<PAGE> 









<PAGE>
                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, DC   20549

                                 Form 10-Q


[X]       Quarterly Report Pursuant to Section 13 or 15(d)
          of the Securities Exchange Act of 1934

          For the quarterly period ended June 30, 1995

                                    OR

[ ]       Transition Report Pursuant to Section 13 or 15(d) of
          the Securities Exchange Act of 1934

                    Commission File Number 0-11083

         
                  ONE LIBERTY PROPERTIES, INC.
           
      (Exact name of registrant as specified in its charter)

                MARYLAND                      13-3147497
       (State or other jurisdiction of     (I.R.S. Employer  
        incorporation or organization)     Identification Number)

     60 Cutter Mill Road, Great Neck, New York         11021      
     (Address of principal executive offices)       (Zip Code)    
   

Registrant's telephone number, including area code:(516) 466-3100 

Indicate the number of shares outstanding of each of the issuer's
          classes of stock, as of the latest practicable date.

     As of August 4, 1995, the Registrant had 1,416,119 shares  
        of Common Stock and 808,776 shares of Redeemable    
          Convertible Preferred Stock outstanding.

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                            Yes   X     No     
                                 ___  





<PAGE>
<TABLE>

Part I - FINANCIAL INFORMATION

Item 1.   Financial Statements          


               ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS

<CAPTION>
                                        June 30,     December 31,
                                          1995          1994     
                                        (Unaudited)
<S>                                     <C>          <C>     
Assets
  Real estate investments, at cost
     Land                              $ 6,815,420  $ 3,586,317
     Buildings                          16,218,931    8,163,951
                                       ___________   __________
                                        23,034,351   11,750,268
       Less accumulated depreciation       960,477      753,734
                                       ___________   __________
                                        22,073,874   10,996,534
  Mortgages receivable-less unamortized
     discount-(substantially all from     
     related parties)-(Note 3)           7,121,696   13,988,031
  Senior secured note receivable-                 
     less unamortized discount-
     (related party)                     1,484,319    2,108,193   
 Cash and cash equivalents               2,064,314    2,701,456
  Unbilled rent receivable                 130,157      173,547
  Rent, interest and other receivables     186,817      360,599
  Investments in BRT Realty Trust- 
    (related party)- (Note 6)              127,704    3,219,481
  Investment in U.S. Government 
     obligations and securities -
     (Note 6)                            2,248,292    3,972,256
  Other                                     93,485      132,676
                                        ___________   _________
  
       Total assets                     $35,530,658 $37,652,773
                                        =========== ===========
Liabilities and Stockholders' Equity
  Liabilities:
     Mortgages payable                  $ 4,204,903 $ 6,983,647
     Accounts payable and accrued 
     expenses                               202,865     198,890
     Dividends payable                      744,746     498,400
                                        ___________ ___________
     Total liabilities                    5,152,514   7,680,937
                                        ___________  __________ 
  
Redeemable convertible preferred 
     stock, $1 par value; $1.60 
     cumulative annual dividend; 
     2,300,000 shares authorized;
     808,776 shares issued; liquidation 
     and redemption values of $16.50      12,720,008  12,643,998
                                         ___________  __________
  Stockholders' equity:
     Common stock, $1 par value; 
      25,000,000 shares authorized;        
      1,416,119 and 1,399,119 
      shares issued outstanding           1,416,119   1,399,119
     Paid-in capital                     13,295,224  13,233,109
     Net unrealized loss on available-
      for-sale securities-(Note 6)          (22,331)    (34,913)
     Accumulated undistributed net 
      income                              2,969,124   2,730,523
                                         __________  __________
        Total stockholders' equity       17,658,136  17,327,838
                                         __________  __________
        Total liabilities and 
        stockholders' equity            $35,530,658 $37,652,773
                                        =========== ===========



<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
                 ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF INCOME
                                  (Unaudited)

<CAPTION>

                                                       
                    Three Months Ended    Six Months Ended
                         June 30,             June 30,    
                    __________________    __________________
                      1995        1994        1995      1994 
         
<S>                 <C>         <C>        <C>         <C>
Revenues:                           
  Rental income     $ 664,423   $ 203,864  $1,231,020  $ 382,112
  Interest from 
   related parties    418,440     536,459     913,775  1,150,903  
   
 

  Dividends from 
   related party          --       67,500      13,940    135,000
  Interest and other 
   income              95,075     144,073     236,391    230,707
                     ________    ________   _________   ________  
                                       
        
                    1,177,938     951,896   2,395,126  1,898,722
                    _________    ________   _________  _________  
                                           
    

Expenses: 
  Depreciation        106,985      26,240     206,743     49,519
  Interest - 
   mortgages payable   92,075      87,249     236,564    157,813
  Management fee(Note 4)   --      23,797          --     47,468
  Leasehold rent       74,997          --     139,977         --
    (Note 3)
  General and 
    administrative    161,729     114,330     318,749    207,945
                     ________    ________    ________   ________  
                        
                      435,786     251,616     902,033    462,745
                     ________    ________    ________   ________ 
Operating income      742,152     700,280   1,493,093  1,435,977

Loss on sale         
  of investments      ( 2,165)    (43,828)    (11,345)   (43,828)
                    __________    _______   __________ _________ 
Net income         $  739,987    $656,452  $1,481,748 $1,392,149
                    ==========   ========  =========== =========
  


Calculation of net 
  income applicable to 
  common stockholders:                
Net income         $  739,987    $656,452  $1,481,748 $1,392,149
Less: dividends 
  and accretion on
  preferred stock     361,572     361,119     723,030    722,125  
                    _________     _______    ________  _________

Net income 
  applicable 
  to common
  stockholders    $   378,415    $295,333   $ 758,718  $ 670,024
                  ===========    ========   =========  =========
Weighted average 
   number of 
   common shares 
   outstanding      1,405,586   1,339,847   1,402,436  1,339,233
                   ==========   =========   =========  =========

Net income per 
  common share 
  (Note 2):
  Operating 
   income          $       .27  $     .25   $     .55 $     .53
  Loss on        
   sale of 
   investments               -  $    (.03)       (.01)     (.03)
                   ____________ _________   __________ ________
  Net income       $       .27  $     .22   $     .54 $     .50
                   ============ =========   ========= =========
Cash distributions 
  per share:
  Common Stock     $       .30  $    .125   $    .425 $    .225
                   ===========  =========   ========= ========= 
  Preferred Stock  $       .40  $     .40   $     .80 $     .80
                   ===========  =========   ========= =========


<FN>
  See accompanying notes to consolidated financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>                  
         ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (Unaudited)
<CAPTION>                                                         
       
                                 Six Months Ended June 30,        
                                    1995               1994    
                                 _______          _________
<S>                              <C>              <C>
Cash flows from operating 
   activities:
  Net income                     $1,481,748       $1,392,149
  Adjustments to reconcile 
    net income to net                           
    cash provided by 
    operating activities:                                    
     Loss on sale of        
      investments                    11,345           43,828 
     Depreciation and 
      amortization                  228,325           72,643
     Changes in assets and 
      liabilities:                     
      Decrease (increase) in rent, 
        interest and other 
        receivables                 246,369         (118,315)
      Decrease in accounts
      payable and accrued 
         expenses                     3,975           70,535 
                                  _________        __________  
       Net cash provided by 
         operating                    
         activities               1,971,762        1,460,840
                                  _________        _________

Cash flows from investing 
  activities:
  Additions to real estate       (1,399,338)      (5,549,182)
  Costs of acquisition of
   real estate and mortgage
   receivable from Gould 
   Investors L.P.-related party   (  90,514)              -- 
  Collection of mortgages 
    receivable-   
    (including $72,635 and  
    $166,933                        83,833           173,318
    from related parties)
  
  Collection of senior secured 
    note receivable-BRT Realty
    Trust-related party            623,874           379,865
  Sale of U.S. Government 
    obligations
    and securities, net          1,805,249           548,764
                                  
  Other                         (   11,588)               --

                                 ___________        _________     
                   
       Net cash provided by 
         (used in) investing 
         activities              1,011,516        (4,447,235)
                                ___________        _________
Cash flows from financing 
   activities:
  Proceeds from mortgage 
   payable                              --         4,250,000
  Satisfaction of mortgage
   payable                      (2,753,700)               --
  Repayment of mortgage
   payable                         (25,044)               -- 
  Payment of financing costs             --         (100,355)
  Exercise of stock options        155,125            59,313      
  Cash distributions-common 
   stock                          (349,781)        (267,724)     
  Cash distributions-preferred 
   stock                          (647,020)        (647,020)
                                 __________        _________
       Net cash (used in)   
         provided by          
         financing activities   (3,620,420)       3,294,214 
                                 _________         _________

       Net (decrease) increase
          in cash and cash                                  
          equivalents            (637,142)         307,819  
Cash and cash equivalents at 
  beginning of period            2,701,456          947,797
                                  ________        _________ 
Cash and cash equivalents at 
  end of period                 $2,064,314       $1,255,616 
                                ==========        ==========
<FN>

 See accompanying notes to consolidated financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>               

              ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                          (Unaudited) (continued)
<CAPTION>

                                                                
                                     Six Months  Ended June 30, 
                                       1995             1994    
                                       ____             ____

<S>                                 <C>               <C>         
             
Supplemental disclosures of 
  cash flow information:
   Cash paid during the period for
     interest expense                $260,268          $157,813  

Supplemental schedule of noncash 
    investing and financing 
    activities:
    Accretion on preferred stock       76,010           75,105   
    

    Acquisition of real estate and 
    mortgage receivable from
    Gould Investors L.P.-
    related party                  (9,861,729)              --

    Payment for acquisition from
    Gould Investors L.P.:
     Extinguishment of mortgage
          receivable                6,850,000               --
     Transfer of BRT preferred
          stock                     2,455,355               --
     Transfer of BRT common
          stock                       566,374               --









<FN>
 See accompanying notes to consolidated financial statements.
</TABLE>




<PAGE>
<TABLE>

                  ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

                 For the six month period ended June 30, 1995   
                       and the year ended December 31, 1994
                                   (Unaudited)

<CAPTION>
                                Net
                             Unrealized             
                              loss on         Accumulated         
            Common   Paid-in Available-for-   Undistributed       
            Stock    Capital Sale Securities  NetIncome     Total 
 
<S>         <C>        <C>         <C>     <C>        <C>
Balances, 
  January 1, 
   1994     $1,338,619 $12,854,707 $  -    $2,336,775 $16,530,101 

Net income       -         -          -     2,861,137   2,861,137 

Distributions
  -common 
   stock         -         -          -   (1,173,347) (1,173,347) 
Distributions
  -preferred 
   stock         -         -          -   (1,294,042) (1,294,042) 
Accretion on 
  preferred 
  stock          -        (150,661)   -         -       (150,661)
Exercise of
  options       60,500     529,063    -                  589,563
Net unrealized
  loss on avail-
  able-for-sale-
  securities     -         -        (34,913)    -        (34,913)
            __________  ___________ ______ __________ ___________


Balances, 
  December 
    31, 
   1994   1,399,119  13,233,109 (34,913)2,730,523 17,327,838 

Net income       -          -         -    1,481,748   1,481,748
Distributions
  -common 
  stock          -          -         -    (596,127)    (596,127)
Distributions
  -preferred 
   stock         -          -         -    (647,020)    (647,020) 
 
Accretion on 
   preferred 
   stock         -         (76,010)   -         -        (76,010) 
 

Exercise of 
  stock 
  options     17,000       138,125                        155,125
Net unrealized 
  gain on
 available
 -for- sale-
 securities      -           -        12,582     -        12,582  
              ________   __________  ________ ________  _________

Balances, 
  June 
  30, 
  1995    $1,416,119  $13,295,224 $(22,331)$2,969,124 $17,658,136
          ==========  =========== ======== ========== =========== 
 
<FN> 

See accompanying notes to consolidated financial statements.

/TABLE
<PAGE>
<PAGE>
                                         
                 One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements



Note 1 - Basis of Preparation

The accompanying interim unaudited consolidated financial
statements as of June 30, 1995 and for the six and three months
ended June 30, 1995 and 1994 reflect all normal, recurring
adjustments which are, in the opinion of management, necessary
for a fair statement of the results for such interim periods. 
The results of operations for the six and three months ended June
30, 1995 are not necessarily indicative of the results for the
full year.

The consolidated financial statements include the accounts of One
Liberty Properties, Inc. and its wholly-owned subsidiaries.  
Material intercompany items and transactions have been
eliminated.  One Liberty Properties, Inc. and its subsidiaries
are hereinafter referred to as the Company.

These statements should be read in conjunction with the
consolidated financial statements and related notes which are
incorporated by reference in the Company's Annual Report on Form
10-K for the year ended December 31, 1994.

Note 2 - Per Share Data

Primary earnings per common share data is based upon the weighted
average number of common shares and assumed equivalent shares
outstanding during the period, after giving effect to the
dividends and accretion relating to the Company's preferred
stock.  The preferred stock is not considered a common
stock equivalent for the purposes of computing earnings per
share.

The assumed exercise of outstanding stock options, using the
treasury stock method, is not materially dilutive or is
anti-dilutive for the primary common share computation for the
six and three month periods ended June 30, 1995 and 1994.  Fully
diluted earnings per common share are based on an increase in the
number of common shares that would be outstanding assuming the
exercise of common share options.  Since fully diluted earnings
per share amounts are not materially dilutive, such amounts are
not presented.

Note 3 - Acquisition of Real Estate and Mortgage Receivable from
         Related Party

On January 19, 1995 the Company acquired, in a single
transaction, sixteen net lease real estate properties (including
<PAGE>

the reacquisition of thirteen retail locations net leased to 
Total Petroleum) and one mortgage receivable from Gould Investors
L.P., ("Gould") a related party.  The properties are all net
leased on a long term basis to third parties with current
expirations ranging from 2004 to 2051, and have certain tenant
renewal rights.  The consideration paid for the properties was
comprised of (i) the extinguishment of a $6,850,000 mortgage loan
which the Company held on the thirteen Total Petroleum properties
and (ii) 1,030,000 restricted convertible preferred shares of BRT
Realty Trust ("BRT"), a related party, and 173,719 Beneficial
Shares of BRT owned by the Company.  The closing price of the BRT
Beneficial Shares on the New York Stock Exchange on January 19,
1995 (the date of the transaction) was $3.625.  The preferred
shares of BRT do not trade publicly.  The Company's Board of
Directors received prior to and as a condition to consummation of
the transaction analyses of the sixteen properties acquired and
an opinion from an independent investment banker relating to the
fairness of the transaction from a financial point of view.  The
Company recorded the assets acquired at the carrying amount of
the assets exchanged (plus transaction costs), resulting in a
reclassification from investments in BRT and mortgages receivable
to real estate investments, at cost.  The minimum future rentals
to be received on the operating leases over the next five years
are $1,287,000 during the year ending December 31, 1995;
$1,362,000 in 1996; $1,388,000 in 1997; $1,416,000 in 1998; and
$1,444,000 in 1999.  Annual fixed ground rent payable by the
Company on one of the properties is $289,000 through April 30,
2010.
      
           

Note 4 - Management Agreement

On December 31, 1994, the management agreement was terminated and
on January 1, 1995, the Company became self-managed.  Prior to
that date, the Company was managed by an entity ("Manager")
controlled by the Chairman and Vice Chairman of the Company's 
Board of Directors, and its President, all of whom are officers
of the managing general partner of Gould.  The Manager was
entitled to a base annual fee, payable quarterly, equal to 2.5%
of the Company's gross revenues, subject to limitations (as
defined in the management agreement).  Such fees amounted to
$47,468 during the six months ended June 30, 1994. 

Gould charged the Company $190,035 and $87,442 during the six
months ended June 30, 1995 and 1994, respectively, for allocated
general and administrative expenses and payroll based on time
incurred by various employees, as well as payroll and payroll
related costs for the Company's President starting January 1,
1995.


<PAGE>

                  One Liberty Properties, Inc. and Subsidiaries
                    Notes to Consolidated Financial Statements
                                   (Continued)


Note 5 - Preferred and Common Stock Dividend Distributions

On June 9, 1995 the Board of Directors declared quarterly cash
distributions of $.30 and $.40 per share on the Company's common
and preferred stock, respectively, payable on July 6, 1995 to
stockholders of record on June 20, 1995.

Note 6 -  Investments in Debt and Equity Securities

In May, 1993, the Financial Accounting Standards Board issued
SFAS #115, "Accounting for Certain Debt and Equity Securities,"
effective for fiscal years beginning after December 15, 1993. 
The SFAS addresses accounting and reporting for (i) investments
in equity securities that have readily determinable fair values
and (ii) all investments in debt securities.  The Company has
determined in accordance with SFAS #115 that its investment in
Beneficial Shares of BRT and its investment in U.S. Government
obligations and securities are "available-for-sale" securities. 
The accounting treatment of such securities is fair value, with
unrealized holding gains and losses excluded from earnings and
reported as a separate component of shareholders' equity.

The Company's investment in 30,048 Beneficial Shares of BRT,
purchased at a cost of $97,656 has a fair market value at June
30, 1995 of $127,704, resulting in an unrealized holding gain of
$30,048.  The cost basis of the Company's investment in U.S.
Government obligations and securities, which mature principally
during the years 2001 to 2022, is $2,300,670 and the fair value
is $2,248,291.  The resulting unrealized holding loss of $52,379
less the $30,048 unrealized holding gain on the BRT Beneficial
Shares is included as a separate component of shareholders'
equity.

Note 7 -  Stock Options

Options to purchase a total of 17,000 shares of the Company's
common stock at $9.125 per share were exercised in March and June
1995.  The options had been granted under the 1989 Stock Option
Plan as follows: 5,000 in June 1991 and 12,000 in March 1993. <PAGE>
<PAGE>
Item 2.    Management's Discussion and Analysis of Financial
           Condition and Results of Operations



Liquidity and Capital Resources

At June 30, 1995, the Company's primary source of liquidity was
approximately $2,064,000 in cash and $2,248,000 in investments in
U.S. Government obligations and securities.  At the end of 1994,
the Company had approximately $2,701,000 in cash and $3,972,000
in U.S. Government obligations and securities.  The decrease of
approximately $2,361,000 in liquidity since December 31, 1994 is
primarily the result of the purchase of a net leased property for
cash of approximately $1,400,000 located in Iowa and the
satisfaction of a mortgage payable offset by (i) amortization of
mortgages and a note receivable and (ii) net cash provided by
operating activities after payment of cash distributions on the
Company's common and preferred stock.

The Company is currently in discussions concerning the
acquisition of other net leased properties.  In management's
judgement, cash provided from operations, the Company's cash
position and holdings in marketable government securities will
provide adequate funds for cash distributions to shareholders,
operating expenses and funds for a few investment opportunities. 
It will continue to be the Company's policy to make sufficient
cash distributions to shareholders in order for the Company to
maintain its real estate investment trust status under the
Internal Revenue Code.

In connection with the lease agreements with Total Petroleum,
Inc. ("Total Petroleum") consummated in 1991, the Company agreed
to expend certain funds to remediate environmental problems
discovered at certain locations that were net leased to
Total Petroleum.  It was agreed that the net cost to the  Company
would not exceed $350,000 per location, with any excess cost
being the responsibility of Total Petroleum.  At that time the
Company deposited $2,000,000 with an independent escrow agent to
insure compliance by the Company with its obligations with
respect to the environmental clean up.  The escrow agent held
approximately $1,392,000 as of June 30, 1995 which the Company
deems adequate to cover any additional environmental costs.

The Michigan Underground Storage Tank Fund Administration
("MUSTFA") has been reimbursing qualified companies for
environmental costs incurred in "clean up" associated with
underground storage tanks.  In 1995, the Company received or
accrued approximately $60,000 regarding this fund.  The Company
cannot estimate the amount, if any, which will be reimbursed by
MUSTFA in the future due to a currently contemplated termination
of the program.

<PAGE>


Results of Operations

Six and three months ended June 30, 1995 and 1994

Total revenues increased to $2,395,126 and $1,177,938 for the six
and three months ended June 30, 1995 from $1,898,722 and $951,896
for the six and three months ended June 30, 1994.  Rental income
increased to $1,231,020 and $664,423 in the current six and three
month periods from $382,112 and $203,864 during the prior six and
three month periods primarily due to rents earned on (i) the
properties acquired from Gould Investors L.P. ("Gould") in
January 1995 (see Note 3 of Notes to Consolidated Financial
Statements) and (ii) a property acquired in June 1994.  Interest
income from related parties decreased from $1,150,903 and
$536,459 during the six and three month periods ended June 30,
1994 to $913,775 and $418,440 during the six and three month
periods ended June 30, 1995, principally due to the
extinguishment of a mortgage loan due from Gould as part of the
aforementioned acquisition in January 1995.  Dividends from
related party decreased to $13,940 in the current six month
period from $135,000 during the prior six month period due to the
transfer of the preferred shares of BRT Realty Trust to Gould as
part of the aforementioned acquisition.

Interest and other income decreased to $95,075 during the three
months ended June 30, 1995 from $144,073 during the three months
ended June, 1994.  The decrease is primarily due to a decrease in
amounts received or accrued from MUSTFA from the comparable three
month period in the prior year.

The increase in depreciation from $49,519 and $26,240 for the six
and three month periods ended June 30, 1994 to $206,743 and
$106,985 for the six and three month periods ended June 30, 1995
was primarily a result of depreciation on the properties acquired
from Gould and a property acquired in June 1994.  The increase in
interest-mortgages payable to $236,564 and $92,075 in the current
six and three month periods from $157,813 and $87,249 in the
prior six and three month periods results from interest expense
on a $4,250,000 mortgage loan obtained by the Company in
connection with a property acquired in June 1994, offset in part
in the current three month period by the elimination of interest
paid on a $2,753,700 mortgage loan which was fully repaid in
March 1995.

Effective January 1, 1995, the Company became self-managed
thereby eliminating the management fee.  See Note 4 of Notes to
Consolidated Financial Statements for additional information.

In connection with the property acquisition from Gould the
Company must pay annual fixed leasehold rent on one property of
$289,000 through April 30, 2010.

<PAGE>

General and administrative costs increased during the six and
three months ended June 30, 1995 to $318,749 and $161,729 from
$207,945 and $114,330 during the six and three months ended June
30, 1994.  The increase is substantially due to an increase in
expenses allocated by Gould principally caused by allocated
payroll charges based on additional time incurred by various
employees as the Company's level of activities increased, as well
as payroll and related costs for the Company's President.

Loss on sale of investments results from the sale of U.S.
Government obligations and securities and amounted to $11,345 and
$2,165 during the six and three months ended June 30, 1995. 
During the six and three months ended June 30, 1994 such losses
amounted to $43,828.
<PAGE>
<PAGE>      
                     Part II - Other Information



Item 6. - Exhibits and Reports on Form 8-K

No Form 8-Ks were filed during the quarter ended June 30, 1995.



<PAGE>
<PAGE>      

                           ONE LIBERTY PROPERTIES, INC.



                                    SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.


                                                                  
                           One Liberty Properties, Inc.           
                                  (Registrant)




August 10, 1995           /s/ Matthew Gould
_______________           _________________                       
 Date                     Matthew Gould                           
                          President





August 10, 1995           /s/ David W. Kalish
_______________           ___________________ 
 Date                     David W. Kalish                         
                          Vice President and                      
                          Chief Financial Officer

<PAGE>      

                           ONE LIBERTY PROPERTIES, INC.



                                    SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.


                                                                  
                           One Liberty Properties, Inc.           
                                  (Registrant)




August 10, 1995           /S/ Matthew Gould
_______________           _________________                       
 Date                     Matthew Gould                           
                          President





August 10, 1995          /S/ David W. Kalish
______________           __________________ 
 Date                     David W. Kalish                         
                          Vice President and                      
                          Chief Financial Officer
[{"type": "10-Q", "sequence": "1", "secsgml_size_bytes": 32157}]
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SECURITIES AND EXCHANGE COMMISSION
                          Washington, DC   20549

                                 Form 10-Q

[X]       Quarterly Report Pursuant to Section 13 or 15(d)
          of the Securities Exchange Act of 1934

          For the quarterly period ended June 30, 1995

                                    OR

[ ]       Transition Report Pursuant to Section 13 or 15(d) of
          the Securities Exchange Act of 1934

                    Commission File Number 0-11083

         
                  ONE LIBERTY PROPERTIES, INC.
           
      (Exact name of registrant as specified in its charter)

                MARYLAND                      13-3147497
       (State or other jurisdiction of     (I.R.S. Employer  
        incorporation or organization)     Identification Number)

     60 Cutter Mill Road, Great Neck, New York         11021      
     (Address of principal executive offices)       (Zip Code)    
   

Registrant's telephone number, including area code:(516) 466-3100 

Indicate the number of shares outstanding of each of the issuer's
          classes of stock, as of the latest practicable date.

     As of August 4, 1995, the Registrant had 1,416,119 shares  
        of Common Stock and 808,776 shares of Redeemable    
          Convertible Preferred Stock outstanding.

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                            Yes   X     No     
                                 ___
Part I - FINANCIAL INFORMATION

Item 1.   Financial Statements          

               ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS
June 30,     December 31,
                                          1995          1994     
                                        (Unaudited)
Assets
  Real estate investments, at cost
     Land                              $ 6,815,420  $ 3,586,317
     Buildings                          16,218,931    8,163,951
                                       ___________   __________
                                        23,034,351   11,750,268
       Less accumulated depreciation       960,477      753,734
                                       ___________   __________
                                        22,073,874   10,996,534
  Mortgages receivable-less unamortized
     discount-(substantially all from     
     related parties)-(Note 3)           7,121,696   13,988,031
  Senior secured note receivable-                 
     less unamortized discount-
     (related party)                     1,484,319    2,108,193   
 Cash and cash equivalents               2,064,314    2,701,456
  Unbilled rent receivable                 130,157      173,547
  Rent, interest and other receivables     186,817      360,599
  Investments in BRT Realty Trust- 
    (related party)- (Note 6)              127,704    3,219,481
  Investment in U.S. Government 
     obligations and securities -
     (Note 6)                            2,248,292    3,972,256
  Other                                     93,485      132,676
                                        ___________   _________
  
       Total assets                     $35,530,658 $37,652,773
                                        =========== ===========
Liabilities and Stockholders' Equity
  Liabilities:
     Mortgages payable                  $ 4,204,903 $ 6,983,647
     Accounts payable and accrued 
     expenses                               202,865     198,890
     Dividends payable                      744,746     498,400
                                        ___________ ___________
     Total liabilities                    5,152,514   7,680,937
                                        ___________  __________ 
  
Redeemable convertible preferred 
     stock, $1 par value; $1.60 
     cumulative annual dividend; 
     2,300,000 shares authorized;
     808,776 shares issued; liquidation 
     and redemption values of $16.50      12,720,008  12,643,998
                                         ___________  __________
  Stockholders' equity:
     Common stock, $1 par value; 
      25,000,000 shares authorized;        
      1,416,119 and 1,399,119 
      shares issued outstanding           1,416,119   1,399,119
     Paid-in capital                     13,295,224  13,233,109
     Net unrealized loss on available-
      for-sale securities-(Note 6)          (22,331)    (34,913)
     Accumulated undistributed net 
      income                              2,969,124   2,730,523
                                         __________  __________
        Total stockholders' equity       17,658,136  17,327,838
                                         __________  __________
        Total liabilities and 
        stockholders' equity            $35,530,658 $37,652,773
                                        =========== ===========
See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF INCOME
                                  (Unaudited)
Three Months Ended    Six Months Ended
                         June 30,             June 30,    
                    __________________    __________________
                      1995        1994        1995      1994
Revenues:                           
  Rental income     $ 664,423   $ 203,864  $1,231,020  $ 382,112
  Interest from 
   related parties    418,440     536,459     913,775  1,150,903  
   
 

  Dividends from 
   related party          --       67,500      13,940    135,000
  Interest and other 
   income              95,075     144,073     236,391    230,707
                     ________    ________   _________   ________  
                                       
        
                    1,177,938     951,896   2,395,126  1,898,722
                    _________    ________   _________  _________  
                                           
    

Expenses: 
  Depreciation        106,985      26,240     206,743     49,519
  Interest - 
   mortgages payable   92,075      87,249     236,564    157,813
  Management fee(Note 4)   --      23,797          --     47,468
  Leasehold rent       74,997          --     139,977         --
    (Note 3)
  General and 
    administrative    161,729     114,330     318,749    207,945
                     ________    ________    ________   ________  
                        
                      435,786     251,616     902,033    462,745
                     ________    ________    ________   ________ 
Operating income      742,152     700,280   1,493,093  1,435,977

Loss on sale         
  of investments      ( 2,165)    (43,828)    (11,345)   (43,828)
                    __________    _______   __________ _________ 
Net income         $  739,987    $656,452  $1,481,748 $1,392,149
                    ==========   ========  =========== =========
  

Calculation of net 
  income applicable to 
  common stockholders:                
Net income         $  739,987    $656,452  $1,481,748 $1,392,149
Less: dividends 
  and accretion on
  preferred stock     361,572     361,119     723,030    722,125  
                    _________     _______    ________  _________

Net income 
  applicable 
  to common
  stockholders    $   378,415    $295,333   $ 758,718  $ 670,024
                  ===========    ========   =========  =========
Weighted average 
   number of 
   common shares 
   outstanding      1,405,586   1,339,847   1,402,436  1,339,233
                   ==========   =========   =========  =========

Net income per 
  common share 
  (Note 2):
  Operating 
   income          $       .27  $     .25   $     .55 $     .53
  Loss on        
   sale of 
   investments               -  $    (.03)       (.01)     (.03)
                   ____________ _________   __________ ________
  Net income       $       .27  $     .22   $     .54 $     .50
                   ============ =========   ========= =========
Cash distributions 
  per share:
  Common Stock     $       .30  $    .125   $    .425 $    .225
                   ===========  =========   ========= ========= 
  Preferred Stock  $       .40  $     .40   $     .80 $     .80
                   ===========  =========   ========= =========
See accompanying notes to consolidated financial statements.
/TABLE
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (Unaudited)
Six Months Ended June 30,        
                                    1995               1994    
                                 _______          _________
Cash flows from operating 
   activities:
  Net income                     $1,481,748       $1,392,149
  Adjustments to reconcile 
    net income to net                           
    cash provided by 
    operating activities:                                    
     Loss on sale of        
      investments                    11,345           43,828 
     Depreciation and 
      amortization                  228,325           72,643
     Changes in assets and 
      liabilities:                     
      Decrease (increase) in rent, 
        interest and other 
        receivables                 246,369         (118,315)
      Decrease in accounts
      payable and accrued 
         expenses                     3,975           70,535 
                                  _________        __________  
       Net cash provided by 
         operating                    
         activities               1,971,762        1,460,840
                                  _________        _________

Cash flows from investing 
  activities:
  Additions to real estate       (1,399,338)      (5,549,182)
  Costs of acquisition of
   real estate and mortgage
   receivable from Gould 
   Investors L.P.-related party   (  90,514)              -- 
  Collection of mortgages 
    receivable-   
    (including $72,635 and  
    $166,933                        83,833           173,318
    from related parties)
  
  Collection of senior secured 
    note receivable-BRT Realty
    Trust-related party            623,874           379,865
  Sale of U.S. Government 
    obligations
    and securities, net          1,805,249           548,764
                                  
  Other                         (   11,588)               --

                                 ___________        _________     
                   
       Net cash provided by 
         (used in) investing 
         activities              1,011,516        (4,447,235)
                                ___________        _________
Cash flows from financing 
   activities:
  Proceeds from mortgage 
   payable                              --         4,250,000
  Satisfaction of mortgage
   payable                      (2,753,700)               --
  Repayment of mortgage
   payable                         (25,044)               -- 
  Payment of financing costs             --         (100,355)
  Exercise of stock options        155,125            59,313      
  Cash distributions-common 
   stock                          (349,781)        (267,724)     
  Cash distributions-preferred 
   stock                          (647,020)        (647,020)
                                 __________        _________
       Net cash (used in)   
         provided by          
         financing activities   (3,620,420)       3,294,214 
                                 _________         _________

       Net (decrease) increase
          in cash and cash                                  
          equivalents            (637,142)         307,819  
Cash and cash equivalents at 
  beginning of period            2,701,456          947,797
                                  ________        _________ 
Cash and cash equivalents at 
  end of period                 $2,064,314       $1,255,616 
                                ==========        ==========
See accompanying notes to consolidated financial statements.
/TABLE
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                          (Unaudited) (continued)
Six Months  Ended June 30, 
                                       1995             1994    
                                       ____             ____
Supplemental disclosures of 
  cash flow information:
   Cash paid during the period for
     interest expense                $260,268          $157,813  

Supplemental schedule of noncash 
    investing and financing 
    activities:
    Accretion on preferred stock       76,010           75,105   
    

    Acquisition of real estate and 
    mortgage receivable from
    Gould Investors L.P.-
    related party                  (9,861,729)              --

    Payment for acquisition from
    Gould Investors L.P.:
     Extinguishment of mortgage
          receivable                6,850,000               --
     Transfer of BRT preferred
          stock                     2,455,355               --
     Transfer of BRT common
          stock                       566,374               --
See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

                 For the six month period ended June 30, 1995   
                       and the year ended December 31, 1994
                                   (Unaudited)
Net
                             Unrealized             
                              loss on         Accumulated         
            Common   Paid-in Available-for-   Undistributed       
            Stock    Capital Sale Securities  NetIncome     Total
Balances, 
  January 1, 
   1994     $1,338,619 $12,854,707 $  -    $2,336,775 $16,530,101 

Net income       -         -          -     2,861,137   2,861,137 

Distributions
  -common 
   stock         -         -          -   (1,173,347) (1,173,347) 
Distributions
  -preferred 
   stock         -         -          -   (1,294,042) (1,294,042) 
Accretion on 
  preferred 
  stock          -        (150,661)   -         -       (150,661)
Exercise of
  options       60,500     529,063    -                  589,563
Net unrealized
  loss on avail-
  able-for-sale-
  securities     -         -        (34,913)    -        (34,913)
            __________  ___________ ______ __________ ___________

Balances, 
  December 
    31, 
   1994   1,399,119  13,233,109 (34,913)2,730,523 17,327,838 

Net income       -          -         -    1,481,748   1,481,748
Distributions
  -common 
  stock          -          -         -    (596,127)    (596,127)
Distributions
  -preferred 
   stock         -          -         -    (647,020)    (647,020) 
 
Accretion on 
   preferred 
   stock         -         (76,010)   -         -        (76,010) 
 

Exercise of 
  stock 
  options     17,000       138,125                        155,125
Net unrealized 
  gain on
 available
 -for- sale-
 securities      -           -        12,582     -        12,582  
              ________   __________  ________ ________  _________

Balances, 
  June 
  30, 
  1995    $1,416,119  $13,295,224 $(22,331)$2,969,124 $17,658,136
          ==========  =========== ======== ========== ===========
See accompanying notes to consolidated financial statements.

/TABLE
One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements

Note 1 - Basis of Preparation

The accompanying interim unaudited consolidated financial
statements as of June 30, 1995 and for the six and three months
ended June 30, 1995 and 1994 reflect all normal, recurring
adjustments which are, in the opinion of management, necessary
for a fair statement of the results for such interim periods. 
The results of operations for the six and three months ended June
30, 1995 are not necessarily indicative of the results for the
full year.

The consolidated financial statements include the accounts of One
Liberty Properties, Inc. and its wholly-owned subsidiaries.  
Material intercompany items and transactions have been
eliminated.  One Liberty Properties, Inc. and its subsidiaries
are hereinafter referred to as the Company.

These statements should be read in conjunction with the
consolidated financial statements and related notes which are
incorporated by reference in the Company's Annual Report on Form
10-K for the year ended December 31, 1994.

Note 2 - Per Share Data

Primary earnings per common share data is based upon the weighted
average number of common shares and assumed equivalent shares
outstanding during the period, after giving effect to the
dividends and accretion relating to the Company's preferred
stock.  The preferred stock is not considered a common
stock equivalent for the purposes of computing earnings per
share.

The assumed exercise of outstanding stock options, using the
treasury stock method, is not materially dilutive or is
anti-dilutive for the primary common share computation for the
six and three month periods ended June 30, 1995 and 1994.  Fully
diluted earnings per common share are based on an increase in the
number of common shares that would be outstanding assuming the
exercise of common share options.  Since fully diluted earnings
per share amounts are not materially dilutive, such amounts are
not presented.

Note 3 - Acquisition of Real Estate and Mortgage Receivable from
         Related Party

On January 19, 1995 the Company acquired, in a single
transaction, sixteen net lease real estate properties (including
the reacquisition of thirteen retail locations net leased to 
Total Petroleum) and one mortgage receivable from Gould Investors
L.P., ("Gould") a related party.  The properties are all net
leased on a long term basis to third parties with current
expirations ranging from 2004 to 2051, and have certain tenant
renewal rights.  The consideration paid for the properties was
comprised of (i) the extinguishment of a $6,850,000 mortgage loan
which the Company held on the thirteen Total Petroleum properties
and (ii) 1,030,000 restricted convertible preferred shares of BRT
Realty Trust ("BRT"), a related party, and 173,719 Beneficial
Shares of BRT owned by the Company.  The closing price of the BRT
Beneficial Shares on the New York Stock Exchange on January 19,
1995 (the date of the transaction) was $3.625.  The preferred
shares of BRT do not trade publicly.  The Company's Board of
Directors received prior to and as a condition to consummation of
the transaction analyses of the sixteen properties acquired and
an opinion from an independent investment banker relating to the
fairness of the transaction from a financial point of view.  The
Company recorded the assets acquired at the carrying amount of
the assets exchanged (plus transaction costs), resulting in a
reclassification from investments in BRT and mortgages receivable
to real estate investments, at cost.  The minimum future rentals
to be received on the operating leases over the next five years
are $1,287,000 during the year ending December 31, 1995;
$1,362,000 in 1996; $1,388,000 in 1997; $1,416,000 in 1998; and
$1,444,000 in 1999.  Annual fixed ground rent payable by the
Company on one of the properties is $289,000 through April 30,
2010.
      
           

Note 4 - Management Agreement

On December 31, 1994, the management agreement was terminated and
on January 1, 1995, the Company became self-managed.  Prior to
that date, the Company was managed by an entity ("Manager")
controlled by the Chairman and Vice Chairman of the Company's 
Board of Directors, and its President, all of whom are officers
of the managing general partner of Gould.  The Manager was
entitled to a base annual fee, payable quarterly, equal to 2.5%
of the Company's gross revenues, subject to limitations (as
defined in the management agreement).  Such fees amounted to
$47,468 during the six months ended June 30, 1994. 

Gould charged the Company $190,035 and $87,442 during the six
months ended June 30, 1995 and 1994, respectively, for allocated
general and administrative expenses and payroll based on time
incurred by various employees, as well as payroll and payroll
related costs for the Company's President starting January 1,
1995.
One Liberty Properties, Inc. and Subsidiaries
                    Notes to Consolidated Financial Statements
                                   (Continued)

Note 5 - Preferred and Common Stock Dividend Distributions

On June 9, 1995 the Board of Directors declared quarterly cash
distributions of $.30 and $.40 per share on the Company's common
and preferred stock, respectively, payable on July 6, 1995 to
stockholders of record on June 20, 1995.

Note 6 -  Investments in Debt and Equity Securities

In May, 1993, the Financial Accounting Standards Board issued
SFAS #115, "Accounting for Certain Debt and Equity Securities,"
effective for fiscal years beginning after December 15, 1993. 
The SFAS addresses accounting and reporting for (i) investments
in equity securities that have readily determinable fair values
and (ii) all investments in debt securities.  The Company has
determined in accordance with SFAS #115 that its investment in
Beneficial Shares of BRT and its investment in U.S. Government
obligations and securities are "available-for-sale" securities. 
The accounting treatment of such securities is fair value, with
unrealized holding gains and losses excluded from earnings and
reported as a separate component of shareholders' equity.

The Company's investment in 30,048 Beneficial Shares of BRT,
purchased at a cost of $97,656 has a fair market value at June
30, 1995 of $127,704, resulting in an unrealized holding gain of
$30,048.  The cost basis of the Company's investment in U.S.
Government obligations and securities, which mature principally
during the years 2001 to 2022, is $2,300,670 and the fair value
is $2,248,291.  The resulting unrealized holding loss of $52,379
less the $30,048 unrealized holding gain on the BRT Beneficial
Shares is included as a separate component of shareholders'
equity.

Note 7 -  Stock Options

Options to purchase a total of 17,000 shares of the Company's
common stock at $9.125 per share were exercised in March and June
1995.  The options had been granted under the 1989 Stock Option
Plan as follows: 5,000 in June 1991 and 12,000 in March 1993.
Item 2.    Management's Discussion and Analysis of Financial
           Condition and Results of Operations

Liquidity and Capital Resources

At June 30, 1995, the Company's primary source of liquidity was
approximately $2,064,000 in cash and $2,248,000 in investments in
U.S. Government obligations and securities.  At the end of 1994,
the Company had approximately $2,701,000 in cash and $3,972,000
in U.S. Government obligations and securities.  The decrease of
approximately $2,361,000 in liquidity since December 31, 1994 is
primarily the result of the purchase of a net leased property for
cash of approximately $1,400,000 located in Iowa and the
satisfaction of a mortgage payable offset by (i) amortization of
mortgages and a note receivable and (ii) net cash provided by
operating activities after payment of cash distributions on the
Company's common and preferred stock.

The Company is currently in discussions concerning the
acquisition of other net leased properties.  In management's
judgement, cash provided from operations, the Company's cash
position and holdings in marketable government securities will
provide adequate funds for cash distributions to shareholders,
operating expenses and funds for a few investment opportunities. 
It will continue to be the Company's policy to make sufficient
cash distributions to shareholders in order for the Company to
maintain its real estate investment trust status under the
Internal Revenue Code.

In connection with the lease agreements with Total Petroleum,
Inc. ("Total Petroleum") consummated in 1991, the Company agreed
to expend certain funds to remediate environmental problems
discovered at certain locations that were net leased to
Total Petroleum.  It was agreed that the net cost to the  Company
would not exceed $350,000 per location, with any excess cost
being the responsibility of Total Petroleum.  At that time the
Company deposited $2,000,000 with an independent escrow agent to
insure compliance by the Company with its obligations with
respect to the environmental clean up.  The escrow agent held
approximately $1,392,000 as of June 30, 1995 which the Company
deems adequate to cover any additional environmental costs.

The Michigan Underground Storage Tank Fund Administration
("MUSTFA") has been reimbursing qualified companies for
environmental costs incurred in "clean up" associated with
underground storage tanks.  In 1995, the Company received or
accrued approximately $60,000 regarding this fund.  The Company
cannot estimate the amount, if any, which will be reimbursed by
MUSTFA in the future due to a currently contemplated termination
of the program.
Results of Operations

Six and three months ended June 30, 1995 and 1994

Total revenues increased to $2,395,126 and $1,177,938 for the six
and three months ended June 30, 1995 from $1,898,722 and $951,896
for the six and three months ended June 30, 1994.  Rental income
increased to $1,231,020 and $664,423 in the current six and three
month periods from $382,112 and $203,864 during the prior six and
three month periods primarily due to rents earned on (i) the
properties acquired from Gould Investors L.P. ("Gould") in
January 1995 (see Note 3 of Notes to Consolidated Financial
Statements) and (ii) a property acquired in June 1994.  Interest
income from related parties decreased from $1,150,903 and
$536,459 during the six and three month periods ended June 30,
1994 to $913,775 and $418,440 during the six and three month
periods ended June 30, 1995, principally due to the
extinguishment of a mortgage loan due from Gould as part of the
aforementioned acquisition in January 1995.  Dividends from
related party decreased to $13,940 in the current six month
period from $135,000 during the prior six month period due to the
transfer of the preferred shares of BRT Realty Trust to Gould as
part of the aforementioned acquisition.

Interest and other income decreased to $95,075 during the three
months ended June 30, 1995 from $144,073 during the three months
ended June, 1994.  The decrease is primarily due to a decrease in
amounts received or accrued from MUSTFA from the comparable three
month period in the prior year.

The increase in depreciation from $49,519 and $26,240 for the six
and three month periods ended June 30, 1994 to $206,743 and
$106,985 for the six and three month periods ended June 30, 1995
was primarily a result of depreciation on the properties acquired
from Gould and a property acquired in June 1994.  The increase in
interest-mortgages payable to $236,564 and $92,075 in the current
six and three month periods from $157,813 and $87,249 in the
prior six and three month periods results from interest expense
on a $4,250,000 mortgage loan obtained by the Company in
connection with a property acquired in June 1994, offset in part
in the current three month period by the elimination of interest
paid on a $2,753,700 mortgage loan which was fully repaid in
March 1995.

Effective January 1, 1995, the Company became self-managed
thereby eliminating the management fee.  See Note 4 of Notes to
Consolidated Financial Statements for additional information.

In connection with the property acquisition from Gould the
Company must pay annual fixed leasehold rent on one property of
$289,000 through April 30, 2010.
General and administrative costs increased during the six and
three months ended June 30, 1995 to $318,749 and $161,729 from
$207,945 and $114,330 during the six and three months ended June
30, 1994.  The increase is substantially due to an increase in
expenses allocated by Gould principally caused by allocated
payroll charges based on additional time incurred by various
employees as the Company's level of activities increased, as well
as payroll and related costs for the Company's President.

Loss on sale of investments results from the sale of U.S.
Government obligations and securities and amounted to $11,345 and
$2,165 during the six and three months ended June 30, 1995. 
During the six and three months ended June 30, 1994 such losses
amounted to $43,828.
Part II - Other Information

Item 6. - Exhibits and Reports on Form 8-K

No Form 8-Ks were filed during the quarter ended June 30, 1995.
ONE LIBERTY PROPERTIES, INC.

                                    SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.

                                                                  
                           One Liberty Properties, Inc.           
                                  (Registrant)

August 10, 1995           /s/ Matthew Gould
_______________           _________________                       
 Date                     Matthew Gould                           
                          President

August 10, 1995           /s/ David W. Kalish
_______________           ___________________ 
 Date                     David W. Kalish                         
                          Vice President and                      
                          Chief Financial Officer
ONE LIBERTY PROPERTIES, INC.

                                    SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.

                                                                  
                           One Liberty Properties, Inc.           
                                  (Registrant)

August 10, 1995           /S/ Matthew Gould
_______________           _________________                       
 Date                     Matthew Gould                           
                          President

August 10, 1995          /S/ David W. Kalish
______________           __________________ 
 Date                     David W. Kalish                         
                          Vice President and                      
                          Chief Financial Officer