GOLDMAN SACHS GROUP LP, SC 13D/A, 1998-06-16

GOLDMAN SACHS GROUP LP
SC 13D/A, 1998-06-16

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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

AMENDMENT NO. 2
TO
SCHEDULE 13D

UNDER THE SECURITIES EXCHANGE ACT OF 1934

WELLSFORD REAL PROPERTIES, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)

COMMON STOCK, PAR VALUE $0.01 PER SHARE
- --------------------------------------------------------------------------------
(Title of Class of Securities)

950240101
- --------------------------------------------------------------------------------
(CUSIP Number)

David J. Greenwald, Esq.
Goldman, Sachs & Co.
85 Broad Street, New York, New York 10004
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

May 14, 1998
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following box |_|.

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- ---------------------
CUSIP NO. 950240101
- ---------------------
- -------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

WHWEL REAL ESTATE LIMITED PARTNERSHIP
- -------------------------------------------------------------------------------

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) [ ]

(b) [ ]
- -------------------------------------------------------------------------------

3. SEC USE ONLY

- -------------------------------------------------------------------------------
4. SOURCE OF FUNDS

OO
- -------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
[ ]
- -------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware
- -------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 0
SHARES -----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 4,132,230
EACH -----------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 0
WITH -----------------------------------------------------
10. SHARED DISPOSITIVE POWER
4,132,230
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON

4,132,230
- --------------------------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

17.1%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON

PN
- --------------------------------------------------------------------------------

PAGE 2 OF 14 PAGES

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- ---------------------
CUSIP NO. 950240101
- ---------------------
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

WHATR GEN-PAR, INC.
- --------------------------------------------------------------------------------

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) [ ]

(b) [ ]
- --------------------------------------------------------------------------------

3. SEC USE ONLY

- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS

OO
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
[ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 0
SHARES -----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 4,132,230
EACH -----------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 0
WITH -----------------------------------------------------
10. SHARED DISPOSITIVE POWER
4,132,230
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON

17.1%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON

CO
- --------------------------------------------------------------------------------

PAGE 3 OF 14 PAGES

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WHITEHALL STREET REAL ESTATE LIMITED PARTNERSHIP VII
- --------------------------------------------------------------------------------

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) [ ]

(b) [ ]
- --------------------------------------------------------------------------------

3. SEC USE ONLY

- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS

00
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
[ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION

17.1%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON

PN
- --------------------------------------------------------------------------------

PAGE 4 OF 14 PAGES
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WH ADVISORS, L.P. VII
- --------------------------------------------------------------------------------

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) [ ]

(b) [ ]
- --------------------------------------------------------------------------------

3. SEC USE ONLY

- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS

17.1%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON

PN
- --------------------------------------------------------------------------------

PAGE 5 OF 14 PAGES
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- --------------------
CUSIP NO. 950240101
- --------------------
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

WH ADVISORS, INC. VII
- --------------------------------------------------------------------------------

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) [ ]

(b) [ ]
- --------------------------------------------------------------------------------

3. SEC USE ONLY

- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS

17.1%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON

CO
- --------------------------------------------------------------------------------

PAGE 6 OF 14 PAGES
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THE GOLDMAN SACHS GROUP, L.P.
- --------------------------------------------------------------------------------

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) [ ]

(b) [ ]
- --------------------------------------------------------------------------------

3. SEC USE ONLY

- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS

Delaware
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 0
SHARES -----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 4,132,480
EACH -----------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 0
WITH -----------------------------------------------------
10. SHARED DISPOSITIVE POWER
4,132,480
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON

4,132,480
- --------------------------------------------------------------------------------
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

17.1%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON

HC/PN
- --------------------------------------------------------------------------------

PAGE 7 OF 14 PAGES
<PAGE>

GOLDMAN, SACHS & CO.
- --------------------------------------------------------------------------------

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) [ ]

(b) [ ]
- --------------------------------------------------------------------------------

3. SEC USE ONLY

- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS

00
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
[X]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION

New York
- --------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 0
SHARES -----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 4,132,480
EACH -----------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 0
WITH -----------------------------------------------------
10. SHARED DISPOSITIVE POWER
4,132,480
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON

17.1%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON

PN/BD/IA
- --------------------------------------------------------------------------------

PAGE 8 OF 14 PAGES

<PAGE>

WHWEL Real Estate Limited Partnership ("WHWEL"), WHATR Gen-Par, Inc.
("WHATR Gen-Par"), Whitehall Street Real Estate Limited Partnership VII
("Whitehall"), WH Advisors, L.P. VII ("WH Advisors, L.P.") , WH Advisors, Inc.
VII ("WH Advisors, Inc."), The Goldman Sachs Group, L.P. ("GS Group"), and
Goldman, Sachs & Co. ("GS&Co.", and collectively with WHWEL, WHATR Gen-Par,
Whitehall, WH Advisors, L.P., WH Advisors, Inc. and GS Group, the "Reporting
Persons")/1/ hereby amend the report on Schedule 13D, as most recently amended
by Amendment No. 1 thereto dated August 28, 1997 (as amended, the "Schedule
13D"), filed by the Reporting Persons with respect to the Common Stock, $0.01
par value per share (the "Common Stock"), of Wellsford Real Properties, Inc., a
Maryland corporation (the "Company"). Goldman Sachs and GS Group may be deemed,
for purposes of this Statement, to beneficially own shares of Common Stock
through WHWEL. WHWEL owns Warrants (the "Warrants") which are convertible into
shares of Common Stock. Goldman Sachs and GS Group each disclaims beneficial
ownership of shares of Common Stock beneficially owned by WHWEL to the extent of
partnership interests in WHWEL held by persons other than Goldman Sachs, GS
Group or their affiliates. In addition, Goldman Sachs and GS Group may be deemed
to beneficially own shares of Common Stock held in client accounts with respect
to which Goldman Sachs or employees of Goldman Sachs have voting or investment
discretion, or both ("Managed Accounts"). Goldman Sachs and GS Group disclaim
beneficial ownership of the shares of Common Stock held in Managed Accounts.
Goldman Sachs and GS Group may also be deemed to beneficially own from time to
time shares acquired in ordinary course trading activities by Goldman Sachs.
Unless otherwise indicated, all capitalized terms used but not defined herein
shall have the same meaning ascribed to them in the Schedule 13D.

This Amendment No. 2 is being filed to report a decrease in the percentage
of the outstanding shares of Common Stock which may be deemed to be beneficially
owned by the Reporting Persons which change was solely as a result of an
increase in the number of shares of Common Stock reported to be outstanding by
the Company in its most recent report on Form 10-Q for the quarter ended March
31, 1998 (the "Company's 10-Q").

/1/ Neither the present filing nor anything contained herein shall be
construed as an admission that any Filing Person constitutes a "person" for any
purposes other than Section 13(d) of the Securities Exchange Act of 1934.

PAGE 9 OF 14 PAGES
<PAGE>

Item 5 is hereby amended and restated as follows:

Item 5. Interest in Securities of the Issuer.

(a) The Warrants are exercisable for 4,132,230 shares of Common Stock,
representing approximately 17.1% of the Common Stock reported to be
outstanding as of May 14, 1998 (as reported in the Company's 10-Q). As of
June 11, 1998, WHWEL beneficially owned such shares of Common Stock.

As of June 11, 1998, WHATR Gen-Par, as the general partner of
WHWEL, may be deemed to beneficially own 4,132,230 shares of Common Stock,
which are beneficially owned by WHWEL as described above, representing
approximately 17.1% of the shares of Common Stock reported to be
outstanding as of May 14, 1998 (as reported in the Company's 10-Q).

As of June 11, 1998, Whitehall, as the direct beneficial owner of
all of the capital stock of WHATR Gen-Par, may be deemed to beneficially
own 4,132,230 shares of Common Stock, which are beneficially owned by WHWEL
as described above, representing approximately 17.1% of the shares of
Common Stock reported to be outstanding as of May 14, 1998 (as reported in
the Company's 10-Q).

As of June 11, 1998, WH Advisors, L.P., as the general partner of
Whitehall, may be deemed to beneficially own 4,132,230 shares of Common
Stock, which are beneficially owned by WHWEL as described above,
representing approximately 17.1% of the shares of Common Stock reported to
be outstanding as of May 14, 1998 (as reported in the Company's 10-Q).

As of June 11, 1998, WH Advisors, Inc., as the general partner of
WH Advisors, L.P., may be deemed to beneficially own 4,132,230 shares of
Common Stock, which are beneficially owned by WHWEL as described above,
representing approximately 17.1% of the shares of Common Stock reported to
be outstanding as of May 14, 1998 (as reported in the Company's 10-Q).

As of June 11, 1998, GS&Co., as the investment advisor to
Whitehall, may be deemed to beneficially own an aggregate of 4,132,480
shares of Common Stock, including (i) the 4,132,230 shares of Common Stock
beneficially owned by WHWEL described above, and (ii) 250 shares of Common
Stock held in Managed Accounts, representing in the aggregate approximately
17.1% of the Common Stock reported to be outstanding as of May 14, 1998 (as
reported in the Company's 10-Q).

As of June 11, 1998, GS Group, as the direct beneficial owner of
all of the capital stock of WH Advisors, Inc. and as a general partner of
GS&Co., may be deemed to beneficially own an aggregate of 4,132,480 shares
of Common Stock, including (i) the 4,132,230 shares of Common Stock
beneficially owned by WHWEL described above, and (ii) 250 shares of Common
Stock held in Managed Accounts, representing in the aggregate approximately
17.1% of the Common Stock reported to be outstanding as of May 14, 1998 (as
reported in the Company's 10-Q).

GS Group and GS&Co. disclaim beneficial ownership of (i) the shares
of Common Stock beneficially owned by WHWEL to the extent of partnership
interests in WHWEL held by persons other than GS Group, GS&Co. or their
affiliates and (ii) the shares of Common Stock held in Managed Accounts.

None of the Reporting Persons beneficially owns any shares of
Common Stock as of June 11, 1998 other than as set forth herein.

(b) Each Reporting Person shares the power to vote or direct the vote
and to dispose or direct the disposition of shares of Common Stock
beneficially owned by such Reporting Person as indicated in the second
through eighth pages of this filing.

(c) No transactions in the Common Stock were effected by the Reporting
Persons or, to their knowledge, any of the persons listed on Schedules 2A,
2B or 2C hereto, during the period from March 15, 1998 through June 11,
1998.

(d) Except for clients of Goldman Sachs who may have the right to
receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, any shares of Common Stock held in Managed
Accounts, no other person is known by any Filing Person to have the right
to receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, any shares of Common Stock beneficially owned by
any Filing Person.

(e) Not Applicable.

PAGE 10 OF 14 PAGES
<PAGE>

SIGNATURE

Each Reporting Person certifies that, after reasonable inquiry and to
the best of such Reporting Person's knowledge and belief, the information set
forth in this Statement is true, complete and correct.

Dated: June 16, 1998 WHWEL REAL ESTATE LIMITED PARTNERSHIP

By: WHATR Gen-Par, Inc.,
its general partner

By: /s/ David M. Weil
Name: David M. Weil
Title: Vice President

WHATR GEN-PAR, INC.

By: /s/ David M. Weil
Name: David M. Weil
Title: Vice President

WHITEHALL STREET REAL ESTATE LIMITED
PARTNERSHIP VII

By: WH Advisors, L.P. VII,
its general partner

By: WH Advisors, Inc. VII,
its general partner

By: /s/ David M. Weil
Name: David M. Weil
Title: Vice President

WH ADVISORS, L.P. VII

By: WH Advisors, Inc. VII,
its general partner

By: /s/ David M. Weil
Name: David M. Weil
Title: Vice President

WH ADVISORS, INC. VII

By: /s/ David M. Weil
Name: David M. Weil
Title: Vice President

THE GOLDMAN SACHS GROUP, L.P.

By: /s/ Hans L. Reich
Name: Hans L. Reich
Title: Attorney-in-fact

GOLDMAN, SACHS & CO.

By: /s/ Hans L. Reich
Name: Hans L. Reich
Title: Attorney-in-fact

PAGE 11 OF 14 PAGES
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<TABLE>

SCHEDULE 2A
-----------

The name, position and present principal occupation of each director and executive officer of WHATR Gen-Par, Inc.
which is the sole general partner of WHWEL Real Estate Limited Partnership, are set forth below.

The business address of all the executive officers and directors listed below except G. Douglas Gunn, Todd A.
Williams and Angie D. Madison is 85 Broad Street, New York, New York 10004. The business address of G. Douglas Gunn,
Todd A. Williams and Angie D. Madison is 100 Crescent Court, Suite 1000, Dallas, TX 75201.

All executive officers and directors listed below are United States citizens.

<S> <C> <C>
Name Position Present Principal Occupation
---- -------- ----------------------------

Rothenberg, Stuart M. Director/Vice President Managing Director of Goldman, Sachs & Co.

Neidich, Daniel M. President Managing Director of Goldman, Sachs & Co.

O'Brien, Elizabeth A. Vice President/Assistant Secretary Vice President of Goldman, Sachs & Co.

Weil, David M. Vice President Vice President of Goldman, Sachs & Co.

Rosenberg, Ralph F. Vice President/Assistant Secretary Vice President of Goldman, Sachs & Co.

Williams, Todd A. Vice President/Assistant Managing Director of Goldman, Sachs & Co.
Secretary/Assistant Treasurer

Naughton, Kevin D. Vice President/ Secretary/Treasurer Vice President of Goldman, Sachs & Co.

Siskind, Edward M. Vice President/Assistant Treasurer Vice President of Goldman, Sachs & Co.

Klingher, Michael K. Vice President Vice President of Goldman, Sachs & Co.

Gunn, G. Douglas Vice President/Assistant Secretary Vice President of Goldman, Sachs & Co.

Lahey, Brian J. Vice President/Assistant Treasurer Vice President of Goldman, Sachs & Co.

Kava, Alan S. Vice President/Assistant Secretary Vice President of Goldman, Sachs & Co.

Feldman, Steven M. Vice President Vice President of Goldman, Sachs & Co.

Madison, Angie D. Vice President/Assistant Secretary Vice President of Goldman, Sachs & Co.

Weiss, Mitchell S. Assistant Treasurer Vice President of Goldman, Sachs & Co.

PAGE 12 OF 14 PAGES
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SCHEDULE 2B
-----------

The name, position and present principal occupation of each director and executive officer of WH Advisors, Inc.
VII, the sole general partner of WH Advisors, L.P. VII, which is the sole general partner of Whitehall Street Real
Estate Limited Partnership VII, are set forth below.

The business address of all the executive officers and directors listed below except G. Douglas Gunn Todd A.
Williams, Angie D. Madison, Richard E. Georgi III and Barry S. Volpert is 85 Broad Street, New York, New York 10004. The
business address of G. Douglas Gunn, Todd A. Williams and Angie D. Madison is 100 Crescent Court, Suite 1000, Dallas, TX
75201. The business address of Richard E. Georgi III and Barry S. Volpert is 133 Fleet Street, London EC4A 2BB, England.

All executive officers and directors listed below are United States citizens.

<S> <C> <C>
Name Position Present Principal Occupation
---- -------- ----------------------------

Rothenberg, Stuart M. Director/Vice President Managing Director of Goldman, Sachs & Co.

Neidich, Daniel M. President Managing Director of Goldman, Sachs & Co.

O'Brien, Elizabeth A. Vice President/Assistant Secretary Vice President of Goldman, Sachs & Co.

Georgi III, Richard E. Vice President Vice President of Goldman Sachs International

Weil, David M. Vice President Vice President of Goldman, Sachs & Co.

Rosenberg, Ralph F. Vice President/Assistant Secretary Vice President of Goldman, Sachs & Co.

Williams, Todd A. Vice President/Assistant Managing Director of Goldman, Sachs & Co.
Secretary/Assistant Treasurer

Naughton, Kevin D. Vice President/ Secretary/Treasurer Vice President of Goldman, Sachs & Co.

Siskind, Edward M. Vice President/Assistant Treasurer Vice President of Goldman, Sachs & Co.

Klingher, Michael K. Vice President Vice President of Goldman, Sachs & Co.

Gunn, G. Douglas Vice President/Assistant Secretary Vice President of Goldman, Sachs & Co.

Volpert, Barry S. Vice President Managing Director of Goldman Sachs International

Lahey, Brian J. Vice President/Assistant Treasurer Vice President of Goldman, Sachs & Co.

Kava, Alan S. Vice President/Assistant Secretary Vice President of Goldman, Sachs & Co.

Feldman, Steven M. Vice President Vice President of Goldman, Sachs & Co.

Madison, Angie D. Vice President/Assistant Secretary Vice President of Goldman, Sachs & Co.

Weiss, Mitchell S. Assistant Treasurer Vice President of Goldman, Sachs & Co.

PAGE 13 OF 14 PAGES
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SCHEDULE 2C
-----------

The name of each director of The Goldman Sachs Corporation and The Goldman, Sachs & Co. L.L.C. and of each member
of the executive committees of The Goldman Sachs Corporation, The Goldman, Sachs & Co. L.L.C., The Goldman Sachs Group,
L.P. and Goldman, Sachs & Co. is set forth below.

The business address of each person listed below except John A. Thain and John L. Thornton is 85 Broad Street, New
York, NY 10004. The business address of John A. Thain and John L. Thornton is 133 Fleet Street, London EC4A 2BB,
England. Each person is a citizen of the United States of America. The present principal occupation or employment of
each of the listed persons is as a managing director of Goldman, Sachs & Co. or another Goldman Sachs operating entity
and as a member of the executive committee.

Jon Z. Corzine

Henry M. Paulson, Jr.

Roy J. Zuckerberg

Robert J. Hurst

John A. Thain

John L. Thornton

PAGE 14 OF 14 PAGES

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