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, 1999

                                    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 1, 1999, the  Registrant had 2,956,110  shares of
                Common  Stock and  798,726  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>

                                    ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                                             CONSOLIDATED BALANCE SHEETS
<CAPTION>

                                                                                 June 30,       December 31,
                                                                                  1999              1998
                                                                                  ----              ----
                                                                                         (Unaudited)
<S>                                                                           <C>               <C>

Assets
   Real estate investments, at cost

   Land                                                                       $16,723,446       $14,466,202
   Buildings                                                                   58,037,361        49,083,387
                                                                               ----------        ----------
                                                                               74,760,807        63,549,589
           Less accumulated depreciation                                        4,431,200         3,718,653
                                                                                ---------         ---------
                                                                               70,329,607        59,830,936

   Mortgage receivable                                                            218,008           228,383
   Cash and cash equivalents                                                   12,038,620        19,089,625
   Unbilled rent receivable                                                     1,449,262         1,165,244
   Rent, interest, deposits and
        other receivables                                                         395,867           707,959
   Investment in BRT Realty Trust-(related party)                                 249,774           184,044
   Deferred financing costs                                                       782,406           661,185
   Other   (including available-for-sale securities of
         $519,954 and $729,661)                                                   602,703           810,524
                                                                                  -------           -------

           Total assets                                                       $86,066,247       $82,677,900
                                                                              ===========       ===========

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                                     $32,042,664       $29,422,491
        Accrued expenses and other liabilities                                    612,637           332,211
        Dividends payable                                                       1,207,094         1,205,571
                                                                                ---------         ---------

           Total liabilities                                                   33,862,395        30,960,273
                                                                               ----------        ----------

Commitments and contingencies                                                           -                 -

Minority interest in subsidiary                                                    (1,253)           (2,377)
                                                                                  -------           -------

Redeemable  convertible  preferred stock, $1 par value;  $1.60 cumulative annual
     dividend; 2,300,000 shares authorized; 800,626 and 806,376 shares issued;
     liquidation and redemption values of $16.50                               13,210,329        13,225,418
                                                                               ----------        ----------

   Stockholders' equity:
        Common stock, $1 par value;
         25,000,000 shares authorized;
         2,956,146 and 2,940,201
         shares issued and outstanding                                          2,956,146         2,940,201
        Paid-in capital                                                        31,061,448        30,965,164
        Accumulated other comprehensive income - net
           unrealized gain on available-for-sale securities                       152,118            99,512
        Accumulated undistributed net income                                    4,825,064         4,489,709
                                                                              -----------        ----------

           Total stockholders' equity                                          38,994,776        38,494,586
                                                                               ----------        ----------

           Total liabilities and stockholders' equity                         $86,066,247       $82,677,900
                                                                              ===========       ===========

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



<PAGE>

<TABLE>
<CAPTION>


                  ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME
                                  (Unaudited)

                                                                   Three Months Ended                  Six Months Ended
                                                                           June 30,                         June 30,
                                                                    -----------------------         ----------------------
                                                                  1999               1998               1999           1998
                                                                  ----               ----               ----           ----
<S>                                                           <C>               <C>               <C>             <C>

Revenues:
   Rental income                                              $2,221,817        $ 1,744,317       $ 4,261,993     $ 3,267,855
   Interest from related parties                                       -            204,235                 -         409,855
   Interest and other income                                     949,854             33,043         1,108,259          48,841
                                                                 -------             ------         ---------          ------

                                                               3,171,671          1,981,595         5,370,252       3,726,551
                                                               ---------          ---------         ---------       ---------

Expenses:
   Depreciation and amortization                                 415,536            339,921           805,660         638,122
   Interest - mortgages payable                                  617,144            513,641         1,185,909         938,417
   Interest - bank                                                     -            147,302                 -         257,913
   Leasehold rent                                                 72,209             72,209           144,417         144,417
   General and administrative                                    264,607            177,641           476,902         330,315
                                                                 -------            -------           -------         -------

                                                               1,369,496          1,250,714         2,612,888       2,309,184
                                                                 -------            -------           -------         -------

Income before minority interest                                1,802,175            730,881         2,757,364       1,417,367

Minority interest                                                 (4,109)            (4,044)           (8,323)         (4,044)
                                                                 -------             ------           -------         -------
Net income                                                    $1,798,066         $  726,837        $2,749,041      $1,413,323
                                                              ==========         ==========        ==========      ==========

Calculation of net income applicable to common stockholders:
Net income                                                    $1,798,066        $   726,837        $2,749,041     $ 1,413,323
Less: dividends and accretion
   on preferred stock                                            359,360            362,966           721,722         725,814
                                                                 -------            -------           -------         -------

Net income applicable to
   common stockholders                                        $1,438,706        $   363,871        $2,027,319     $   687,509
                                                              ==========        ===========        ==========     ===========

Weighted average number of common shares outstanding:
     Basic                                                     2,956,146          1,719,027         2,951,356       1,647,061
                                                               =========          =========         =========       =========
     Diluted                                                   2,956,791          1,719,763         2,951,679       1,648,482
                                                               =========          =========         =========       =========

Net income per common share:
     Basic                                                 $         .49      $         .21     $         .69   $         .42
                                                           =============      =============     =============   =============
     Diluted                                               $         .49      $         .21     $         .69   $         .42
                                                           =============      =============     =============   =============

Cash distributions per share:

   Common Stock                                           $         .30       $         .30     $         .60   $         .60
                                                          =============       =============     =============   =============

   Preferred Stock                                        $         .40       $         .40     $         .80   $         .80
                                                          =============       =============     =============   =============

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



<PAGE>

<TABLE>
<CAPTION>


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

                  For the six month period ended June 30, 1999
                      and the year ended December 31, 1998
                                   (Unaudited)

                                                                          Net Unrealized
                                                                          Gain (loss) on     Accumulated
                                               Common        Paid-in      Available-for-    Undistributed
                                                Stock        Capital      Sale Securities     Net Income      Total
                                                -----        -------      ---------------     ----------      -----

<S>                                         <C>             <C>                  <C>          <C>           <C>    <C>

Balances, January 1, 1998                   $1,561,450      $14,419,609          $146,706     $2,076,140    $18,203,905

Distributions -
   common stock                                      -                -                 -     (2,710,787)    (2,710,787)
Distributions -
   preferred stock                                   -                -                 -     (1,294,042)    (1,294,042)
Accretion on
   preferred stock                                   -         (158,061)                -              -       (158,061)
Shares issued through
   rights offering                           1,331,733       16,139,254                 -              -     17,470,987
Shares issued through
   dividend reinvestment
   plan                                         47,018          564,362                 -              -        611,380
     Net income                                      -                -                 -      6,418,398      6,418,398
     Other comprehensive income-
      net unrealized loss on available-
      for-sale securities                            -                -           (47,194)             -        (47,194)
                                                                                                               --------
Comprehensive income                                 -                -                 -              -      6,371,204
                                        --------------   --------------    --------------      ---------    -----------

Balances, December 31, 1998                  2,940,201       30,965,164            99,512      4,489,709     38,494,586

Distributions -
   common stock                                      -                -                 -     (1,770,886)    (1,770,886)
Distributions -
   preferred stock                                   -                -                 -       (642,800)      (642,800)
Accretion on
   preferred stock                                   -          (78,922)                -              -        (78,922)
Shares issued through
   dividend reinvestment
   plan                                         15,945          175,206                 -              -        191,151
     Net income                                      -                -                 -      2,749,041      2,749,041
     Other comprehensive income-
     net unrealized gain on available-
     for-sale securities                             -                -            52,606              -         52,606
                                                                                                                 ------
Comprehensive income                                 -                -                 -              -      2,801,647
                                            ----------     ------------        ----------    -----------    -----------

Balances, June 30, 1999                     $2,956,146      $31,061,448        $  152,118    $ 4,825,064    $38,994,776
                                            ==========      ===========        ==========    ===========    ===========

           See accompanying notes to consolidated financial statements.

</TABLE>



<PAGE>

<TABLE>
<CAPTION>



                  ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                                                                                        Six Months Ended
                                                                                                             June 30,
                                                                                                    1999                1998
                                                                                                    ----                ----
<S>                                                                                           <C>                  <C>

Cash flows from operating activities:
   Net income                                                                                 $  2,749,041         $  1,413,323
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   Increase in rental income from straight-lining of rent                                         (284,018)            (242,703)
   Depreciation and amortization                                                                   805,660              638,122
   Minority interest                                                                                 8,323                4,044
   Changes in assets and liabilities:
   Decrease (increase) in rent, interest,
     deposits and other receivables                                                                310,207             (150,380)
   Increase in accrued expenses and other liabilities                                              280,426               14,419
                                                                                                   -------             --------

           Net cash provided by operating activities                                             3,869,639            1,676,825
                                                                                                 ---------            ---------

Cash flows from investing activities:
   Additions to real estate                                                                    (11,211,218)         (12,262,210)
   Purchase of available-for-sale securities                                                      (756,146)              (5,286)
   Sale of available-for-sale securities                                                           952,729                    -
   Collection of mortgages receivable -
     (including $103,436 from related party in 1998)                                                10,375              117,727
   Payments to minority interest by subsidiary                                                      (7,200)              (1,750)
                                                                                                    -------             -------

           Net cash used in investing activities                                               (11,011,460)         (12,151,519)
                                                                                               -----------          -----------

Cash flows from financing activities:
   Proceeds from and assumption of mortgages payable                                             2,865,329            6,975,000
   Repayment of mortgages payable                                                                 (245,156)            (161,985)
   Repayment of bank borrowings                                                                          -           (4,605,029)
   Payment of financing costs                                                                     (214,334)            (280,012)
   Cash distributions - common stock                                                            (1,769,363)            (940,904)
   Cash distributions - preferred stock                                                           (642,800)            (647,020)
   Proceeds from issuance of shares through rights offering                                              -           17,470,987
   Issuance of shares through dividend reinvestment plan                                           191,151              353,125
    Repurchase of preferred stock, which was cancelled                                             (94,011)                   -
                                                                                                  --------      ---------------

           Net cash provided by financing activities                                                90,816           18,164,162
                                                                                                    ------           ----------

           Net  (decrease) increase in cash
               and cash equivalents                                                             (7,051,005)           7,689,468

Cash and cash equivalents at beginning of period                                                19,089,625            1,606,364
                                                                                                ----------           ----------

Cash and cash equivalents at end of period                                                    $ 12,038,620          $ 9,295,832
                                                                                              ============           ===========

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                          $   1,188,462          $ 1,284,278
   Cash paid during the period for income taxes                                                     34,892               11,907


       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 June
30, 1999 and for the six and three  months  ended June 30, 1999 and 1998 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 six and three months ended June 30, 1999 are not
necessarily indicative of the results for the full year.

The  preparation  of the  financial  statements  in  conformity  with  generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions that affect the amounts reported in the financial statements. 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, 1998.

Note 2 - Earnings Per Common Share

For the six and three  months  ended June 30, 1999 and 1998 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 six and three months ended June 30, 1999
and 1998  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  (323 and 645 for the six and three  months
ended June 30,  1999 and 1,421 and 736 for the six and three  months  ended June
30, 1998, respectively) using the treasury stock method. The Preferred Stock was
not considered for the purpose of computing  diluted  earnings per share because
their assumed conversion is antidilutive.


<PAGE>



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

Note 2 - Earnings Per Common Share (Continued)

Options to purchase 80,500 shares of Common Stock at $14.50 and $13.50 per share
(which were granted during March 1998 and 1997,  respectively) were not included
in the  computation of diluted  earnings per share because the exercise price of
these options are greater than the average  market price of the common shares as
of June 30, 1999 and, therefore, the effect would be antidilutive.

Note 3 - Preferred and Common Stock Dividend Distributions

On June 9, 1999 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 1,  1999 to  stockholders  of record on June 21,
1999.

Note 4 - Other Income

Included in other income is $792,764 which  represents the return to the Company
of unused  escrow funds by the escrow  agent upon  completion  of the  Company's
responsibility  with respect to environmental  cleanup at certain  locations net
leased to Total Petroleum.





<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
($12,038,620 at June 30, 1999),  cash generated from operating  activities,  and
funds  obtainable  from mortgages to be secured by real estate  investments.  In
February 1999, a revolving  credit facility  entered into by the Company,  which
provided  for a  facility  of  $9,000,000,  matured  and was not  renewed by the
Company.  The  Company is  currently  engaged in  negotiations  for a new credit
facility but there can be no assurance  that a new facility  will be obtained or
if obtained that the amount of availability or the terms will be favorable.

The terms of the Preferred  Stock of the Company  affords each preferred  holder
the right to "put" the  Preferred  Stock to the  Company at $16.50 per share for
the period commencing July 1, 1999 and ending on September 28, 1999. The Company
will fund any cash  required in  connection  with the exercise of the put option
from funds from operations,  cash generated from mortgage  financing and cash on
hand; and if necessary,  the Company will borrow funds on a secured or unsecured
basis for such purpose. Although no commitments for financing has been obtained,
management  believes that such financing will be available on competitive terms;
if required.

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 stockholders and operating
expenses.  These  sources of funds,  as well as funds  obtainable  from mortgage
financing, will provide funds for future property acquisitions. It will continue
to be the Company's policy to make sufficient cash distributions to stockholders
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  at  certain  locations  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  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.  During the three months ended June 30,
1999,  the Company's  obligations  were  completed and the balance in the escrow
account of $792,764 was returned to the Company by the escrow agent.

Management  believes there will be no effect on the Company's liquidity relating
to the year  2000  issue  because  during  1997 the  Company  acquired  computer
hardware  and  software  to handle  the  Company's  accounting  and real  estate
management.  The computer software is capable of handling all issues relating to
the year  2000.  In  addition,  the  Company's  business  will not be  adversely
affected in any material way if its  suppliers  or lessees  encounter  year 2000
problems.


<PAGE>




Results of Operations

Six and three months ended June 30, 1999 and 1998

Rental income increased by $994,138 to $4,261,993 and $477,500 to $2,221,817 for
the six and three  months  ended June 30,  1999 as compared to the six and three
months ended June 30, 1998  resulting  primarily  from the  acquisition  of four
properties in 1999 and four properties in 1998.

On September 6, 1998,  the Company  received a payoff in full of a related party
mortgage receivable. Interest income from this mortgage amounted to $409,855 and
$204,235 for the six and three months ended June 30, 1998.

Interest and other income  increased by $1,059,418  and $916,811 for the six and
three months ended June 30, 1999 to $1,108,259  and $949,854,  of which $792,764
results from the return of unused escrow funds to the Company upon completion of
the Company's  responsibility  with respect to environmental  cleanup at certain
locations  net  leased  to Total  Petroleum.  Interest  and  other  income  also
increased  due to an  increase  in  cash  and  cash  equivalents  available  for
investment.  Such investments  were made using the net proceeds  realized by the
Company  from the sale of common  shares  through a rights  offering  (which was
consummated  in June,  1998) and from the  approximate  $7,600,000  the  Company
received from the payoff of a mortgage receivable in September 1998.

Increases in depreciation and  amortization  expense of $167,538 and $75,615 for
the six and three months  ended June 30, 1999 to $805,660  and $415,536  results
primarily from  depreciation  on the eight  properties  acquired during 1999 and
1998.

The increases in  interest-mortgages  payable to $1,185,909 and $617,144 for the
six and three months ended June 30, 1999 from $938,417 and $513,641 in the prior
six and three month periods is due to mortgages placed on five of the properties
acquired during 1999 and 1998.

Interest-bank  amounted to $257,913  and  $147,302  for the six and three months
ended June 30,  1998  resulting  from  borrowings  under the  Credit  Agreement.
Borrowings  were  made  to  facilitate  property  acquisitions.   There  was  no
comparable expense in the 1999 six and three month periods.

General  and  administrative  expenses  increased  by  $146,587  and  $86,966 to
$476,902 and  $264,607  for the six and three months ended June 30, 1999.  These
increases  were due to a  combination  of  factors,  including  an  increase  in
professional  fees and increased  payroll,  as the  Company's  level of activity
increased.



<PAGE>




Item 3. - Quantitative and Qualitative Disclosures About Market Risks

The Company has considered  the effects of  derivatives  and exposures to market
risk relating to interest rate, foreign currency exchange rate,  commodity price
and equity price risk. The Company has assessed the market risk for its variable
rate debt and variable rate mortgage receivables and believes that a one-percent
change in interest rates would not have a material effect on net income.



                                    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, 1999.




<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 12, 1999            /s/ Matthew Gould
---------------            -----------------
Date                       Matthew Gould
                           President





August 12, 1999            /s/ David W. Kalish
---------------            -------------------
Date                       David W. Kalish
                           Vice President and
                           Chief Financial Officer
[{"type": "10-Q", "sequence": "1", "description": "FORM 10-Q", "secsgml_size_bytes": 34976}]
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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, 1999

                                    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 1, 1999, the  Registrant had 2,956,110  shares of
                Common  Stock and  798,726  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,
                                                                                  1999              1998
                                                                                  ----              ----
                                                                                         (Unaudited)
Assets
   Real estate investments, at cost

   Land                                                                       $16,723,446       $14,466,202
   Buildings                                                                   58,037,361        49,083,387
                                                                               ----------        ----------
                                                                               74,760,807        63,549,589
           Less accumulated depreciation                                        4,431,200         3,718,653
                                                                                ---------         ---------
                                                                               70,329,607        59,830,936

   Mortgage receivable                                                            218,008           228,383
   Cash and cash equivalents                                                   12,038,620        19,089,625
   Unbilled rent receivable                                                     1,449,262         1,165,244
   Rent, interest, deposits and
        other receivables                                                         395,867           707,959
   Investment in BRT Realty Trust-(related party)                                 249,774           184,044
   Deferred financing costs                                                       782,406           661,185
   Other   (including available-for-sale securities of
         $519,954 and $729,661)                                                   602,703           810,524
                                                                                  -------           -------

           Total assets                                                       $86,066,247       $82,677,900
                                                                              ===========       ===========

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                                     $32,042,664       $29,422,491
        Accrued expenses and other liabilities                                    612,637           332,211
        Dividends payable                                                       1,207,094         1,205,571
                                                                                ---------         ---------

           Total liabilities                                                   33,862,395        30,960,273
                                                                               ----------        ----------

Commitments and contingencies                                                           -                 -

Minority interest in subsidiary                                                    (1,253)           (2,377)
                                                                                  -------           -------

Redeemable  convertible  preferred stock, $1 par value;  $1.60 cumulative annual
     dividend; 2,300,000 shares authorized; 800,626 and 806,376 shares issued;
     liquidation and redemption values of $16.50                               13,210,329        13,225,418
                                                                               ----------        ----------

   Stockholders' equity:
        Common stock, $1 par value;
         25,000,000 shares authorized;
         2,956,146 and 2,940,201
         shares issued and outstanding                                          2,956,146         2,940,201
        Paid-in capital                                                        31,061,448        30,965,164
        Accumulated other comprehensive income - net
           unrealized gain on available-for-sale securities                       152,118            99,512
        Accumulated undistributed net income                                    4,825,064         4,489,709
                                                                              -----------        ----------

           Total stockholders' equity                                          38,994,776        38,494,586
                                                                               ----------        ----------

           Total liabilities and stockholders' equity                         $86,066,247       $82,677,900
                                                                              ===========       ===========

     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,
                                                                    -----------------------         ----------------------
                                                                  1999               1998               1999           1998
                                                                  ----               ----               ----           ----
Revenues:
   Rental income                                              $2,221,817        $ 1,744,317       $ 4,261,993     $ 3,267,855
   Interest from related parties                                       -            204,235                 -         409,855
   Interest and other income                                     949,854             33,043         1,108,259          48,841
                                                                 -------             ------         ---------          ------

                                                               3,171,671          1,981,595         5,370,252       3,726,551
                                                               ---------          ---------         ---------       ---------

Expenses:
   Depreciation and amortization                                 415,536            339,921           805,660         638,122
   Interest - mortgages payable                                  617,144            513,641         1,185,909         938,417
   Interest - bank                                                     -            147,302                 -         257,913
   Leasehold rent                                                 72,209             72,209           144,417         144,417
   General and administrative                                    264,607            177,641           476,902         330,315
                                                                 -------            -------           -------         -------

                                                               1,369,496          1,250,714         2,612,888       2,309,184
                                                                 -------            -------           -------         -------

Income before minority interest                                1,802,175            730,881         2,757,364       1,417,367

Minority interest                                                 (4,109)            (4,044)           (8,323)         (4,044)
                                                                 -------             ------           -------         -------
Net income                                                    $1,798,066         $  726,837        $2,749,041      $1,413,323
                                                              ==========         ==========        ==========      ==========

Calculation of net income applicable to common stockholders:
Net income                                                    $1,798,066        $   726,837        $2,749,041     $ 1,413,323
Less: dividends and accretion
   on preferred stock                                            359,360            362,966           721,722         725,814
                                                                 -------            -------           -------         -------

Net income applicable to
   common stockholders                                        $1,438,706        $   363,871        $2,027,319     $   687,509
                                                              ==========        ===========        ==========     ===========

Weighted average number of common shares outstanding:
     Basic                                                     2,956,146          1,719,027         2,951,356       1,647,061
                                                               =========          =========         =========       =========
     Diluted                                                   2,956,791          1,719,763         2,951,679       1,648,482
                                                               =========          =========         =========       =========

Net income per common share:
     Basic                                                 $         .49      $         .21     $         .69   $         .42
                                                           =============      =============     =============   =============
     Diluted                                               $         .49      $         .21     $         .69   $         .42
                                                           =============      =============     =============   =============

Cash distributions per share:

   Common Stock                                           $         .30       $         .30     $         .60   $         .60
                                                          =============       =============     =============   =============

   Preferred Stock                                        $         .40       $         .40     $         .80   $         .80
                                                          =============       =============     =============   =============

   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, 1999
                      and the year ended December 31, 1998
                                   (Unaudited)

                                                                          Net Unrealized
                                                                          Gain (loss) on     Accumulated
                                               Common        Paid-in      Available-for-    Undistributed
                                                Stock        Capital      Sale Securities     Net Income      Total
                                                -----        -------      ---------------     ----------      -----
Balances, January 1, 1998                   $1,561,450      $14,419,609          $146,706     $2,076,140    $18,203,905

Distributions -
   common stock                                      -                -                 -     (2,710,787)    (2,710,787)
Distributions -
   preferred stock                                   -                -                 -     (1,294,042)    (1,294,042)
Accretion on
   preferred stock                                   -         (158,061)                -              -       (158,061)
Shares issued through
   rights offering                           1,331,733       16,139,254                 -              -     17,470,987
Shares issued through
   dividend reinvestment
   plan                                         47,018          564,362                 -              -        611,380
     Net income                                      -                -                 -      6,418,398      6,418,398
     Other comprehensive income-
      net unrealized loss on available-
      for-sale securities                            -                -           (47,194)             -        (47,194)
                                                                                                               --------
Comprehensive income                                 -                -                 -              -      6,371,204
                                        --------------   --------------    --------------      ---------    -----------

Balances, December 31, 1998                  2,940,201       30,965,164            99,512      4,489,709     38,494,586

Distributions -
   common stock                                      -                -                 -     (1,770,886)    (1,770,886)
Distributions -
   preferred stock                                   -                -                 -       (642,800)      (642,800)
Accretion on
   preferred stock                                   -          (78,922)                -              -        (78,922)
Shares issued through
   dividend reinvestment
   plan                                         15,945          175,206                 -              -        191,151
     Net income                                      -                -                 -      2,749,041      2,749,041
     Other comprehensive income-
     net unrealized gain on available-
     for-sale securities                             -                -            52,606              -         52,606
                                                                                                                 ------
Comprehensive income                                 -                -                 -              -      2,801,647
                                            ----------     ------------        ----------    -----------    -----------

Balances, June 30, 1999                     $2,956,146      $31,061,448        $  152,118    $ 4,825,064    $38,994,776
                                            ==========      ===========        ==========    ===========    ===========

           See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                                                                                        Six Months Ended
                                                                                                             June 30,
                                                                                                    1999                1998
                                                                                                    ----                ----
Cash flows from operating activities:
   Net income                                                                                 $  2,749,041         $  1,413,323
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   Increase in rental income from straight-lining of rent                                         (284,018)            (242,703)
   Depreciation and amortization                                                                   805,660              638,122
   Minority interest                                                                                 8,323                4,044
   Changes in assets and liabilities:
   Decrease (increase) in rent, interest,
     deposits and other receivables                                                                310,207             (150,380)
   Increase in accrued expenses and other liabilities                                              280,426               14,419
                                                                                                   -------             --------

           Net cash provided by operating activities                                             3,869,639            1,676,825
                                                                                                 ---------            ---------

Cash flows from investing activities:
   Additions to real estate                                                                    (11,211,218)         (12,262,210)
   Purchase of available-for-sale securities                                                      (756,146)              (5,286)
   Sale of available-for-sale securities                                                           952,729                    -
   Collection of mortgages receivable -
     (including $103,436 from related party in 1998)                                                10,375              117,727
   Payments to minority interest by subsidiary                                                      (7,200)              (1,750)
                                                                                                    -------             -------

           Net cash used in investing activities                                               (11,011,460)         (12,151,519)
                                                                                               -----------          -----------

Cash flows from financing activities:
   Proceeds from and assumption of mortgages payable                                             2,865,329            6,975,000
   Repayment of mortgages payable                                                                 (245,156)            (161,985)
   Repayment of bank borrowings                                                                          -           (4,605,029)
   Payment of financing costs                                                                     (214,334)            (280,012)
   Cash distributions - common stock                                                            (1,769,363)            (940,904)
   Cash distributions - preferred stock                                                           (642,800)            (647,020)
   Proceeds from issuance of shares through rights offering                                              -           17,470,987
   Issuance of shares through dividend reinvestment plan                                           191,151              353,125
    Repurchase of preferred stock, which was cancelled                                             (94,011)                   -
                                                                                                  --------      ---------------

           Net cash provided by financing activities                                                90,816           18,164,162
                                                                                                    ------           ----------

           Net  (decrease) increase in cash
               and cash equivalents                                                             (7,051,005)           7,689,468

Cash and cash equivalents at beginning of period                                                19,089,625            1,606,364
                                                                                                ----------           ----------

Cash and cash equivalents at end of period                                                    $ 12,038,620          $ 9,295,832
                                                                                              ============           ===========

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                          $   1,188,462          $ 1,284,278
   Cash paid during the period for income taxes                                                     34,892               11,907

       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 June
30, 1999 and for the six and three  months  ended June 30, 1999 and 1998 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 six and three months ended June 30, 1999 are not
necessarily indicative of the results for the full year.

The  preparation  of the  financial  statements  in  conformity  with  generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions that affect the amounts reported in the financial statements. 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, 1998.

Note 2 - Earnings Per Common Share

For the six and three  months  ended June 30, 1999 and 1998 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 six and three months ended June 30, 1999
and 1998  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  (323 and 645 for the six and three  months
ended June 30,  1999 and 1,421 and 736 for the six and three  months  ended June
30, 1998, respectively) using the treasury stock method. The Preferred Stock was
not considered for the purpose of computing  diluted  earnings per share because
their assumed conversion is antidilutive.
One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements
                                   (Continued)

Note 2 - Earnings Per Common Share (Continued)

Options to purchase 80,500 shares of Common Stock at $14.50 and $13.50 per share
(which were granted during March 1998 and 1997,  respectively) were not included
in the  computation of diluted  earnings per share because the exercise price of
these options are greater than the average  market price of the common shares as
of June 30, 1999 and, therefore, the effect would be antidilutive.

Note 3 - Preferred and Common Stock Dividend Distributions

On June 9, 1999 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 1,  1999 to  stockholders  of record on June 21,
1999.

Note 4 - Other Income

Included in other income is $792,764 which  represents the return to the Company
of unused  escrow funds by the escrow  agent upon  completion  of the  Company's
responsibility  with respect to environmental  cleanup at certain  locations net
leased to Total Petroleum.
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
($12,038,620 at June 30, 1999),  cash generated from operating  activities,  and
funds  obtainable  from mortgages to be secured by real estate  investments.  In
February 1999, a revolving  credit facility  entered into by the Company,  which
provided  for a  facility  of  $9,000,000,  matured  and was not  renewed by the
Company.  The  Company is  currently  engaged in  negotiations  for a new credit
facility but there can be no assurance  that a new facility  will be obtained or
if obtained that the amount of availability or the terms will be favorable.

The terms of the Preferred  Stock of the Company  affords each preferred  holder
the right to "put" the  Preferred  Stock to the  Company at $16.50 per share for
the period commencing July 1, 1999 and ending on September 28, 1999. The Company
will fund any cash  required in  connection  with the exercise of the put option
from funds from operations,  cash generated from mortgage  financing and cash on
hand; and if necessary,  the Company will borrow funds on a secured or unsecured
basis for such purpose. Although no commitments for financing has been obtained,
management  believes that such financing will be available on competitive terms;
if required.

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 stockholders and operating
expenses.  These  sources of funds,  as well as funds  obtainable  from mortgage
financing, will provide funds for future property acquisitions. It will continue
to be the Company's policy to make sufficient cash distributions to stockholders
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  at  certain  locations  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  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.  During the three months ended June 30,
1999,  the Company's  obligations  were  completed and the balance in the escrow
account of $792,764 was returned to the Company by the escrow agent.

Management  believes there will be no effect on the Company's liquidity relating
to the year  2000  issue  because  during  1997 the  Company  acquired  computer
hardware  and  software  to handle  the  Company's  accounting  and real  estate
management.  The computer software is capable of handling all issues relating to
the year  2000.  In  addition,  the  Company's  business  will not be  adversely
affected in any material way if its  suppliers  or lessees  encounter  year 2000
problems.
Results of Operations

Six and three months ended June 30, 1999 and 1998

Rental income increased by $994,138 to $4,261,993 and $477,500 to $2,221,817 for
the six and three  months  ended June 30,  1999 as compared to the six and three
months ended June 30, 1998  resulting  primarily  from the  acquisition  of four
properties in 1999 and four properties in 1998.

On September 6, 1998,  the Company  received a payoff in full of a related party
mortgage receivable. Interest income from this mortgage amounted to $409,855 and
$204,235 for the six and three months ended June 30, 1998.

Interest and other income  increased by $1,059,418  and $916,811 for the six and
three months ended June 30, 1999 to $1,108,259  and $949,854,  of which $792,764
results from the return of unused escrow funds to the Company upon completion of
the Company's  responsibility  with respect to environmental  cleanup at certain
locations  net  leased  to Total  Petroleum.  Interest  and  other  income  also
increased  due to an  increase  in  cash  and  cash  equivalents  available  for
investment.  Such investments  were made using the net proceeds  realized by the
Company  from the sale of common  shares  through a rights  offering  (which was
consummated  in June,  1998) and from the  approximate  $7,600,000  the  Company
received from the payoff of a mortgage receivable in September 1998.

Increases in depreciation and  amortization  expense of $167,538 and $75,615 for
the six and three months  ended June 30, 1999 to $805,660  and $415,536  results
primarily from  depreciation  on the eight  properties  acquired during 1999 and
1998.

The increases in  interest-mortgages  payable to $1,185,909 and $617,144 for the
six and three months ended June 30, 1999 from $938,417 and $513,641 in the prior
six and three month periods is due to mortgages placed on five of the properties
acquired during 1999 and 1998.

Interest-bank  amounted to $257,913  and  $147,302  for the six and three months
ended June 30,  1998  resulting  from  borrowings  under the  Credit  Agreement.
Borrowings  were  made  to  facilitate  property  acquisitions.   There  was  no
comparable expense in the 1999 six and three month periods.

General  and  administrative  expenses  increased  by  $146,587  and  $86,966 to
$476,902 and  $264,607  for the six and three months ended June 30, 1999.  These
increases  were due to a  combination  of  factors,  including  an  increase  in
professional  fees and increased  payroll,  as the  Company's  level of activity
increased.
Item 3. - Quantitative and Qualitative Disclosures About Market Risks

The Company has considered  the effects of  derivatives  and exposures to market
risk relating to interest rate, foreign currency exchange rate,  commodity price
and equity price risk. The Company has assessed the market risk for its variable
rate debt and variable rate mortgage receivables and believes that a one-percent
change in interest rates would not have a material effect on net income.

                                    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, 1999.
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 12, 1999            /s/ Matthew Gould
---------------            -----------------
Date                       Matthew Gould
                           President

August 12, 1999            /s/ David W. Kalish
---------------            -------------------
Date                       David W. Kalish
                           Vice President and
                           Chief Financial Officer