SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) May 6, 1999
(May 10, 1999)
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Wellsford Real Properties, Inc.
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(Exact name of registrant as specified in its charter)
1-12917 13-3926898
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(Commission File Number) (IRS Employer Identification No.)
Maryland
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(State or other jurisdiction of incorporation)
535 Madison Avenue, New York, New York 10022
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(Address of principal executive offices)
(Zip Code)
(212) 838-3400
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(Registrant's telephone number, including area code)<PAGE>
Item 5. Other Events
On May 3, 1999, Rodney F. Du Bois was appointed to the position of Vice
Chairman and Chief Operating Officer of Wellsford Real Properties, Inc.
(AMEX: "WRP")
Item 7. Financial Statements, Proforma Financial Information and Exhibits
(a) Financial Statements
None.
(b) Proforma Financial Information
None.
(c) Exhibits
99.1 Press release, dated May 6, 1999, announcing the recruitment
of Rodney F. Du Bois, Marc Kwestel and David Luczkow by WRP.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized .
Dated: May 10, 1999
By: /s/ Edward Lowenthal
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Edward Lowenthal
President and Chief Executive Officer
WELLSFORD REAL PROPERTIES, INC.
535 Madison Avenue
New York, New York 10022
(212) 838-3400 Fax: (212) 421-7244
FOR IMMEDIATE RELEASE:
WELLSFORD REAL PROPERTIES, INC.
RECRUITS THREE NEW PROFESSIONALS
NEW YORK, May 6, 1999--Wellsford Real Properties, Inc. (AMEX:WRP) has
announced the recruitment of Messrs. Rodney F. Du Bois, Marc Kwestel, and
David Luczkow.
Rodney Du Bois, who has been a director of the Company since its inception,
has been appointed to the position of Vice Chairman and Chief Operating
Officer. He has been President and co-owner of Goshawk Corporation, which
provides finance and general corporate services, since 1982. Mr. Du Bois
was a founder of Mountain Cable Company, a cable TV multiple system
operator, and its Chairman from 1985 until the company's sale in 1988.
Previously, Mr. Du Bois served as a senior executive at two publicly traded
Hawaiian corporations: Executive Vice President and Director of C. Brewer
and Co. and Chairman of Alexander and Baldwin Agribusiness, Inc. Further,
he has served as a managing director of Warburg, Paribas, Becker, Inc., an
investment banking firm, and as a Professor of Real Estate at the Amos Tuck
School of Business Administration at Dartmouth College.
Marc Kwestel has been appointed a Vice President of Wellsford Capital. He
has 10 years of experience in commercial real estate. Prior to joining
WRP, Mr. Kwestel was a Vice President at Capital Company of America
(formerly Nomura Asset Capital Corporation) where he was responsible for
originating, underwriting, and closing loans in excess of $15 million for
inclusion in REMIC and RASIT securitizations. Previously, Mr. Kwestel was
a Vice President at Tallwood Associates where he focused on capital markets
advisory assignments and principal transactions. Mr. Kwestel holds a BA
from Yeshiva University and an MBA from Columbia Business School.
David Luczkow joins WRP as Vice President of Wellsford Capital. He comes
from Morgan Stanley Dean Witter where he began in June 1997 as a CMBS
secondary markets trader focusing on the investment grade CMBS and FNMA DUS
product sectors. In January 1998 Mr. Luczkow assumed responsibilities in
the conduit mortgage origination group, covering mortgage bankers and
executing portfolio acquisitions. Prior to joining Morgan Stanley, Mr.
Luczkow was employed at Equitable Real Estate since 1993, where he was
responsible for real estate debt activities, including the acquisition of
investment grade and non-investment grade CMBS and raising debt capital for
the firm's equity funds. Mr. Luczkow received his MBA from Wharton School,
his MA in International Studies from the Lauder Institute in 1993, and his
BA in Economics magna cum laude from Dartmouth College in 1988.
Jeffrey Lynford, Chairman, commenting on these appointments, said, "Rod Du
Bois brings a wealth of executive experience to the Company at a time of
rapid growth for Wellsford. Marc and David each have real-time, hands-on
experience in the debt markets. We expect each individual to make a
substantial contribution to the firm's growth and risk management."
Wellsford Real Properties is a real estate merchant banking firm
headquartered in New York City, which acquires, finances, develops and
operates real properties and organizes and invests in private and public
real estate companies.
Press Contact: Jeffrey H. Lynford
Chairman
Wellsford Real Properties, Inc.
(212) 838-3400
