[LETTERHEAD]
                                                                    EXHIBIT 99.1
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FOR IMMEDIATE RELEASE:

                            WELLSFORD REAL PROPERTIES
                          APPROVES REVERSE STOCK SPLIT
                          ----------------------------

NEW YORK,  June 9,  2000--Wellsford  Real  Properties,  Inc.  (AMEX:  WRP) today
announced  that the Company's  shareholders  have approved a reverse stock split
whereby every two outstanding  shares of common stock and class A-1 common stock
will be converted into one share of outstanding common stock or class A-1 common
stock.  The par value of both classes of stock will increase from $.01 per share
to $.02 per  share and the  number  of  authorized  shares  will be halved  from
197,650,000  to  98,825,000  for common  shares and from  350,000 to 175,000 for
class A-1 common  shares.  The  reverse  split  will be  effective  for  trading
beginning Monday, June 12, 2000. Resulting fractional shares will be redeemed in
cash.

The  shareholders  also approved the election of three  nominated  directors for
terms of three years:

Richard S. Frary,  Martin  Bernstein,  and Meyer "Sandy" Frucher.  Mr. Frary has
been a director of WRP since 1998. Mr. Bernstein and Mr. Frucher are new members
of the board.

In addition,  the Company  announced that Rodney F. Du Bois will  relinquish his
operating responsibilities,  including Chief Financial Officer. He will continue
as Vice-Chairman,  concentrating  primarily on strategic issues and initiatives.
Jeffrey H. Lynford,  the Chairman of WRP, will assume the  additional  duties of
Chief Financial Officer.

Wellsford Real Properties is a real estate merchant  banking firm  headquartered
in  New  York  City,  which  acquires,  develops,  finances  and  operates  real
properties  and  organizes  and  invests  in  private  and  public  real  estate
companies.

Press Contact:    Mark P. Cantaluppi
                  Vice President-Corporate Controller
                      & Director of Investor Relations
                  Wellsford Real Properties, Inc.
                  (212) 838-3400

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