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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Sa/9SRQyzIvv2Cwi2n3svGvXsWcthZaFWw9oIOKisuufA2/mGj+PnpHcmPXpbp3O
 lZx91+GNpe5Mv6XV+ykW9A==

<SEC-DOCUMENT>0000950138-04-000001.txt : 20040105
<SEC-HEADER>0000950138-04-000001.hdr.sgml : 20040105
<ACCEPTANCE-DATETIME>20040105154711
ACCESSION NUMBER:		0000950138-04-000001
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040101
FILED AS OF DATE:		20040105

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			COHEN BONNIE
		CENTRAL INDEX KEY:			0001181434

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12917
		FILM NUMBER:		04504774

	BUSINESS ADDRESS:	
		STREET 1:		C/O COHEN & STEERS
		STREET 2:		757 THIRD AVENUE 20TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2128323232

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WELLSFORD REAL PROPERTIES INC
		CENTRAL INDEX KEY:			0001038222
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				133926898
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		535 MADISON AVENUE
		STREET 2:		26TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2128383400

	MAIL ADDRESS:	
		STREET 1:		535 MADISON AVENUE
		STREET 2:		26TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>jan5_cohen-4ex.xml
<DESCRIPTION>WELLSFORD\2004\JAN 5_COHEN-4
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2004-01-01</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001038222</issuerCik>
        <issuerName>WELLSFORD REAL PROPERTIES INC</issuerName>
        <issuerTradingSymbol>WRP</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001181434</rptOwnerCik>
            <rptOwnerName>COHEN BONNIE</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O COHEN &amp; STEERS</rptOwnerStreet1>
            <rptOwnerStreet2>757 THIRD AVENUE 20TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock, par value $.02 per share (&quot;Common Shares&quot;)</value>
      </securityTitle>
      <transactionDate>
         <value>2004-01-01</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>A</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>214</value>
            <footnoteId id="F1"/>
         </transactionShares>
         <transactionPricePerShare>
           <value>18.69</value>
            <footnoteId id="F2"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1528</value>
            <footnoteId id="F3"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F5"/>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Option (Right to Buy)</value>
            <footnoteId id="F4"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>18.58</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-12-31</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>A</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>2500</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2003-12-31</value>
      </exerciseDate>
      <expirationDate>
         <value>2012-12-30</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Shares</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>2500</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>2500</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> Represents 214 Common Shares issued on 1/1/04 in payment of a quarterly fee (the &quot;Quarterly Fee&quot;) due to the Reporting Person as a director of Wellsford Real Properties, Inc. (&quot;Wellsford&quot;).</footnote>
      <footnote id="F2"> The number of Common Shares issued in payment of the Quarterly Fee was determined based upon the average of the high and low stock price of Wellsford on the American Stock Exchange on 12/31/03.</footnote>
      <footnote id="F3"> Ms. Cohen disclaims beneficial ownership of 1,000 of the Common Shares (which are held in trust), and this report shall not be deemed an admission that Ms. Cohen is the beneficial owner of such securities for purposes of Section 16 or any other purposes.</footnote>
      <footnote id="F4"> Issued pursuant to the 1998 Management Incentive Plan.</footnote>
      <footnote id="F5"> Mark P. Cantaluppi was granted a power of attorney to sign all Form 4s and Form 5s on behalf of Bonnie Cohen for all derivative and non-derivative securities of Wellsford acquired, disposed of or beneficially owned by Ms. Cohen, so long as Ms. Cohen is a director of Wellsford.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>/s/Mark P. Cantaluppi, as Attorney-In-Fact(5)</signatureName>
      <signatureDate>2004-01-05</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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