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 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 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* PUSKAR GEORGE R (Last) (First) (Middle) 2023 NORTH ATLANTIC AVENUE - SUITE 304 (Street) COCOA BEACH FL 32931 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol ISTAR FINANCIAL INC [ SFI ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 05/05/2005
	4. If Amendment, Date of 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

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, par value $.001 per share	05/05/2006		P		5,700	A	$38.35	16,300(1)(2)	I	By IRA
Common stock, par value $.001 per share	05/05/2006		S		4,600	A	$38.35	1,500(1)(2)	D
Common stock, par value $.001 per share	05/05/2006		P		0	A	$0(2)	18,500(1)(2)	I	By spouse

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

Explanation of Responses:

1. Prior to the reported transactions, the reporting person was the beneficial owner of a total of 35,200 shares of the issuer's common stock, consisting of 6,100 shares owned directly, 10,600 shares owned indirectly in an IRA account established by the reporting person and 18,500 shares owned indirectly by the reporting person's spouse. A Form 4 previously filed on behalf of the reporting person correctly reported this total amount of 35,200 shares beneficially owned by the reporting person; however, the amounts that were previously reported in the different ownership forms were listed incorrectly and the correct amounts (prior to the reported transactions) are as set forth in the preceding sentence.

2. On May 5, 2006, the reporting person acquired benefical ownership of 5,700 shares of the issuer's common stock which were purchased by an IRA account established by the reporting person, at a price of $38.35 per share. Also on May 5, 2006, the reporting person disposed of 4,600 shares of the issuer's common stock that had been owned directly by the reporting person, at a price of $38.35 per share. Following these transactions, the reporting person beneficially owns a total of 36,300 shares of the issuer's common stock, consisting of 1,500 shares owned directly, 16,300 shares owned indirectly in an IRA account established by the reporting person and 18,500 shares owned indirectly by the reporting person's spouse.

	s/ George R Puskar	05/05/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.