X0202 3 2005-08-11 0 0001038222 WELLSFORD REAL PROPERTIES INC WRP 0001247119 KEMPNER THOMAS L JR C/O DAVIDSON KEMPNER PARTNERS 885 THIRD AVE STE 3300 NEW YORK NY 10022 0 0 1 0 0000928549 DAVIDSON KEMPNER PARTNERS 885 THIRD AVENUE NEW YORK NY 10022 0 0 1 0 0001247126 DAVIDSON KEMPNER INSTITUTIONAL PARTNERS LP C/O DAVIDSON KEMPNER PARTNERS 885 THIRD AVE STE 3300 NEW YORK NY 10022 0 0 1 0 0001336624 M H Davidson & Co 885 THIRD AVENUE SUITE 3300 NEW YORK NY 10022 0 0 1 0 0001247125 DAVIDSON KEMPNER INTERNATIONAL LTD C/O DAVIDSON KEMPNER PARTNERS 885 THIRD AVE STE 3300 NEW YORK NY 10022 0 0 1 0 0001247128 MHD MANAGEMENT CO C/O DAVIDSON KEMPNER PARTNERS 885 THIRD AVE STE 3300 NEW YORK NY 10022 0 0 1 0 0001247130 DAVIDSON KEMPNER ADVISERS INC C/O DAVIDSON KEMPNER PARTNERS 885 THIRD AVE STE 3300 NEW YORK NY 10022 0 0 1 0 0001247134 DAVIDSON KEMPNER INTERNATIONAL ADVISORS LLC C/O DAVIDSON KEMPNER PARTNERS 885 THIRD AVE STE 3300 NEW YORK NY 10022 0 0 1 0 0001247116 DAVIDSON MARVIN H C/O DAVIDSON KEMPNER PARTNERS 885 THIRD AVE STE 3300 NEW YORK NY 10022 0 0 1 0 0001247118 DOWICZ STEPHEN M C/O DAVIDSON KEMPNER PARTNERS 885 THIRD AVE STE 3300 NEW YORK NY 10022 0 0 1 0 Common Stock, $0.02 par value per share ("Common Stock") 700870 I See Notes The shares of Common Stock to which this note relates are held directly by Davidson Kempner Partners, a New York limited partnership ("DKP"), as to 132,967 shares of Common Stock; Davidson Kempner Institutional Partners, L.P., a Delaware limited partnership ("DKIP"), as to 218,572 shares of Common Stock; M.H. Davidson & Co., a New York limited partnership ("CO"), as to 17,624 shares of Common Stock; and Davidson Kempner International, Ltd., a British Virgin Islands corporation ("DKIL"), as to 321,896 shares of Common Stock. MHD Management Co., a New York limited partnership ("MHD") is the general partner of DKP. Davidson Kempner Advisers, Inc., a New York corporation ("DKAI"), is the general partner of DKIP and is registered as an investment adviser with the U.S. Securities Exchange Commission. Davidson Kempner International Advisors, L.L.C., a Delaware limited liability company ("DKIA"), is the investment manager of DKIL and a certain managed account. Thomas L. Kempner, Jr., Marvin H. Davidson, Stephen M. Dowicz, Scott E. Davidson, Michael J. Leffell, Timothy I. Levart, Robert J. Brivio, Jr., Eric P. Epstein and Anthony A. Yoseloff (collectively, the "Principals") are the general partners of CO and MHD, the sole managing members of DKIA and the sole stockholders of DKAI. Each of the Reporting Persons disclaims beneficial ownership of the securities to which this Form 3 relates except to the extent each may be deemed to have a pecuniary interest in such securities pursuant to Section 16 of the Securities Exchange Act of 1934, as amended. This is Part One of a Two Part Form 3 Filing. Part Two is filed to indicate all Reporting Persons. It is not a separate Form 3 filing. /s/ Thomas L. Kempner, Jr. 2005-08-22