| 1.     | I      have reviewed this Annual Report on Form 10-K of Gramercy Capital      Corp. (the “registrant”);                                                                                                                                                                                                            |
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| 2.     | Based      on my knowledge, this report does not contain any untrue statement of a      material fact or omit to state a material fact necessary to make the      statements made, in light of the circumstances under which such statements      were made, not misleading with respect to the period covered by this      report; |

| 3. | Based      on my knowledge, the financial statements, and other financial information      included in this report, fairly present in all material respects the      financial condition, results of operations and cash flows of the      registrant as of, and for, the periods presented in this      report; |
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| 4. | The registrant’s other certifying      officer and I are responsible for establishing and maintaining disclosure      controls and procedures (as defined in Exchange Act Rules 13a-15(e)      and 15d-15(e)) and internal control over financial reporting (as defined      in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant      and have: |
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|   | (a)    | Designed      such disclosure controls and procedures, or caused such disclosure      controls and procedures to be designed under our supervision, to ensure      that material information relating to the registrant, including its      consolidated subsidiaries, is made known to us by others within those      entities, particularly during the period in which this report is being      prepared;                                  |
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|   | (b)    | Designed      such internal control over financial reporting, or caused such internal      control over financial reporting to be designed under our supervision, to      provide reasonable assurance regarding the reliability of financial      reporting and the preparation of financial statements for external      purposes in accordance with generally accepted accounting      principles;                                         |
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|   | (c)    | Evaluated      the effectiveness of the registrant’s disclosure controls and procedures      and presented in this report our conclusions about the effectiveness of      the disclosure controls and procedures, as of the end of the period      covered by this report based on such evaluation; and                                                                                                                                 |
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|   | (d)    | Disclosed in this report any      change in the registrant’s internal control over financial reporting that      occurred during the registrant’s most recent fiscal quarter (the      registrant’s fourth fiscal quarter in the case of an annual report) that      has materially affected, or is reasonably likely to materially affect, the      registrant’s internal control over financial reporting;      and |

| 5. | The registrant’s other certifying      officer and I have disclosed, based on our most recent evaluation of      internal control over financial reporting, to the registrant’s auditors      and the audit committee of the registrant’s board of directors (or persons      performing the equivalentfunctions): |
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|   | (a)    | All      significant deficiencies and material weaknesses in the design or      operation of internal control over financial reporting which are      reasonably likely to adversely affect the registrant’s ability to record,      process, summarize and report financial information;and |
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|   | (b)    | Any fraud, whether or not      material, that involves management or other employees who have a      significant role in the registrant’s internal control over financial      reporting.                                                                                                    |

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|   |   | /s/ JON      W. CLARK                 |   |
|   |   | Name:      Jon      W. Clark                         |   |
|   |   | Title:        Chief      Financial Officer |   |

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