Wellsford Real Properties, Inc. Announces Redemption of Wellsford/Whitehall Joint Venture Interest

Wellsford Real Properties, Inc. (AMEX: WRP) announced
today that it has completed the redemption of its 35.21% interest in
Wellsford/Whitehall Group, L.L.C. (the "Venture"), a joint venture
among WRP and the Whitehall Funds ("Whitehall"), and received proceeds
of approximately $8.3 million. WRP expects to report a financial
statement pre-tax gain of approximately $5.5 million on the redemption
transaction. After this transaction, WRP has no further investment in
the Venture.
   WRP is a real estate merchant banking firm headquartered in New
York City, which acquires, develops, finances and operates real
properties, constructs for-sale single family home and condominium
developments and organizes and invests in private and public real
estate companies.
   Whitehall is a private equity fund sponsored by The Goldman Sachs
Group Inc.
   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. Such forward-looking statements involve known risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of WRP or industry results to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Such factors include, among others, the following, which are discussed
in greater detail in the "Risk Factors" section of WRP's registration
statement on Form S-3 (file No. 333-73874) filed with the Securities
and Exchange Commission ("SEC") on December 14, 2001, as may be
amended, which is incorporated herein by reference: changes to the
amount of gain reported as such amount is based upon preliminary
information; and other risks listed from time to time in WRP's reports
filed with the SEC. Therefore, actual results could differ materially
from those projected in such statements.