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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) February 3, 1997
(January 29, 1997)
WELLSFORD RESIDENTIAL PROPERTY TRUST
(Exact Name of Registrant as Specified in Charter)
Maryland 1-11550 13-3675988
(State or Other Jurisdiction(Commission (IRS Employer
of Incorporation) File Number) Identification No.)
610 Fifth Avenue, New York, NY 10020
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 333-2330
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
Wellsford Residential Property Trust ("Wellsford"), a Maryland
real estate investment trust, has formed a subsidiary, Wellsford
Real Properties, Inc., to engage in the acquisition, operation,
rehabilitation and re-leasing of suburban office buildings within
a 400-mile radius of New York City. Currently, there are five
buildings under contract, totalling approximately 950,000 square
feet, in three separate townships in New Jersey.
Wellsford's first consummated acquisition is the Chatham
Executive Center, a 64,000 square foot, three-story office building
located at 26 Main Street in Chatham, New Jersey. This building is
currently unoccupied and has been purchased for approximately
$5,000,000. Wellsford intends to substantially upgrade and re-
lease this property.
The aforementioned commercial properties will be owned by
subsidiaries of Wellsford Real Properties, Inc., which Wellsford
intends to spin-off to its shareholders in connection with its
recently announced plan to merge its apartment properties with
Equity Residential Properties Trust.
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.
Date: February 3, 1997
WELLSFORD RESIDENTIAL PROPERTY TRUST
By: /s/ Gregory F. Hughes
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Name: Gregory F. Hughes
Title: Vice President and
Chief Financial Officer
