Mail Stop 4561
April 25, 2007
Jeffrey H. Lynford
Wellsford Real Properties, Inc.
535 Madison Avenue, 26th Floor
New York, New York 10022
Re: Wellsford Real Properties, Inc.
Amendment No. 2 to Registration Statement on Form S-4
Filed April 11, 2007
Registration No. 333-139705
Dear Mr. Lynford:
We have reviewed your filing and have the following comments.
Where indicated, we think you should revise your document in
response
to these comments. If you disagree, we will consider your
explanation as to why our comment is inapplicable or a revision is
unnecessary. Please be as detailed as necessary in your
explanation.
In some of our comments, we may ask you to provide us with
information so we may better understand your disclosure. After
reviewing this information, we may or may not raise additional
comments.
Please understand that the purpose of our review process is
to
assist you in your compliance with the applicable disclosure
requirements and to enhance the overall disclosure in your filing.
We look forward to working with you in these respects. We welcome
any questions you may have about our comments or on any other
aspect
of our review. Feel free to call us at the telephone numbers
listed
at the end of this letter.
Wellsford Real Properties, Inc. and Subsidiaries Notes to
Consolidated Financial Statements
Note 9. Stock Option Plans, page WF-27
1. Please advise us how you have concluded that the adjustments to
outstanding options did not have any financial statement impact.
It
appears that the reduction in exercise price and extension of
option
terms disclosed on page WF-28 resulted in award modifications for
which you may be required to record additional compensation
expense.
Please refer to the accounting literature that you are relying
upon
in your response.
* * *
As appropriate, please amend your registration statement in
response to these comments. You may wish to provide us with
marked
copies of the amendment to expedite our review. Please furnish a
cover letter with your amendment that keys your responses to our
comments and provides any requested information. Detailed cover
letters greatly facilitate our review. Please understand that we
may
have additional comments after reviewing your amendment and
responses
to our comments.
We urge all persons who are responsible for the accuracy and
adequacy of the disclosure in the filings reviewed by the staff to
be
certain that they have provided all information investors require
for
an informed decision. Since the company and its management are in
possession of all facts relating to a company`s disclosure, they
are
responsible for the accuracy and adequacy of the disclosures they
have made.
We will consider a written request for acceleration of the
effective date of the registration statement as a confirmation of
the
fact that those requesting acceleration are aware of their
respective
responsibilities under the Securities Act of 1933 and the
Securities
Exchange Act of 1934 as they relate to the proposed public
offering
of the securities specified in the above registration statement.
We
will act on the request and, pursuant to delegated authority,
grant
acceleration of the effective date.
We direct your attention to Rules 460 and 461 regarding
requesting acceleration of a registration statement. Please allow
adequate time after the filing of any amendment for further review
before submitting a request for acceleration. Please provide this
request at least two business days in advance of the requested
effective date.
You may contact Kristina Beshears, Staff Accountant at 202-
551-
3429 or Daniel Gordon, Accounting Branch Chief, at 202-551-3486 if
you have questions regarding comments on the financial statements
and
related matters. Please contact Michael McTiernan at 202-551-3852
or
me at 202-551-3495 with any other questions.
Sincerely,
Elaine Wolff
Branch Chief
cc: Stephen Wiseman, Esq. (via facsimile)
Jeffrey H. Lynford
Wellsford Real Properties, Inc.
April 25, 2007
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