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: FORM 4 : : OMB APPROVAL :
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: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
[X] 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
December, 2000
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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 ____ 10% Owner
_____ Officer (give title below) _X__ Other (Specify below)
Former 10% Owner
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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>
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------------------------------------------------------------------------------------------------------------------------------------
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<FN>
*If the form is filed by more than one reporting person, see Instruction 4(b)(v)
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
</FN>
</TABLE>
(Print of Type Response)
(Over)
SEC 1474 (7-96)
<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)
(A) Warrants
(B) Warrants
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2. Conversion or Exercise Price of Derivative Security
(A)
(B)
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3. Transaction Date (Month/Date/Year)
(A) 12/21/00
(B) 12/21/00
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4. Transaction Code (Instr. 8)
Code V
------------------ ------------
(A) S (1) (A)
(B) S (2) (B)
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
(A) (D)
------------------ ------------
(A) (A) 150,000
(B) (B) 5,000,000
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6. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Expiration Date
------------------------ ------------------------
(A) Immediately (A) 5/28/04
(B) Immediately (B) 8/28/02
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Title Amount or Number of Shares
------------------ --------------------------
(A) Common Stock, (A) 61,983.45
par value $0.01
per share
(B) Common Stock, (B) 2,066,115
par value $0.01
per share
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<PAGE>
8. Price of Derivative Security (Instr. 5)
(A) (1)
(B) (2)
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9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
(A) 0
(B) 0
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10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
(A) (3)
(B) (3)
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11. Nature of Indirect Beneficial Ownership (Instr. 4)
(A) (3)
(B) (3)
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Explanation of Responses:
See page 3 attached.
January 10, 2001
--------------------------------------- ----------------
**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).
Note: 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: December, 2000
--------------------------------------------------------------------------------
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.L.C. VII ("WH
Advisors, L.L.C. VII"), Whitehall Street Real Estate Limited Partnership V
("Whitehall V"), WH Advisors, L.L.C. V ("WH Advisors, L.L.C. 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.L.C. VII, Whitehall V,
WH Advisors, L.L.C. 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) On December 21, 2000, Holdings and Wellsford Real Properties, Inc. (the
"Company") entered into a Warrant Sale Agreement pursuant to which all
150,000 warrants (the "New Warrants") held by Holdings were acquired by the
Company for a total purchase price of $1.
(2) On December 21, 2000, Holdings and the Company entered into a Warrant Sale
Agreement pursuant to which all 5,000,000 warrants (the "Old Warrants"; the
Old Warrants and the New Warrants are collectively referred to as the
"Warrants") held by Holdings were acquired by the Company for a total
purchase price of $1.
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: December, 2000
--------------------------------------------------------------------------------
Explanation of Responses (continued from page 2):
(3) (i) Each of WHWEL and Whitehall XI, as the managing members of Holdings,
may be deemed to have beneficially owned 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 have indirectly beneficially owned certain of the Warrants and
shares of Underlying Common Stock that were 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 have indirectly beneficially owned
certain of the Warrants and shares of Underlying Common Stock that were
beneficially owned by Holdings; (iv) WH Advisors, L.L.C. VII, as the
general partner of Whitehall VII, may be deemed to have indirectly
beneficially owned certain of the Warrants and shares of Underlying Common
Stock that were beneficially owned by Holdings; (v) Whitehall V, as a
limited partner of WHWEL, may be deemed to have indirectly beneficially
owned certain of the Warrants and shares of Underlying Common Stock that
were beneficially owned by Holdings; (vi) WH Advisors, L.L.C. V, as the
general partner of Whitehall V, may be deemed to have indirectly
beneficially owned certain of the Warrants and shares of Underlying Common
Stock that were beneficially owned by Holdings; (vii) WH Advisors, L.L.C.
XI, as the general partner of Whitehall XI, may be deemed to have
indirectly beneficially owned certain of the Warrants and shares of
Underlying Common Stock that were beneficially owned by Holdings; (viii) 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 limited liability
company interests of WH Advisors, L.L.C. V and (c) all of the limited
liability company interests of WH Advisors, L.L.C. XI and (B) the indirect
owner of 100% of GS&Co., may be deemed to have indirectly beneficially
owned certain of the Warrants and shares of Underlying Common Stock that
were beneficially owned by Holdings; and (ix) GS&Co., as the investment
advisor to Whitehall VII, Whitehall V and Whitehall XI, in each case, may
be deemed to have indirectly beneficially owned certain of the Warrants and
shares of Underlying Common Stock that were beneficially owned by Holdings.
GS&Co. and GS Group each disclaims beneficial ownership of the Warrants or
the shares of Common Stock that were beneficially 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
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: December, 2000
--------------------------------------------------------------------------------
(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 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: December, 2000
--------------------------------------------------------------------------------
SIGNATURES:
WHWEL REAL ESTATE LIMITED PARTNERSHIP
By: WHATR Gen-Par, Inc.
By: /s/ Susan L. Sack
-------------------------
Name: Susan L. Sack
Title: Vice President
WHATR GEN-PAR, INC.
By: /s/ Susan L. Sack
-------------------------
Name: Susan L. Sack
Title: Vice President
WHITEHALL STREET REAL ESTATE LIMITED PARTNERSHIP VII
By: WH Advisors, L.L.C. VII
By: /s/ Susan L. Sack
-------------------------
Name: Susan L. Sack
Title: Vice President
WH ADVISORS, L.L.C. VII
By: /s/ Susan L. Sack
-------------------------
Name: Susan L. Sack
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: December, 2000
--------------------------------------------------------------------------------
WHITEHALL STREET REAL ESTATE LIMITED PARTNERSHIP V
By: WH Advisors, L.L.C. V
By: /s/ Susan L. Sack
-------------------------
Name: Susan L. Sack
Title: Vice President
WH ADVISORS, L.L.C. V
By: /s/ Susan L. Sack
-------------------------
Name: Susan L. Sack
Title: Vice President
W/W GROUP HOLDINGS, L.L.C.
By: /s/ Susan L. Sack
-------------------------
Name: Susan L. Sack
Title: Vice President
WHITEHALL STREET REAL ESTATE LIMITED PARTNERSHIP XI
By: WH Advisors, L.L.C. XI
By: /s/ Susan L. Sack
-------------------------
Name: Susan L. Sack
Title: Vice President
WH ADVISORS, L.L.C. XI
By: /s/ Susan L. Sack
-------------------------
Name: Susan L. Sack
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: December, 2000
--------------------------------------------------------------------------------
GOLDMAN, SACHS & CO.
By: /s/ Ralph Rosenberg
-------------------------
Name: Ralph Rosenberg
Title: Managing Director
THE GOLDMAN SACHS GROUP, INC.
By: /s/ Katherine L. Nissenbaum
-------------------------
Name: Katherine L. Nissenbaum
Title: Attorney-in-Fact
Page 8 of 8
