Institutional Shareholders Services Inc. and Glass Lewis & Co. Recommend Wellsford Real Properties, Inc. Shareholders Vote For t

  
    
  
  
    
      Wellsford Real Properties, Inc. (AMEX:WRP) announced today that 
      Institutional Shareholders Services, Inc. (“ISS”) 
      and Glass Lewis & Co. (“GL”), 
      leading proxy advisory services, have issued reports recommending that 
      WRP shareholders vote for the issuance of additional shares to complete 
      its merger with Reis, Inc. (“Reis”).
    
    
      In its report, ISS noted, “Based on our review 
      of the transaction, particularly the 18.24% announcement to-date 
      increase in the stock price, and the fact that following the merger, 
      Wellsford will stop its liquidation proceedings and will become a going 
      concern, we believe that the share issuance warrants shareholder support.”
    
    
      In its report, GL noted, “In our view, the 
      proposed transaction is financially fair to Wellsford shareholders.”
    
    
      "We are pleased that ISS and GL both agree with the WRP board of 
      directors' recommendation that shareholders vote in favor of the 
      issuance of additional shares with which to consummate our merger with 
      Reis," said Jeffrey Lynford, WRP chairman, president and chief executive 
      officer.
    
    
      An annual meeting of WRP shareholders will be held on Wednesday, May 30, 
      2007. WRP has filed with the Securities and Exchange Commission and 
      distributed to its shareholders a definitive joint proxy 
      statement/prospectus and other relevant documents in connection with the 
      annual shareholder meeting for the proposed transaction. WRP 
      shareholders are urged to read the definitive proxy statement and other 
      relevant materials and documents. Investors may obtain a free copy of 
      these materials and other documents filed by WRP with the Securities and 
      Exchange Commission at the SEC's website at www.sec.gov.
    
    
      WRP and its directors, executive officers and certain other members of 
      management and employees may be deemed to be participants in soliciting 
      proxies from its shareholders in favor of the proposed merger. 
      Information regarding the persons who may, under the rules of the SEC, 
      be considered to be participants in the solicitation of WRP’s 
      shareholders in connection with the proposed transaction is set forth in 
      WRP’s definitive proxy statement for its 
      annual meeting. Additional information regarding these individuals and 
      any interest they have in the proposed transaction is set forth in the 
      definitive joint proxy statement/prospectus on file with the SEC.
    
    
      Cautionary Statement Regarding Forward-Looking Statements
    
    
      This press release, together with other statements and information 
      publicly disseminated by WRP, contains certain forward-looking 
      statements within the meaning of Section 27A of the Securities Act of 
      1933, as amended, and Section 21E of the Securities Exchange Act of 
      1934, as amended. These forward-looking statements relate to WRP’s 
      outlook or expectations for earnings, revenues, expenses, asset quality 
      or other future financial or business performance, strategies or 
      expectations, or the impact of legal, regulatory or supervisory matters 
      on WRP’s business operations or performance. 
      Specifically, forward-looking statements may include:
    
    
      
        statements relating to the benefits of the merger with Reis;
      
      
        statements relating to future business prospects, revenue, income and 
        cash flows of WRP individually;
      
      
        statements relating to revenues of the resulting company after the 
        merger with Reis; and
      
      
        statements preceded by, followed by or that include the words “estimate,” 
        “plan,” “project,” 
        “intend,” “expect,” 
        “anticipate,” “believe,” 
        “seek,” “target” 
        or similar expressions.
      
    
    
      These statements reflect WRP’s management’s 
      judgment based on currently available information and involve a number 
      of risks and uncertainties that could cause actual results to differ 
      materially from those in the forward-looking statements. With respect to 
      these forward-looking statements, WRP’s 
      management has made assumptions regarding, among other things, the 
      determination of estimated net realizable value for its assets and the 
      determination of estimated settlement amounts for its liabilities and 
      general economic conditions.
    
    
      Future performance cannot be ensured. Actual results may differ 
      materially from those in the forward-looking statements. Some factors 
      that could cause WRP’s actual results to 
      differ include:
    
    
      
        expected benefits from the merger with Reis may not be fully realized 
        or at all;
      
      
        revenues following the merger with Reis may be lower than expected;
      
      
        the possibility of litigation arising as a result of terminating the 
        Plan;
      
      
        adverse changes in the real estate industry and the markets in which 
        the post-merger company will operate;
      
      
        the inability to retain and increase the number of customers of the 
        post-merger company;
      
      
        competition;
      
      
        difficulties in protecting the security, confidentiality, integrity 
        and reliability of the data of the post-merger company;
      
      
        legal and regulatory issues;
      
      
        changes in accounting policies or practices; and
      
      
        the risk factors listed under “Item 1A. 
        Risk Factors” in WRP’s 
        annual report on Form 10-K for the year ended December 31, 2006, which 
        was filed with the SEC on March 29, 2007, as amended, on April 30, 
        2007, and those listed and under “Risk 
        Factors” in WRP’s 
        registration statement on Form S-4 which was initially filed with the 
        SEC on December 28, 2006 and, as amended, on March 9, 2007, April 11, 
        2007 and April 30, 2007.
      
    
    
      You are cautioned not to place undue reliance on any forward-looking 
      statements, which speak only as of the date of this press release. 
      Except as required by law, WRP undertakes no obligation to publicly 
      update or release any revisions to these forward-looking statements to 
      reflect any events or circumstances after the date of this press release 
      or to reflect the occurrence of unanticipated events.