Wellsford Real Properties, Inc. Announces Completion of the Merger with Reis, Inc.

  
    
  
  
    
      Wellsford Real Properties, Inc. (AMEX:WRP) announced today that it 
      completed its merger with Reis, Inc. (“Reis”) 
      pursuant to a merger agreement executed on October 11, 2006. Earlier 
      today, WRP’s stockholders approved the 
      proposal for WRP to issue approximately 4.2 million shares of its common 
      stock in connection with its merger with Reis. Separately, at Reis’s 
      special meeting of stockholders which was also held earlier today, the 
      Reis stockholders adopted the merger agreement.
    
    
      Reis stockholders will receive, in the aggregate, approximately 
      $34,573,452 in cash and 4,237,074 shares of newly issued common stock of 
      WRP which, for purposes of the merger, has been established at $8.16 per 
      share, resulting in an implied equity value for Reis of approximately 
      $90,000,000, including the approximate 23% of Reis owned by WRP. 
      Simultaneously with the consummation of the merger, WRP terminated its 
      previously adopted plan of liquidation.
    
    
      The cash portion of the merger consideration was funded by a $25,000,000 
      loan extended to Reis by a financial institution. The remainder of the 
      merger consideration and transaction costs was funded with cash from 
      Reis and WRP. WRP now has approximately 10,770,000 shares of common 
      stock outstanding, will change its corporate name to Reis, Inc. and will 
      initially retain its existing ticker symbol on the AMEX, “WRP.” 
      The Reis stockholders now own approximately 38% of WRP. As previously 
      announced, WRP estimates that $1.15 of the $14.00 per share liquidating 
      distribution made on December 14, 2005 will be recharacterized as 
      taxable dividend income.
    
    
      Lloyd Lynford and Jonathan Garfield, were the chief executive officer 
      and executive vice president, respectively, of Reis prior to the merger. 
      Lloyd Lynford is the brother of Jeffrey Lynford, the chairman and chief 
      executive officer of WRP. Lloyd Lynford is now CEO and President of the 
      combined entity and Jeffrey Lynford and Jonathan Garfield are now the 
      Chairman and Executive Vice President of the combined entity, 
      respectively. The aforementioned officers have three year employment 
      agreements.
    
    
      The Board of Directors is now comprised of ten members, consisting of 
      the six existing WRP directors, with the addition of Lloyd Lynford, 
      Jonathan Garfield, M. Christian Mitchell and Michael Del Guidice. Messer’s 
      Mitchell and Del Giudice both meet the appropriate independence 
      standards.
    
    
      Lloyd Lynford, Reis’s CEO, stated, "The merger 
      with WRP, effectively taking Reis public, represents an important 
      milestone in the 27 year history of our company and will permit Reis to 
      offer our clients even more robust services in the coming years. We are 
      looking forward to accelerating the pace of our product development, 
      entering into new markets, expanding our property and portfolio 
      valuation tools as well introducing the next generation of analytics to 
      assist CMBS and REIT investors make critical buy/sell and hold 
      decisions. As a public company, Reis will also be poised to acquire 
      complementary companies to add market coverage and depth to Reis's 
      industry-leading databases."
    
    
      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 and 
          future services and product development;
        
      
      
        
          •
        
        
          statements relating to future business prospects, potential 
          acquisitions, revenue, income and cash flows of WRP’s 
          real estate and other activities 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 of liquidation;
        
      
      
        
          •
        
        
          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.