:----------: :---------------------------:
: FORM 3 : : OMB APPROVAL :
:----------: :---------------------------:
:OMB NUMBER 3235-0104:
:EXPIRES: September 30, 1998:
:ESTIMATED AVERAGE BURDEN :
:HOURS PER RESPONSE.... 0.5 :
:---------------------------:
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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
(Print or Type Responses)
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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. Date of Event Requiring Amendment
(Month/Day/Year)
5/28/99
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3. I.R.S. Identification Number of Reporting Person, if an Entity (Voluntary)
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4. Issuer Name AND Ticker or Trading Symbol
Wellsford Real Properties, Inc. Symbol: WRP
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5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
_____ Director __x__ 10% Owner
_____ Officer (give title below) ____ Other (Specify below)
--------------------------------------
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6. If Amendment, Date of Original (Month/Day/Year)
9/8/97
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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 BENEFICIALLY OWNED
<TABLE>
<CAPTION>
1.Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect
(Instr. 4) Beneficially Owned Direct (D) or Beneficial Ownership
(Instr. 4) or Indirect (I) (Instr. 5)
(Instr. 5)
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting preson, see
Instruction 5(b)(v).
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION
CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS
A CURRENTLY VALID OMB CONTROL NUMBER
(Over)
SEC 1473 (7-97)
<PAGE>
FORM 3 (CONTINUED)
TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<TABLE>
<CAPTION>
5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Derivative Exer- tion of Derivative (I) Ownership
Security (Instr. 4) cisable Date Title Shares Security (Instr. 5) (Instr. 5)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Warrants Immed. 8/28/02 Common Stock, par 4,132,230 (1) (2) (4)
value $0.01 per
share
- ------------------------------------------------------------------------------------------------------------------------------------
Warrants Immed. 5/28/04 Common Stock, par
value $0.01 per
share 123,966.9 (1) (3) (4)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
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====================================================================================================================================
</TABLE>
Explanation of Responses:
See page 3 attached.
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
June 7, 1999
- --------------------------------------------- -----------------------
**Signature of Reporting Person Date
See page 5 attached.
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, See Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
Page 2
SEC 1473 (7-97)
<PAGE>
Form 3
Continuation Sheet
Item 1: The Goldman Sachs Group, Inc.
85 Broad Street
New York, New York 10004
Item 2: May 28, 1999
Item 4: Wellsford Real Properties, Inc. - WRP
- ------------------------------------------------------------------
Instruction 5(b)(v) list of other Reporting Persons:
This amendment 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") and
amends the Form 3 filed by WHWEL, WHATR Gen-Par, Whitehall VII, WH Advisors,
L.P. VII, WH Advisors, Inc. VII, The Goldman Sachs Group, L.P. and GS&Co. on
September 8, 1997. 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) 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) The 5,000,000 warrants are held directly by Holdings and indirectly by the
other Reporting Persons, and are convertible into 4,132,230 shares of
Common Stock.
(3) The 150,000 warrants are held directly by Holdings and indirectly by the
other Reporting Persons, and are convertible into 123,966.9 shares of
Common Stock.
(4) As of May 28, 1999, (i) Holdings beneficially owned 4,256,196.9 shares of
Common Stock; (ii) each of WHWEL and Whitehall XI, as the managing members
of Holdings, may be deemed to indirectly beneficially own 4,256,196.9
shares of Common Stock, which are beneficially owned by Holdings; (iii)
WHATR Gen-Par, as the general partner of WHWEL, may be deemed to indirectly
beneficially own 4,256,196.9 shares of Common Stock, which are beneficially
owned by Holdings; (iv) Whitehall VII, as the direct beneficial owner of
all
Page 3 of 7
<PAGE>
Form 3
Continuation Sheet
Item 1: The Goldman Sachs Group, Inc.
85 Broad Street
New York, New York 10004
Item 2: May 28, 1999
Item 4: Wellsford Real Properties, Inc. - WRP
- ------------------------------------------------------------------
of the capital stock of WHATR Gen-Par, may be deemed to indirectly
beneficially own 4,256,196.9 shares of Common Stock, which are beneficially
owned by Holdings; (v) WH Advisors, L.P. VII, as the general partner of
Whitehall VII, may be deemed to indirectly beneficially own 4,256,196.9
shares of Common Stock, which are beneficially owned by Holdings; (vi) WH
Advisors, Inc. VII, as the general partner of WH Advisors, Inc. VII, may be
deemed to indirectly beneficially own 4,256,196.9 shares of Common Stock,
which are beneficially owned by Holdings; (vii) Whitehall V, as a limited
partner of WHWEL, may be deemed to indirectly beneficially own 4,256,196.9
shares of Common Stock, which are beneficially owned by Holdings; (viii) WH
Advisors, L.P. V, as the general partner of Whitehall V, may be deemed to
indirectly beneficially own 4,256,196.9 shares of Common Stock, which are
beneficially owned by Holdings; (ix) WH Advisors, Inc. V, as the general
partner of WH Advisors, L.P. V, may be deemed to indirectly beneficially
own 4,256,196.9 shares of Common Stock, which are beneficially owned by
Holdings; (x) WH Advisors, L.L.C., XI, as the general partner of Whitehall
XI, may be deemed to indirectly beneficially own 4,256,196.9 shares of
Common Stock, which are beneficially owned by Holdings; (xi) GS Group, as
(A) the direct 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 4,256,196.9 shares of
Common Stock, which are beneficially owned by Holdings; and (xii) GS&Co.,
as the investment advisor to Whitehall VII, Whitehall V and Whitehall XI,
in each case, may be deemed to indirectly beneficially own 4,256,196.9
shares of Common Stock, which are beneficially owned by Holdings.
GS&Co. and GS Group each disclaims beneficial ownership of 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 held by persons other than GS&Co., GS Group or their
affiliates.
Each of the Reporting Persons (other than Holdings) disclaims beneficial
ownership of the shares of Common Stock reported herein except to the
extent of its pecuniary interest therein.
Page 4 of 7
<PAGE>
Form 3
Continuation Sheet
Item 1: The Goldman Sachs Group, Inc.
85 Broad Street
New York, New York 10004
Item 2: May 28, 1999
Item 4: Wellsford Real Properties, Inc. - WRP
- ------------------------------------------------------------------
SIGNATURES:
WHWEL REAL ESTATE LIMITED PARTNERSHIP
By: WHATR Gen-Par, Inc.
By: /s/ Elizabeth M. Burban
--------------------------
Name: Elizabeth M. Burban
Title: Vice President
WHATR GEN-PAR, INC.
By: /s/ Elizabeth M. Burban
--------------------------
Name: Elizabeth M. Burban
Title: Vice President
WHITEHALL STREET REAL ESTATE LIMITED PARTNERSHIP VII
By: WH Advisors, L.P. VII
By: WH Advisors, Inc. VII
By: /s/ Elizabeth M. Burban
--------------------------
Name: Elizabeth M. Burban
Title: Vice President
WH ADVISORS, L.P. VII
By: WH Advisors, Inc. VII
By: /s/ Elizabeth M. Burban
--------------------------
Name: Elizabeth M. Burban
Title: Vice President
Page 5 of 7
<PAGE>
Form 3
Continuation Sheet
Item 1: The Goldman Sachs Group, Inc.
85 Broad Street
New York, New York 10004
Item 2: May 28, 1999
Item 4: Wellsford Real Properties, Inc. - WRP
- ------------------------------------------------------------------
WH ADVISORS, INC. VII
By: /s/ Elizabeth M. Burban
--------------------------
Name: Elizabeth M. Burban
Title: Vice President
WHITEHALL STREET REAL ESTATE LIMITED PARTNERSHIP V
By: WH Advisors, L.P. V
By: WH Advisors, Inc. V
By: /s/ Elizabeth M. Burban
--------------------------
Name: Elizabeth M. Burban
Title: Vice President
WH ADVISORS, L.P. V
By: WH Advisors, Inc. V
By: /s/ Elizabeth M. Burban
--------------------------
Name: Elizabeth M. Burban
Title: Vice President
WH ADVISORS, INC. V
By: /s/ Elizabeth M. Burban
--------------------------
Name: Elizabeth M. Burban
Title: Vice President
W/W GROUP HOLDINGS, L.L.C.
By: /s/ Elizabeth M. Burban
--------------------------
Name: Elizabeth M. Burban
Title: Vice President
WHITEHALL STREET REAL ESTATE LIMITED PARTNERSHIP XI
By: WH Advisors, L.L.C. XI
By: /s/ Elizabeth M. Burban
--------------------------
Name: Elizabeth M. Burban
Title: Vice President
Page 6 of 7
<PAGE>
Form 3
Continuation Sheet
Item 1: The Goldman Sachs Group, Inc.
85 Broad Street
New York, New York 10004
Item 2: May 28, 1999
Item 4: Wellsford Real Properties, Inc. - WRP
- ------------------------------------------------------------------
WH ADVISORS, L.L.C., XI
By: /s/ Elizabeth M. Burban
--------------------------
Name: Elizabeth M. Burban
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 7 of 7
