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                                UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


                                 SCHEDULE 13G


                   Under the Securities Exchange Act of 1934

                                (Amendment No.2)*

                         NEW PLAN EXCEL REALTY TRUST INC
             -----------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
             -----------------------------------------------------
                         (Title of Class of Securities)

                                   648053106
             -----------------------------------------------------
                                 (CUSIP Number)

                                 APRIL 30, 2007
             -----------------------------------------------------
            (Date Of Event which Requires Filing of this Statement)



Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

     [x] Rule 13d-1(b)

     [ ] Rule 13d-1(c)

     [ ] Rule 13d-1(d)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

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 control
number.

SEC 1745 (3-06)



CUSIP No.648053106                      13G                    Page 2 of 5 Pages
--------------------------------------------------------------------------------
   1.  NAME OF REPORTING PERSON:
       I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:

       Morgan Stanley
       I.R.S. #36-3145972
--------------------------------------------------------------------------------
   2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:

       (a) [ ]

       (b) [ ]
--------------------------------------------------------------------------------
   3.  SEC USE ONLY:

--------------------------------------------------------------------------------
   4.  CITIZENSHIP OR PLACE OF ORGANIZATION:

       The state of organization is Delaware.
--------------------------------------------------------------------------------
   NUMBER OF      5.   SOLE VOTING POWER:
     SHARES            13,946
  BENEFICIALLY    --------------------------------------------------------------
    OWNED BY      6.   SHARED VOTING POWER:
      EACH             0
   REPORTING      --------------------------------------------------------------
     PERSON       7.   SOLE DISPOSITIVE POWER:
      WITH:            13,946
                  --------------------------------------------------------------
                  8.   SHARED DISPOSITIVE POWER:
                       0
--------------------------------------------------------------------------------
   9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
       13,946
--------------------------------------------------------------------------------
  10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES:

       [ ]
--------------------------------------------------------------------------------
  11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
       .01%
--------------------------------------------------------------------------------
  12.  TYPE OF REPORTING PERSON:
       HC, CO
--------------------------------------------------------------------------------



CUSIP No.648053106                    13G                      Page 3 of 5 Pages
--------------------------------------------------------------------------------

Item 1.     (a)   Name of Issuer:

                  NEW PLAN EXCEL REALTY TRUST INC
                  --------------------------------------------------------------
            (b)   Address of Issuer's Principal Executive Offices:

                  420 LEXINGTON AVENUE
                  NEW YORK, NY 10170
                  --------------------------------------------------------------
Item 2.     (a)   Name of Person Filing:

                  Morgan Stanley
                  --------------------------------------------------------------
            (b)   Address of Principal Business Office, or if None, Residence:

                  1585 Broadway
                  New York, NY 10036
                  --------------------------------------------------------------
            (c)   Citizenship:

                  The state of organization is Delaware.
                  --------------------------------------------------------------
            (d)   Title of Class of Securities:

                  Common Stock
                  --------------------------------------------------------------
            (e)   CUSIP Number:

                  648053106
                  --------------------------------------------------------------

Item 3.     If this statement is filed pursuant to Sections 240.13d-1(b) or
            240.13d-2(b) or (c), check whether the person filing is a:

            (a) [ ]  Broker or dealer registered under Section 15 of the Act
                     (15 U.S.C. 78o).

            (b) [ ]  Bank as defined in Section 3(a)(6) of the Act
                     (15 U.S.C. 78c).

            (c) [ ]  Insurance company as defined in Section 3(a)(19) of the Act
                     (15 U.S.C. 78c).

            (d) [ ]  Investment company registered under Section 8 of the
                     Investment Company Act of 1940 (15 U.S.C. 80a-8).

            (e) [ ]  An investment adviser in accordance with Sections
                     240.13d-1(b)(1)(ii)(E);

            (f) [ ]  An employee benefit plan or endowment fund in accordance
                     with Section 240.13d-1(b)(1)(ii)(F);

            (g) [x]  A parent holding company or control person in accordance
                     with Section 240.13d-1(b)(1)(ii)(G);

            (h) [ ]  A savings association as defined in Section 3(b) of the
                     Federal Deposit Insurance Act (12 U.S.C. 1813);

            (i) [ ]  A church plan that is excluded from the definition of an
                     investment company under Section 3(c)(14) of the
                     Investment Company Act of 1940 (15 U.S.C. 80a-3);

            (j) [ ]  Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).



CUSIP No.648053106                   13-G                      Page 4 of 5 Pages
--------------------------------------------------------------------------------

Item 4.    Ownership as of APRIL 30, 2007.*

           (a) Amount beneficially owned:
           See the response(s) to Item 9 on the attached cover page(s).

           (b) Percent of Class:
           See the response(s) to Item 11 on the attached cover page(s).

           (c) Number of shares as to which such person has:

              (i)   Sole power to vote or to direct the vote:
                    See the response(s) to Item 5 on the attached cover page(s).

              (ii)  Shared power to vote or to direct the vote:
                    See the response(s) to Item 6 on the attached cover page(s).

              (iii) Sole power to dispose or to direct the disposition of:
                    See the response(s) to Item 7 on the attached cover page(s).

              (iv)  Shared power to dispose or to direct the disposition of:
                    See the response(s) to Item 8 on the attached cover page(s).

Item 5.    Ownership of Five Percent or Less of a Class.

           As of the date hereof, Morgan Stanley has ceased to be the
           beneficial owner of more than five percent of the class of
           securities.

           *Please note New Plan Excel Realty Trust Inc, Cusip 648053106, has
           been acquired by Centro Properties Group, ISIN AU000000CNP0, and
           merged into an affiliate of Centro.  Any subsequent filings will be
           filed under the new legal entity.

Item 6.    Ownership of More Than Five Percent on Behalf of Another Person.

           Not Applicable

Item 7.    Identification and Classification of the Subsidiary which Acquired
           the Security Being Reported on By the Parent Holding Company.

           Not Applicable

Item 8.    Identification and Classification of Members of the Group.

           Not Applicable

Item 9.    Notice of Dissolution of Group.

           Not Applicable

Item 10.   Certification.

           By signing below I certify that, to the best of my knowledge and
           belief, the securities referred to above were acquired and are
           held in the ordinary course of business and were not acquired and
           are not held for the purpose of or with the effect of changing or
           influencing the control of the issuer of the securities and were
           not acquired and are not held in connection with or as a participant
           in any transaction having that purpose or effect.


*In Accordance with the Securities and Exchange Commission Release No. 34-39538
(January 12, 1998)(the "Release"), this filing reflects the securities
beneficially owned by certain operating units (collectively, the "MS Reporting
Units") of Morgan Stanley and its subsidiaries and affiliates (collectively,
"MS").  This filing does not reflect securities, if any, beneficially owned by
any operating units of MS whose ownership of securities is disaggregated from
that of the MS Reporting Units in accordance with the Release.



CUSIP No.648053106                   13-G                      Page 5 of 5 Pages
--------------------------------------------------------------------------------

                                  Signature.


After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.


Date:       May 10, 2007

Signature:  /s/ Dennine Bullard
            --------------------------------------------------------------------

Name/Title: Dennine Bullard/Executive Director, Morgan Stanley & Co.
                            Incorporated
            --------------------------------------------------------------------
            MORGAN STANLEY







* Attention. Intentional misstatements or omissions of fact constitute federal
  criminal violations (see 18 U.S.C. 1001).