SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
WELLSFORD REAL PROPERTIES INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
950 240 101
(CUSIP Number)
Check the following box if a fee is being paid with this statement [ ].
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1) Name and I.R.S. Identification No. of Reporting Person:
Yale University
I.R.S. Number 06-0646973-N
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2) Check the Appropriate Box if a Member of a Group:
(a) (Not Applicable)
(b) (Not Applicable)
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3) SEC Use Only
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4) Citizenship or Place of Organization:
Yale University is a Connecticut corporation.
Number of Shares (5) Sole Voting Power (Not Applicable)
Beneficially Owned by _________________________________________
Each Reporting (6) Shared Voting Power - 1,191,832
Person With: _________________________________________
(7) Sole Dispositive Power (Not Applicable)
-----------------------------------------
(8) Shared Dispositive Power - 1,191,832
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9) Aggregate Amount Beneficially Owned by Each Reporting Person: 1,191,832
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10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares:
(Not Applicable)
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11) Percent of Class Represented by Amount in Row (9): 7.2%
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12) Type of Reporting Person: EP
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Item 1.
(a) Name of Issuer:
Wellsford Real Properties Inc. (the "Company")
(b) Address of Issuer's Principal Executive Office:
610 Fifth Avenue
New York, New York 10020
Item 2.
(a) Name of Person Filing:
Yale University
(b) Address of Principal Office:
Yale University
Investments Office
230 Prospect Street
New Haven, CT 06511-2107
Attn: D. Ellen Shuman, Director
(c) Citizenship:
Yale University is a Connecticut corporation.
(d) Title of Class of Securities:
Common Stock
(e) CUSIP Number:
950 240 101
Item 3.
If this statement is filed pursuant to rules 13d-1(b) or 13d-2(b), check
whether the person filing is a:
. . . .
(f) [X] . . . Endowment Fund; see section 240.13d-1(b)(1)(ii)(F).
. . . .
Item 4. Ownership:
(a) Amount Beneficially Owned: 1,191,832
(b) Percent of Class: 7.2%
<PAGE>
(c) Number of Shares as to which such person has:
(i) sole power to vote or to direct the vote:
(Not Applicable)
(ii) shared power to vote or to direct the vote:
1,191,832
(iii) sole power to dispose or to direct the disposition of:
(Not Applicable)
(iv) shared power to dispose or to direct the disposition of:
1,191,832
Item 5. Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following: [ X ].
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
(Not Applicable)
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company:
(Not Applicable)
Item 8. Identification and Classification of Members of Group:
(Not Applicable)
Item 9. Notice of Dissolution of Group:
(Not Applicable)
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 purposes or effect.
SIGNATURE
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: February 10, 1998 /s/ David F. Swensen
____________________________________
Name: David F. Swensen
Title: Chief Investment Officer
