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 *
GREEN STEPHEN L
   2. Issuer Name and Ticker or Trading Symbol
SL GREEN REALTY CORP [SLG] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chairman/Executive Officer
(Last)
(First)
(Middle)
C/O SL GREEN REALTY CORP., 420 LEXINGTON AVENUE		 3. Date of Earliest Transaction (Month/Day/Year)
01/27/2006
(Street)

NEW YORK, NY 10170		 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 01/27/2006   M   120,000 A $ 29.53 356,072 D  
Common Stock 01/27/2006   M   63,000 A $ 28.1 419,072 D  
Common Stock 01/27/2006   C   108,195 A (1) 108,195 I By Hippomenes Associates LLC
Common Stock 01/27/2006   C   55,294 A (4) 163,489 I By Sixth Avenue Associates LP
Common Stock 01/27/2006   S   274,950 D $ 83.4 144,122 D  
Common Stock 01/27/2006   S   108,195 D $ 83.4 55,294 I By Hippomenes Associates LLC
Common Stock 01/27/2006   S   55,294 D $ 83.4 0 I By Sixth Avenue Associates LP

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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
Stock Option (Right to Buy) $ 29.53 01/27/2006   M   120,000     (5) 11/09/2011 Common Stock 120,000 $ 83.4 0 D  
Stock Option (Right to Buy) $ 28.1 01/27/2006   M   63,000     (6) 10/10/2012 Common Stock 63,000 $ 83.4 0 D  
Class A Units of SL Green Operating Partnership, L.P. (1) 01/27/2006   C   108,195   08/20/1999   (3) Common Stock 108,195 (2) 0 I By Hippomenes Associates, LLC
Class A Units of SL Green Operating Partnership, L.P. (4) 01/27/2006   C   55,294   08/20/1999   (3) Common Stock 55,294 (2) 249,552 I By Sixth Avenue Associates
Class A Units of SL Green Operating Partnership, L.P. (2)             08/20/1999   (3) Common Stock 3,810   3,810 I 673 Realty Corp
Class A Units of SL Green Operating Partnership, L.P. (2)             08/20/1999   (3) Common Stock 476   476 I EBG Midtown South Corp
Class A Units of SL Green Operating Partnership, L.P. (2)             08/20/1999   (3) Common Stock 19,048   19,048 I By wife
Class A Units of SL Green Operating Partnership, L.P. (2)             08/20/1999   (3) Common Stock 111,904   111,904 I By Northwest Partners
Class A units of SL Green Operating Partnership, L.P. (2)             08/20/1999   (3) Common Stock 905,484   905,484 I By SL Green Properties
Class A Units of SL Green Operating Partnership, L.P. (2)             08/20/1999   (3) Common Stock 70,000   70,000 I By SLG Holding III LP
Class A Units of SL Green Operating Partnership, L.P. (2)             08/20/1999   (3) Common Stock 77,013   77,013 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
GREEN STEPHEN L
C/O SL GREEN REALTY CORP.
420 LEXINGTON AVENUE
NEW YORK, NY 10170		   X     Chairman/Executive Officer  

Signatures

 Stephen L. Green, by Andrew S. Levine his attorney-in-fact   10/28/2005
**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) Hippomenes Associates LLC redeemed 108,195 Class A Units of SL Green Operating Partnership, L.P. for an equal number of shares of Common Stock of SL Green Realty Corp.
(2) Upon conversion, SL Green Realty Corp. may, at its option, issue one share of Common Stock of SL Green Realty Corp. for each Class A Unit of SL Green Operating Partnership, L.P. or the cash equivalent value thereof to Mr. Green.
(3) None
(4) Sixth Avenue Associates LLC redeemed 55,294 Class A Units of SL Green Operating Partnership, L.P. for an equal number of shares of Common Stock of SL Green Realty Corp.
(5) The option vests in five equal installments of 60,000 shares each on January 1, 2003, January 1, 2004, January 1, 2005, January 1, 2006, and January 1, 2007.
(6) The option vests in four installments, of 21,000 shares on October 10, 2004, 42,000 shares on October 10, 2005, 63,000 shares on October 10, 2006 and 84,000 shares on October 10, 2007.

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