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