8-K

                    SECURITIES AND EXCHANGE COMMISSION

                          Washington, D.C.  20549

                                 FORM 8-K

                              CURRENT REPORT

   PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) December 2, 1998 
                                                (December 1, 1998)
                                         -------------------------------

                    Wellsford Real Properties, Inc.
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          (Exact name of registrant as specified in its charter)

       1-12917                               13-3926898
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(Commission File Number)           (IRS Employer Identification No.)


                                 Maryland
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              (State or other jurisdiction of incorporation)

                  610 Fifth Avenue, New York, New York 10020
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                 (Address of principal executive offices)
                                (Zip Code)


                              (212) 333-2300
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           (Registrant's telephone number, including area code)
Item 5.   Other Events

     On December 1, 1998, Richard S. Frary became a member of the Board of
Directors of Wellsford Real Properties, Inc. (AMEX: "WRP").


Item 7.   Financial Statements, Proforma Financial Information and Exhibits

(a)  Financial Statements

     None.


(b)  Pro Forma Financial Information

     None.


(c)  Exhibits

     99.1 Press release, dated November 30, 1998, announcing the
          appointment of Richard S. Frary to WRP's Board of Directors.

                                SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                        Wellsford Real Properties, Inc.    
                                        -------------------------------
                                                 (Registrant)

Date December 2, 1998                   By: /s/ Gregory F. Hughes 
                                            ---------------------------
                                            Gregory F. Hughes 
                                            Chief Financial Officer

EX-99.1

                      WELLSFORD REAL PROPERTIES, INC.
                             610 Fifth Avenue
                         New York, New York  10020
                 (212) 333-2300       Fax: (212) 333-2323



FOR IMMEDIATE RELEASE:


                      WELLSFORD REAL PROPERTIES, INC.
                             ADDS NEW DIRECTOR


NEW YORK, November 30, 1998 -  Wellsford Real Properties, Inc. (AMEX:
"WRP") announced today that Richard S. Frary will join its Board of
Directors effective December 1, 1998.

Mr. Frary, age 51, is the founding partner of Tallwood Associates, a
private real estate firm engaged in real estate acquisitions, management
and development.  He also serves as a director of Washington Homes, Inc.
and CGA Group, Ltd.  From 1995 to 1998, he served as a trustee of Value
Property Trust ("VPT").  WRP acquired VPT in 1998 for $170 million.

Mr. Jeffrey H. Lynford, Chairman of WRP, stated, "Richard has valuable real
estate knowledge as a result of his 25 years in the industry.  Also, he has
the reputation of being a thoughtful, experienced real estate professional,
and therefore he will be a strong addition to our Board.  After we
negotiated VPT, we decided that we wanted him on our team."

Wellsford Real Properties, Inc. 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: Jeffrey H. Lynford
               Chairman
               Wellsford Real Properties, Inc.
               (212) 333-2300