Wellsford Real Properties, Inc. Announces Stockholders' Approval of Plan of Liquidation

Wellsford Real Properties, Inc. (AMEX:WRP) (the
"Company") announced today that its stockholders have approved the
Plan of Liquidation (the "Plan") at the Company's annual meeting held
earlier today. Also, the stockholders elected Messrs. Douglas Crocker
II, Mark S. Germain, and Jeffrey H. Lynford to continue as members of
the Board of Directors and ratified the appointment of Ernst & Young
LLP as the Company's independent registered public accounting firm for
fiscal 2005. The Plan had been approved by the Board of Directors in
May 2005.
   The approval of the Plan by the stockholders allows the Company to
proceed with the completion of the previously announced contract to
sell the three residential phases of its Palomino Park project for
$176,000,000. The sale is expected to close before the end of November
and the Company expects to make its initial liquidation distribution
of $14 per share shortly thereafter.

   Wellsford Real Properties, Inc. 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.

   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 and
unknown 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, and the Definitive Proxy Statement dated October 10, 2005 and
filed with the SEC on October 11, 2005, which are incorporated herein
by reference: general and local economic and business conditions;
future impairment charges as a result of possible declines in the
expected values and cash flows of residential development projects and
investments or changes in the intent with regards to such projects and
investments; competition; risks of real estate acquisition,
development, construction and renovation including construction delays
and cost overruns; inability to comply with zoning and other laws and
obtain governmental approvals; the risk of inflation in development
costs (including construction materials); the availability of
insurance coverages; the inability to obtain or replace construction
financing for its development projects; adverse consequences of debt
financing including, without limitation, the necessity of future
financings to repay maturing debt obligations; inability to meet
financial and valuation covenants contained in loan agreements;
inability to repay financings; exposure to variable rate based
financings; risk of foreclosure on collateral; risks of leverage;
risks associated with equity investments in and with third parties;
risks associated with our reliance on joint venture partners
including, but not limited to, the inability to obtain consent from
partners for certain business decisions, reliance on partners who are
solely responsible for the books, records and financial statements of
such ventures, the potential risk that our partners may become
bankrupt, have economic or other business interests and objectives
which may be inconsistent with those of WRP and our partners being in
a position to take action contrary to our instructions or requests;
inability and/or unwillingness of partners to provide their share of
any future capital requirements; availability and cost of financing;
interest rate risks; demand by prospective buyers of condominiums and
single family homes; inability to realize gains from sales of
condominiums and single family homes; lower than anticipated sales
prices; inability to close on sales of properties; inability or
failure of the purchaser of the residential phases of Palomino Park to
close; the risks of seasonality and increasing interest rates on WRP's
ability to sell condominium units and single family homes; increases
in energy costs, construction materials and interest could adversely
impact our home building business as homes become more expensive to
build and profit margins could deteriorate; inability to raise sale
prices to maintain profit margins; the negative impact from a
continuing rise in energy costs and interest rates on our marketing
efforts and the ability for buyers to afford our homes at any price
level, which could result in the inability to meet targeted sales
prices or cause sales price reductions; environmental risks; the Board
could abandon the Plan even after its approval by the stockholders;
failure to achieve proceeds from the sales of assets to meet the
estimated ranges of initial and total distributions to stockholders
under the Plan; the uncertainty as to the timing of sales of assets
and the impact on the timing of distributions to stockholders;
illiquidity of real estate assets and joint venture investments;
increases in expenses which would negatively impact the amount of
distributions pursuant to the Plan; unknown claims and liabilities
which would negatively impact the amount of distributions pursuant to
the Plan; the sale of undeveloped land, rather than the construction
and sale, in the normal course of business, of single family homes or
condominium units which would negatively impact the amount of
distributions pursuant to the Plan; 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.