NEWKIRK REALTY TRUST, INC. Suite 500 Boston, MA 02114 October 17, 2005

Exhibit 10.25

XXXXXXX REALTY TRUST, INC.

0 Xxxxxxxx Xxxxx

Xxxxx 000

Xxxxxx, XX 00000

October 17, 2005

To Each of the Entities Listed on Schedule 1 hereto

Re: Initial Public Offering of Xxxxxxx Realty Trust, Inc.

Gentlemen:

Reference is made to that certain Letter Agreement (the “Letter Agreement”), dated as of August 5, 2005, among Xxxxxxx Realty Trust, Inc. (the “Corporation”), Apollo Real Estate Investment Fund III, L.P., (The Xxxxxxx Master Limited Partnership, NKT Advisors LLC, Vornado Realty Trust, Vornado Realty L.P., VNK Corp., Vornado Xxxxxxx LLC, and Vornado MLP GP LLC, and WEM-Brynmawr Associates LLC with respect to the transactions contemplated by, and related to, the initial public offering by the Corporation of its common stock.  Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Letter Agreement.

The purpose of this letter agreement is to amend certain provisions of the Letter Agreement.  In this regard, the Letter Agreement is hereby amended as follows:

1. All references to the “Registration Statement” shall be deemed references to Amendment No. 3 to the Registration Statement on Form S-11 filed by the Corporation with the Securities and Exchange Commission on October 17, 2005.

2. Section 1 is hereby deleted in their entirety and the following is inserted in lieu thereof:

1. Sale of MLP Units.

a. By Vornado.  Vornado shall not sell, nor shall the Corporation purchase, any units of limited partnership interest in the MLP held by Vornado in connection with the IPO.

b. By Apollo.  Simultaneous with the closing of the IPO, the Corporation shall purchase directly from Apollo and its affiliates a number of  units of limited partnership interest in the MLP equal to 147.5 million divided by the per share IPO price, for which  it  will pay  $138.5 million. In addition, to the extent that the overallotment option is exercised, the Corporation will purchase directly from Apollo an additional number of units of limited partnership interest equal to the number of shares sold pursuant to the exercise of the overallotment option at a purchase price equal to the net proceeds received by the Corporation pursuant to the exercise of the overallotment option, after deducting underwriting commissions..

c. By WEM.  Simultaneous with the closing of the IPO, the Corporation shall purchase directly from WEM a number of units of limited partnership interest in the MLP equal to $2.5 million divided by the per share IPO price for which it will pay $2,347,750 million.

Except as modified hereby, the Letter Agreement remains in full force and effect.

Please sign in the space indicated below to acknowledge your agreement to the foregoing.

	XXXXXXX REALTY TRUST, INC.
	By	/s/
			Xxxxxxx X. Xxxxxx
			Chief Executive Officer

AGREED AND ACCEPTED:
APOLLO REAL ESTATE INVESTMENT FUND III, L.P.
By:		Apollo Real Estate Advisors III, L.P.,
		its general partner
		By:	Apollo Real Estate Capital Advisors III, Inc.,
			its general partner
			By	/s/
			Name:
			Title:
THE XXXXXXX MASTER LIMITED PARTNERSHIP
By:		MLP GP LLC
		its general partner
		By:	Xxxxxxx MLP Corp.
			Member
			By		/s/
			Name:
			Title:
NKT ADVISORS LLC
By	/s/

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Name:
Title:
VORNADO REALTY TRUST
By	/s/
Name:
Title:
VNK CORP.
By	/s/
Name:
Title:
VORNADO XXXXXXX LLC
By	/s/
Name:
Title:
VORNADO MLP GP LLC
By	/s/
Name:
Title:
WEM BRYNMAWR ASSOCIATES LLC
By	/s/
Name:
Title:
/s/
Xxxxxxx X. Xxxxxx

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Schedule 1

Apollo Real Estate Investment Fund III, L.P.

00 Xxxxxxxx Xxxxxx
00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000

Attn:  Xxx Xxxxxxx

The Xxxxxxx Master Limited Partnership

0 Xxxxxxxx Xxxxx

Xxxxx 000

Xxxxxx, Xxxxxxxxxxxxx 00000

Attn:  Xx. Xxxxxxx Xxxxxxx

NKT Advisors LLC

Two Jericho Plaza

Wing A

Xxxxxxx, Xxx Xxxx 00000

Attn: Xxxxxxx X. Xxxxxx

Vornado Realty Trust

Vornado MLP GP LLC

VNK Corp.

Vornado Xxxxxxx LLC

000 Xxxxxxx Xxxxxx

Xxx Xxxx, Xxx Xxxx 00000

Attn:  Xxxxxxxx Xxxxxx

WEM-Brynmawr Associates LLC

Two Jericho Plaza

Wing A

Jericho, New York 11753

Attn: Xxxxxxx X. Xxxxxx

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