WELLSFORD REAL PROPERTIES INC
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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>WELLSFORD REAL PROPERTIES, INC<BR>
535 Madison Avenue, 26<SUP>th</SUP> Floor<BR>
New York, New York 10022 </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of January 1, 2004 </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>James J. Burns<BR>
390 Dogwood Lane<BR>
Manhasset, NY 11030 </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your Employment Agreement dated July 1, 2001 (the "Employment Agreement")</FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear Jim: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This letter confirms our agreement to
amend the terms of your Employment Agreement with Wellsford Real Properties, Inc. in
accordance with the provisions set forth below (&#147;Amendment&#148;). Capitalized terms
not defined in this Amendment shall have meanings ascribed to them in the Employment
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The specific amendment to the
Employment shall be as follows: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;
Paragraph 2 is deleted in its entirety and is replaced with the following: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;The
term of this Agreement shall commence as of the date hereof and, unless sooner terminated
in accordance with the provisions of this Agreement, shall continue up to and including,
December 31, 2005. The term of this Agreement may be extended by the written agreement of
you and the Company.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;
Paragraph 4 is deleted in its entirety and is replaced with the following: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;You
shall also be entitled to minimum bonuses of 50% of your base salary for 2004 and 2005.
Any bonus payable to you in excess of the amounts set forth above shall be at the
Company&#146;s sole discretion. Any bonus payable to you shall be paid to you within 30
days of the end of the period for which the bonus is payable.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Except as specifically set forth
above, all terms and conditions contained in the Employment Agreement shall remain
unmodified and in full force and effect. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If the foregoing accurately reflects
your understanding of the provisions of your Employment Agreement that is being amended
pursuant to this letter, please so indicate by signing in the space provided below. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Very truly yours,</FONT></P>

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/s/ Jeffrey H. Lynford<BR>
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Jeffrey H. Lynford<BR>
President and Chief Executive Officer<BR><BR><BR><BR><BR></FONT></TD></TR>
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ACCEPTED AND AGREED TO:<BR><BR><BR><BR><BR>
/s/ James J. Burns<BR>
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James J. Burns</FONT></TD></TR>
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