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 September 30, 2001

                                       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 office)                       (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 November 7, 2001, the Registrant had 3,025,317 shares of
           Common Stock and 648,058 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>


Part I - FINANCIAL INFORMATION

Item 1.    Financial Statements
<TABLE>
<CAPTION>

                     ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                               CONSOLIDATED BALANCE SHEETS
                     (Amounts in Thousands, Except Per Share Data)



                                                                                    September 30,     December 31,
                                                                                       2001              2000
                                                                                       ----              ----
                                                                                    (Unaudited)
<S>                                                                                <C>                 <C>

Assets
   Real estate investments, at cost
   Land                                                                             $  25,939          $  26,279
   Buildings                                                                          101,153            101,585
                                                                                     --------          ---------
                                                                                      127,092            127,864
           Less accumulated depreciation                                                8,018              6,244
                                                                                     --------          ---------
                                                                                      119,074            121,620

   Cash and cash equivalents                                                            8,149              2,069
   Unbilled rent receivable                                                             2,239              1,615
   Rent, interest, deposits and other receivables                                         960                976
   Note receivable - officer                                                              167                240
   Investment in BRT Realty Trust-(related party)                                         303                240
   Deferred financing costs                                                             1,328              1,154
   Other   (including available-for-sale securities of
         $216 and $228)                                                                   377                305
                                                                                     --------           --------

           Total assets                                                              $132,597           $128,219
                                                                                     ========           ========

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                                            $ 76,891           $ 64,123
        Line of credit                                                                      -             10,000
        Accrued expenses and other liabilities                                            763                720
        Dividends payable                                                               1,165                  -
                                                                                     --------           --------

           Total liabilities                                                           78,819             74,843
                                                                                     --------           --------

Commitments and contingencies                                                               -                  -


Stockholders' equity:
        Redeemable convertible preferred stock, $1 par value; $1.60 cumulative
         annual dividend; 2,300 shares authorized; 648 shares issued;
         liquidation and redemption values of $16.50                                   10,693             10,693
        Common stock, $1 par value; 25,000
         shares authorized; 3,021 and 3,010
         shares issued  and outstanding                                                 3,021              3,010
        Paid-in capital                                                                31,764             31,650
        Accumulated other comprehensive income - net
           unrealized gain on available-for-sale securities                               193                 76
        Accumulated undistributed net income                                            8,107              7,947
                                                                                     --------           --------

           Total stockholders' equity                                                  53,778             53,376
                                                                                    ---------           --------

           Total liabilities and stockholders' equity                                $132,597           $128,219
                                                                                     ========           ========




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

<PAGE>

<TABLE>
<CAPTION>

                  ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME
                  (Amounts in Thousands, Except Per Share Data)
                                   (Unaudited)

                                                                     Three Months Ended                  Nine Months Ended
                                                                        September 30,                      September 30,
                                                                  ---------------------                ---------------------
                                                                 2001               2000              2001               2000
                                                                 ----               ----              ----               ----
<S>                                                            <C>                 <C>              <C>                 <C>

Revenues:
   Rental income                                               $3,732              $3,321           $11,322             $9,025
   Interest and other income                                       66                  35               143                185
                                                              -------             -------            ------             ------

                                                                3,798               3,356            11,465              9,210
                                                               ------             -------           -------             ------

Expenses:
   Depreciation and amortization                                  727                 642             2,173             1,710
   Interest - mortgages payable                                 1,533               1,166             4,283             3,076
   Interest - line of credit                                       10                 105               241               157
   Leasehold rent                                                  72                  72               217               217
   General and administrative                                     284                 266               881               816
   Real estate expenses                                            41                  27               130                47
                                                               ------              ------           -------            ------
                                                                2,667               2,278             7,925             6,023
                                                               ------              ------           -------            ------

Income before gain (loss) on sale                               1,131               1,078             3,540             3,187
                                                               ------              ------           -------            ------

   Gain on sale of real estate                                    172                   -               126               199
   (Loss) gain on sale of available-for-sale
      securities                                                    -                   3               (14)              (10)
                                                              -------             -------           -------            ------
                                                                  172                   3               112               189
                                                              -------             -------           -------            ------

Net income                                                     $1,303              $1,081           $ 3,652            $3,376
                                                               ======              ======           =======            ======

Calculation of net income applicable to common stockholders:
Net income                                                     $1,303              $1,081           $ 3,652            $3,376
Less: dividends on preferred stock                                259                 261               778               784
                                                              -------             -------           -------            ------

Net income applicable to
   common stockholders                                         $1,044             $   820           $ 2,874            $2,592
                                                               ======             =======           =======            ======

Weighted average number of common shares outstanding:
     Basic                                                      3,020               2,998             3,016             2,989
                                                                =====               =====             =====             =====
     Diluted                                                    3,045               2,999             3,028             2,990
                                                                =====               =====             =====             =====

Net income per common share:
     Basic                                                     $  .35             $   .27            $  .95            $  .87
                                                               ======             =======            ======            ======
     Diluted                                                   $  .34             $   .27            $  .95            $  .87
                                                               ======             =======            ======            ======
Cash distributions per share:
   Common Stock                                                $  .30             $   .30            $  .90            $  .90
                                                               ======             =======            ======            ======
   Preferred Stock                                             $  .40             $   .40            $ 1.20            $ 1.20
                                                               ======             =======            ======            ======






       See accompanying notes to consolidated financial statements.

</TABLE>
<PAGE>

<TABLE>
<CAPTION>

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

           For the nine month period ended September 30, 2001 (unaudited)
                      and the year ended December 31, 2000
                             (Amounts in Thousands)

                                                                             Accumulated
                                                                                Other          Accumulated
                                   Preferred   Common          Paid-in      Comprehensive     Undistributed
                                     Stock     Stock           Capital         Income           Net Income      Total
                                    -------    ------          -------         ------           ----------     ------
<S>                                 <C>        <C>             <C>              <C>              <C>           <C>

Balances, January 1, 2000           $10,802    $2,980          $31,338           $33             $4,649        $49,802

Distributions -
   common stock                           -         -                -             -             (3,590)        (3,590)
Distributions -
   preferred stock                        -         -                -             -             (1,044)        (1,044)
Preferred stock                        (109)        -               18             -                  -            (91)
Shares issued through
   dividend reinvestment plan             -        30              294             -                  -            324
     Net income                           -         -                -             -              7,932          7,932
     Other comprehensive income-
      net unrealized gain on
      available-for-sale securities       -         -                -            43                  -             43
                                                                                                                ------
Comprehensive income                      -         -                -             -                  -          7,975
                                     ------     -----           -------       ------             ------         ------

Balances, December 31, 2000          10,693     3,010           31,650            76              7,947         53,376

Distributions -
   common stock                           -         -                -             -             (2,714)        (2,714)
Distributions -
   preferred stock                        -         -                -             -               (778)          (778)
Shares issued through
   dividend reinvestment plan             -        11              114             -                  -            125
     Net income                           -         -                -             -              3,652          3,652
     Other comprehensive income-
      net unrealized gain on
      available-for-sale securities       -         -                -           117                  -            117
                                                                                                                ------
Comprehensive income                      -         -                -             -                  -          3,769
                                    -------     -----          -------        ------             ------         ------

Balances, September 30, 2001        $10,693    $3,021          $31,764         $ 193            $ 8,107        $53,778
                                    =======    ======          =======        ======            =======        =======






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

<PAGE>

<TABLE>
<CAPTION>

                  ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (Amounts in Thousands)
                                   (Unaudited)



                                                                                                     Nine Months Ended
                                                                                                       September 30,
                                                                                                 2001                  2000
                                                                                                 ----                  ----
<S>                                                                                            <C>                   <C>

Cash flows from operating activities:
   Net income                                                                                  $ 3,652               $ 3,376
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   Gain on sale of real estate                                                                    (126)                 (199)
   Loss on sale of available-for-sale securities                                                    14                    10
   Increase in rental income from straight-lining of rent                                         (624)                 (516)
   Depreciation and amortization                                                                 2,173                 1,710
   Changes in assets and liabilities:
   Increase in rent, interest, deposits and other receivables                                      (67)                 (319)
   Increase in accrued expenses and other liabilities                                               59                   234
                                                                                               -------               -------

           Net cash provided by operating activities                                             5,081                 4,296
                                                                                               -------               -------

Cash flows from investing activities:
   Additions to real estate                                                                        (17)              (33,101)
   Net proceeds from sale of real estate                                                           749                   837
   Net proceeds from sale of available-for-sale securities                                         185                   150
   Purchase of available-for-sale securities                                                      (132)                    -
   Payments to minority interest by subsidiary                                                     (16)                  (21)
                                                                                               -------               -------

           Net cash provided by (used in) investing activities                                     769               (32,135)
                                                                                               -------               -------

Cash flows from financing activities:
   Proceeds from mortgages payable                                                              13,600                15,000
   Repayment of mortgages payable                                                                 (832)                 (569)
   Payment of financing costs                                                                     (408)                 (531)
   Line of credit - (paydowns) borrowings                                                      (10,000)                8,000
   Cash distributions - common stock                                                            (1,808)               (1,793)
   Cash distributions - preferred stock                                                           (519)                 (523)
   Issuance of shares through dividend reinvestment plan                                           124                   195
   Note receivable - officer                                                                        73                  (160)
   Repurchase of preferred stock, which was cancelled                                                -                   (42)
                                                                                              --------              --------

           Net cash provided by financing activities                                               230                19,577
                                                                                              --------              --------

           Net increase (decrease) in cash and cash equivalents                                  6,080                (8,262)

Cash and cash equivalents at beginning of period                                                 2,069                11,247
                                                                                              --------               -------

Cash and cash equivalents at end of period                                                    $  8,149               $ 2,985
                                                                                              ========               =======

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                           $  4,551               $ 3,080

Supplemental schedule of non cash investing and financing activities:
   Assumption of mortgage payable in connection
     with purchase of real estate                                                             $      -               $ 9,015




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

<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
September  30, 2001 and for the nine and three months ended  September  20, 2001
and 2000 reflect all normal,  recurring adjustments which are, in the opinion of
management,  necessary for a fair  presentation  of the results for such interim
periods. The results of operations for the nine and three months ended September
30, 2001 are not necessarily indicative of the results for the full year.

The  preparation  of the  financial  statements in  conformity  with  accounting
principles  generally accepted in the United States requires  management to make
estimates  and  assumptions  that affect the amounts  reported in the  financial
statements and accompanying notes. Actual results could differ from those
estimates.

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

Certain amounts reported in previous consolidated financial statements have been
reclassified in the accompanying consolidated financial statements to conform to
the current year's presentation.

These statements  should be read in conjunction with the consolidated  financial
statements  and related notes which are included in the Company's  Annual Report
on Form 10-K for the year ended December 31, 2000.

Note 2 - Earnings Per Common Share
         -------------------------
For the nine and three months ended  September 30, 2001 and 2000 basic  earnings
per  share  was   determined  by  dividing  net  income   applicable  to  common
stockholders  for the period by the weighted  average number of shares of Common
Stock outstanding during each period.

Diluted  earnings per share reflects the potential  dilution that could occur if
securities or other  contracts to issue Common Stock were exercised or converted
into Common  Stock or resulted in the  issuance of Common Stock that then shared
in the  earnings  of the  Company.  For the nine and three month  periods  ended
September  30,  2001 and 2000  diluted  earnings  per  share was  determined  by
dividing  net income  applicable  to common  stockholders  for the period by the
total of the weighted average number of shares of Common Stock  outstanding plus
the dilutive effect of the Company's  outstanding options (12,627 and 24,656 for
the nine and three months ended  September 30, 2001 and 660 and 775 for the nine
and three months ended September 30, 2000, respectively) using the


<PAGE>


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

Note 2 - Earnings Per Common Share (Continued)
         -------------------------------------
treasury stock method. The Preferred Stock was not considered for the purpose of
computing  diluted  earnings  per share  because  their  assumed  conversion  is
antidilutive.

Options to purchase  40,000  shares of Common  Stock at $14.50 per share  (which
were granted during March 1998) were not included in the  computation of diluted
earnings per share  because the exercise  price of these options is greater than
the  average  market  price of the common  shares as of  September  30, 2001 and
therefore the effect would be antidilutive.

Note 3 - Preferred and Common Stock Dividend Distributions
         -------------------------------------------------
On  September  5,  2001  the  Board  of  Directors   declared   quarterly   cash
distributions  of $.30 and $.40 per share on the Company's  common and preferred
stock, respectively, which was paid on October 1, 2001 to stockholders of record
on September 17, 2001.

Note 4 - Comprehensive Income
         --------------------
Statement No. 130 establishes  standards for reporting  comprehensive income and
its  components  in a  full  set of  general-purpose  financial  statements  and
requires that all components of comprehensive  income be reported in a financial
statement  that is  displayed  with  the  same  prominence  as  other  financial
statements.  During the nine months ended September 30, 2001,  accumulated other
comprehensive  income,  which is solely  composed of the net unrealized  gain on
available-for-sale  securities,  increased $117,000 to $193,000. During the nine
months  ended  September  30, 2000  comprehensive  income  increased  $57,000 to
$90,000.

Note 5  - Derivative Instruments and Hedging Activities
          ---------------------------------------------
In June 1999, The Financial Accounting Standards Board ("FASB") issued Statement
of  Financial  Accounting  Standards  No. 137,  amending  Statement of Financial
Accounting Standards No. 133. "Accounting for Derivative Instruments and Hedging
Activities" ("SFAS 133"), which extended the required date of adoption to fiscal
years beginning  after  September 15, 2000. SFAS 133 establishes  accounting and
reporting  standards  requiring  that  every  derivative  instrument  (including
certain derivative  instruments  embedded in other contracts) be recorded on the
balance sheet as either an asset or liability  measured at its fair value.  SFAS
133 requires that changes in the derivative's fair value be recognized currently
in earnings  unless  specific  hedge  accounting  criteria  are met. The Company
adopted  SFAS 133 on  January 1, 2001 and the  impact is  immaterial  due to the
Company's limited derivative activity.


<PAGE>



Item 2.  Management's Discussion And Analysis Of Financial Condition
         -----------------------------------------------------------
         And Results Of Operations
         -------------------------

Liquidity and Capital Resources
-------------------------------

The  Company's  primary  sources  of  liquidity  are cash  and cash  equivalents
($8,149,000 at September 30, 2001), a $15,000,000 revolving credit facility, all
of which is available,  and cash generated from operating  activities.  On March
24, 2000 the Company entered into an agreement with Citibank ("Citi"),  formerly
European  American  Bank, to provide a  $15,000,000  revolving  credit  facility
("Facility").  The  Facility is used  primarily  to finance the  acquisition  of
commercial real estate. The Facility matures on March 24, 2002 with an option to
extend  through March 24, 2003.  Borrowings  under the Facility bear interest at
Citi's prime rate and there is an unused  facility fee of one-quarter of 1%. Net
proceeds  received from the sale or refinance of  properties  are required to be
used to repay  amounts  outstanding  under the  Facility  if  proceeds  from the
Facility were used to purchase the  property.  The Facility is guaranteed by all
Company subsidiaries which own unencumbered  properties.  At September 30, 2001,
there was no outstanding balance under the Facility.

The Company is currently in discussions concerning the acquisition of additional
net leased  properties.  Cash provided from  operations  and the Company's  cash
position will provide funds for cash distributions to shareholders and operating
expenses.  In addition,  these sources of funds, as well as funds available from
the  Facility,  will provide  funds for future  property  acquisitions.  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.

On July 6,  2000,  the  Company  announced  that  its  Board  of  Directors  had
authorized the purchase of its outstanding  preferred stock from time-to-time in
the open  market  and in private  transactions.  The Board of  Directors  of the
Company allocated $1,000,000 to this repurchase program. In the year 2000, 6,600
shares of preferred stock had been repurchased at a total cost of $91,000. There
have been no purchases during the nine month period ended September 30, 2001.


<PAGE>


Results of Operations
---------------------

Nine and Three Months Ended September 30, 2001 and 2000
-------------------------------------------------------

Rental income  increased by $2,297,000 to $11,322,000  for the nine months ended
September  30, 2001,  as compared to the nine months ended  September  30, 2000,
primarily due to the acquisition of eight properties  during 2000. This increase
was  partially  offset by a  decrease  in  revenues  resulting  from the sale of
thirteen Total Petroleum  properties  during October 2000. The $411,000 increase
in rental income to $3,732,000 for the three months ended  September 30, 2001 as
compared to the three months ended September 30, 2000 results primarily from the
acquisition of four properties during the second half of 2000, offset in part by
a decrease in revenues due to the sale of the Total Petroleum properties.

Interest  and other  income  decreased  by  $42,000  for the nine  months  ended
September 30, 2001 to $143,000 due to a reduction in interest earned on cash and
cash  equivalents  available for investment,  as cash and cash  equivalents were
used to fund  property  acquisitions.  An  increase  of  $31,000  to  $66,000 in
interest and other income for the three months ended  September  30, 2001 is due
to the  completion  of a $9,900,000  mortgage  financing in April 2001, of which
$5,700,000  was  used  to pay  off  the  outstanding  credit  line  balance  and
$4,200,000 was invested in U.S. Treasury securities.

Increases in depreciation and  amortization  expense of $463,000 and $85,000 for
the nine and three months ended  September 30, 2001 to $2,173,000  and $727,000,
respectively,  primarily  results  from  depreciation  on the  eight  properties
acquired  during the year ended  December 31, 2000. The increases were partially
offset by the decrease in  depreciation  resulting from the sale of the thirteen
Total Petroleum properties.

The increase in  interest-mortgages  payable of $1,207,000 to $4,283,000 for the
nine months ended  September 30, 2001 from  $3,076,000 for the nine months ended
September  30,  2000 is due to  mortgages  placed  on  seven  of the  properties
acquired  during 2000. The $367,000  increase in  interest-mortgages  payable to
$1,533,000  from  $1,166,000  for the three months ended  September  30, 2001 is
primarily due to mortgages  placed on four  properties in December  2000,  March
2001 and April 2001.

Interest - line of credit  amounted  to  $241,000  and  $10,000 for the nine and
three  months  ended  September  30, 2001 and reflect a $84,000  increase  and a
$95,000 decrease over the comparable  periods in the preceding year.  Borrowings
were made to facilitate the purchase of several  properties during 2000 and were
paid off in full  during 2001 with the  proceeds  from the  mortgage  financings
completed in 2001 on two properties purchased in December 2000.

Real estate  expenses  were  $130,000  and $41,000 for the nine and three months
ended  September  30, 2001 and $47,000 and $27,000 for the nine and three months
ended September 30, 2000.  These increases are primarily due to the write off of
a leasing  commission,  non-recurring  landlord  repairs and certain real estate
taxes not rebilled to tenants.  The nine months ended  September 30, 2000 is net
of a refund of real estate taxes received by the Company during that period.


<PAGE>



Gain on sale of real estate  during the three  months ended  September  30, 2001
results from a gain on the sale of a property  located in Utah.  The gain in the
nine months ended  September 30, 2001 is net of a loss on the sale of a property
located in Tennessee  during the three  months ended June 30, 2001.  The gain in
the nine  months  ended  September  30,  2000  includes  the gain on the sale of
properties located in South Carolina and Kansas.



Item 3. - Quantitative and Qualitative Disclosures About Market Risks
          -----------------------------------------------------------

All of the Company's long-term debt bears interest at fixed rates, and therefore
the fair  value of these  instruments  is  affected  by  changes  in the  market
interest  rates.  The following  table presents  principal cash flows based upon
maturity dates of the debt obligations and the related weighted-average interest
rates by expected maturity dates for the fixed rate debt.


                                Principal
   Year Ending                 Cash Flows               Average
  September 30,              (In Thousands)          Interest Rate
 -------------               -------------           -------------

     2002                       $   1,844                7.86%
     2003                          10,649                7.87
     2004                           4,085                7.94
     2005                           9,393                7.96
     2006                           8,769                7.97
     Thereafter                    42,151                7.92
                                ---------
     Total                      $  76,891                7.92
                                =========

     Fair Value                 $  78,538                7.50%
                                =========





                           Part II - Other Information

Item 6. - Exhibits and Reports on Form 8-K
          --------------------------------
No Form 8-K's were filed during the quarter ended September 30, 2001.




<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)






November 9, 2001           /s/ Jeffrey Fishman
-----------------          -------------------
Date                       Jeffrey Fishman
                           President





November 9, 2001           /s/ David W. Kalish
-----------------          -------------------
Date                       David W. Kalish
                           Vice President and
                           Chief Financial Officer
[{"type": "10-Q", "sequence": "1", "filename": "olp10q901.txt", "description": "QUARTER ENDED 09/30/01", "secsgml_size_bytes": 38547}]
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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 September 30, 2001

                                       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 office)                       (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 November 7, 2001, the Registrant had 3,025,317 shares of
           Common Stock and 648,058 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
                     (Amounts in Thousands, Except Per Share Data)

                                                                                    September 30,     December 31,
                                                                                       2001              2000
                                                                                       ----              ----
                                                                                    (Unaudited)
Assets
   Real estate investments, at cost
   Land                                                                             $  25,939          $  26,279
   Buildings                                                                          101,153            101,585
                                                                                     --------          ---------
                                                                                      127,092            127,864
           Less accumulated depreciation                                                8,018              6,244
                                                                                     --------          ---------
                                                                                      119,074            121,620

   Cash and cash equivalents                                                            8,149              2,069
   Unbilled rent receivable                                                             2,239              1,615
   Rent, interest, deposits and other receivables                                         960                976
   Note receivable - officer                                                              167                240
   Investment in BRT Realty Trust-(related party)                                         303                240
   Deferred financing costs                                                             1,328              1,154
   Other   (including available-for-sale securities of
         $216 and $228)                                                                   377                305
                                                                                     --------           --------

           Total assets                                                              $132,597           $128,219
                                                                                     ========           ========

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                                            $ 76,891           $ 64,123
        Line of credit                                                                      -             10,000
        Accrued expenses and other liabilities                                            763                720
        Dividends payable                                                               1,165                  -
                                                                                     --------           --------

           Total liabilities                                                           78,819             74,843
                                                                                     --------           --------

Commitments and contingencies                                                               -                  -

Stockholders' equity:
        Redeemable convertible preferred stock, $1 par value; $1.60 cumulative
         annual dividend; 2,300 shares authorized; 648 shares issued;
         liquidation and redemption values of $16.50                                   10,693             10,693
        Common stock, $1 par value; 25,000
         shares authorized; 3,021 and 3,010
         shares issued  and outstanding                                                 3,021              3,010
        Paid-in capital                                                                31,764             31,650
        Accumulated other comprehensive income - net
           unrealized gain on available-for-sale securities                               193                 76
        Accumulated undistributed net income                                            8,107              7,947
                                                                                     --------           --------

           Total stockholders' equity                                                  53,778             53,376
                                                                                    ---------           --------

           Total liabilities and stockholders' equity                                $132,597           $128,219
                                                                                     ========           ========

        See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME
                  (Amounts in Thousands, Except Per Share Data)
                                   (Unaudited)

                                                                     Three Months Ended                  Nine Months Ended
                                                                        September 30,                      September 30,
                                                                  ---------------------                ---------------------
                                                                 2001               2000              2001               2000
                                                                 ----               ----              ----               ----
Revenues:
   Rental income                                               $3,732              $3,321           $11,322             $9,025
   Interest and other income                                       66                  35               143                185
                                                              -------             -------            ------             ------

                                                                3,798               3,356            11,465              9,210
                                                               ------             -------           -------             ------

Expenses:
   Depreciation and amortization                                  727                 642             2,173             1,710
   Interest - mortgages payable                                 1,533               1,166             4,283             3,076
   Interest - line of credit                                       10                 105               241               157
   Leasehold rent                                                  72                  72               217               217
   General and administrative                                     284                 266               881               816
   Real estate expenses                                            41                  27               130                47
                                                               ------              ------           -------            ------
                                                                2,667               2,278             7,925             6,023
                                                               ------              ------           -------            ------

Income before gain (loss) on sale                               1,131               1,078             3,540             3,187
                                                               ------              ------           -------            ------

   Gain on sale of real estate                                    172                   -               126               199
   (Loss) gain on sale of available-for-sale
      securities                                                    -                   3               (14)              (10)
                                                              -------             -------           -------            ------
                                                                  172                   3               112               189
                                                              -------             -------           -------            ------

Net income                                                     $1,303              $1,081           $ 3,652            $3,376
                                                               ======              ======           =======            ======

Calculation of net income applicable to common stockholders:
Net income                                                     $1,303              $1,081           $ 3,652            $3,376
Less: dividends on preferred stock                                259                 261               778               784
                                                              -------             -------           -------            ------

Net income applicable to
   common stockholders                                         $1,044             $   820           $ 2,874            $2,592
                                                               ======             =======           =======            ======

Weighted average number of common shares outstanding:
     Basic                                                      3,020               2,998             3,016             2,989
                                                                =====               =====             =====             =====
     Diluted                                                    3,045               2,999             3,028             2,990
                                                                =====               =====             =====             =====

Net income per common share:
     Basic                                                     $  .35             $   .27            $  .95            $  .87
                                                               ======             =======            ======            ======
     Diluted                                                   $  .34             $   .27            $  .95            $  .87
                                                               ======             =======            ======            ======
Cash distributions per share:
   Common Stock                                                $  .30             $   .30            $  .90            $  .90
                                                               ======             =======            ======            ======
   Preferred Stock                                             $  .40             $   .40            $ 1.20            $ 1.20
                                                               ======             =======            ======            ======

       See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

           For the nine month period ended September 30, 2001 (unaudited)
                      and the year ended December 31, 2000
                             (Amounts in Thousands)

                                                                             Accumulated
                                                                                Other          Accumulated
                                   Preferred   Common          Paid-in      Comprehensive     Undistributed
                                     Stock     Stock           Capital         Income           Net Income      Total
                                    -------    ------          -------         ------           ----------     ------
Balances, January 1, 2000           $10,802    $2,980          $31,338           $33             $4,649        $49,802

Distributions -
   common stock                           -         -                -             -             (3,590)        (3,590)
Distributions -
   preferred stock                        -         -                -             -             (1,044)        (1,044)
Preferred stock                        (109)        -               18             -                  -            (91)
Shares issued through
   dividend reinvestment plan             -        30              294             -                  -            324
     Net income                           -         -                -             -              7,932          7,932
     Other comprehensive income-
      net unrealized gain on
      available-for-sale securities       -         -                -            43                  -             43
                                                                                                                ------
Comprehensive income                      -         -                -             -                  -          7,975
                                     ------     -----           -------       ------             ------         ------

Balances, December 31, 2000          10,693     3,010           31,650            76              7,947         53,376

Distributions -
   common stock                           -         -                -             -             (2,714)        (2,714)
Distributions -
   preferred stock                        -         -                -             -               (778)          (778)
Shares issued through
   dividend reinvestment plan             -        11              114             -                  -            125
     Net income                           -         -                -             -              3,652          3,652
     Other comprehensive income-
      net unrealized gain on
      available-for-sale securities       -         -                -           117                  -            117
                                                                                                                ------
Comprehensive income                      -         -                -             -                  -          3,769
                                    -------     -----          -------        ------             ------         ------

Balances, September 30, 2001        $10,693    $3,021          $31,764         $ 193            $ 8,107        $53,778
                                    =======    ======          =======        ======            =======        =======

        See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (Amounts in Thousands)
                                   (Unaudited)

                                                                                                     Nine Months Ended
                                                                                                       September 30,
                                                                                                 2001                  2000
                                                                                                 ----                  ----
Cash flows from operating activities:
   Net income                                                                                  $ 3,652               $ 3,376
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   Gain on sale of real estate                                                                    (126)                 (199)
   Loss on sale of available-for-sale securities                                                    14                    10
   Increase in rental income from straight-lining of rent                                         (624)                 (516)
   Depreciation and amortization                                                                 2,173                 1,710
   Changes in assets and liabilities:
   Increase in rent, interest, deposits and other receivables                                      (67)                 (319)
   Increase in accrued expenses and other liabilities                                               59                   234
                                                                                               -------               -------

           Net cash provided by operating activities                                             5,081                 4,296
                                                                                               -------               -------

Cash flows from investing activities:
   Additions to real estate                                                                        (17)              (33,101)
   Net proceeds from sale of real estate                                                           749                   837
   Net proceeds from sale of available-for-sale securities                                         185                   150
   Purchase of available-for-sale securities                                                      (132)                    -
   Payments to minority interest by subsidiary                                                     (16)                  (21)
                                                                                               -------               -------

           Net cash provided by (used in) investing activities                                     769               (32,135)
                                                                                               -------               -------

Cash flows from financing activities:
   Proceeds from mortgages payable                                                              13,600                15,000
   Repayment of mortgages payable                                                                 (832)                 (569)
   Payment of financing costs                                                                     (408)                 (531)
   Line of credit - (paydowns) borrowings                                                      (10,000)                8,000
   Cash distributions - common stock                                                            (1,808)               (1,793)
   Cash distributions - preferred stock                                                           (519)                 (523)
   Issuance of shares through dividend reinvestment plan                                           124                   195
   Note receivable - officer                                                                        73                  (160)
   Repurchase of preferred stock, which was cancelled                                                -                   (42)
                                                                                              --------              --------

           Net cash provided by financing activities                                               230                19,577
                                                                                              --------              --------

           Net increase (decrease) in cash and cash equivalents                                  6,080                (8,262)

Cash and cash equivalents at beginning of period                                                 2,069                11,247
                                                                                              --------               -------

Cash and cash equivalents at end of period                                                    $  8,149               $ 2,985
                                                                                              ========               =======

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                           $  4,551               $ 3,080

Supplemental schedule of non cash investing and financing activities:
   Assumption of mortgage payable in connection
     with purchase of real estate                                                             $      -               $ 9,015

       See accompanying notes to consolidated financial statements.
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
September  30, 2001 and for the nine and three months ended  September  20, 2001
and 2000 reflect all normal,  recurring adjustments which are, in the opinion of
management,  necessary for a fair  presentation  of the results for such interim
periods. The results of operations for the nine and three months ended September
30, 2001 are not necessarily indicative of the results for the full year.

The  preparation  of the  financial  statements in  conformity  with  accounting
principles  generally accepted in the United States requires  management to make
estimates  and  assumptions  that affect the amounts  reported in the  financial
statements and accompanying notes. Actual results could differ from those
estimates.

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

Certain amounts reported in previous consolidated financial statements have been
reclassified in the accompanying consolidated financial statements to conform to
the current year's presentation.

These statements  should be read in conjunction with the consolidated  financial
statements  and related notes which are included in the Company's  Annual Report
on Form 10-K for the year ended December 31, 2000.

Note 2 - Earnings Per Common Share
         -------------------------
For the nine and three months ended  September 30, 2001 and 2000 basic  earnings
per  share  was   determined  by  dividing  net  income   applicable  to  common
stockholders  for the period by the weighted  average number of shares of Common
Stock outstanding during each period.

Diluted  earnings per share reflects the potential  dilution that could occur if
securities or other  contracts to issue Common Stock were exercised or converted
into Common  Stock or resulted in the  issuance of Common Stock that then shared
in the  earnings  of the  Company.  For the nine and three month  periods  ended
September  30,  2001 and 2000  diluted  earnings  per  share was  determined  by
dividing  net income  applicable  to common  stockholders  for the period by the
total of the weighted average number of shares of Common Stock  outstanding plus
the dilutive effect of the Company's  outstanding options (12,627 and 24,656 for
the nine and three months ended  September 30, 2001 and 660 and 775 for the nine
and three months ended September 30, 2000, respectively) using the
One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements
                                   (Continued)

Note 2 - Earnings Per Common Share (Continued)
         -------------------------------------
treasury stock method. The Preferred Stock was not considered for the purpose of
computing  diluted  earnings  per share  because  their  assumed  conversion  is
antidilutive.

Options to purchase  40,000  shares of Common  Stock at $14.50 per share  (which
were granted during March 1998) were not included in the  computation of diluted
earnings per share  because the exercise  price of these options is greater than
the  average  market  price of the common  shares as of  September  30, 2001 and
therefore the effect would be antidilutive.

Note 3 - Preferred and Common Stock Dividend Distributions
         -------------------------------------------------
On  September  5,  2001  the  Board  of  Directors   declared   quarterly   cash
distributions  of $.30 and $.40 per share on the Company's  common and preferred
stock, respectively, which was paid on October 1, 2001 to stockholders of record
on September 17, 2001.

Note 4 - Comprehensive Income
         --------------------
Statement No. 130 establishes  standards for reporting  comprehensive income and
its  components  in a  full  set of  general-purpose  financial  statements  and
requires that all components of comprehensive  income be reported in a financial
statement  that is  displayed  with  the  same  prominence  as  other  financial
statements.  During the nine months ended September 30, 2001,  accumulated other
comprehensive  income,  which is solely  composed of the net unrealized  gain on
available-for-sale  securities,  increased $117,000 to $193,000. During the nine
months  ended  September  30, 2000  comprehensive  income  increased  $57,000 to
$90,000.

Note 5  - Derivative Instruments and Hedging Activities
          ---------------------------------------------
In June 1999, The Financial Accounting Standards Board ("FASB") issued Statement
of  Financial  Accounting  Standards  No. 137,  amending  Statement of Financial
Accounting Standards No. 133. "Accounting for Derivative Instruments and Hedging
Activities" ("SFAS 133"), which extended the required date of adoption to fiscal
years beginning  after  September 15, 2000. SFAS 133 establishes  accounting and
reporting  standards  requiring  that  every  derivative  instrument  (including
certain derivative  instruments  embedded in other contracts) be recorded on the
balance sheet as either an asset or liability  measured at its fair value.  SFAS
133 requires that changes in the derivative's fair value be recognized currently
in earnings  unless  specific  hedge  accounting  criteria  are met. The Company
adopted  SFAS 133 on  January 1, 2001 and the  impact is  immaterial  due to the
Company's limited derivative activity.
Item 2.  Management's Discussion And Analysis Of Financial Condition
         -----------------------------------------------------------
         And Results Of Operations
         -------------------------

Liquidity and Capital Resources
-------------------------------

The  Company's  primary  sources  of  liquidity  are cash  and cash  equivalents
($8,149,000 at September 30, 2001), a $15,000,000 revolving credit facility, all
of which is available,  and cash generated from operating  activities.  On March
24, 2000 the Company entered into an agreement with Citibank ("Citi"),  formerly
European  American  Bank, to provide a  $15,000,000  revolving  credit  facility
("Facility").  The  Facility is used  primarily  to finance the  acquisition  of
commercial real estate. The Facility matures on March 24, 2002 with an option to
extend  through March 24, 2003.  Borrowings  under the Facility bear interest at
Citi's prime rate and there is an unused  facility fee of one-quarter of 1%. Net
proceeds  received from the sale or refinance of  properties  are required to be
used to repay  amounts  outstanding  under the  Facility  if  proceeds  from the
Facility were used to purchase the  property.  The Facility is guaranteed by all
Company subsidiaries which own unencumbered  properties.  At September 30, 2001,
there was no outstanding balance under the Facility.

The Company is currently in discussions concerning the acquisition of additional
net leased  properties.  Cash provided from  operations  and the Company's  cash
position will provide funds for cash distributions to shareholders and operating
expenses.  In addition,  these sources of funds, as well as funds available from
the  Facility,  will provide  funds for future  property  acquisitions.  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.

On July 6,  2000,  the  Company  announced  that  its  Board  of  Directors  had
authorized the purchase of its outstanding  preferred stock from time-to-time in
the open  market  and in private  transactions.  The Board of  Directors  of the
Company allocated $1,000,000 to this repurchase program. In the year 2000, 6,600
shares of preferred stock had been repurchased at a total cost of $91,000. There
have been no purchases during the nine month period ended September 30, 2001.
Results of Operations
---------------------

Nine and Three Months Ended September 30, 2001 and 2000
-------------------------------------------------------

Rental income  increased by $2,297,000 to $11,322,000  for the nine months ended
September  30, 2001,  as compared to the nine months ended  September  30, 2000,
primarily due to the acquisition of eight properties  during 2000. This increase
was  partially  offset by a  decrease  in  revenues  resulting  from the sale of
thirteen Total Petroleum  properties  during October 2000. The $411,000 increase
in rental income to $3,732,000 for the three months ended  September 30, 2001 as
compared to the three months ended September 30, 2000 results primarily from the
acquisition of four properties during the second half of 2000, offset in part by
a decrease in revenues due to the sale of the Total Petroleum properties.

Interest  and other  income  decreased  by  $42,000  for the nine  months  ended
September 30, 2001 to $143,000 due to a reduction in interest earned on cash and
cash  equivalents  available for investment,  as cash and cash  equivalents were
used to fund  property  acquisitions.  An  increase  of  $31,000  to  $66,000 in
interest and other income for the three months ended  September  30, 2001 is due
to the  completion  of a $9,900,000  mortgage  financing in April 2001, of which
$5,700,000  was  used  to pay  off  the  outstanding  credit  line  balance  and
$4,200,000 was invested in U.S. Treasury securities.

Increases in depreciation and  amortization  expense of $463,000 and $85,000 for
the nine and three months ended  September 30, 2001 to $2,173,000  and $727,000,
respectively,  primarily  results  from  depreciation  on the  eight  properties
acquired  during the year ended  December 31, 2000. The increases were partially
offset by the decrease in  depreciation  resulting from the sale of the thirteen
Total Petroleum properties.

The increase in  interest-mortgages  payable of $1,207,000 to $4,283,000 for the
nine months ended  September 30, 2001 from  $3,076,000 for the nine months ended
September  30,  2000 is due to  mortgages  placed  on  seven  of the  properties
acquired  during 2000. The $367,000  increase in  interest-mortgages  payable to
$1,533,000  from  $1,166,000  for the three months ended  September  30, 2001 is
primarily due to mortgages  placed on four  properties in December  2000,  March
2001 and April 2001.

Interest - line of credit  amounted  to  $241,000  and  $10,000 for the nine and
three  months  ended  September  30, 2001 and reflect a $84,000  increase  and a
$95,000 decrease over the comparable  periods in the preceding year.  Borrowings
were made to facilitate the purchase of several  properties during 2000 and were
paid off in full  during 2001 with the  proceeds  from the  mortgage  financings
completed in 2001 on two properties purchased in December 2000.

Real estate  expenses  were  $130,000  and $41,000 for the nine and three months
ended  September  30, 2001 and $47,000 and $27,000 for the nine and three months
ended September 30, 2000.  These increases are primarily due to the write off of
a leasing  commission,  non-recurring  landlord  repairs and certain real estate
taxes not rebilled to tenants.  The nine months ended  September 30, 2000 is net
of a refund of real estate taxes received by the Company during that period.
Gain on sale of real estate  during the three  months ended  September  30, 2001
results from a gain on the sale of a property  located in Utah.  The gain in the
nine months ended  September 30, 2001 is net of a loss on the sale of a property
located in Tennessee  during the three  months ended June 30, 2001.  The gain in
the nine  months  ended  September  30,  2000  includes  the gain on the sale of
properties located in South Carolina and Kansas.

Item 3. - Quantitative and Qualitative Disclosures About Market Risks
          -----------------------------------------------------------

All of the Company's long-term debt bears interest at fixed rates, and therefore
the fair  value of these  instruments  is  affected  by  changes  in the  market
interest  rates.  The following  table presents  principal cash flows based upon
maturity dates of the debt obligations and the related weighted-average interest
rates by expected maturity dates for the fixed rate debt.

                                Principal
   Year Ending                 Cash Flows               Average
  September 30,              (In Thousands)          Interest Rate
 -------------               -------------           -------------

     2002                       $   1,844                7.86%
     2003                          10,649                7.87
     2004                           4,085                7.94
     2005                           9,393                7.96
     2006                           8,769                7.97
     Thereafter                    42,151                7.92
                                ---------
     Total                      $  76,891                7.92
                                =========

     Fair Value                 $  78,538                7.50%
                                =========

                           Part II - Other Information

Item 6. - Exhibits and Reports on Form 8-K
          --------------------------------
No Form 8-K's were filed during the quarter ended September 30, 2001.
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)

November 9, 2001           /s/ Jeffrey Fishman
-----------------          -------------------
Date                       Jeffrey Fishman
                           President

November 9, 2001           /s/ David W. Kalish
-----------------          -------------------
Date                       David W. Kalish
                           Vice President and
                           Chief Financial Officer