<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )
Wellsford Real Properties, Inc.
(Name of Issuer)
Common Stock
(Title of class of securities)
950240101
(CUSIP number)
Check the following box if a fee is being paid with this statement [X]
(A fee is not required only if the filing person: (1) has a previous
statement on file reporting beneficial ownership of more than five
percent of the class of securities described in Item 1; and (2) has
filed no amendment subsequent thereto reporting beneficial ownership of
five percent or less of such class.) (See Rule 13d-7).
The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of
the Act (however, see the notes).
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CUSIP NO. 950240101 13G PAGE 2 OF 8 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Morgan Stanley, Dean Witter, Discover & Co.
IRS # 39-314-5972
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)[ ]
(b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
The state of organization is Delaware.
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 2,727,533
REPORTING --------------------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,858,308
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,858,308
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
16.90%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSP NO. 950240101 13G PAGE 3 OF 8 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Morgan Stanley Asset Management Inc.
IRS # 13-304-0307
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
The state of organization is Delaware.
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 1,474,989
REPORTING ------------------------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,066,697
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,066,697
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
12.22%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 950240101 13G PAGE 4 OF 8 PAGES
Item 1(a) Name of Issuer
Wellsford Real Properties, Inc.
Item 1(b) Address of issuer's principal executive offices
610 Fifth Avenue
New York, NY 10020
Item 2(a) Name of person filing
(a) Morgan Stanley, Dean Witter, Discover & Co.
(b) Morgan Stanley Asset Management Inc.
Item 2(b) Principal business office
(a) 1585 Broadway
New York, New York 10036
(b) 1221 Avenue of the Americas
New York, New York 10020
Item 2(c) Citizenship
Incorporated by reference to
Item 4 of the cover page
pertaining to each reporting
person.
Item 2(d) Title of class of Securities
Common Stock
Item 2(e) Cusip No.
950240101
Item 3 (a) Morgan Stanley, Dean Witter, Discover & Co. is (e)
an Investment Adviser registered under Section 203
of the Investment Advisers Act of 1940.
(b) Morgan Stanley Asset Management Inc. is (e) an
Investment Adviser registered under Section 203
of the Investment Advisers Act of 1940.
Item 4 Ownership
Incorporated by reference to Items (5) - (9)
and (11) of the cover page.
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CUSIP NO. 950240101 13G PAGE 5 OF 8 PAGES
Item 5 Ownership of 5 Percent or Less of a Class
Inapplicable
Item 6 Ownership of More than 5 Percent on Behalf of Another
Person
Accounts managed on a discretionary basis by
Morgan Stanley Asset Management Inc., a wholly owned
subsidiary of Morgan Stanley, Dean Witter, Discover &
Co., are known to have the right to receive or the
power to direct the receipt of dividends from, or the
proceeds from, the sale of such securities. No such
account holds more than 5 percent of the class.
Item 7 Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on By the
Parent Holding Company
Inapplicable
Item 8 Identification and Classification of Members of the
Group
Inapplicable
Item 9 Notice of Dissolution of Group
Inapplicable
Item 10 Certification
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to
above were acquired in the ordinary course of
business and were not acquired for the purpose of and
do not have the effect of changing or influencing the
control of the issuer of such securities and were not
acquired in connection with or as a participant in
any transaction having such purpose or effect.
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CUSIP NO. 950240101 13G PAGE 6 OF 8 PAGES
After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information
set forth in this statement is true, complete and
correct.
Date : July 23, 1997
Signature : Donald P. Ryan
----------------------------------------------
Name / Title : Donald P. Ryan / Vice President Morgan Stanley
Asset Management Inc.
MORGAN STANLEY ASSET MANAGEMENT INC.
Date : July 23, 1997
Signature : Bruce Bromberg
----------------------------------------------
Name / Title : Bruce Bromberg / Morgan Stanley & Co.,
Incorporated
MORGAN STANLEY, DEAN WITTER, DISCOVER & CO.
INDEX TO EXHIBITS PAGE
EXHIBIT 1 Agreement to Make a Joint Filing 7
EXHIBIT 2 Secretary's Certificate Authorizing Bruce 8
Bomberg to Sign on behalf of Morgan
Stanley, Dean Witter, Discover & Co.
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CUSIP NO. 950240101 13G PAGE 7 OF 8 PAGES
EXHIBIT 1 TO SCHEDULE 13G
-------------------------------------------
JULY 23, 1997
-------------------------------------------
MORGAN STANLEY, DEAN WITTER, DISCOVER & CO. AND MORGAN STANLEY ASSET
MANAGEMENT INC. hereby agree that, unless differentiated, this Schedule 13G is
filed on behalf of each of the parties.
MORGAN STANLEY ASSET MANAGEMENT INC.
BY: ---------------------------------------------------------------------
Donald P. Ryan / Vice President Morgan Stanley Asset Management Inc.
MORGAN STANLEY, DEAN WITTER, DISCOVER & CO.
BY: ---------------------------------------------------------------------
Bruce Bromberg / Morgan Stanley & Co., Incorporated
<PAGE> 1
EXHIBIT 2 PAGE 9 of 11 Pages
MORGAN STANLEY, DEAN WITTER, DISCOVER & CO.
SECRETARY'S CERTIFICATE
I, Charlene R. Herzer, a duly elected and acting Assistant Secretary
of Morgan Stanley, Dean Witter, Discover & Co., a corporation organized and
existing under the laws of the State of Delaware (the "Corporation"), certify
that, as approved by a Unanimous Consent of Directors in Lieu of a Meeting
dated as of May 31, 1997, the following persons are each authorized to sign
reports to be filed under Sections 13 and 16 of the Securities Exchange Act of
1934 on behalf of the Corporation, and such authorizations are in full force
and effect as of this date:
Stuart J. M. Breslow
Robert G. Koppenol
Bruce Bromberg
Robin Sherak
IN WITTNESS WHEREOF, I have hereunto set my name and affixed the seal
of the Corporation as of the 3rd day of June, 1997.
/s/ CHARLENE R. HERZER
--------------------------
Charlene R. Herzer
Assistant Secretary
[SEAL]
