SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP 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	OMB APPROVAL OMB Number: 3235-0287 Expires: February 28, 2011 Estimated average burden hours per response 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* GOTHAM PARNERS III L P (Last) (First) (Middle) (Street) (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS [ FUR ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) Former 10% Owner
	3. Date of Earliest Transaction (Month/Day/Year) 06/27/2003
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

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
Shares of Beneficial Interest	06/27/2003	06/27/2003	S		5841233	D	1.90	0	I ( 1 )	(1)

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 Securities Underlying Derivative Security (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: 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

1. Name and Address of Reporting Person* GOTHAM PARNERS III L P (Last) (First) (Middle) (Street) (City) (State) (Zip)

1. Name and Address of Reporting Person* KARENINA CORP (Last) (First) (Middle) (Street) (City) (State) (Zip)

1. Name and Address of Reporting Person* DPB CORP (Last) (First) (Middle) (Street) (City) (State) (Zip)

1. Name and Address of Reporting Person* GOTHAM HOLDINGS II LLC (Last) (First) (Middle) (Street) (City) (State) (Zip)

1. Name and Address of Reporting Person* GOTHAM PARTNERS INTERNATIONAL LTD (Last) (First) (Middle) (Street) (City) (State) (Zip)

1. Name and Address of Reporting Person* GOTHAM INTERNATIONAL ADVISORS LLC (Last) (First) (Middle) (Street) (City) (State) (Zip)

1. Name and Address of Reporting Person* SECTION H PARTNERS L P (Last) (First) (Middle) (Street) (City) (State) (Zip)

1. Name and Address of Reporting Person* GOTHAM HOLDINGS MANAGEMENT LLC (Last) (First) (Middle) (Street) (City) (State) (Zip)

1. Name and Address of Reporting Person* ACKMAN WILLIAM A (Last) (First) (Middle) (Street) (City) (State) (Zip)

1. Name and Address of Reporting Person* BERKOWITZ DAVID P (Last) (First) (Middle) (Street) (City) (State) (Zip)

Explanation of Responses:

1 . Amount reported includes (a) 2,873,158 shares held by Gotham Partners, LP ("Gotham"), (b) 2,431,664 shares held by Gotham International Advisors, LLC ("Gotham International"), (c) 58,448 shares held by Gotham Partners III, LP ("Gotham III"), and (d) 477,963 shares held by Gotham Holdings II LLC ("Holdings II"). The general partner of Gotham and Gotham III is Section H Partners, LP ("Section H"). The general partner of Section H is Karenina Corporation ("Karenina") and DPB Corporation ("DBP"). The president of Karenina is William A. Ackman, and the president of DPB is David P. Berkowitz. Ackman is the senior managing member of Gotham International and Gotham Holdings Management, LLC, which is the manager of Holdings II.

	William A. Ackman, on behalf of Gotham Partners III, LP	07/02/2003
	William Ackman, on behalf of Gotham Partners International, Ltd	07/02/2003
	William Ackman, on behalf of Gotham International Advisors, LLC	07/02/2003
	William Ackman, on behalf of Section H Partners, LP	07/02/2003
	William Ackman, on behalf of Gotham Holdings Management LLC	07/02/2003
	William Ackman	07/02/2003
	William Ackman, on behalf of Karenina Corporation	07/02/2003
	William Ackman, on behalf of Gotham Holdings II, LLC	07/02/2003
	David P. Berkowitz	07/02/2003
	David P. Berkowtiz, on behalf of DPB Corporation	07/02/2003
	** Signature of Reporting Person	Date
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* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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