FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * MCCAUL ELIZABETH   2. Issuer Name and Ticker or Trading Symbol RECKSON ASSOCIATES REALTY CORP [RA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O RECKSON ASSOCIATES REALTY, 225 BROADHOLLOW ROAD 3. Date of Earliest Transaction (Month/Day/Year) 06/02/2006 (Street) MELVILLE, NY 11747 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 06/02/2006   A(1)   514 A (2) 8,839 D   Common Stock 06/02/2006   A(3)   772 A $ 38.8 9,611 D   Common Stock 06/02/2006   A(4)   74 A $ 38.88 9,685 D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
MCCAUL ELIZABETH C/O RECKSON ASSOCIATES REALTY 225 BROADHOLLOW ROAD MELVILLE, NY 11747	X

Signatures

/s/ Elizabeth McCaul		06/08/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Pursuant to the Company's stock option plans, each independent director was granted restricted stock units, which are to be settled in an equal number of shares of common stock upon such director's retirement from the Board of Directors. The independent director may not transfer or otherwise dispose of the restricted stock units as long as he or she is serving as a director of the Company.
(2)	The shares were granted pursuant to a stock option plan of the Company, so a purchase price is not applicable. The closing price of the Company's common stock on the date of the grant was $38.88.
(3)	Represents deferred shares reflected in a deferred compensation account to be issued in lieu of cash compensation pursuant to an election under the Company's deferred compensation arrangements for independent directors. The deemed shares will not be distributed or transferable until after the independent director ceases serving as a director of the Company.
(4)	Represents deemed shares reflected in a deferred compensation account pursuant to a dividend reinvestment feature of the Company's deferred compensation arrangements for independent directors. The deemed shares will not be distributed or transferable until after the independent director ceases serving as a director of the Company.

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