Wellsford and Reis Stockholders Approve Merger

  
    
  
  
    
      Wellsford Real Properties, Inc. (AMEX:WRP) announced that its 
      stockholders, at the WRP annual stockholders’ 
      meeting held today, approved the proposal for WRP to issue approximately 
      4.2 million shares of its common stock in connection with its merger 
      with Reis, Inc. (“Reis”).
    
    
      Separately, at Reis’s special meeting of 
      stockholders, which was also held earlier today, the Reis stockholders 
      adopted the merger agreement.
    
    
      With the approval of these proposals by the respective stockholders, WRP 
      and Reis can proceed with the closing of the contemplated merger 
      transaction. The closing is expected to be completed shortly.
    
    
      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.