[LETTERHEAD]
                                                                    EXHIBIT 99.1

FOR IMMEDIATE RELEASE:

         WELLSFORD REAL PROPERTIES, INC. PLACES $25 MILLION CONVERTIBLE
            TRUST PREFERRED WITH EQUITY RESIDENTIAL PROPERTIES TRUST
            --------------------------------------------------------

    EQR INCREASES STAKE IN REAL ESTATE MERCHANT BANKING FIRM TO 13.8 PERCENT
    ------------------------------------------------------------------------

NEW YORK, May 9,  2000--Wellsford  Real Properties,  Inc. (AMEX:  WRP) announced
today the  private  placement  of $25  million of  convertible  trust  preferred
securities with ERP Operating Limited Partnership,  the operating partnership of
Equity Residential Properties Trust (NYSE: EQR). The proceeds will replenish the
Company's  liquidity,  which was  reduced  in  February  to  complete  its share
repurchase  program.  On February  28, 2000 WRP  repurchased  2.6 million of its
common shares from an institutional investor for approximately $20.6 million, or
approximately $8 per share.

The one million convertible trust preferred  securities  purchased by EQR at $25
each bear  interest  at 8.25  percent  per annum  and are  convertible  into the
Company's  common  stock at  $11.124  per  common  share.  The  trust  preferred
securities  were issued through WRP  Convertible  Trust I, a Delaware  statutory
business trust and subsidiary of WRP. WRP Convertible  Trust I used the proceeds
from the sale to purchase convertible junior subordinated debentures of WRP. EQR
already  holds  approximately  340,000  Class A-1 common shares of WRP. With the
completion  of this  transaction,  EQR owns  13.8%  of WRP on a fully  converted
basis.

In May 1997 EQR  acquired  WRP's  predecessor,  Wellsford  Residential  Property
Trust, in a merger valued at almost $1 billion. WRP was spun-off to shareholders
prior to this  merger.  At the  time of the  spin-off,  WRP had a book  value of
$10.30 per common share.  As disclosed in the Company's 1999 Annual  Report,  at
December 31, 1999, WRP had a pro forma book value of $12.56 per common share.

Douglas Crocker II, EQR's President and Chief Executive Officer,  is a member of
WRP's Board of Directors.  Mr.  Crocker  stated,  "With this  investment we will
increase our ownership  stake in a company with proven senior  management  and a
solid  portfolio  of real estate  businesses  and  investments.  This  structure
permits  EQR to acquire  WRP shares at a 12 percent  discount  to book value and
receive a current 8.25 percent yield."

Wellsford Real Properties 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.

Certain statements in this press release constitute "forward-looking statements"
under federal securities laws and involve known and unknown risks, uncertainties
and other factors which may cause the actual results to be materially  different
from any future results implied by such forward-looking statements. Such factors
include, among others,  general economic and business conditions,  developmental
risks,  construction and lease-up delays and cost overruns,  inability to comply
with local zoning and other laws,  environmental matters,  demand by prospective
tenants,  defaults by tenants, lower than anticipated rents, availability of and
cost of other properties and financing, and competition.

Press Contact:             Jeffrey Lynford, Chairman
                           Wellsford Real Properties, Inc.
                           (212) 838-3400