:----------: :----------------------------:
: FORM 4 : : OMB APPROVAL :
:----------: :----------------------------:
:OMB NUMBER 3235-0287 :
:EXPIRES: APRIL 30, 1997
:ESTIMATED AVERAGE BURDEN :
:HOURS PER RESPONSE..... 0.5 :
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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[_] CHECK THIS BOX IF NO LONGER SUBJECT TO SECTION 16. FORM 4
OR FORM 5 OBLIGATIONS MAY CONTINUE. SEE INSTRUCTION 1(b).
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1. Name and Address of Reporting Person
The Goldman Sachs Group, Inc.
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(Last) (First) (Middle)
85 Broad Street
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(Street)
New York, New York 10004
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Wellsford Real Properties, Inc. Symbol: WRP
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
May, 1999
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer (Check all applicable)
_____ Director _X__ 10% Owner
_____ Officer (give title below) ____ Other (Specify below)
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7. Individual or Joint/Group Filing (Check applicable line)
_____ Form filed by one Reporting Person
__X__ Form filed by more than one Reporting Person
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<PAGE>
TABLE I-NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
<TABLE>
<CAPTION>
1.Title of Security 2.Trans- 3.Trans- 4.Securities Acquired (A) 5.Amount of 6.Ownership 7.Nature of
(Instr. 3) action action or Disposed of (D) Securities Bene- Form: Direct Indirect
Date Code (Instr. 3, 4 and 5) ficially Owned (D) or Beneficial
(Month/ (Instr. 8) ------------------------ at End of Indirect (I) Ownership
Day/ ------------ Amount (A) or Price Month (Instr. (Instr. 4) (Instr. 4)
Year) Code V (D) 3 and 4)
- ------------------- --------- ------------ ------------------------ ------------------ -------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
*If the form is filed by more than one reporting person, see Instruction 4(b)(v). (Over)
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1474 (3/91)
(Print or Type Responses)
</FN>
</TABLE>
Page 1 of 8
<PAGE>
FORM 4 (CONTINUED)
TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
1. Title of Derivative Security (Instr. 3)
Warrants
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Warrants
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2. Conversion or Exercise Price of Derivative Security
(1)
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(1)
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3. Transaction Date (Month/Date/Year)
5/28/99
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4. Transaction Code (Instr. 8)
Code V
------------------ ------------
J(2)
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
(A) (D)
------------------ ------------
150,000
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6. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Expiration Date
------------------------ ------------------------
Immediately 5/28/04
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Immediately 8/28/02
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Title Amount or Number of Shares
------------------ --------------------------
Common Stock, 123,966.9
par value $0.01
per share
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Common Stock, 4,132,230
par value $0.01
per share
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8. Price of Derivative Security (Instr. 5)
(2)
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9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
150,000
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5,000,000
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10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
(3)
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(3)
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11. Nature of Indirect Beneficial Ownership (Instr. 4)
(4)
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(4)
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Explanation of Responses:
See page 3 attached
June 10, 1999
--------------------------------------- ---------------
**Signature of Reporting Person Date
See page 5 attached
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, See Instruction 6 for procedure.
Page 2
Page 2 of 8
<PAGE>
Form 4
Continuation Sheet
Item 1: The Goldman Sachs Group, Inc.
85 Broad Street
New York, New York 10004
Item 2: Wellsford Real Properties, Inc. - WRP
Item 4: May, 1999
- --------------------------------------------------------------------------------
Instruction 4(b)(v) list of other Reporting Persons:
This statement is being filed by WHWEL Real Estate Limited Partnership
("WHWEL"), WHATR Gen-Par, Inc. ("WHATR Gen-Par"), Whitehall Street Real Estate
Limited Partnership VII, ("Whitehall VII"), WH Advisors, L.P. VII ("WH Advisors,
L.P. VII"), WH Advisors, Inc. VII ("WH Advisors, Inc. VII"), Whitehall Street
Real Estate Limited Partnership V ("Whitehall V"), WH Advisors, L.P. V ("WH
Advisors, L.P. V"), WH Advisors, Inc. V ("WH Advisors, Inc. V"), W/W Group
Holdings, L.L.C. ("Holdings"), Whitehall Street Real Estate Limited Partnership
XI ("Whitehall XI"), WH Advisors, L.L.C. XI ("WH Advisors, L.L.C. XI"), Goldman,
Sachs & Co. ("GS&Co.") and The Goldman Sachs Group, Inc. ("GS Group"; together
with WHWEL, WHATR Gen-Par, Whitehall VII, WH Advisors, L.P. VII, WH Advisors,
Inc. VII, Whitehall V, WH Advisors, L.P. V, WH Advisors, Inc. V, Holdings,
Whitehall XI, WH Advisors, L.L.C. XI and GS&Co., the "Reporting Persons"). The
principal business address for each of the Reporting Persons is 85 Broad Street,
New York, New York 10004.
Explanation of Responses (continued from page 2):
(1) The exercise price of each Warrant is, at the sole option of the holder
thereof, either (i) a number of membership units of Wellsford/Whitehall
Group, L.L.C., a Delaware limited liability company ("Wellsford/Whitehall
Group") equal to the quotient of (x) $10.00 divided by (y) the "Deemed
Value Per Membership Unit" (as defined in the Limited Liability Company
Agreement of Wellsford/Whitehall Group dated as of May 28, 1999 (the
Wellsford/Whitehall Group LLC Agreement)) or (ii) $10.00 in cash; provided
that, holders of Warrants may not elect to use membership units of
Wellsford/Whitehall Group as the exercise price prior to August 28, 1999.
(2) On May 28, 1999, in connection with the formation of Wellsford/Whitehall
Group and the execution and delivery of the Wellsford/Whitehall Group LLC
Agreement, (i) WHWEL contributed to Holdings, in exchange for a membership
interest in Holdings, its right, title and interest in 5,000,000 warrants
(the "Old Warrants") issued under the Warrant Agreement, dated as of August
28, 1997, between the Wellsford Real Properties, Inc. (the "Company") and
United States Trust Company of New York (the "Warrant Agent"), as amended,
and (ii) Holdings acquired 150,000 warrants (the "New Warrants" and,
together with the Old Warrants, the "Warrants") issued under the Warrant
Agreement, dated as of May 28, 1999, between the Company and the Warrant
Agent. Such transactions occurred simultaneously with the execution and
delivery of the Wellsford/Whitehall Group LLC Agreement.
(3) The Warrants are held directly by Holdings and may be deemed to be
indirectly held by the other Reporting Persons.
Page 3 of 8
<PAGE>
Form 4
Continuation Sheet
Item 1: The Goldman Sachs Group, Inc.
85 Broad Street
New York, New York 10004
Item 2: Wellsford Real Properties, Inc. - WRP
Item 4: May, 1999
- --------------------------------------------------------------------------------
(4) As of May 28, 1999, (i) each of WHWEL and Whitehall XI, as the managing
members of Holdings, may be deemed to indirectly beneficially own certain
of the Warrants and the shares of common stock of the Company, par value
$0.01 per share, issuable upon their exercise (the "Underlying Common
Stock") that are beneficially owned by Holdings; (ii) WHATR Gen-Par, as the
general partner of WHWEL, may be deemed to indirectly beneficially own
certain of the Warrants and the Underlying Common Stock that are
beneficially owned by Holdings; (iii) Whitehall VII, as the direct
beneficial owner of all of the capital stock of WHATR Gen-Par, may be
deemed to indirectly beneficially own certain of the Warrants and the
Underlying Common Stock that are beneficially owned by Holdings; (iv) WH
Advisors, L.P. VII, as the general partner of Whitehall VII, may be deemed
to indirectly beneficially own certain of the Warrants and the Underlying
Common Stock that are beneficially owned by Holdings; (v) WH Advisors, Inc.
VII, as the general partner of WH Advisors, Inc. VII, may be deemed to
indirectly beneficially own certain of the Warrants and the Underlying
Common Stock that are beneficially owned by Holdings; (vi) Whitehall V, as
a limited partner of WHWEL, may be deemed to indirectly beneficially own
certain of the Warrants and the Underlying Common Stock that are
beneficially owned by Holdings; (vii) WH Advisors, L.P. V, as the general
partner of Whitehall V, may be deemed to indirectly beneficially own
certain of the Warrants and the Underlying Common Stock that are
beneficially owned by Holdings; (viii) WH Advisors, Inc. V, as the general
partner of WH Advisors, L.P. V, may be deemed to indirectly beneficially
own certain of the Warrants and the Underlying Common Stock that are
beneficially owned by Holdings; (ix) WH Advisors, L.L.C., XI, as the
general partner of Whitehall XI, may be deemed to indirectly beneficially
own certain of the Warrants and the Underlying Common Stock that are
beneficially owned by Holdings; (x) GS Group, as (A) the direct or indirect
beneficial owner of (a) all of the capital stock of WH Advisors, Inc. VII,
(b) all of the capital stock of WH Advisors, Inc. V and (c) all of the
membership units of WH Advisors, L.L.C. XI and (B) one of the general
partners of GS&Co. with an approximately 99% interest in GS&Co., may be
deemed to indirectly beneficially own certain of the Warrants and the
Underlying Common Stock that are beneficially owned by Holdings; and (xi)
GS&Co., as the investment advisor to Whitehall VII, Whitehall V and
Whitehall XI, in each case, may be deemed to indirectly beneficially own
certain of the Warrants and the Underlying Common Stock that are
beneficially owned by Holdings.
GS&Co. and GS Group each disclaims beneficial ownership of the Warrants or
the shares of Common Stock owned by WHWEL, Holdings, Whitehall VII,
Whitehall V and Whitehall XI to the extent of (a) partnership interests of
WHWEL, (b) membership interests in Holdings, (c) partnership interests in
Whitehall VII, (d) partnership interests in Whitehall V and (e) partnership
interests in Whitehall XI, in each case, held by persons other than GS&Co.,
GS Group or their affiliates. Each of the Reporting Persons (other than
Holdings) disclaims beneficial ownership of
Page 4 of 8
<PAGE>
Form 4
Continuation Sheet
Item 1: The Goldman Sachs Group, Inc.
85 Broad Street
New York, New York 10004
Item 2: Wellsford Real Properties, Inc. - WRP
Item 4: May, 1999
- --------------------------------------------------------------------------------
the Warrants or shares of Common Stock reported herein except to the extent
of its pecuniary interest therein.
Page 5 of 8
<PAGE>
Form 4
Continuation Sheet
Item 1: The Goldman Sachs Group, Inc.
85 Broad Street
New York, New York 10004
Item 2: Wellsford Real Properties, Inc. - WRP
Item 4: May, 1999
- --------------------------------------------------------------------------------
SIGNATURES:
WHWEL REAL ESTATE LIMITED PARTNERSHIP
By: WHATR Gen-Par, Inc.
By: /s/ Alan S. Kava
-----------------------------
Name: Alan S. Kava
Title: Vice President
WHATR GEN-PAR, INC.
By: /s/ Alan S. Kava
-----------------------------
Name: Alan S. Kava
Title: Vice President
WHITEHALL STREET REAL ESTATE LIMITED PARTNERSHIP VII
By: WH Advisors, L.P. VII
By: WH Advisors, Inc. VII
By: /s/ Alan S. Kava
-----------------------------
Name: Alan S. Kava
Title: Vice President
WH ADVISORS, L.P. VII
By: WH Advisors, Inc. VII
By: /s/ Alan S. Kava
-----------------------------
Name: Alan S. Kava
Title: Vice President
Page 6 of 8
<PAGE>
Form 4
Continuation Sheet
Item 1: The Goldman Sachs Group, Inc.
85 Broad Street
New York, New York 10004
Item 2: Wellsford Real Properties, Inc. - WRP
Item 4: May, 1999
- --------------------------------------------------------------------------------
WH ADVISORS, INC. VII
By: /s/ Alan S. Kava
-----------------------------
Name: Alan S. Kava
Title: Vice President
WHITEHALL STREET REAL ESTATE LIMITED PARTNERSHIP V
By: WH Advisors, L.P. V
By: WH Advisors, Inc. V
By: /s/ Alan S. Kava
-----------------------------
Name: Alan S. Kava
Title: Vice President
WH ADVISORS, L.P. V
By: WH Advisors, Inc. V
By: /s/ Alan S. Kava
-----------------------------
Name: Alan S. Kava
Title: Vice President
WH ADVISORS, INC. V
By: /s/ Alan S. Kava
-----------------------------
Name: Alan S. Kava
Title: Vice President
Page 7 of 8
<PAGE>
Form 4
Continuation Sheet
Item 1: The Goldman Sachs Group, Inc.
85 Broad Street
New York, New York 10004
Item 2: Wellsford Real Properties, Inc. - WRP
Item 4: May, 1999
- --------------------------------------------------------------------------------
W/W GROUP HOLDINGS, L.L.C.
By: /s/ Alan S. Kava
-----------------------------
Name: Alan S. Kava
Title: Vice President
WHITEHALL STREET REAL ESTATE LIMITED PARTNERSHIP XI
By: WH Advisors, L.L.C. XI
By: /s/ Alan S. Kava
-----------------------------
Name: Alan S. Kava
Title: Vice President
WH ADVISORS, L.L.C. XI
By: /s/ Alan S. Kava
-----------------------------
Name: Alan S. Kava
Title: Vice President
GOLDMAN, SACHS & CO.
By: /s/ Roger S. Begelman
-----------------------------
Name: Roger S. Begelman
Title: Attorney-in-Fact
THE GOLDMAN SACHS GROUP, INC.
By: /s/ Roger S. Begelman
-----------------------------
Name: Roger S. Begelman
Title: Attorney-in-Fact
Page 8 of 8
