<SEC-DOCUMENT>0001415889-23-006565.txt : 20230417
<SEC-HEADER>0001415889-23-006565.hdr.sgml : 20230417
<ACCEPTANCE-DATETIME>20230417144735
ACCESSION NUMBER:		0001415889-23-006565
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230417
DATE AS OF CHANGE:		20230417

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Asnas Brett
		CENTRAL INDEX KEY:			0001913456

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41572
		FILM NUMBER:		23823673

	MAIL ADDRESS:	
		STREET 1:		C/O ISTAR, 1114 AVENUE OF THE AMERICAS
		STREET 2:		FL. 39
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Star Holdings
		CENTRAL INDEX KEY:			0001953366
		STANDARD INDUSTRIAL CLASSIFICATION:	LESSORS OF REAL PROPERTY, NEC [6519]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1114 AVENUE OF THE AMERICAS
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212 930-9400

	MAIL ADDRESS:	
		STREET 1:		1114 AVENUE OF THE AMERICAS
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-04172023_060430.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0407</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2023-03-31</periodOfReport>

    <issuer>
        <issuerCik>0001953366</issuerCik>
        <issuerName>Star Holdings</issuerName>
        <issuerTradingSymbol>STHO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001913456</rptOwnerCik>
            <rptOwnerName>Asnas Brett</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1114 AVE OF THE AMERICAS 39TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10036</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>CHIEF FINANCIAL OFFICER</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares of Beneficial Interest</value>
            </securityTitle>
            <transactionDate>
                <value>2023-03-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>8380</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8380</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">On March 31, 2023, pursuant to an Agreement and Plan of Merger, dated August 10, 2022 (the &quot;Merger Agreement&quot;), iStar Inc. (&quot;iStar&quot;) and Safehold Inc. (&quot;SAFE)&quot; completed the merger of SAFE with and into iStar (&quot;Merger&quot;) with iStar surviving the Merger and changing its name to Safehold Inc. (&quot;New SAFE&quot;; NYSE: SAFE).</footnote>
        <footnote id="F2">Prior to the effective date of the Merger and in connection with the Merger, iStar separated its remaining legacy non-ground lease assets and businesses and certain other  assets into a separate public company (&quot;Star Holdings&quot;) by distributing to iStar's stockholders the issued and outstanding equity interests of Star Holdings (the &quot;Spin-Off&quot;), at a ratio of 0.153 Star Holdings common shares of beneficial interest for each iStar share of common stock. The Reporting Person acquired Star Holdings common shares of beneficial interest in the Spin-Off.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Brett Asnas</signatureName>
        <signatureDate>2023-04-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
