               5,701            3,826
Deferred rent receivable                           13,585           12,573
Prepaid expenses and other assets                  11,102            6,225
Contract and land deposits and pre-acquisition
  costs                                             7,613            7,100
Deferred leasing and loan costs                    13,603           11,438
                                                _________        _________   
   Total Assets                                 $ 770,680        $ 543,758
                                                =========        =========     
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY:
<S>                                             <C>              <C>                                                                
Mortgage notes payable                          $ 165,527        $ 161,513
Credit facility                                   113,000          108,500
Accrued expenses and other liabilities             18,025           15,868
Affiliate payables                                    731              502
Dividends and distributions payable                13,100            9,442 
                                                _________        _________ 
   Total Liabilities                              310,383          295,825
                                                _________        _________
  
Minority interest in consolidated partnership       9,088            9,187
Limited partners' minority interest in
  operating partnership                            76,209           51,879
                                                _________        _________
                                                   85,297           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, 34,331,774 and
  24,356,354 shares issued and outstanding,
  respectively                                        343              244
Additional paid in capital                        374,657          186,623
                                                _________        _________
   Total Stockholders' Equity                     375,000          186,867
                                                _________        _________
   Total Liabilities and Stockholders' Equity   $ 770,680        $ 543,758  
                                                =========        =========
<FN>
See Accompanying Notes to Financial Statements.
</FN>
</TABLE>
<TABLE>
                             RECKSON ASSOCIATES REALTY CORP.
                          CONSOLIDATED STATEMENT OF OPERATIONS
                    (Dollars in thousands, except per share amounts)
<CAPTION>
                                              Three Months Ended           Six Months Ended
                                                   June 30,                     June 30,
                                               1997          1996           1997          1996
                                            _________     _________      _________     _________
                                           (Unaudited)   (Unaudited)    (Unaudited)   (Unaudited) 
<S>                                         <C>           <C>            <C>           <C>
REVENUES:
  Base rents                                $  31,160     $  19,572      $  57,751     $  35,716
  Tenants escalation and reimbursements         3,340         2,378          6,585         4,696
  Equity in earnings of real estate
    joint ventures                                105            71            201            71
  Equity in earnings of service companies         ---           246            142           759
  Interest income on mortgage notes and
    notes receivable                              931           ---          1,889           ---
  Other                                           658           427          1,318           517
                                            _________     _________      _________     _________
Total Revenues                                 36,194        22,694         67,886        41,759
                                            _________     _________      _________     _________

EXPENSES:
  Operating Expenses:
   Property operating expenses                  7,069         4,697         12,733         8,241
   Real Estate Taxes                            4,806         3,117          9,370         5,983
   Ground Rents                                   306           262            609           519
   Marketing, general and administrative        1,858         1,424          3,838         2,390
                                            _________     _________      _________     _________
Total Operating Expenses                       14,039         9,500         26,550       17,133
                                            _________     _________      _________     _________

Interest                                        3,848         2,615          8,583         5,511
Depreciation and amortization                   6,317         4,160         11,957         7,793
                                            _________     _________      _________     _________
Total Expenses                                 24,204        16,275         47,090        30,437
                                            _________     _________      _________     _________

Income before minority interest and 
  extraordinary item                           11,990         6,419         20,796        11,322
Minority Partners' Interest in consolidated
  partnership (income) loss                      (201)         (237)          (444)         (472)
Limited Partners' interest in the Operating
  partnership (income) loss                    (1,993)       (1,491)        (3,771)       (2,841)
                                            _________     _________      _________     _________
Income(Loss)before extraordinary item           9,796         4,691         16,581         8,009
Extraordinary items-(loss) on a restatement
  or extinguishment of debt, net of limited
  partners share of $400, $0, $400 and $364
  respectively                                 (1,962)          ---         (1,962)         (895)
                                            _________     _________      _________     _________
Net income                                  $   7,834     $   4,691      $  14,619     $   7,144
                                            =========     =========      =========     =========
Net income per common share before
   extraordinary item                       $    0.29     $    0.23      $     .54     $     .45
                                            =========     =========      =========     =========
Extraordinary item-(loss) per common share       (.06)    $     ---      $    (.06)         (.05)
                                            =========     =========      =========     =========
Net income (loss) per common share          $    0.23     $    0.23      $     .48     $     .40
                                            =========     =========      =========     =========
Weighted average common shares outstanding     34,298        20,349         30,455        17,619
                                            =========     =========      =========     =========
<FN>
See Accompanying Notes to Financial Statements
</FN>
</TABLE>
<TABLE>
                  RECKSON ASSOCIATES REALTY CORP.
               CONSOLIDATED STATEMENT OF CASH FLOWS 
                   (Unaudited and in thousands)
<CAPTION>
                                            Six Months          Six Months           
                                              Ended               Ended      
                                             June 30,            June 30,  
                                               1997                1996            
                                            _________           _________    
<S>                                         <C>                 <C>          
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME                                  $  14,619           $   7,114
Adjustments to reconcile net income to 
  net cash provided by operating activities
  Depreciation and amortization                11,957               7,793
  Write off of costs on restatement of       
   credit facility                                ---                 895
  Minority partners' interest in
   Consolidated Partnership                       444                 472
  Limited partners' interest in Operating
   Partnership                                  3,771               2,843
  Extraordinary loss on extinguishment of
   debt                                         1,962                 ---
  Equity in earnings of service companies        (142)               (759)
  Equity in earnings of real estate
   partnerships                                  (201)                (71)
  Dividend from service companies                 ---                 100
  Distribution from real estate partnership       191                 ---
(Increase) decrease in operating assets
  and liabilities
  Interest income on mortgage notes receivable   (374)                ---
  Tenant receivables                             (561)               (507)
  Prepaid expenses and other assets            (4,267)             (3,283)
  Deferred rents receivable                    (2,371)             (1,306)
  Accrued expenses and other liabilities          818                 425
  Deferred ground rents payable                   131                 113
  Advance rents received                        1,318                 ---
                                            _________           _________     
Net cash provided by operating activities      27,295              13,829
                                            _________           _________     

CASH FLOWS FROM INVESTING ACTIVITIES:
  Increase in deferred acquisition costs
   and other                                     (275)             (4,667)
  Purchase of commercial real estate
   property                                  (170,920)            (67,611)
  Investment in mortgage note receivable      (29,124)                ---
  Investment in real estate partnerships       (1,385)             (5,074)
  Investment in service company                    15              (3,170)
  Additions to land, buildings and
   improvements                                (7,608)             (6,870)
  Purchase of furniture, fixtures and
   equipment                                     (481)               (106)
  Payment of leasing costs                     (3,194)             (2,767)
  Advance to equity investee                      ---                (470)
                                            _________           _________     
  Net cash used in investing activities      (212,972)            (90,735)
                                            _________           _________     
CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from issuance of common stock
   net of issuance costs                      212,117              85,546
  Proceeds from borrowings                        ---               1,675
  Principal payments on borrowings               (653)                (42)
  Payment of loan costs                        (2,807)               (301)
  Advances to affiliates                       (1,358)               (169)
  Proceeds from secured credit facility       126,500              36,000
  Repayments of secured credit facility      (122,000)            (36,000)
  Distribution to minority partners in 
  Consolidated Partnership                       (543)               (805)
  Distribution to minority partners in
    Operating Partnership                      (4,272)             (1,840)
  Payments of common dividends                (14,385)             (4,300)
  Increase in security deposit liability          814                 466
                                            _________           _________
Net cash provided by financing
activities                                    193,413              80,230
                                            _________           _________    
Net increase in cash and cash
equivalents                                     7,736               3,324
Cash and cash equivalents at beginning of
period                                         12,688               6,984
                                            _________           _________     
Cash and cash equivalents at end of period  $  20,424           $  10,308
                                            =========            =========       
<FN>
See Accompanying Notes to Financial Statements
</FN>
</TABLE>
                        Reckson Associates Realty Corp.
                 Notes to Consolidated Financial Statements
                              June 30, 1997
                               (Unaudited)


1.   Organization and Formation of the Company
     
     Reckson Associates Realty Corp. ("the Company") was incorporated in Mary-
land 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 June 30, 1997, the Company owned and operated 39 office properties
comprising approximately 5.5 million square feet, 89 industrial properties 
comprising approximately 5.5 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 698 acres of land (including 400 acres under option) in eleven
separate parcels for development.  The Company also has invested approximately
$52.1 million in certain mortgage notes encumbering five Class A office 
properties encompassing approximately 928,000 square feet and a 400 acre parcel
of land.  In addition, the Company has invested $17 million in a note 
receivable secured by Odyssey's interest in the Omni (see note 5).

     During July 1997, the Company announced the formation of Reckson 
Strategic, Inc. ("RSI") and Reckson Opportunity Partners, L.P. ("ROPartners").
RSI is a 95% owned subsidiary of the Operating Partnership and will serve as 
the majority managing member of the general partner of ROPartners.  ROPartners
will invest primarily in real estate operating companies that present the 
potential for significant growth opportunities.  At June 30, 1997, the 
Operating Partnership had loaned ROPartners approximately $10.7 million in
connection with certain start up costs and ROPartners initial investment in
a student housing facility.

2.   Basis of Presentation

     The accompanying consolidated financial statements include the 
consolidated financial position of the Company and the Operating Partnership 
at June 30, 1997 and the results of their operations for the three and six 
months ended June 30, 1997 and their cash flows for the six month period ended
June 30, 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 accounting.  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 June 30, 1997, the Company had approximately $132.9 million of fixed
rate mortgage loans which mature at various times between 1999 and 2012.  The 
loans are secured by eighteen properties and have a weighted average interest 
rate of 7.74%.  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 April 30, 1997, the Company obtained a three-year $250 million unsecured
credit facility from Chase Manhattan Bank and Union Bank of Switzerland (the
"Unsecured Credit Facility").  The Company's ability to borrow thereunder is
subject to the satisfaction of certain customary financial covenants.  In 
addition, borrowings under the Unsecured Credit Facility 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 replaced the Company's existing
$150 million secured credit facility.  As a result, certain deferred loan 
costs incurred in connection with the original credit facility were written
off.  Such amount is reflected as an extraordinary loss in the accompanying
consolidated statement of operations.

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 one Class A office building 
located in Melville, New York encompassing approximately 124,000 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 $44 million.   In addition, the
Company acquired two Class A office buildings encompassing approximately 
308,000 square feet in Short Hills, New Jersey for approximately $51.5 million.
These acquisitions were financed with proceeds from the most recent equity
offering (see Note 6). 

     During May 1997, the Company acquired one office property located in
Melville, New York encompassing 167,400 square feet for approximately $4.7
million and two office buildings in West Orange, New Jersey encompassing a
total of 162,556 square feet for aggregate purchase prices of approximately
$15.7 million.  These acquisitions were financed with proceeds from the 
Company's most recent equity offering (see Note 6) and through draws on the
Unsecured Credit Facility.

     During June 1997, the Company acquired 187 acres of land for development
in Madison/Chatham, New Jersey for $8.7 million.  Approximately 1 million 
square feet of office space can be developed on this property.

     During July 1997, the Company acquired three office properties in New
Jersey encompassing approximately 445,229 square feet for an aggregate purchase
price of approximately $48 million.  These acquisitions were financed through
a draw on the Unsecured Credit Facility.

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 34,298,137 for the three months ended June 30, 1997 and
30,455,000 for the six months ended June 30, 1997.  The weighted average number
of shares at June 30, 1996 reflect the impact of the April 15, 1997 stock split.

       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.

     On May 23, 1997, the Board of Directors declared a dividend of $.3125 per
share of common stock payable on July 23, 1997, to shareholders of record as
of July 8, 1997.  The dividend declared, which related to the three months
ended June 30, 1997 is based upon an annual distribution of  $1.25 per share.

     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 three and six month periods ended 
June 30, 1997 and June 30, 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 (in thousands)

                                    Six Months Ended
                                        June 30,
                                   1997              1996 
                                __________          __________  
    Cash paid during the
      period for interest       $    9,956          $    5,990 
                                ==========          ==========
    Interest capitalized
      during the period         $      869          $      223
                                ==========          ==========

     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 managed 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
$625 million of properties comprising approximately 8.7 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 June 30, 1997, the Company's portfolio of real estate properties 
included 39 office buildings containing approximately 5.5 million square feet,
89 industrial buildings containing approximately 5.5 million square feet and 
2 retail properties containing approximately 20,000 square feet.

     During the three months ended June 30, 1997, the Company acquired one
research and development building encompassing approximately 452,000 square
feet of space for an aggregate purchase approximately $27 million and six 
office properties encompassing approximately 762,000 square feet of space for
an aggregate purchase price of approximately $88.8 million.

     For the six months ended June 30, 1997, the Company acquired fourteen
industrial buildings encompassing approximately 1.3 million square feet for
aggregate purchase prices of approximately $64.4 million and six office 
buildings encompassing approximately 762,000 square feet for aggregate 
purchase prices of approximately $88.8 million.  These acquisitions were
financed with a combination of proceeds from draws on the Company's credit
facilities, the issuance of Operating Partnership units and proceeds from 
the Offering.

     During July 1997, the Company acquired three office properties in New
Jersey encompassing approximately 445,229 square feet for an aggregate 
purchase price of approximately $48 million.  These acquisitions were 
financed through a draw on the Unsecured Credit Facility.

     The market capitalization of the Company, based on the market value at
a stock price of   $23.00 at June 30, 1997 on 34,331,774 issued and 
outstanding shares of Company common stock and 6,974,814 OP Units (assuming
conversion to common stock) and the $271.7 million (including its share of
joint venture debt and net of minority partners' 40% interest in Omni's 
debt) of debt outstanding at June 30, 1997 was approximately $1.2 billion.
As a result, the Company's total debt to total market capitalization ratio
at June 30, 1997 equaled approximately 22.2%.

Three months ended June 30, 1997 vs. the three months ended June 30,
1996 (in thousands).

                                           Three Months Ended June 30,
                                                    (unaudited)
                                              1997               1996
                                           _________          _________ 
Base rental revenue                        $  31,160          $  19,572
Tenant escalations and reimbursements          3,340              2,378
Equity (loss) in earnings of service
  companies                                      ---                246
Equity in real estate joint ventures             105                 71
Interest income on mortgage notes and
  note receivable                                931                ---
Other                                            658                427
                                           _________          _________
Total Operating Revenues                      36,194             22,694
                                           _________          _________ 

Operating Expenses                             7,069              4,697
Real estate taxes                              4,806              3,117
Ground rents                                     306                262
Interest                                       3,848              2,615
Depreciation and amortization                  6,317              4,160
Marketing general and administration           1,858              1,424
                                           _________           ________ 
Total expenses                                24,204             16,275
                                           _________           ________ 
Income from operations                     $  11,990           $  6,419
                                           =========           ========   

     Income of $11,990 for the three months ended June 30, 1997 increased by
$5,571 as compared to income of $6,419 for the 1996 period.  The increase in
base rental revenue of $11,588 and $962 in escalations is primarily
attributable to the acquisition of properties during 1996 and 1997. 

     Operating expenses and real estate taxes increased by $4,061 for the
three months ended June 30, 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 $1,233 for the three months ended June 30, 1997,
compared to the prior period, principally due to an increase in the average
of outstanding debt incurred in connection with the acquisition of properties.
Marketing, general and administrative expenses increased by $434 primarily as
a result of overall growth of the Company including payroll and related costs
related to the opening of the Northern New Jersey 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 June 30, 1997 was 64.8% as compared to
63.3% for the three months ended June 30, 1996.  The increase reflects the
Company's ability to realize certain operating efficiencies as a result of
operating a larger portfolio of properties in each of its established markets.

Six months ended June 30, 1997 vs. the six months ended June 30,
1996(in thousands).

                                             Six Months Ended June 30,
                                                    (unaudited)
                                              1997               1996
                                           _________          _________ 
Base rental revenue                        $  57,751          $  35,716
Tenant escalations and reimbursements          6,585              4,696
Equity (loss) in earnings of service
  companies                                      142                759
Equity in real estate joint ventures             201                 71
Interest income on mortgage notes and
  note receivable                              1,889                ---
Other                                          1,318                517
                                           _________          _________
Total Operating Revenues                      67,886             41,759
                                           _________          _________ 

Operating Expenses                            12,733              8,241
Real estate taxes                              9,370              5,983
Ground rents                                     609                519
Interest                                       8,583              5,511
Depreciation and amortization                 11,957              7,793
Marketing, general and administration          3,838              2,390
                                           _________           ________ 
Total expenses                                47,090             30,437
                                           _________           ________ 
Income from operations                     $  20,796           $ 11,322
                                           =========           ========   

     Income of $20,796, for the six months ended June 30, 1997 increased by
$9,474 as compared to income of $11,322 for the six months ended June 30, 1996.
The increase in base rental revenue of $22,035 and $1,889 in escalations is
primarily attributable to the acquisition of properties during 1996 and 1997.

     Operating expenses and real estate taxes increased by an aggregate amount
of $7,879 for the six months ended June 30, 1997 as compared to the 1996 period.
The increase in operating expenses during the 1997 period is primarily
attributable to operating an increased number of properties during the 1997
period.

     Interest expense increased by $3,072, for the six months ended June 30,
1997, compared to the prior year, principally due to an increase in the average
outstanding debt incurred in connection with the acquisition of properties.
Marketing, general and administration expenses increased by $1,448 primarily
as a result of overall growth of the Company including payroll and related 
costs related to the opening of the Westchester, Northern New Jersey 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 six months ended June 30, 1997 was 64.7% as compared to 
63.6% for the six months ended June 30, 1996.  The increase reflects the 
Company's ability to realize certain operating efficiencies as a result of
operating a larger portfolio of properties in each of its established markets.

     In April 1997, the Company terminated  its $150 million secured credit
facility (see Note 4).  As a result, certain deferred loan costs incurred in
connection with the credit facility were written off.  Such amount is
reflected as an extraordinary loss in the accompanying consolidated statement
of operations.

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 April 30, 1997, the Company obtained a three-year $250 million
unsecured credit facility from Chase Manhattan Bank and Union Bank of 
Switzerland (the "Unsecured Credit Facility").  The Company's ability
to borrow thereunder is 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 replaced the Company's $150 million secured credit facility.

     The Company's indebtedness at June 30, 1997 totaled $271.7 million
(including its share of joint venture debt and net of the minority partners'
40% interest in Omni's debt) and was comprised of $113 million outstanding
under the Unsecured Credit Facility and approximately $158.7 million of
mortgage indebtedness.  Based on the Company's total market capitalization
of $1.2 billion at June 30, 1997, (calculated at a $23 per share stock
price) and assuming the conversion of the 6,974,814 OP Units outstanding
on such date, the Company's debt represented approximately 22.2% 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 Unsecured Credit Facility provides for working capital advances.
The Company intends to finance its on-going construction and acquisition 
activities through borrowings under the Unsecured Credit Facility.  At June
30, 1997, the Company had a maximum capacity under the Unsecured Credit
Facility of $250 million of which $113 million is drawn and outstanding.
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 six month period ended June 30, 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-Jun
                               1994      1995      1996    Average       1997  
                             ________  ________  ________  ________  __________
Office Properties:
 Total                       $158,340  $364,545  $375,026  $299,304  $  496,493
 Per Square Foot                  .10       .19       .13       .14         .12

Industrial Properties:
 Total                       $524,369  $290,457  $670,751  $495,192  $  294,256
 Per Square Foot                  .18       .08       .18       .15         .06



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  $219,258
 Per Square Foot Improved           5.13      4.44      4.28      4.65
 Leasing Commissions            $341,253  $144,925  $119,047  $210,911
 Per Square Foot Leased             1.94      1.42      0.97      4.47
                                ________  ________  ________  ________
Total Per Square Foot           $   7.07  $   5.86  $   5.25  $   9.12
                                ========  ========  ========  ========

Westchester Office Properties:
 Tenant Improvement Costs       $    N/A  $    N/A  $834,764  $511,534
 Per Square Foot Improved            N/A       N/A      6.33      6.26
 Leasing Commissions            $    N/A  $    N/A  $264,388  $230,274
 Per Square Foot Leased              N/A       N/A      2.00      2.82
                                ________  ________  ________  ________
Total Per Square Foot           $    N/A  $    N/A  $   8.33  $   9.08
                                ========  ========  ========  ========
Connecticut Office Properties:
 Tenant Improvement Costs       $    N/A  $    N/A  $ 58,000  $387,811
 Per Square Foot Improved            N/A       N/A     12.45     13.22
 Leasing Commissions            $    N/A  $    N/A  $      0  $ 75,342
 Per Square Foot Leased              N/A       N/A         0      2.57
                                ________  ________  ________  ________
Total Per Square Foot           $    N/A  $    N/A  $  12.45  $  15.79
                                ========  ========  ========  ========
Industrial Properties:
 Tenant Improvement Costs       $585,981  $210,496  $380,334  $ 90,524
 Per Square Foot Improved            .88       .90       .72      0.98
 Leasing Commissions            $176,040  $107,351  $436,213  $ 65,948
 Per Square Foot Improved            .27       .46       .82      0.72
                                ________  ________  ________  ________  
Total Per Square Foot           $   1.15  $   1.36  $   1.54  $   1.70
                                ========  ========  ========  ========

LEASE EXPIRATIONS

    The following table sets forth scheduled lease expirations for executed
leases as of June 30, 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          11      85,721        5.6%       $ 22.21     $ 25.83
1998                       30     197,646       13.0%       $ 22.04     $ 23.46
1999                       27     116,350        7.6%       $ 20.00     $ 20.94
2000                       32     183,462       12.0%       $ 21.80     $ 23.13
2001                       30     160,542       10.5%       $ 21.75     $ 22.64
2002                       25     218,669       14.4%       $ 22.26     $ 22.96
2003and thereafter         46     560,174       36.9%           ---         ---
                       ______   _________    ________    
Totals                    201   1,522,564       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           1       4,295         0.8%       $ 30.69    $ 34.25
1998                      ---         ---         ---%       $   ---    $   ---
1999                      ---         ---         ---%       $   ---    $   ---
2000                        5      66,131        11.9%       $ 31.58    $ 33.77
2001                        4      32,680         5.9%       $ 28.22    $ 32.58
2002                        5     132,716        24.0%       $ 25.54    $ 27.46
2003and thereafter         14     317,624        57.4%           ---        ---
                       ______   _________    ________    
Totals                     29     553,446       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          16      94,941         2.4%       $  5.43    $  5.37
1998                       41     515,518        13.2%       $  5.08    $  4.95
1999                       35     555,911        14.2%       $  5.73    $  5.93
2000                       22     404,521        10.3%       $  5.20    $  5.45
2001                       24     755,291        19.3%       $  5.43    $  5.70
2002                       12      83,446         2.1%       $  6.27    $  6.80
2003and thereafter         34   1,506,057        38.5%           ---        ---
                       ______   _________     ________    
Totals                    184   3,915,685        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         7.1%       $  7.84    $  8.41
1998                        6     190,918        16.0%       $  9.59    $ 11.10
1999                       11     134,487        11.3%       $  8.21    $  8.09
2000                        9     144,569        12.1%       $  8.63    $  8.52
2001                        5      65,130         5.5%       $  9.17    $  9.16
2002                        2       7,967         0.7%       $ 17.32    $ 17.25
2003and thereafter          6     563,864        47.3%           ---        ---
                       ______   _________    ________    
Totals                     42   1,192,042       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           7      12,695         1.3%       $ 15.10    $ 15.67
1998                       27     137,999        13.6%       $ 18.51    $ 19.30
1999                       17      36,862         3.6%       $ 17.86    $ 18.54
2000                       23     170,033        16.8%       $ 19.62    $ 20.39
2001                       26     123,155        12.1%       $ 19.22    $ 20.28
2002                       23     168,876        16.7%       $ 17.73    $ 20.33
2003and thereafter         30     364,295        35.9%           ---        ---
                       ______   _________    ________    
Totals                    153   1,013,915       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          10      23,641         3.5%       $ 17.05    $ 17.10
1998                       10      33,214         4.9%       $ 20.69    $ 21.03
1999                       17      42,841         6.3%       $ 20.75    $ 21.10
2000                       23     102,283        15.0%       $ 21.24    $ 22.07
2001                       16      74,474        10.9%       $ 24.09    $ 24.49
2002                        9      26,302         3.9%       $ 21.67    $ 23.18
2003and thereafter         27     377,654        55.5%           ---        ---
                       ______   _________    ________    
Totals                    112     680,409       100.0%   
                       ======   =========    ========


New Jersey 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           3      12,566         1.6%       $ 20.08    $ 21.43
1998                        6     134,207        17.0%       $ 21.47    $ 21.86
1999                        5      28,553         3.6%       $ 20.96    $ 21.02
2000                        7      34,497         4.4%       $ 20.14    $ 20.36
2001                       11     200,905        25.5%       $ 17.62    $ 17.76
2002                        4      33,379         4.2%       $ 18.67    $ 19.06
2003and thereafter          8     343,995        43.7%           ---        ---
                       ______   _________    ________    
Totals                     44     788,102       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
Unsecured 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.

     The Company has adopted the new method, the following table presents the
Company's FFO calculation (in thousands, except per share/unit data):
<TABLE>
<CAPTION>
                                               Three Months Ended           Six Months Ended
                                                    June 30,                     June 30,
                                                1997          1996           1997          1996
                                             _________     _________      _________     _________
                                            (Unaudited)   (Unaudited)    (Unaudited)   (Unaudited) 
<S>                                          <C>           <C>            <C>           <C>
Net Income                                   $   7,834     $   4,691      $  14,619     $   7,114

Adjustments for Funds from Operations
Add:                                              
Depreciation and Amortization                    6,262         4,148         11,836         7,607
Minority interest in consolidated partnership      201           237            444           472
Limited partners' minority interest in
  Operating Partnership                          1,993         1,491          3,771         2,841
Extraordinary items-(loss) on a restatement
  or extingusihment of debt, net of limited
  partners' share of $400, $0, $400 and $364
  respectively                                   1,962           ---          1,962           895
                                             _________     _________      _________     _________
                                                18,252        10,567         32,632        18,929
Subtract:
Amount distributable to minority partners in
 consolidated partnership                          597           430          1,132           805
                                             _________     _________      _________     _________
Funds From Operations (FFO)                     17,655        10,137         31,500        18,124
Subtract:
Straight line rents                              1,194           782          2,284         1,502
Non-Incremental Capitalized tenant           
 improvements and leasing commissions              890           655          1,753           743
Capitalized improvements                           426           419            791           619
                                             _________     _________      _________     _________
Cash available for distribution              $  15,145     $   8,281      $  26,672     $  15,260
                                             =========     =========      =========     =========
Weighted average shares/units (1)               41,273        26,836         37,423        23,848
                                             =========     =========      =========     =========
FFO per weighted average share/unit          $     .43     $     .38      $     .84     $     .76
                                             =========     =========      =========     =========
CAD per weighted average share/unit          $     .37     $     .31      $     .71     $     .64
                                             =========     =========      =========     =========
Dividends per share/unit                     $     .31     $     .30      $     .61     $     .59
                                             =========     =========      =========     =========
FFO payout ratio                                 72.7%         79.4%          72.9%         77.5%
                                             =========     =========      =========     =========
CAD payout ratio                                 84.4%         97.2%          86.3%         92.0%
                                             =========     =========      =========     =========

<FN>
(1)  Assumes conversion of limited partnership units of the Operating
Partnership and give effect to the April 15, 1997 two-for-one stock split.
</FN>
</TABLE>
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 six months ended June 30, 1997, the registrant
              filed a report 8-K, dated June 12, 1997 pertaining to
              the acquisition of two class "A" office buildings and two
              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

August 8, 1997              Scott H. Rechler
Date                        Scott H. Rechler, President
                            

August 8, 1997              Michael Maturo
Date                        Michael Maturo, Executive Vice President
                            and Chief Financial Officer