SC 13G 1 sc13g.txt DAVIDSON KEMPNER/WELSFORD REAL ESTATE SC13G SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------- SCHEDULE 13G (Rule 13d-102) ---------------- INFORMATION TO BE INCLUDED IN STATEMENTS PURSUANT TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. 1)* WELLSFORD REAL PROPERTIES, INC. (Name of Issuer) COMMON STOCK, $0.02 PAR VALUE PER SHARE (Title of Class of Securities) 950240200 (CUSIP Number) December 31, 2005 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [X] Rule 13d-1(c) [ ] Rule 13d-1(d) ----------- * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Schedule 13G CUSIP No. 950240200 PAGE 2 OF 29 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Davidson Kempner Partners ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION New York ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ____________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 159,400 OWNED BY ____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ____________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 159,400 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 159,400 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.5% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON PN ------------------------------------------------------------------------------ Schedule 13G CUSIP No. 950240200 PAGE 3 OF 29 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Davidson Kempner Institutional Partners, L.P. ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ____________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 261,994 OWNED BY ____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ____________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 261,994 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 261,994 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.1% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON PN ------------------------------------------------------------------------------ Schedule 13G CUSIP No. 950240200 PAGE 4 OF 29 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON M. H. Davidson & Co. ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION New York ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ____________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 22,045 OWNED BY ____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ____________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 22,045 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 22,045 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.3% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON PN ------------------------------------------------------------------------------ Schedule 13G CUSIP No. 950240200 PAGE 5 OF 29 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Davidson Kempner International, Ltd. ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ____________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 392,561 OWNED BY ____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ____________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 392,561 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 392,561 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.1% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON CO ------------------------------------------------------------------------------ Schedule 13G CUSIP No. 950240200 PAGE 6 OF 29 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Serena Limited ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ____________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 11,870 OWNED BY ____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ____________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 11,870 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11,870 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.2% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON CO ------------------------------------------------------------------------------ Schedule 13G CUSIP No. 950240200 PAGE 7 OF 29 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON MHD Management Co. ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION New York ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ____________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 159,400 OWNED BY ____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ____________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 159,400 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 159,400 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.5 % ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON PN ------------------------------------------------------------------------------ Schedule 13G CUSIP No. 950240200 PAGE 8 OF 29 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Davidson Kempner Advisers Inc. ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION New York ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ____________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 261,994 OWNED BY ____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ____________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 261,994 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 261,994 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.1% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IA ------------------------------------------------------------------------------ Schedule 13G CUSIP No. 950240200 PAGE 9 OF 29 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Davidson Kempner International Advisors, L.L.C. ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ____________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 404,431 OWNED BY ____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ____________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 404,431 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 404,431 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.3% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON OO ------------------------------------------------------------------------------ Schedule 13G CUSIP No. 950240200 PAGE 10 OF 29 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Thomas L. Kempner, Jr. ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ____________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 847,870 OWNED BY ____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ____________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 847,870 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 847,870 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 13.1% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------ Schedule 13G CUSIP No. 950240200 PAGE 11 OF 29 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Marvin H. Davidson ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ____________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 847,870 OWNED BY ____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ____________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 847,870 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 847,870 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 13.1% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------ Schedule 13G CUSIP No. 950240200 PAGE 12 OF 29 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Stephen M. Dowicz ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ____________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 847,870 OWNED BY ____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ____________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 847,870 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 847,870 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 13.1% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------ Schedule 13G CUSIP No. 950240200 PAGE 13 OF 29 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Scott E. Davidson ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ____________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 847,870 OWNED BY ____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ____________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 847,870 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 847,870 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 13.1% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------ Schedule 13G CUSIP No. 950240200 PAGE 14 OF 29 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Michael J. Leffell ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ____________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 847,870 OWNED BY ____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ____________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 847,870 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 847,870 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 13.1% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------ Schedule 13G CUSIP No. 950240200 PAGE 15 OF 29 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Timothy I. Levart ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United Kingdom & United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ____________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 847,870 OWNED BY ____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ____________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 847,870 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 847,870 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 13.1% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------ Schedule 13G CUSIP No. 950240200 PAGE 16 OF 29 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Robert J. Brivio, Jr. ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ____________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 847,870 OWNED BY ____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ____________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 847,870 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 847,870 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 13.1% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------ Schedule 13G CUSIP No. 950240200 PAGE 17 OF 29 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Eric P. Epstein ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ____________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 847,870 OWNED BY ____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ____________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 847,870 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 847,870 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 13.1% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------ Schedule 13G CUSIP No. 950240200 PAGE 18 OF 29 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Anthony A. Yoseloff ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ____________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 847,870 OWNED BY ____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ____________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 847,870 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 847,870 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 13.1% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------ Schedule 13G CUSIP No. 950240200 PAGE 19 OF 29 ITEM 1(a). NAME OF ISSUER: WELLSFORD REAL PROPERTIES, INC. (the "Company") ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 535 MADISON AVENUE 26TH FLOOR NEW YORK, NY 10022 ITEM 2(a). NAME OF PERSON FILING: This Statement is filed by each of the entities and persons listed below, all of whom together are referred to herein as the "Reporting Persons": (i) Davidson Kempner Partners, a New York limited partnership ("DKP"); (ii) Davidson Kempner Institutional Partners, L.P., a Delaware limited partnership ("DKIP"); (iii) M. H. Davidson & Co., a New York limited partnership ("CO"); (iv) Davidson Kempner International, Ltd., a British Virgin Islands corporation ("DKIL"); (v) Serena Limited, a Cayman Islands corporation ("Serena"); (vi) MHD Management Co., a New York limited partnership and the general partner of DKP ("MHD"); (vii) Davidson Kempner Advisers Inc., a New York corporation and the general partner of DKIP ("DKAI"), which is registered as an investment adviser with the U.S. Securities and Exchange Commission; (viii) Davidson Kempner International Advisors, L.L.C., a Delaware limited liability company and the manager of DKIL and Serena ("DKIA"); and (ix) Messrs. 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"), who are the general partners of CO and MHD, the sole managing members of DKIA and the sole stockholders of DKAI. ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE: The address of the principal business office of each of the Reporting Persons is c/o Davidson Kempner Partners, 885 Third Avenue, Suite 3300, New York, New York 10022. Schedule 13G CUSIP No. 950240200 PAGE 20 OF 29 ITEM 2(c). CITIZENSHIP: (i) DKP - a New York limited partnership (ii) DKIP - a Delaware limited partnership (iii) CO - a New York limited partnership (iv) DKIL - a British Virgin Islands corporation (v) Serena - a Cayman Islands corporation (vi) MHD - a New York limited partnership (vii) DKAI - a New York corporation (viii) DKIA - a Delaware limited liability company (ix) Thomas L. Kempner, Jr. - United States (x) Marvin H. Davidson - United States (xi) Stephen M. Dowicz - United States (xii) Scott E. Davidson -United States (xiii) Michael J. Leffell - United States (xiv) Timothy I. Levart - United Kingdom & United States (xv) Robert J. Brivio, Jr. - United States (xvi) Eric P. Epstein - United States (xvii) Anthony A. Yoseloff - United States ITEM 2(d). TITLE OF CLASS OF SECURITIES: COMMON STOCK, $0.02 PAR VALUE PER SHARE ITEM 2(e). CUSIP NUMBER: 950240200 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO 13d-1(b) OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or dealer registered under Section 15 of the Act; (b) [ ] Bank as defined in Section 3(a)(6) of the Act; Schedule 13G CUSIP No. 950240200 PAGE 21 OF 29 (c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act; (d) [ ] Investment Company registered under Section 8 of the Investment Company Act of 1940; (e) [ ] Investment Adviser registered under Section 203 of the Investment Advisers Act of 1940: see Rule 13d-1(b)(1)(ii)(E); (f) [ ] Employee Benefit Plan, Pension Fund which is subject to the provisions of the Employee Retirement Income Security Act of 1974 or Endowment Fund; see Rule 13d-1(b)(1)(ii)(F); (g) [ ] Parent Holding Company, in accordance with Rule 13d-1(b)(ii)(G); (h) [ ] Savings Associations as defined in Section 3(b) of the Federal Deposit Insurance Act; (i) [ ] Church Plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940; (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J). ITEM 4. OWNERSHIP. The Principals may be deemed to beneficially own an aggregate of 847,870 Shares as a result of their voting and dispositive power over the 847,870 Shares beneficially owned by DKP, DKIP, DKIL, Serena and CO. As such, the Principals may be deemed to control DKP, DKIP, DKIL, Serena and CO and therefore may be deemed to be the beneficial owner of the securities reported in this Schedule 13G. DKIA may be deemed to beneficially own the 392,561 Shares beneficially owned by DKIL and the 11,870 Shares beneficially owned by Serena as a result of its voting and dispositive power over those Shares. DKAI may be deemed to beneficially own the 261,994 Shares beneficially owned by DKIP as a result of its voting and dispositive power over those Shares. MHD may be deemed to beneficially own the 159,400 Shares beneficially owned by DKP as a result of its voting and dispositive power over those Shares. A. DKP (a) Amount beneficially owned: 159,400 (b) Percent of class: 2.5% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 159,400 (iii) sole power to dispose or to direct the disposition: 0 Schedule 13G CUSIP No. 950240200 PAGE 22 OF 29 (iv) shared power to dispose or to direct the disposition: 159,400 B. DKIP (a) Amount beneficially owned: 261,994 (b) Percent of class: 4.1% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 261,994 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 261,994 C. CO (a) Amount beneficially owned: 22,045 (b) Percent of class: 0.3% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 22,045 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 22,045 D. DKIL (a) Amount beneficially owned: 392,561 (b) Percent of class: 6.1% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 392,561 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 392,561 E. Serena Schedule 13G CUSIP No. 950240200 PAGE 23 OF 29 (a) Amount beneficially owned: 11,870 (b) Percent of class: 0.2% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 11,870 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 11,870 F. MHD (a) Amount beneficially owned: 159,400 (b) Percent of class: 2.5% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 159,400 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 159,400 G. DKAI (a) Amount beneficially owned: 261,994 (b) Percent of class: 4.1% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 261,994 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 261,994 H. DKIA (a) Amount beneficially owned: 404,431 (b) Percent of class: 6.3% Schedule 13G CUSIP No. 950240200 PAGE 24 OF 29 (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 404,431 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 404,431 I. Thomas L. Kempner, Jr. (a) Amount beneficially owned: 847,870 (b) Percent of class: 13.1% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 847,870 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 847,870 J. Marvin H. Davidson (a) Amount beneficially owned: 847,870 (b) Percent of class: 13.1% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 847,870 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 847,870 K. Stephen M. Dowicz (a) Amount beneficially owned: 847,870 (b) Percent of class: 13.1% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 Schedule 13G CUSIP No. 950240200 PAGE 25 OF 29 (ii) shared power to vote or to direct the vote: 847,870 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 847,870 L. Scott E. Davidson (a) Amount beneficially owned: 847,870 (b) Percent of class: 13.1% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 847,870 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 847,870 M. Michael J. Leffell (a) Amount beneficially owned: 847,870 (b) Percent of class: 13.1% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 847,870 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 847,870 N. Timothy I. Levart (a) Amount beneficially owned: 847,870 (b) Percent of class: 13.1% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 847,870 (iii) sole power to dispose or to direct the disposition: 0 Schedule 13G CUSIP No. 950240200 PAGE 26 OF 29 (iv) shared power to dispose or to direct the disposition: 847,870 O. Robert J. Brivio, Jr. (a) Amount beneficially owned: 847,870 (b) Percent of class: 13.1% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 847,870 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 847,870 P. Eric P. Epstein (a) Amount beneficially owned: 847,870 (b) Percent of class: 13.1% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 847,870 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 847,870 Q. Anthony A. Yoseloff (a) Amount beneficially owned: 847,870 (b) Percent of class: 13.1% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 847,870 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 847,870 ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS. Schedule 13G CUSIP No. 950240200 PAGE 27 OF 29 Not applicable. ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. The partners, members or stockholders of each of the Reporting Persons, including the Principals, have the right to participate in the receipt of dividends from, or proceeds from the sale of, the securities held for the account of such Reporting Person in accordance with their ownership interests in such Reporting Person. The Reporting Persons disclaim all beneficial ownership as affiliates of a Registered Investment Adviser, and, in any case, disclaim beneficial ownership except as to the extent of their pecuniary interest in the shares. The Reporting Persons have elected to file Schedule 13G although such filing may not be required under the Securities Exchange Act of 1934, as amended (the "Act"). 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 THE GROUP. See Item 4. ITEM 9. NOTICE OF DISSOLUTION OF GROUP. Not applicable. ITEM 10. CERTIFICATION. (if filing pursuant to Rule 13d-1(c)) Each of the Reporting Persons hereby makes the following certification: By signing below we certify that, to the best of our knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. Schedule 13G CUSIP No. 950240200 PAGE 28 OF 29 SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. DATED: February 14, 2006 DAVIDSON KEMPNER PARTNERS By: MHD Management Co., its General Partner /s/ Thomas L. Kempner, Jr. ----------------------------------------- Name: Thomas L. Kempner, Jr. Title: Managing Partner DAVIDSON KEMPNER INSTITUTIONAL PARTNERS, L.P. By: Davidson Kempner Advisers Inc., its General Partner /s/ Thomas L. Kempner, Jr. ----------------------------------------- Name: Thomas L. Kempner, Jr. Title: President M.H. DAVIDSON & CO. BY: /s/ Thomas L. Kempner, Jr. ----------------------------------------- Name: Thomas L. Kempner, Jr. Title: Managing Partner DAVIDSON KEMPNER INTERNATIONAL, LTD. By: Davidson Kempner International Advisors, L.L.C., its Investment Manager /s/ Thomas L. Kempner, Jr. ----------------------------------------- Name: Thomas L. Kempner, Jr. Title: Executive Managing Member SERENA LIMITED By: Davidson Kempner International Advisors, L.L.C., its Investment Manager /s/ Thomas L. Kempner, Jr. ----------------------------------------- Name: Thomas L. Kempner, Jr. Title: Executive Managing Member Schedule 13G CUSIP No. 950240200 PAGE 29 OF 29 MHD MANAGEMENT CO. /s/ Thomas L. Kempner, Jr. ----------------------------------------- Name: Thomas L. Kempner, Jr. Title: Managing Partner DAVIDSON KEMPNER ADVISERS INC. /s/ Thomas L. Kempner, Jr. ----------------------------------------- Name: Thomas L. Kempner, Jr. Title: President DAVIDSON KEMPNER INTERNATIONAL ADVISORS, L.L.C. /s/ Thomas L. Kempner, Jr. ----------------------------------------- Name: Thomas L. Kempner, Jr. Title: Executive Managing Member /s/ Thomas L. Kempner, Jr. ----------------------------------------- Thomas L. Kempner, Jr. /s/ Marvin H. Davidson ----------------------------------------- Marvin H. Davidson /s/ Stephen M. Dowicz ----------------------------------------- Stephen M. Dowicz /s/ Scott E. Davidson ----------------------------------------- Scott E. Davidson /s/ Michael J. Leffell ----------------------------------------- Michael J. Leffell /s/ Timothy I. Levart ----------------------------------------- Timothy I. Levart /s/ Robert J. Brivio, Jr. ----------------------------------------- Robert J. Brivio, Jr. /s/ Eric P. Epstein ----------------------------------------- Eric P. Epstein /s/ Anthony A. Yoseloff ----------------------------------------- Anthony A. Yoseloff