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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
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      DC 20549 </strong></font></div>
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      8-K </strong></font></div>
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</strong></font></div>
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      8.01&#160;&#160;&#160;&#160;Other Events. </strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
      303A.03 of the New York Stock Exchange (&#8220;NYSE&#8221;) Listed Company Manual requires
      NYSE-listed companies to disclose in their annual proxy statements (i) the
      name
      of the non-management director who is chosen to preside at all
      regularly-scheduled executive sessions of the non-management members of the
      board of directors and (ii) a method for interested parties to communicate
      directly with the presiding director or with the non-management directors as
      a
      group. NorthStar Realty Finance Corp. (the &#8220;Company&#8221;) inadvertently omitted this
      information from its annual proxy statement dated May 25, 2005, and provides
      that information in this Current Report on Form 8-K. </font></div>
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      Lead
      Director of the Board of Directors of the Company (the &#8220;Board&#8221;) presides at all
      regularly-scheduled executive sessions of the non-management members or
      independent members of the Board. Judith A. Hannaway is currently the Lead
      Director of the Board. The Company currently anticipates that the position
      of
      Lead Director will be rotated on an annual basis.</font></div>
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      parties wishing to communicate directly with the Lead Director or the
      non-management members of the Board as a group should address their inquires
      to
      the Board&#8217;s General Counsel by mail sent to the Company&#8217;s principal executive
      office located at 527 Madison Avenue, 16</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Floor,
      New York, New York 10022. The mailing envelope should contain a clear
      notification indicating that the enclosed letter is a &#8220;Shareholder-Lead Director
      Communication&#8221; or &#8220;Shareholder-Non-Management Director Communication.&#8221; All
      communications will be promptly relayed to the appropriate recipient(s).
</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      to the requirements of the Securities Exchange Act of 1934, as amended, the
      Registrant has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized. </font></div>
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          <tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td width="50%">&#160;</td>
            <td width="1%">&#160;</td>
            <td width="49%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NorthStar
                  Realty Finance Corp.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant)</font></div>
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            <td>&#160;</td>
            <td>&#160;</td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Date:&#160;March
              17, 2006</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Mark
              E.
              Chertok<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></font></td>
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            <td align="left">
              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Mark
              E. Chertok<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></font></td>
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            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                Financial Officer </font></div>
            </td>
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{"company-data": {"conformed-name": "NORTHSTAR REALTY", "cik": "0001273801", "assigned-sic": "6798", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32330", "film-number": "06696429"}, "mail-address": {"street1": "627 MADISON AVE 15TH FL", "city": "NEW YORK", "state": "NY", "zip": "10022"}}
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      DC 20549
FORM
      8-K
CURRENT
      REPORT
Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
      of
      Report (Date of earliest event reported):
March
      17, 2006
NorthStar
      Realty Finance Corp.
(Exact
      name of registrant as specified in its charter)
Maryland
(State
                or other jurisdiction
of
                incorporation)
001-32330
(Commission
                File
Number)
11-3707493
(I.R.S. Employer
Identification
                No.)
527
                Madison Avenue, 16
th
Floor, New York
10022
(Address
                of principal executive offices)
(Zip
                Code)
(212)
      319-8801
(Registrant's
      telephone number, including area code)
N/A
(Former
      name or former address, if changed since last report.)
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2. below):
o
Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
o
Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
          communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
          240.14d-2(b))
o
Pre-commencement
          communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
          240.13e-4(c))
ITEM
      8.01    Other Events.
Section
      303A.03 of the New York Stock Exchange ("NYSE") Listed Company Manual requires
      NYSE-listed companies to disclose in their annual proxy statements (i) the
      name
      of the non-management director who is chosen to preside at all
      regularly-scheduled executive sessions of the non-management members of the
      board of directors and (ii) a method for interested parties to communicate
      directly with the presiding director or with the non-management directors as
      a
      group. NorthStar Realty Finance Corp. (the "Company") inadvertently omitted this
      information from its annual proxy statement dated May 25, 2005, and provides
      that information in this Current Report on Form 8-K.
The
      Lead
      Director of the Board of Directors of the Company (the "Board") presides at all
      regularly-scheduled executive sessions of the non-management members or
      independent members of the Board. Judith A. Hannaway is currently the Lead
      Director of the Board. The Company currently anticipates that the position
      of
      Lead Director will be rotated on an annual basis.
Interested
      parties wishing to communicate directly with the Lead Director or the
      non-management members of the Board as a group should address their inquires
      to
      the Board's General Counsel by mail sent to the Company's principal executive
      office located at 527 Madison Avenue, 16
th
Floor,
      New York, New York 10022. The mailing envelope should contain a clear
      notification indicating that the enclosed letter is a "Shareholder-Lead Director
      Communication" or "Shareholder-Non-Management Director Communication." All
      communications will be promptly relayed to the appropriate recipient(s).
SIGNATURES
Pursuant
      to the requirements of the Securities Exchange Act of 1934, as amended, the
      Registrant has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.
NorthStar
                  Realty Finance Corp.
(Registrant)
Date: March
              17, 2006
By:
/s/ Mark
              E.
              Chertok
Mark
              E. Chertok
Chief
                Financial Officer