SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* VORNADO REALTY TRUST (Last) (First) (Middle) 888 SEVENTH AVENUE (Street) NEW YORK NY 10019 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 06/30/2003	3. Issuer Name and Ticker or Trading Symbol NEWKIRK MASTER LP [ N/A ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year) 07/01/2003
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Units of limited partnership interest ("Units")	1,314,050(1)	I	Through Vornado Realty L.P.(7)
Units	213,483(2)	I	Through Vornado Newkirk L.L.C.(7)
Units	48,169(3)	I	Through VNK Corp.(7)
Units	64,116(4)	I	Through Marbax Venture LLC(7)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Put Option (Right to Sell)	12/01/2003	01/14/2004	Units	217,418	3,998,369	I	Through Vornado Realty L.P.(5)(7)
Call Option (Obligation to Sell)	01/15/2004	07/14/2004	Units	217,418	4,693,153	I	Through Vornado Realty L.P.(6)(7)

1. Name and Address of Reporting Person* VORNADO REALTY TRUST (Last) (First) (Middle) 888 SEVENTH AVENUE (Street) NEW YORK NY 10019 (City) (State) (Zip)

1. Name and Address of Reporting Person* VORNADO REALTY LP (Last) (First) (Middle) 888 SEVENTH AVENUE (Street) NEW YORK NY 10019 (City) (State) (Zip)

1. Name and Address of Reporting Person* VNK CORP (Last) (First) (Middle) 888 SEVENTH AVENUE (Street) NEW YORK NY 10019 (City) (State) (Zip)

1. Name and Address of Reporting Person* VORNADO NEWKIRK LLC (Last) (First) (Middle) 888 SEVENTH AVENUE (Street) NEW YORK NY 10019 (City) (State) (Zip)

Explanation of Responses:

1. In the initial report on Form 3, dated July 1, 2003, which is amended hereby, it was incorrectly reported that 1,096,870 Units were owned directly by Vornado Realty L.P. and owned indirectly by Vornado Realty Trust. The Form 3 is hereby amended to report that 1,314,050 Units were owned directly by Vornado Realty L.P. and owned indirectly by Vornado Realty Trust as of July 1, 2003.

2. In the initial report on Form 3, dated July 1, 2003, which is amended hereby, it was incorrectly reported that 388,316 Units were owned directly by Vornado Newkirk L.L.C. and owned indirectly by Vornado Realty L.P. and Vornado Realty Trust. The Form 3 is hereby amended to report that 213,483 Units were owned directly by Vornado Newkirk L.L.C. and owned indirectly by Vornado Realty L.P. and Vornado Realty Trust as of July 1, 2003.

3. In the initial report on Form 3, dated July 1, 2003, which is amended hereby, it was incorrectly reported that 90,516 Units were owned directly by VNK Corp. and owned indirectly by Vornado Realty L.P. and Vornado Realty Trust. The Form 3 is hereby amended to report that 48,169 Units were owned directly by VNK Corp. and owned indirectly by Vornado Realty L.P. and Vornado Realty Trust as of July 1, 2003.

4. In the initial report on Form 3, dated July 1, 2003, which is amended hereby, it was incorrectly reported that 50,558 Units were owned directly by Marbax Venture LLC and owned indirectly by VNK Corp., Vornado Newkirk L.L.C., Vornado Realty L.P. and Vornado Realty Trust. The Form 3 is hereby amended to report that 64,116 Units were owned directly by Marbax Venture LLC and owned indirectly by VNK Corp., Vornado Newkirk L.L.C., Vornado Realty L.P. and Vornado Realty Trust as of July 1, 2003.

5. In the amended report on Form 3, dated January 16, 2004, which is amended hereby, it was incorrectly reported that the Put Option was owned directly by Vornado Newkirk L.L.C and owned indirectly by Vornado Realty L.P. and Vornado Realty Trust. The Form 3 is hereby amended to report that the Put Option was owned by Vornado Realty L.P. and owned indirectly by Vornado Realty Trust.

6. In the amended report on Form 3, dated January 16, 2004, which is amended hereby, it was incorrectly reported that Vornado Newkirk L.L.C. wrote the Call Option in connection with the Agreement, dated as of July 8, 1998, among Apollo Real Estate Investment Fund III, L.P., WEM-Brynmawr Associates LLC, Newkirk NL Holdings LLC, Newkirk RE Holdings LLC, Vornado Newkirk L.L.C. and Vornado Realty L.P., as amended by the Amendment to Agreement, dated December 31, 2001. The Form 3 is hereby amended to report that Vornado Realty L.P. wrote such Call Option.

7. Each reporting person disclaims beneficial ownership of such Units for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, except to the extent of its respective pecuniary interest therein.

	/s/ Joseph Macnow - Executive Vice President - Finance and Administration, Chief Financial Officer, on behalf of Vornado Realty Trust	09/09/2004
	/s/ Joseph Macnow - Executive Vice President - Finance and Administration, Chief Financial Officer, on behalf of Vornado Realty L.P.	09/09/2004
	/s/ Joseph Macnow - Executive Vice President - Finance and Administration, on behalf of VNK Corp.	09/09/2004
	/s/ Joseph Macnow - Executive Vice President - Finance and Administration, Chief Financial Officer, on behalf of Vornado Newkirk L.L.C.	09/09/2004
	** Signature of Reporting Person	Date
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