| Delaware                                                      |   | 04-2294493                          |
|---------------------------------------------------------------|--------|-------------------------------------|
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification No.) |
|                                                          |   |                                |
| 9 Park Place, Great Neck, NY                                  |   | 11021                               |
| (Address of principal executive offices)                      |   | (Zip Code)                          |

| Title of each class                     |   | Name of each exchange on which registered |
|-----------------------------------------|--------|-------------------------------------------|
| Common Stock (Par Value $.10 Per Share) |   | NYSE Amex                                 |

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| ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
|----------|--------------------------------------------------------|

| Name                 |   | Principal Occupation                                         |   | Age    |
|----------------------|--------|--------------------------------------------------------------|--------|--------|
|                 |   |                                                         |   |   |
| A.F. Petrocelli      |   | Chairman of the Board, President and Chief Executive Officer |   | 67     |
|                 |   |                                                         |   |   |
| Michael T. Lamoretti |   | Vice President – Real Estate Operations                |   | 43     |
|                 |   |                                                         |   |   |
| Howard M. Lorber *   |   | President and Chief Executive Officer of Vector Group Ltd.   |   | 62     |
|                 |   |                                                         |   |   |
| Robert M. Mann *     |   | Private Investor                                             |   | 69     |
|                 |   |                                                         |   |   |
| Anthony J. Miceli    |   | Vice President, Chief Financial Officer and Secretary        |   | 48     |
|                 |   |                                                         |   |   |
| Arnold S. Penner *   |   | Self-employed real estate investor and broker                |   | 74     |
|                 |   |                                                         |   |   |
| Michael J. Weinbaum  |   | Vice President – Real Estate Operations                |   | 44     |

| * | Independent Director under rules established by the NYSE Amex.  The Company is a “Controlled” company under such rules in that Mr. Petrocelli owns more than 50% of the outstanding Common Stock of the Company. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ITEM 11. | EXECUTIVE COMPENSATION |
|----------|------------------------|

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|   | • | Setting levels of compensation designed to attract and retain superior executives in a highly competitive business environment; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------|

|   | • | Providing incentive compensation that varies directly with the Company’s financial performance and the impact of individual initiative and achievement of such financial performance; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Linking compensation to elements which effect the Company’s annual and long-term performance; |
|--------|---------|-----------------------------------------------------------------------------------------------------|

|   | • | Evaluating the competitiveness of executive compensation programs based upon information drawn from a variety of sources; and |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------|

|   | • | Establishing salary levels and bonuses intended to be consistent with competitive practice and level of responsibility, with salary increases and bonuses reflecting competitive trends, the overall financial performance of the Company, the performance of the individual executive and the contractual arrangements that may be in effect with the individual executive. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Name and Principal Position                                  | Year   |   | Salary |    | Bonus  |   | All OtherCompensation (1) |    | Total (2) |
|--------------------------------------------------------------|--------|--------|--------|---------|--------|--------|---------------------------|---------|-----------|
|                                                         |   |   |   |    |   |   |                      |    |      |   |   |   |
| A.F. Petrocelli                                              | 2010   |   | $      | 800,000 |   |   | $                         | 800,000 |      |   | $ | 93,792 |   |   | $ | 1,693,792 |   |
| Chairman of the Board, President and Chief Executive Officer | 2009   |   |   | 800,000 |   |   |                      | 800,000 |      |   |   | 72,878 |   |   |   | 1,672,878 |   |
|                                                         |   |   |   |    |   |   |                      |    |      |   |   |   |   |   |   |   |   |
| Michael T. Lamoretti                                         | 2010   |   |   | 250,000 |   |   |                      | 140,000 |      |   |   | 57,487 |   |   |   | 447,487 |   |
| Vice President – Real Estate Operations                | 2009   |   |   | 250,000 |   |   |                      | 140,000 |      |   |   | 56,884 |   |   |   | 446,884 |   |
|                                                         |   |   |   |    |   |   |                      |    |      |   |   |   |   |   |   |   |   |
| Anthony J. Miceli                                            | 2010   |   |   | 275,000 |   |   |                      | 150,000 |      |   |   | 24,126 |   |   |   | 449,126 |   |
| Vice President and Chief Financial Officer                   | 2009   |   |   | 275,000 |   |   |                      | 150,000 |      |   |   | 19,043 |   |   |   | 444,043 |   |
|                                                         |   |   |   |    |   |   |                      |    |      |   |   |   |   |   |   |   |   |
| Michael J. Weinbaum                                          | 2010   |   |   | 250,000 |   |   |                      | 140,000 |      |   |   | 54,558 |   |   |   | 444,558 |   |
| Vice President – Real Estate Operations                | 2009   |   |   | 250,000 |   |   |                      | 140,000 |      |   |   | 72,772 |   |   |   | 462,772 |   |

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| (1) | This column includes the total amount of all perquisites paid by the Company during 2010 and 2009 for our NEOs.  These amounts include the following (individually greater than $25,000 or 10% of the total amount of the perquisites received):  (1) total automobile related payments made by the Company of $53,344, $19,606, $24,126, and $12,882 in 2010 and $29,812, $15,001, $16,519, and $13,040 in 2009 for Messrs. Petrocelli, Lamoretti, Miceli, and Weinbaum, respectively; and (2) club membership dues of $40,448, $37,881, and $41,676 in 2010 and $43,066, $36,034, and $53,883 in 2009 for Messrs. Petrocelli, Lamoretti, and Weinbaum, respectively.  In addition, the Company has a proportionate interest in a corporate aircraft that is available for use by the executive officers of the Company.  The total cost of the proportionate interest in the corporate aircraft was approximately $658,000 and $498,000 during 2010 and 2009, respectively. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The values in this table were determined using the aggregate incremental cost to the Company and could differ substantially from those used for income tax purposes. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Option Awards                                                                                                                                                                                                                                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                               |   | Number of Securities Underlying |   | Option | Option |
|                                                                                                                                                                                                                                                                                                                                               |   | Unexercised Options |   | Exercise | Expiration |
| Name                                                                                                                                                                                                                                                                                                                                               |   | Exercisable |   | Unexercisable |   | Price | Date |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |
| A.F. Petrocelli                                                           |   |   | 600,000 |   |   |   | — |   |   | $ | 11.93 |   | 6/12/2011 |
|                                                                                                                                                                                                                                                                                                                                               |   |   | 600,000 |   |   |   | — |   |   |   | 12.20 |   | 6/11/2012 |
|                                                                                                                                                                                                                                                                                                                                               |   |   | 454,000 |   |   |   | — |   |   |   | 21.80 |   | 6/10/2013 |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Michael T. Lamoretti                                                      |   |   | 66,000 |   |   |   | — |   |   | $ | 12.20 |   | 6/11/2012 |
|                                                                                                                                                                                                                                                                                                                                               |   |   | 68,000 |   |   |   | — |   |   |   | 21.80 |   | 6/10/2013 |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Anthony J. Miceli                                                         |   |   | 66,000 |   |   |   | — |   |   | $ | 12.20 |   | 6/11/2012 |
|                                                                                                                                                                                                                                                                                                                                               |   |   | 68,000 |   |   |   | — |   |   |   | 21.80 |   | 6/10/2013 |
|                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Michael J. Weinbaum                                                       |   |   | 66,000 |   |   |   | — |   |   | $ | 12.20 |   | 6/11/2012 |
|                                                                                                                                                                                                                                                                                                                                               |   |   | 68,000 |   |   |   | — |   |   |   | 21.80 |   | 6/10/2013 |

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| Name                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Fees Earned orPaid in Cash |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|
| Howard M. Lorber                                                                                                                     |   | $                          | 12,000 |   |
| Robert M. Mann                                                                                                                       |   |                       | 11,500 |   |
| Arnold S. Penner                                                                                                                     |   |                       | 12,500 |   |

| ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
|----------|------------------------------------------------------------------------------------------------|

| Name and Address of Beneficial Owner                        |   | Shares Beneficially Owned |      | Percentage of Class (9) |
|-------------------------------------------------------------|--------|---------------------------|-----------|-------------------------|
|                                                        |   |                      |      |                    |   |   |
| A.F. Petrocelli                                             |   |                      |      |                    |   |   |
| 9 Park Place                                                |   |                      |      |                    |   |   |
| Great Neck, NY 11021                                        |   |                      | 7,923,448 | (1)(2)                  |   |   | 74.7 | % |
|                                                        |   |                      |      |                    |   |   |   |   |
| Beverly Petrocelli                                          |   |                      |      |                    |   |   |   |   |
| c/o 9 Park Place                                            |   |                      |      |                    |   |   |   |   |
| Great Neck, NY 11021                                        |   |                      | 7,923,448 | (2)                     |   |   | 74.7 | % |
|                                                        |   |                      |      |                    |   |   |   |   |
| Anthony J. Miceli                                           |   |                      | 156,900   | (3)                     |   |   | 1.7 | % |
|                                                        |   |                      |      |                    |   |   |   |   |
| Michael T. Lamoretti                                        |   |                      | 149,000   | (4)                     |   |   | 1.6 | % |
|                                                        |   |                      |      |                    |   |   |   |   |
| Michael J. Weinbaum                                         |   |                      | 159,036   | (5)                     |   |   | 1.7 | % |
|                                                        |   |                      |      |                    |   |   |   |   |
| Howard M. Lorber                                            |   |                      | 178,000   | (6)                     |   |   | 2.0 | % |
|                                                        |   |                      |      |                    |   |   |   |   |
| Robert M. Mann                                              |   |                      | 41,400    | (7)                     |   |   | * |   |
|                                                        |   |                      |      |                    |   |   |   |   |
| Arnold S. Penner                                            |   |                      | 60,000    | (8)                     |   |   | * |   |
|                                                        |   |                      |      |                    |   |   |   |   |
| All executive officers and directors as a group (7 persons) |   |                      | 8,667,784 | (1)(3)(4)               |   |   |   |   |
|                                                        |   |                      |      | (5)(6)(7)(8)(9)         |   |   | 77.6 | % |

|   | * | Represents beneficial ownership of less than 1%. |
|--------|---|--------------------------------------------------|

|   | (1) | Mr. Petrocelli owns directly 5,269,448 shares of Common Stock and presently exercisable options to purchase 1,654,000 shares of Common Stock.  Also includes 1,000,000 shares held by Mrs. Petrocelli, the wife of Mr. Petrocelli.  Such shares may be deemed to be beneficially owned by Mr. Petrocelli.  Does not include shares held by the adult children or grandchildren of Mr. Petrocelli.  Mr. Petrocelli disclaims beneficial ownership of the shares held by his wife, adult children and grandchildren. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (2) | Mrs. Petrocelli is the wife of Mr. Petrocelli.  Includes 1,000,000 shares of Common Stock held by Mrs. Petrocelli and 6,923,448 shares held by Mr. Petrocelli (which includes presently exercisable options to purchase 1,654,000 shares of Common Stock).  Such shares may be deemed to be beneficially owned by Mrs. Petrocelli.  Mrs. Petrocelli disclaims beneficial ownership of all shares held by Mr. Petrocelli.  Does not include shares held by the adult children or grandchildren of Mrs. Petrocelli.  Mrs. Petrocelli disclaims beneficial ownership of the shares held by her adult children and grandchildren. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Consists of 22,900 shares of Common Stock and presently exercisable options to purchase 134,000 shares of Common Stock. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Consists of 15,000 shares of Common Stock held by Mr. Lamoretti and presently exercisable options to purchase 134,000 shares of Common Stock.  Does not include 363,600 shares held in trust (with the wife of Mr. Lamoretti serving as trustee) for the benefit of the minor children of Mr. Lamoretti.  Mr. Lamoretti disclaims beneficial ownership of the shares held in trust for his children. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | Consists of 25,036 shares of Common Stock held by Mr. Weinbaum and presently exercisable options to purchase 134,000 shares of Common Stock.  Does not include 363,600 shares held in trust (with the wife of Mr. Weinbaum serving as trustee) for the benefit of the minor children of Mr. Weinbaum.  Mr. Weinbaum disclaims beneficial ownership of the shares held in trust for his children. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | Includes 18,000 shares of Common Stock owned by Mr. Lorber and 100,000 shares of Common Stock owned by Lorber Alpha II, L.P. (an entity in which Mr. Lorber may be deemed to be a control person).  Mr. Lorber disclaims beneficial ownership of all shares owned by Lorber Alpha II, L.P.  Also includes presently exercisable options to purchase 60,000 shares of Common Stock. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (7) | Consists of 1,400 shares of Common Stock and presently exercisable options to purchase 40,000 shares of Common Stock. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (8) | Consists of presently exercisable options to purchase 60,000 shares of Common Stock. |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (9) | Includes the shares of Common Stock subject to options which are presently exercisable and held by directors and executive officers as a group for purposes of calculating the respective percentages of Common Stock owned by such individuals or by the executive officers and directors as a group. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Equity Compensation Plan Information |
|--------|--------------------------------------|

| Plan Category                                                         |   | Number of securities to be issued upon exercise of outstanding options, warrants and rights(a) |      |   | Weighted-average exercise price of outstanding options, warrants and rights(b) |   |    | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))(c) |   |
|-----------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------|-----------|--------|--------------------------------------------------------------------------------|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Equity compensation plans approved by security holders                |   |                                                                                           | 2,260,000 |   |                                                                           | $      | 15.26   |                                                                                                                                           |   |   | — |   |
| Equity compensation plans not approved  by security holders |   |                                                                                           | —   |   |                                                                           |   | — |                                                                                                                                           |   |   | — |   |
| Total                                                                 |   |                                                                                           | 2,260,000 |   |                                                                           | $      | 15.26   |                                                                                                                                           |   |   | — |   |

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| ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
|----------|---------------------------------------------------------------------------|

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| ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
|----------|----------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 2010   |    |   | 2009   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Audit Fees                                                                                                                  |   | $      | 120,700 |   |   | $      | 105,000 |   |
| Audit Related Fees                                                                                                          |   |   | 27,000  |   |   |   | 27,000 |   |
| Tax Fees                                                                                                                    |   |   | 105,000 |   |   |   | 113,000 |   |
| All Other Fees                                                                                                              |   |   | — |   |   |   | — |   |

| ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
|----------|--------------------------------------------|

|   | (a) | (1) | Consolidated Financial Statements.  The required Financial Statements were previously filed on this Form 10-K. |
|--------|-----|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Exhibits |
|--------|-----|----------|

|   | 3.1 | Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to exhibit 3.1 filed with the Company’s report on Form 10-K for the fiscal year ended December 31, 1993). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2 | Amendment to the Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.2 filed with the Company’s report on Form 10-K for the fiscal year ended December 31, 2003). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.3 | By-laws of the Company (incorporated by reference to exhibit 3.2 filed with the Company's report on Form 8-K dated April 14, 2005). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

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|   | 10.1 | Incentive and Non-Qualified Stock Option Plan of the Company, as amended (incorporated by reference to exhibit 10.1 filed with the Company’s report on Form 10-K for the fiscal year ended December 31, 2000). |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.2 | Additional amendment to Incentive and Non-Qualified Stock Option Plan of the Company (incorporated by reference to exhibit 4.2 filed with the Company’s report on Form S-8 dated August 23, 2002). |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.3 | 1988 Joint Incentive and Non-Qualified Stock Option Plan, as amended (incorporated by reference to exhibit 10.2 filed with the Company’s report on Form 10-K for the fiscal year ended December 31, 1998). |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.4 | Amended and Restated Employment Agreement dated as of November 17, 2003 by and between the Company and A. F. Petrocelli (incorporated by reference to exhibit 10.4 filed with the Company’s report on Form 10-K for the fiscal year ended December 31, 2003). |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.5 | Form of Indemnity Agreement dated as of May 7, 1991, by and between the Company and A.F. Petrocelli, Arnold S. Penner and Howard M. Lorber (incorporated by reference to exhibit 10.5 filed with the Company’s report on Form 10-Q for the quarter ended June 30, 2009). |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.6 | Supplemental Retirement and Death Benefit Program, as amended and restated (incorporated by reference to exhibit 10.6 filed with the Company’s report on Form 10-Q for the quarter ended June 30, 2009). |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ** | 21. | Subsidiaries of the Company. |
|----|-----|------------------------------|

| ** | 23.1 | Consent of Independent Registered Public Accounting Firm – Holtz Rubenstein Reminick LLP. |
|----|------|-------------------------------------------------------------------------------------------------|

| * | 31.1 | Certification of the Chief Executive Officer pursuant to Rule 13a-15(e) and 15d-15(e). |
|---|------|----------------------------------------------------------------------------------------|

| * | 31.2 | Certification of the Chief Financial Officer pursuant to Rule 13a-15(e) and 15d-15(e). |
|---|------|----------------------------------------------------------------------------------------|

| * | 32.1 | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|---|------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| * | 32.2 | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|---|------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| * | Filed herewith |
|---|----------------|

| ** | Previously filed on the Company’s Report on Form 10-K for the fiscal year ended December 31, 2010. |
|----|----------------------------------------------------------------------------------------------------------|

|   | UNITED CAPITAL CORP. |
|--------|----------------------|
|   |                 |
|   |                 |
|   |                 |
|   | By:                  | /s/ Anthony J. Miceli |
|   |                 | Anthony J. Miceli, Vice President |
|   |                 | and Chief Financial Officer |

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