-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 AZ22+FILOKRO57O7AcloVOXgqajxyUjHUMe1GAgzQWFz3YmtXUAdBZyHiOTgVm6h
 5BRJFmrIUULWp8wT6O9p4g==

<SEC-DOCUMENT>0000950138-04-000590.txt : 20041001
<SEC-HEADER>0000950138-04-000590.hdr.sgml : 20041001
<ACCEPTANCE-DATETIME>20041001125135
ACCESSION NUMBER:		0000950138-04-000590
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041001
FILED AS OF DATE:		20041001
DATE AS OF CHANGE:		20041001

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GERMAIN MARK
		CENTRAL INDEX KEY:			0001195498

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12917
		FILM NUMBER:		041057472

	BUSINESS ADDRESS:	
		STREET 1:		WELLSFORD REAL PROPERTIES INC
		STREET 2:		535 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2128121900

	MAIL ADDRESS:	
		STREET 1:		WELLSFORD REAL PROPERTIES INC
		STREET 2:		535 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>oct1_germain-4ex.xml
<DESCRIPTION>WELLSFORD\2004\OCT 1 GERMAIN-4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-10-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001038222</issuerCik>
        <issuerName>WELLSFORD REAL PROPERTIES INC</issuerName>
        <issuerTradingSymbol>WRP</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001195498</rptOwnerCik>
            <rptOwnerName>GERMAIN MARK</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1></rptOwnerStreet1>
            <rptOwnerStreet2>6 OLMSTED ROAD</rptOwnerStreet2>
            <rptOwnerCity>SCARSDALE</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10583</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>2004-10-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>265</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>15.08</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2957</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Represents 265 Common Shares issued on 10/1/04 in payment of a quarterly fee (the &quot;Quarterly Fee&quot;) due to the Reporting
Person
for services performed by 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 9/30/04.</footnote>
        <footnote id="F3">Mark P. Cantaluppi was granted a power of attorney to sign all Form 4s and Form 5s on behalf of Mark S. Germain for all
derivative and non-derivative securities of Wellsford acquired, disposed of or beneficially owned by Mr. Germain, so long as
Mr. Germain is a director of Wellsford.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Mark P. Cantaluppi, as Attorney-In-Fact(3)</signatureName>
        <signatureDate>2004-10-01</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----