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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</B></FONT><B>Washington, D.C. 20549</B></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>May 8, 2012<BR>
</B>Date of report (Date of earliest event reported)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>Gramercy
Capital Corp.<BR>
</B></FONT>(Exact Name of Registrant as Specified in Charter)</P>

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<TR>
    <TD STYLE="width: 34%; vertical-align: top; font-weight: bold; text-align: center">Maryland</TD>
    <TD STYLE="width: 2%; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 31%; vertical-align: top; font-weight: bold; text-align: center">001-32248</TD>
    <TD STYLE="width: 2%; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 31%; vertical-align: top; font-weight: bold; text-align: center">06-1722127</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">(State or Other Jurisdiction</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(Commission</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(IRS Employer</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">of Incorporation)</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">File Number)</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Identification No.)</TD></TR>
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<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 50%; vertical-align: top; font-weight: bold; text-align: center">420 Lexington Avenue</TD>
    <TD STYLE="width: 2%; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 48%; vertical-align: top; font-weight: bold; text-align: center">10170</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">New York, New York</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(Zip Code)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 297-1000<BR>
</B>(Registrant's telephone number, including area code)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-indent: 9pt">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing of obligation of the registrant under any of the following
provisions:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">[_]&#9;Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">[_]&#9;Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">[_]&#9;Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">[_]&#9;Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.02.&#9;Results of Operations and Financial
Condition.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 8, 2012, Gramercy Capital Corp. (the
&quot;Company&quot;) issued an earnings press release relating to the Company's financial performance for the quarter ended March
31, 2012. The Company is attaching the press release as Exhibit&nbsp;99.1 to this Current Report on Form&nbsp;8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information being furnished pursuant
to this &quot;Item 2.02. Results of Operations and Financial Condition&quot; (including Exhibit 99.1) shall not be deemed to be
&quot;filed&quot; for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;)
or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference into any filing
under the Securities Act of 1933, as amended (the &quot;Securities Act&quot;), or the Exchange Act, regardless of any general incorporation
language in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7.01.&#9;Regulation FD Disclosure.</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As discussed in Item 2.02. above, the Company
issued a press release, dated May 8, 2012, relating to its financial performance for the quarter ended March 31, 2012, the text
of which is incorporated by reference into this &quot;Item 7.01. Regulation FD Disclosure.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information being furnished pursuant
to this &quot;Item 7.01. Regulation FD Disclosure&quot; shall not be deemed to be &quot;filed&quot; for purposes of Section 18
of the Exchange Act or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference
into any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing.
This information shall not be deemed an admission as to the materiality of such information that is required to be disclosed solely
by Regulation FD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01.&#9;Financial Statements and Exhibits.</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>(d) Exhibits</I></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; border-bottom: windowtext 1pt solid; padding-top: 1pt; padding-bottom: 2pt; text-align: left; font-weight: bold">Exhibit No.</TD>
    <TD STYLE="width: 4%; padding-top: 1pt; padding-bottom: 2pt; text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 85%; border-bottom: windowtext 1pt solid; padding-top: 1pt; padding-bottom: 2pt; text-align: left; font-weight: bold">Description&emsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">99.1</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">Press Release, dated May 8, 2012, relating to earnings</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: May 8, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font-weight: bold">GRAMERCY CAPITAL CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 44%; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-bottom: 1pt">/s/ Jon W. Clark</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Name:&ensp;Jon W. Clark</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Title:&emsp;Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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[{"type": "8-K", "sequence": "1", "filename": "v312347_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 15592}]
{"company-data": {"conformed-name": "GRAMERCY CAPITAL CORP", "cik": "0001287701", "assigned-sic": "6798", "irs-number": "061722127", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32248", "film-number": "12824050"}, "business-address": {"street1": "420 LEXINGTON AVE", "city": "NEW YORK", "state": "NY", "zip": "10170", "phone": "2125942700"}}
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
May 8, 2012
Date of report (Date of earliest event reported)
Gramercy
Capital Corp.
(Exact Name of Registrant as Specified in Charter)
Maryland
001-32248
06-1722127
(State or Other Jurisdiction
(Commission
(IRS Employer
of Incorporation)
File Number)
Identification No.)
420 Lexington Avenue
10170
New York, New York
(Zip Code)
(Address of Principal Executive Offices)
(212) 297-1000
(Registrant's telephone number, including area code)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing of obligation of the registrant under any of the following
provisions:
[_]	Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[_]	Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[_]	Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[_]	Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02.	Results of Operations and Financial
Condition.
On May 8, 2012, Gramercy Capital Corp. (the
"Company") issued an earnings press release relating to the Company's financial performance for the quarter ended March
31, 2012. The Company is attaching the press release as Exhibit 99.1 to this Current Report on Form 8-K.
The information being furnished pursuant
to this "Item 2.02. Results of Operations and Financial Condition" (including Exhibit 99.1) shall not be deemed to be
"filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act")
or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference into any filing
under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, regardless of any general incorporation
language in such filing.
Item 7.01.	Regulation FD Disclosure.
As discussed in Item 2.02. above, the Company
issued a press release, dated May 8, 2012, relating to its financial performance for the quarter ended March 31, 2012, the text
of which is incorporated by reference into this "Item 7.01. Regulation FD Disclosure."
The information being furnished pursuant
to this "Item 7.01. Regulation FD Disclosure" shall not be deemed to be "filed" for purposes of Section 18
of the Exchange Act or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference
into any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing.
This information shall not be deemed an admission as to the materiality of such information that is required to be disclosed solely
by Regulation FD.
Item 9.01.	Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1
Press Release, dated May 8, 2012, relating to earnings
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 8, 2012
GRAMERCY CAPITAL CORP.
By:
/s/ Jon W. Clark
Name: Jon W. Clark
Title: Chief Financial Officer