FORM 3 ------------------------------
OMB APPROVAL
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OMB Number: 3235-0104
Expires: September 30, 1998
Estimated average burden
hours per response...... 0.5
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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
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1. Name and Address of Reporting Person*:
THE GOLDMAN SACHS GROUP, L.P.
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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 Statement (Month/Day/Year):
8/28/97
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3. IRS or Social Security Number of Reporting Person (Voluntary):
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4. Issuer Name AND Ticker or Trading Symbol:
WELLSFORD REAL PROPERTIES, INC.
TICKER SYMBOL: WRP
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5. Relationship of Reporting Person(s) to Issuer (Check all applicable):
Director X 10% Owner
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Officer (give title below) Other (specify below)
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6. If Amendment, Date of Original (Month/Day/Year):
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7. Individual or Joint/Group Filing (Check Applicable Line):
Form filed by One Reporting Person
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X Form filed by More than One Reporting Person
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TABLE I-- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
<TABLE>
<S> <C> <C> <C>
1. Title of Security 2. Amount of Securities 3. Ownership 4. Nature of Indirect
(Instr. 4) Beneficially Owned Form: Direct Beneficial Ownership
(Instr. 4) (D) or Indirect (Instr. 5)
(I) (Instr. 5)
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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 person, (Over)
see Instruction 5(b)(v). SEC 1473 (7-96)
Page 1 of 5
<PAGE>
FORM 3 (CONTINUED)
<TABLE>
<CAPTION>
TABLE II-- DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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<S> <C> <C> <C> <C> <C>
1. Title of Derivative Security 2. Date Exercisable and 3. Title and Amount of 4. Conversion 5. Ownership 6. Nature of
(Instr. 4) Expiration Date Securities Underlying or Exercise Form of Indirect
(Month/Day/Year) Derivative Security Price of Derivative Beneficial
----------------------- (Instr. 4) Derivative Security: Ownership
Date Expiration --------------------- Security Direct (Instr. 5)
Exercisable Date Title Amount or (D) or
Number of Indirect (I)
Shares (Instr. 5)
- ------------------------------- ------------ ----------- ------------- ---------- -------------- ---------------- -----------------
WARRANTS 8/28/97 8/28/02 COMMON STOCK, 4,132,230 (1) (2) (3)
PAR VALUE
$0.01 PER
SHARE
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</TABLE>
Explanation of Responses:
See page 3 attached hereto.
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
<TABLE>
<S> <C> <C>
By: (See pages 4 and 5 attached hereto) September 8, 1997
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See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). **Signatures of Reporting Persons Date
</TABLE>
Note: File three copies of this Form, one of which must be manually signed. If
space provided 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.
SEC 1473 (7-96)
Page 2 of 5
<PAGE>
Form 3
Continuation Sheet
Designated Filer: The Goldman Sachs Group, L.P.
Item 2: 8/28/97
Item 4: Wellsford Real Properties, Inc.; WRP
Instruction 5(b)(v): Name and address of other Reporting Persons:
This Statement is being filed by WHWEL Real Estate Limited Partnership,
WHATR Gen-Par, Inc., Whitehall Street Real Estate Limited Partnership VII, WH
Advisors, L.P. VII, WH Advisors, Inc. VII, The Goldman Sachs Group, L.P. and
Goldman, Sachs & Co. (collectively, the "Reporting Persons"). The principal
business address of each Reporting Person 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) one membership unit of Wellsford/Whitehall
Properties, L.L.C., a Delaware limited liability company, or (ii) $10.00
in cash; provided that, holders of Warrants may not elect to use
membership units of Wellsford/Whitehall as the exercise price prior to
August 28, 1999.
(2) The Warrants are held directly by WHWEL Real Estate Limited Partnership
and indirectly by the other Reporting Persons.
(3) As of August 28, 1997 (i) WHWEL Real Estate Limited Partnership
beneficially owned 4,132,230 shares of Common Stock, (ii) WHATR Gen-Par,
Inc. as the general partner of WHWEL Real Estate Limited Partnership, may
be deemed to indirectly beneficially own 4,132,230 shares of Common Stock
which are beneficially owned by WHWEL Real Estate Limited Partnership;
(iii) Whitehall Street Real Estate Limited Partnership VII, as the direct
beneficial owner of all of the capital stock of WHATR Gen-Par, Inc., may
be deemed to indirectly beneficially own 4,132,230 shares of Common Stock
which are beneficially owned by WHWEL Real Estate Limited Partnership;
(iv) WH Advisors, L.P. VII, as the general partner of Whitehall Street
Real Estate Limited Partnership VII, may be deemed to indirectly
beneficially own 4,132,230 shares of Common Stock which are beneficially
owned by WHWEL Real Estate Limited Partnership; (v) WH Advisors, Inc.
VII, as the general partner of WH Advisors, L.P. VII, may be deemed to
indirectly beneficially own 4,132,230 shares of Common Stock which are
beneficially owned by WHWEL Real Estate Limited Partnership; (vi) The
Goldman Sachs Group, L.P., as the direct beneficial owner of all of the
capital stock of WH Advisors, Inc. VII and one of the general partners of
Goldman, Sachs & Co. with an approximately 99% interest in Goldman, Sachs
& Co., may be deemed to indirectly own 4,132,230 shares of Common Stock
which are beneficially owned by WHWEL Real Estate Limited Partnership;
and (vii) Goldman, Sachs & Co., as the investment advisor to Whitehall
Street Real Estate Limited Partnership VII, may be deemed to indirectly
own 4,132,230 shares of Common Stock which are beneficially owned by
WHWEL Real Estate Limited Partnership. Goldman, Sachs & Co. and The
Goldman Sachs Group, L.P. each disclaims beneficial ownership of the
shares of Common Stock beneficially owned by WHWEL to the extent of
partnership interests in WHWEL held by persons other than Goldman, Sachs
& Co., The Goldman Sachs Group, L.P. or their affiliates.
Page 3 of 5
<PAGE>
Form 3
Continuation Sheet
Designated Filer: The Goldman Sachs Group, L.P.
Item 2: 8/28/97
Item 4: Wellsford Real Properties, Inc.; WRP
Signatures:
WHWEL REAL ESTATE LIMITED PARTNERSHIP
By: WHATR Gen-Par, Inc.
By: /s/ Edward M. Siskind
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Name: Edward M. Siskind
Title: Vice President
WHATR GEN-PAR, INC.
By: /s/ Edward M. Siskind
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Name: Edward M. Siskind
Title:
WHITEHALL STREET REAL ESTATE LIMITED PARTNERSHIP VII
By: WH Advisors, L.P. VII, General Partner
By: WH Advisors, Inc. VII, General Partner
By: /s/ Edward M. Siskind
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Name: Edward M. Siskind
Title: Vice President
WH ADVISORS, L.P. VII
By: WH Advisors, Inc. VII, General Partner
By: /s/ Edward M. Siskind
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Name: Edward M. Siskind
Title: Vice President
Page 4 of 5
<PAGE>
Form 3
Continuation Sheet
Designated Filer: The Goldman Sachs Group, L.P.
Item 2: 8/28/97
Item 4: Wellsford Real Properties, Inc.; WRP
WH ADVISORS, INC. VII
By: /s/ Edward M. Siskind
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Name: Edward M. Siskind
Title: Vice President
THE GOLDMAN SACHS GROUP, L.P.
By: The Goldman Sachs Corporation, General Partner
By: /s/ David A. Viniar
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Name: David A. Viniar
Title: Executive Vice President
GOLDMAN, SACHS & CO.
By: /s/ David A. Viniar
---------------------------------------------
Name: David A. Viniar
Title: Vice President
Page 5 of 5
