Reis 8-K Wellsford and Reis Stockholders Approve Merger

Exhibit 99.1

WellsfordRealProperties,Inc.

535 Madison Avenue 26^th Floor New York, NY 10022

212-838-3400       Fax 212-421-7244

FOR IMMEDIATE RELEASE:

WELLSFORD AND REIS STOCKHOLDERS APPROVE MERGER

NEW YORK, May 30, 2007: Wellsford Real Properties, Inc. (AMEX:WRP) announced that its stockholders, at the WRP annual stockholders’ meeting held today, approved the proposal for WRP to issue approximately 4.2 million shares of its common stock in connection with its merger with Reis, Inc. (“Reis”).

Separately, at Reis’s special meeting of stockholders, which was also held earlier today, the Reis stockholders adopted the merger agreement.

With the approval of these proposals by the respective stockholders, WRP and Reis can proceed with the closing of the contemplated merger transaction. The closing is expected to be completed shortly.

Cautionary Statement Regarding Forward-Looking Statements

This press release, together with other statements and information publicly disseminated by WRP, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to WRP’s outlook or expectations for earnings, revenues, expenses, asset quality or other future financial or business performance, strategies or expectations, or the impact of legal, regulatory or supervisory matters on WRP’s business operations or performance. Specifically, forward-looking statements may include:

• statements relating to the benefits of the merger with Reis;

• statements relating to future business prospects, revenue, income and cash flows of WRP individually;

• statements relating to revenues of the resulting company after the merger with Reis; and

• statements preceded by, followed by or that include the words “estimate,” “plan,” “project,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target” or similar expressions.

These statements reflect WRP’s management’s judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. With respect to these forward-looking statements, WRP’s management has made assumptions regarding, among other things, the determination of estimated net realizable value for its assets and the determination of estimated settlement amounts for its liabilities and general economic conditions.

Future performance cannot be ensured. Actual results may differ materially from those in the forward-looking statements. Some factors that could cause WRP’s actual results to differ include:

• expected benefits from the merger with Reis may not be fully realized or at all;

• revenues following the merger with Reis may be lower than expected;

• the possibility of litigation arising as a result of terminating the Plan;

• adverse changes in the real estate industry and the markets in which the post-merger company will operate;

• the inability to retain and increase the number of customers of the post-merger company;

• competition;

• difficulties in protecting the security, confidentiality, integrity and reliability of the data of the post-merger company;

• legal and regulatory issues;

• changes in accounting policies or practices; and

• the risk factors listed under “Item 1A. Risk Factors” in WRP’s annual report on Form 10-K for the year ended December 31, 2006, which was filed with the SEC on March 29, 2007, as amended, on April 30, 2007, and those listed and under “Risk Factors” in WRP’s registration statement on Form S-4 which was initially filed with the SEC on December 28, 2006 and, as amended, on March 9, 2007, April 11, 2007 and April 30, 2007.

You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this press release. Except as required by law, WRP undertakes no obligation to publicly update or release any revisions to these forward-looking statements to reflect any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

Press Contact:	Mark P. Cantaluppi
	Wellsford Real Properties, Inc.
	Vice President, Chief Financial Officer
	(212) 838-3400

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