WRP Reis,

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.