Ownership Submission
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 *
RECHLER SCOTT H
  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
__X__ Officer (give title below) _____ Other (specify below)
Chief Executive Officer
(Last)
(First)
(Middle)
C/O RECKSON ASSOCIATES REALTY CORP., 625 RECKSON PLAZA
3. Date of Earliest Transaction (Month/Day/Year)
12/22/2006
(Street)

UNIONDALE, NY 11556
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 (1) 12/22/2006   M   50,000 A $ 25.666 458,187 D  
Common Stock (1) 12/22/2006   S   150 D $ 45.29 458,037 D  
Common Stock (1) 12/22/2006   S   250 D $ 45.33 457,787 D  
Common Stock (1) 12/22/2006   S   100 D $ 45.34 457,687 D  
Common Stock (1) 12/22/2006   S   750 D $ 45.35 456,937 D  
Common Stock (1) 12/22/2006   S   400 D $ 45.36 456,537 D  
Common Stock (1) 12/22/2006   S   2,250 D $ 45.37 454,287 D  
Common Stock (1) 12/22/2006   S   2,700 D $ 45.38 451,587 D  
Common Stock (1) 12/22/2006   S   750 D $ 45.39 450,837 D  
Common Stock (1) 12/22/2006   S   950 D $ 45.4 449,887 D  
Common Stock (1) 12/22/2006   S   350 D $ 45.41 449,537 D  
Common Stock (1) 12/22/2006   S   1,200 D $ 45.42 448,337 D  
Common Stock (1) 12/22/2006   S   4,100 D $ 45.43 444,237 D  
Common Stock (1) 12/22/2006   S   3,550 D $ 45.44 440,687 D  
Common Stock (1) 12/22/2006   S   6,198 D $ 45.45 434,489 D  
Common Stock (1) 12/22/2006   S   1,502 D $ 45.46 432,987 D  
Common Stock (1) 12/22/2006   S   900 D $ 45.47 432,087 D  
Common Stock (1) 12/22/2006   S   293 D $ 45.48 431,794 D  
Common Stock (1) 12/22/2006   S   495 D $ 45.49 431,299 D  
Common Stock (1) 12/22/2006   S   10,061 D $ 45.5 421,238 D  
Common Stock (1) 12/22/2006   S   6,601 D $ 45.51 414,637 D  
Common Stock (1) 12/22/2006   S   5,700 D $ 45.52 408,937 D  
Common Stock (1) 12/22/2006   S   650 D $ 45.53 408,287 D  
Common Stock (1) 12/22/2006   S   100 D $ 45.54 408,187 (2) D  

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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
Employee Stock Option (Right to Buy) (1) $ 25.666 12/22/2006   M     50,000 01/09/1998 01/09/2008 Common Stock 50,000 (3) 26,750 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
RECHLER SCOTT H
C/O RECKSON ASSOCIATES REALTY CORP.
625 RECKSON PLAZA
UNIONDALE, NY 11556
  X     Chief Executive Officer  

Signatures

 /s/ Scott H. Rechler   12/27/2006
**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) On December 22, 2006, the registrant exercised employee stock options for an aggregate of 50,000 shares of common stock of Reckson Associates Realty Corp. (the "Company"), and subsequently sold such shares in the open market.
(2) Includes 646 shares owned through the Company's 401(k) Plan. Mr. Rechler indirectly holds 2,929 shares of common stock in trust for his children, beneficial ownership of which is disclaimed by Mr. Rechler.
(3) N/A.

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