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, 2000

                                       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 10, 2000, the Registrant had 2,998,009 shares of
          Common Stock and 651,658 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 re-
required to file such reports), and (2) has been subject to such filing require-
ments 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)



                                                                                      June 30,         December 31,
                                                                                        2000              1999
                                                                                        ----              ----
                                                                                     (Unaudited)
<S>                                                                                   <C>                <C>

Assets
   Real estate investments, at cost
   Land                                                                               $23,314            $16,639
   Buildings                                                                           86,746             59,269
                                                                                       ------             ------
                                                                                      110,060             75,908
           Less accumulated depreciation                                                5,949              5,138
                                                                                        -----              -----
                                                                                      104,111             70,770

   Cash and cash equivalents                                                            2,754             11,247
   Unbilled rent receivable                                                             2,068              1,737
   Rent, interest, deposits and other receivables                                       1,061                733
   Note receivable - officer                                                              240                 80
   Investment in BRT Realty Trust-(related party)                                         240                240
   Deferred financing costs                                                             1,156                732
   Other   (including available-for-sale securities of
         $312 and $352)                                                                   401                410
                                                                                          ---                ---

           Total assets                                                              $112,031            $85,949
                                                                                     ========            =======

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                                             $59,381            $35,735
        Line of credit (Note 4)                                                         1,000                  -
        Accrued expenses and other liabilities                                            567                412
        Dividends payable                                                               1,159                  -
                                                                                      -------            -------

           Total liabilities                                                           62,107             36,147
                                                                                       ------             ------

Commitments and contingencies                                                               -                  -


Stockholders' equity:
        Redeemable  convertible  preferred stock,
        $1 par value; $1.60 cumulative annual
        dividend; 2,300 shares authorized;
        655 shares issued; iquidation and
         redemption values of $16.50                                                   10,802             10,802
        Common stock, $1 par value; 25,000
         shares authorized; 2,989 and 2,980
         shares issued  and outstanding                                                 2,989              2,980
        Paid-in capital                                                                31,425             31,338
        Accumulated other comprehensive income - net
           unrealized gain on available-for-sale securities                                78                 33
        Accumulated undistributed net income                                            4,630              4,649
                                                                                       ------             ------

           Total stockholders' equity                                                  49,924             49,802
                                                                                       ------             ------

           Total liabilities and stockholders' equity                                $112,031            $85,949
                                                                                     ========            =======




       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                    Six Months Ended
                                                                         June 30,                            June 30,
                                                                ------------------------              ----------------------
                                                                 2000               1999               2000              1999
                                                                 ----               ----               ----              ----
<S>                                                             <C>                <C>               <C>                <C>

Revenues:
   Rental income                                               $3,255              $2,222            $5,704             $4,262
   Interest and other income                                       40                 911               150              1,058
                                                               ------                 ---               ---              -----

                                                                3,295               3,133             5,854              5,320
                                                                -----               -----             -----              -----

Expenses:
   Depreciation and amortization                                  614                 416             1,068                806
   Interest - mortgages payable                                 1,161                 617             1,910              1,186
   Interest - line of credit                                       52                   -                52                  -
   Leasehold rent                                                  72                  72               144                144
   General and administrative                                     280                 269               571                485
                                                                  ---                 ---               ---                ---

                                                                2,179               1,374             3,745              2,621
                                                                -----               -----             -----              -----

Income before gain on sale                                      1,116               1,759             2,109              2,699
   Gain on sale of real estate and
   available-for-sale securities, net                              40                  39               187                 50
                                                                   --                  --               ---                 --

Net income                                                     $1,156              $1,798            $2,296             $2,749
                                                               ======              ======            ======             ======

Calculation of net income applicable to common stockholders:
Net income                                                     $1,156              $1,798            $2,296             $2,749
Less: dividends and accretion (1999)
   on preferred stock                                             262                 360               524                722
                                                                  ---                 ---               ---                ---

Net income applicable to
   common stockholders                                        $   894              $1,438             $1,772            $2,027
                                                              =======              ======             ======            ======

Weighted average number of common shares outstanding:
     Basic                                                      2,989               2,956              2,984             2,951
                                                                =====               =====              =====             =====
     Diluted                                                    2,990               2,958              2,985             2,952
                                                                =====               =====              =====             =====

Net income per common share:
     Basic                                                   $    .30            $    .49           $    .59          $    .69
                                                             ========            ========           ========          ========
     Diluted                                                 $    .30            $    .49           $    .59          $    .69
                                                             ========            ========           ========          ========

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, 2000
                      and the year ended December 31, 1999
                             (Amounts in Thousands)
                                   (Unaudited)

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

Balances, January 1, 1999                      $     -        $2,940        $30,965           $100          $4,490       $38,495

Distributions -
   common stock                                      -             -              -              -          (3,552)       (3,552)
Distributions -
   preferred stock                                   -             -              -              -          (1,168)       (1,168)
Preferred stock                                 10,802             -              -              -               -        10,802
Accretion on
   preferred stock                                   -             -            (79)             -               -           (79)
Preferred shares converted
   to common stock                                   -             1              7              -               -             8
Shares issued through
   dividend reinvestment plan                        -            39            445              -               -           484
     Net income                                      -             -              -              -           4,879         4,879
     Other comprehensive income-
      net unrealized loss on
      available-for-sale securities                  -             -              -            (67)              -           (67)
                                                                                                                            ----
Comprehensive income                                 -             -              -              -               -         4,812
                                              --------      --------       ----------      -------            -----        -----
Balances, December 31, 1999                     10,802         2,980         31,338             33           4,649        49,802

Distributions -
   common stock                                      -             -              -              -          (1,791)       (1,791)
Distributions -
   preferred stock                                   -             -              -              -            (524)         (524)
Shares issued through
   dividend reinvestment plan                        -             9             87              -               -            96
     Net income                                      -             -              -              -           2,296         2,296
     Other comprehensive income-
      net unrealized gain on
      available-for-sale securities                  -             -              -             45               -            45
                                                                                                                              --
Comprehensive income                                 -             -              -              -               -         2,341
                                              --------      --------       --------       --------        --------       -------

Balances, June 30, 2000                        $10,802        $2,989        $31,425           $ 78          $4,630       $49,924
                                               =======        ======        =======           ====          ======       =======





    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)


                                                                                                       Six Months Ended
                                                                                                           June 30,
                                                                                                  2000                  1999
                                                                                                  ----                  ----
<S>                                                                                            <C>                   <C>

Cash flows from operating activities:
   Net income                                                                                  $ 2,296               $ 2,749
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   Gain on sale of real estate and
     available-for-sale securities, net                                                           (187)                  (50)
   Increase in rental income from straight-lining of rent                                         (331)                 (284)
   Depreciation and amortization                                                                 1,068                   806
   Changes in assets and liabilities:
   (Increase) decrease in rent, interest,
     deposits and other receivables                                                               (360)                  310
   Increase in accrued expenses and other liabilities                                              171                   288
                                                                                                ------                   ---

           Net cash provided by operating activities                                             2,657                 3,819
                                                                                                 -----                 -----

Cash flows from investing activities:
   Additions to real estate                                                                    (25,928)              (10,146)
   Net proceeds from sale of real estate                                                           837                     -
   Purchase of available-for-sale securities                                                         -                  (756)
   Net proceeds from sale of available-for-sale securities                                          74                 1,003
   Collection of mortgages receivable                                                                -                    10
   Payments to minority interest by subsidiary                                                     (16)                   (7)
                                                                                                   ----                   ---

           Net cash used in investing activities                                               (25,033)               (9,896)
                                                                                               --------               -------

Cash flows from financing activities:
   Proceeds from mortgages payable                                                              15,000                 1,800
   Repayment of mortgages payable                                                                 (369)                 (245)
   Payment of financing costs                                                                     (528)                 (214)
   Borrowings from line of credit                                                                1,000                     -
   Cash distributions - common stock                                                              (894)               (1,769)
   Cash distributions - preferred stock                                                           (262)                 (643)
   Note receivable - officer                                                                      (160)                    -
   Issuance of shares through dividend reinvestment plan                                            96                   191
   Repurchase of preferred stock, which was cancelled                                                -                   (94)
                                                                                               -------               -------

           Net cash provided by (used in) financing activities                                  13,883                  (974)
                                                                                                ------                  -----

           Net decrease in cash and cash equivalents                                            (8,493)               (7,051)

Cash and cash equivalents at beginning of period                                                11,247                19,090
                                                                                                ------               -------

Cash and cash equivalents at end of period                                                     $ 2,754              $ 12,039
                                                                                               =======              ========

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                            $ 1,918              $  1,188

Supplemental schedule of non cash investing and financing activities:
   Assumption of mortgage payable in connection
     with purchase of real estate                                                              $ 9,015              $  1,065



    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, 2000 and for the six and three  months  ended June 30, 2000 and 1999 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, 2000 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, 1999.

Note 2 - Earnings Per Common Share

For the six and three  months  ended June 30, 2000 and 1999 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 month  periods ended June
30, 2000 and 1999  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

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

Note 2 - Earnings Per Common Share (Continued)

shares of Common Stock  outstanding  plus the dilutive  effect of the  Company's
outstanding  options  (602 and 998 for the six and three  months  ended June 30,
2000 and  1,105 and 2,210 for the six and  three  months  ended  June 30,  1999,
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.

Options to purchase 128,000 shares of Common Stock at $12.375, $14.50 and $13.50
per share (which were granted  during March 1999,  1998 and 1997,  respectively)
were not included in the  computation of diluted  earnings per share because the
exercise  prices of these  options are greater than the average  market price of
the  common  shares as of June 30,  2000 and,  therefore,  the  effect  would be
antidilutive.

Note 3 - Preferred and Common Stock Dividend Distributions

On June 8, 2000 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 July 5, 2000 to  stockholders of record on June
20, 2000.

Note 4 - Revolving Credit Facility

On March 24,  2000,  the Company  consummated  a  $15,000,000  Revolving  Credit
Facility ("Facility") with European American Bank ("EAB"). The Facility provides
that the Company pay  interest at EAB's prime rate on funds  borrowed  under the
Facility and an unused  facility fee of 1/4 of 1%. The Company paid  $175,000 in
fees and closing costs which are being  amortized over the term of the loan. The
Facility  matures  on March 24,  2002 with an option to extend  the term for one
year.  The  Facility  is  guaranteed  by  all  Company  subsidiaries  which  own
unencumbered properties.

The Facility is being used  primarily to finance the  acquisition  of commercial
real  estate.  The Company is required to comply  with  certain  covenants.  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.


<PAGE>



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

Note 5 - Property Acquisitions

During the three  months  ended  March 31,  2000,  the  Company  acquired  three
properties  for  a  total  consideration  of  approximately  $23,123,000.  First
mortgages  totaling  $15,000,000  were placed on two of these properties and the
balance was paid in cash.

On April 11, 2000, an additional  property was purchased for a consideration  of
$11,767,000.  The property was financed at closing by the Company  assuming on a
non-recourse  basis,  the existing  first  mortgage with a principal  balance of
$9,015,000  and the balance of the purchase  price was funded from the Company's
revolving credit facility.

Note 6 - 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 three and six months  ended June 30,  2000,  accumulated
other comprehensive  income, which is solely composed of the net unrealized gain
on  available-for-sale  securities,  increased  $45,000 to $78,000 from $33,000.
During  the  three and six  months  ended  June 30,  1999  comprehensive  income
increased  $106,000 from $46,000 to $152,000 and increased $52,000 from $100,000
to $152,000, respectively.


<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
($2,754,000 at June 30, 2000), a $15,000,000  revolving credit facility and cash
generated from operating activities.  On March 24, 2000 the Company entered into
an  agreement  with  European  American  Bank  ("EAB") to provide a  $15,000,000
revolving credit facility ("Facility").  The Facility is being 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 EAB'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 June 30, 2000 $1,000,000 was outstanding under the Facility.

In April 2000, the Company acquired a property located in Hanover,  Pennsylvania
for a  consideration  of  $11,767,000,  of which  $2,500,000 was funded from the
Facility,  a portion of which was  subsequently  repaid.  The Company  assumed a
mortgage note with an outstanding principal balance of $9,015,000.  The building
is triple net leased to a large manufacturing company.

During the three  months  ended  March 31,  2000,  the  Company  acquired  three
properties  for  a  total  consideration  of  approximately  $23,123,000.  First
mortgages  totaling  $15,000,000  were placed on two of these properties and the
balance of $8,123,000 was paid in cash.

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.  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. To date, 3,000 shares
of preferred stock have been  repurchased  under this program in the open market
at a total cost of $41,400.


<PAGE>




Results of Operations

Six and Three Months Ended June 30, 2000 and 1999

Rental income increased by $1,442,000 to $5,704,000 and $1,033,000 to $3,255,000
for the six and three  months  ended June 30,  2000 as  compared  to the six and
three  months  ended June 30,  1999  primarily  due to the  acquisition  of four
properties  in 2000  and the  inclusion  of  rental  income  on four  properties
acquired in 1999 for the full 2000 periods.

Interest  and other  income  decreased  by $908,000 and $871,000 for the six and
three months ended June 30, 2000 to $150,000 and $40,000,  primarily  because in
the second  quarter of the 1999 fiscal  year  $793,000  of unused  escrow  funds
relating to the Company's  obligation to perform  environmental  remediation  at
certain locations net leased to Total Petroleum was returned to the Company upon
completion  of the  Company's  responsibility.  Interest  and other  income also
decreased  due to a reduction  in interest  earned on cash and cash  equivalents
available  for  investment,  as cash and cash  equivalents  were applied to fund
property acquisitions.

Increases in depreciation and amortization  expense of $262,000 and $198,000 for
the six and  three  months  ended  June  30,  2000 to  $1,068,000  and  $614,000
primarily result from depreciation on the eight properties  acquired during 2000
and 1999.

The increases in interest-mortgages payable to $1,910,000 and $1,161,000 for the
six and three  months ended June 30, 2000 from  $1,186,000  and $617,000 for the
six and three months ended June 30, 1999 is due to mortgages  placed on seven of
the properties acquired during 2000 and 1999. Interest - line of credit amounted
to $52,000  during the six and three months ended June 30, 2000  resulting  from
borrowings under the credit agreement.  There were no such borrowings during the
prior year periods.

General and administrative expenses increased by $86,000 and $11,000 for the six
and three months ended June 30, 2000 to $571,000 and $280,000.  These  increases
were primarily due to an increase in payroll and payroll related expenses.

Gain on sale of real estate and available-for-sale securities during the six and
three months ended June 30, 2000 results substantially from a gain of $43,000 on
the sale of a property  located in Kansas during the three months ended June 30,
2000 and from a gain of  $156,000  on the sale of a  property  located  in South
Carolina during the three months ended March 31, 2000.



<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 's mortgages  payable  bear fixed  interest
rates and  therefore  there is no  material  market risk  associated  with these
instruments.  The Company's exposure to market risk relates to its variable rate
unsecured  credit  facility,  with the initial  borrowing  occurring  during the
quarter  ended June 30, 2000.  This variable  rate  indebtedness  had a weighted
average  interest  rate of 9.4% and the  Company  believes  that a 1%  change in
interest rates would not have a material effect on income.



                       Part II - Other Information

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

On April 11, 2000,  the Company filed a current report on Form 8-K to report the
acquisition  on March  29,  2000 of a  property  located  in El Paso,  Texas for
approximately  $14,066,000.  In  connection  with the  acquisition,  the Company
obtained  a  $10,000,000  first  mortgage.   Audited  financial  statements  and
unaudited pro forma financial statements relating to this acquisition were filed
on Form 8-K/A on May 11, 2000.

On May 2, 2000,  the  Company  filed a current  report on Form 8-K to report the
acquisition on April 11, 2000 of a property located in Hanover, Pennsylvania for
approximately  $11,463,000.  The property was financed at closing by the Company
assuming on a  non-recourse  basis the existing  first mortgage with a principal
balance of approximately $9,000,000.  Audited financial statements and unaudited
pro forma financial  statements  relating to this acquisition were filed on Form
8-K/A on May 11, 2000.



<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 11, 2000            /s/ Jeffrey Fishman
---------------            -------------------
 Date                      Jeffrey Fishman
                           President





August 11, 2000            /s/ David W. Kalish
---------------            -------------------
 Date                      David W. Kalish
                           Vice President and
                           Chief Financial Officer
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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, 2000

                                       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 10, 2000, the Registrant had 2,998,009 shares of
          Common Stock and 651,658 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 re-
required to file such reports), and (2) has been subject to such filing require-
ments 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)

                                                                                      June 30,         December 31,
                                                                                        2000              1999
                                                                                        ----              ----
                                                                                     (Unaudited)
Assets
   Real estate investments, at cost
   Land                                                                               $23,314            $16,639
   Buildings                                                                           86,746             59,269
                                                                                       ------             ------
                                                                                      110,060             75,908
           Less accumulated depreciation                                                5,949              5,138
                                                                                        -----              -----
                                                                                      104,111             70,770

   Cash and cash equivalents                                                            2,754             11,247
   Unbilled rent receivable                                                             2,068              1,737
   Rent, interest, deposits and other receivables                                       1,061                733
   Note receivable - officer                                                              240                 80
   Investment in BRT Realty Trust-(related party)                                         240                240
   Deferred financing costs                                                             1,156                732
   Other   (including available-for-sale securities of
         $312 and $352)                                                                   401                410
                                                                                          ---                ---

           Total assets                                                              $112,031            $85,949
                                                                                     ========            =======

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                                             $59,381            $35,735
        Line of credit (Note 4)                                                         1,000                  -
        Accrued expenses and other liabilities                                            567                412
        Dividends payable                                                               1,159                  -
                                                                                      -------            -------

           Total liabilities                                                           62,107             36,147
                                                                                       ------             ------

Commitments and contingencies                                                               -                  -

Stockholders' equity:
        Redeemable  convertible  preferred stock,
        $1 par value; $1.60 cumulative annual
        dividend; 2,300 shares authorized;
        655 shares issued; iquidation and
         redemption values of $16.50                                                   10,802             10,802
        Common stock, $1 par value; 25,000
         shares authorized; 2,989 and 2,980
         shares issued  and outstanding                                                 2,989              2,980
        Paid-in capital                                                                31,425             31,338
        Accumulated other comprehensive income - net
           unrealized gain on available-for-sale securities                                78                 33
        Accumulated undistributed net income                                            4,630              4,649
                                                                                       ------             ------

           Total stockholders' equity                                                  49,924             49,802
                                                                                       ------             ------

           Total liabilities and stockholders' equity                                $112,031            $85,949
                                                                                     ========            =======

       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                    Six Months Ended
                                                                         June 30,                            June 30,
                                                                ------------------------              ----------------------
                                                                 2000               1999               2000              1999
                                                                 ----               ----               ----              ----
Revenues:
   Rental income                                               $3,255              $2,222            $5,704             $4,262
   Interest and other income                                       40                 911               150              1,058
                                                               ------                 ---               ---              -----

                                                                3,295               3,133             5,854              5,320
                                                                -----               -----             -----              -----

Expenses:
   Depreciation and amortization                                  614                 416             1,068                806
   Interest - mortgages payable                                 1,161                 617             1,910              1,186
   Interest - line of credit                                       52                   -                52                  -
   Leasehold rent                                                  72                  72               144                144
   General and administrative                                     280                 269               571                485
                                                                  ---                 ---               ---                ---

                                                                2,179               1,374             3,745              2,621
                                                                -----               -----             -----              -----

Income before gain on sale                                      1,116               1,759             2,109              2,699
   Gain on sale of real estate and
   available-for-sale securities, net                              40                  39               187                 50
                                                                   --                  --               ---                 --

Net income                                                     $1,156              $1,798            $2,296             $2,749
                                                               ======              ======            ======             ======

Calculation of net income applicable to common stockholders:
Net income                                                     $1,156              $1,798            $2,296             $2,749
Less: dividends and accretion (1999)
   on preferred stock                                             262                 360               524                722
                                                                  ---                 ---               ---                ---

Net income applicable to
   common stockholders                                        $   894              $1,438             $1,772            $2,027
                                                              =======              ======             ======            ======

Weighted average number of common shares outstanding:
     Basic                                                      2,989               2,956              2,984             2,951
                                                                =====               =====              =====             =====
     Diluted                                                    2,990               2,958              2,985             2,952
                                                                =====               =====              =====             =====

Net income per common share:
     Basic                                                   $    .30            $    .49           $    .59          $    .69
                                                             ========            ========           ========          ========
     Diluted                                                 $    .30            $    .49           $    .59          $    .69
                                                             ========            ========           ========          ========

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, 2000
                      and the year ended December 31, 1999
                             (Amounts in Thousands)
                                   (Unaudited)

                                                                                         Net Unrealized
                                                                                         Gain (loss) on   Accumulated
                                              Preferred       Common        Paid-in      Available-for-  Undistributed
                                                Stock         Stock         Capital     Sale Securities    Net Income     Total
                                                -----         -----         -------     ---------------    ----------     -----
Balances, January 1, 1999                      $     -        $2,940        $30,965           $100          $4,490       $38,495

Distributions -
   common stock                                      -             -              -              -          (3,552)       (3,552)
Distributions -
   preferred stock                                   -             -              -              -          (1,168)       (1,168)
Preferred stock                                 10,802             -              -              -               -        10,802
Accretion on
   preferred stock                                   -             -            (79)             -               -           (79)
Preferred shares converted
   to common stock                                   -             1              7              -               -             8
Shares issued through
   dividend reinvestment plan                        -            39            445              -               -           484
     Net income                                      -             -              -              -           4,879         4,879
     Other comprehensive income-
      net unrealized loss on
      available-for-sale securities                  -             -              -            (67)              -           (67)
                                                                                                                            ----
Comprehensive income                                 -             -              -              -               -         4,812
                                              --------      --------       ----------      -------            -----        -----
Balances, December 31, 1999                     10,802         2,980         31,338             33           4,649        49,802

Distributions -
   common stock                                      -             -              -              -          (1,791)       (1,791)
Distributions -
   preferred stock                                   -             -              -              -            (524)         (524)
Shares issued through
   dividend reinvestment plan                        -             9             87              -               -            96
     Net income                                      -             -              -              -           2,296         2,296
     Other comprehensive income-
      net unrealized gain on
      available-for-sale securities                  -             -              -             45               -            45
                                                                                                                              --
Comprehensive income                                 -             -              -              -               -         2,341
                                              --------      --------       --------       --------        --------       -------

Balances, June 30, 2000                        $10,802        $2,989        $31,425           $ 78          $4,630       $49,924
                                               =======        ======        =======           ====          ======       =======

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

                                                                                                       Six Months Ended
                                                                                                           June 30,
                                                                                                  2000                  1999
                                                                                                  ----                  ----
Cash flows from operating activities:
   Net income                                                                                  $ 2,296               $ 2,749
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   Gain on sale of real estate and
     available-for-sale securities, net                                                           (187)                  (50)
   Increase in rental income from straight-lining of rent                                         (331)                 (284)
   Depreciation and amortization                                                                 1,068                   806
   Changes in assets and liabilities:
   (Increase) decrease in rent, interest,
     deposits and other receivables                                                               (360)                  310
   Increase in accrued expenses and other liabilities                                              171                   288
                                                                                                ------                   ---

           Net cash provided by operating activities                                             2,657                 3,819
                                                                                                 -----                 -----

Cash flows from investing activities:
   Additions to real estate                                                                    (25,928)              (10,146)
   Net proceeds from sale of real estate                                                           837                     -
   Purchase of available-for-sale securities                                                         -                  (756)
   Net proceeds from sale of available-for-sale securities                                          74                 1,003
   Collection of mortgages receivable                                                                -                    10
   Payments to minority interest by subsidiary                                                     (16)                   (7)
                                                                                                   ----                   ---

           Net cash used in investing activities                                               (25,033)               (9,896)
                                                                                               --------               -------

Cash flows from financing activities:
   Proceeds from mortgages payable                                                              15,000                 1,800
   Repayment of mortgages payable                                                                 (369)                 (245)
   Payment of financing costs                                                                     (528)                 (214)
   Borrowings from line of credit                                                                1,000                     -
   Cash distributions - common stock                                                              (894)               (1,769)
   Cash distributions - preferred stock                                                           (262)                 (643)
   Note receivable - officer                                                                      (160)                    -
   Issuance of shares through dividend reinvestment plan                                            96                   191
   Repurchase of preferred stock, which was cancelled                                                -                   (94)
                                                                                               -------               -------

           Net cash provided by (used in) financing activities                                  13,883                  (974)
                                                                                                ------                  -----

           Net decrease in cash and cash equivalents                                            (8,493)               (7,051)

Cash and cash equivalents at beginning of period                                                11,247                19,090
                                                                                                ------               -------

Cash and cash equivalents at end of period                                                     $ 2,754              $ 12,039
                                                                                               =======              ========

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                            $ 1,918              $  1,188

Supplemental schedule of non cash investing and financing activities:
   Assumption of mortgage payable in connection
     with purchase of real estate                                                              $ 9,015              $  1,065

    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, 2000 and for the six and three  months  ended June 30, 2000 and 1999 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, 2000 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, 1999.

Note 2 - Earnings Per Common Share

For the six and three  months  ended June 30, 2000 and 1999 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 month  periods ended June
30, 2000 and 1999  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
One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements
                                   (Continued)

Note 2 - Earnings Per Common Share (Continued)

shares of Common Stock  outstanding  plus the dilutive  effect of the  Company's
outstanding  options  (602 and 998 for the six and three  months  ended June 30,
2000 and  1,105 and 2,210 for the six and  three  months  ended  June 30,  1999,
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.

Options to purchase 128,000 shares of Common Stock at $12.375, $14.50 and $13.50
per share (which were granted  during March 1999,  1998 and 1997,  respectively)
were not included in the  computation of diluted  earnings per share because the
exercise  prices of these  options are greater than the average  market price of
the  common  shares as of June 30,  2000 and,  therefore,  the  effect  would be
antidilutive.

Note 3 - Preferred and Common Stock Dividend Distributions

On June 8, 2000 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 July 5, 2000 to  stockholders of record on June
20, 2000.

Note 4 - Revolving Credit Facility

On March 24,  2000,  the Company  consummated  a  $15,000,000  Revolving  Credit
Facility ("Facility") with European American Bank ("EAB"). The Facility provides
that the Company pay  interest at EAB's prime rate on funds  borrowed  under the
Facility and an unused  facility fee of 1/4 of 1%. The Company paid  $175,000 in
fees and closing costs which are being  amortized over the term of the loan. The
Facility  matures  on March 24,  2002 with an option to extend  the term for one
year.  The  Facility  is  guaranteed  by  all  Company  subsidiaries  which  own
unencumbered properties.

The Facility is being used  primarily to finance the  acquisition  of commercial
real  estate.  The Company is required to comply  with  certain  covenants.  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.
One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements
                                   (Continued)

Note 5 - Property Acquisitions

During the three  months  ended  March 31,  2000,  the  Company  acquired  three
properties  for  a  total  consideration  of  approximately  $23,123,000.  First
mortgages  totaling  $15,000,000  were placed on two of these properties and the
balance was paid in cash.

On April 11, 2000, an additional  property was purchased for a consideration  of
$11,767,000.  The property was financed at closing by the Company  assuming on a
non-recourse  basis,  the existing  first  mortgage with a principal  balance of
$9,015,000  and the balance of the purchase  price was funded from the Company's
revolving credit facility.

Note 6 - 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 three and six months  ended June 30,  2000,  accumulated
other comprehensive  income, which is solely composed of the net unrealized gain
on  available-for-sale  securities,  increased  $45,000 to $78,000 from $33,000.
During  the  three and six  months  ended  June 30,  1999  comprehensive  income
increased  $106,000 from $46,000 to $152,000 and increased $52,000 from $100,000
to $152,000, respectively.
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
($2,754,000 at June 30, 2000), a $15,000,000  revolving credit facility and cash
generated from operating activities.  On March 24, 2000 the Company entered into
an  agreement  with  European  American  Bank  ("EAB") to provide a  $15,000,000
revolving credit facility ("Facility").  The Facility is being 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 EAB'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 June 30, 2000 $1,000,000 was outstanding under the Facility.

In April 2000, the Company acquired a property located in Hanover,  Pennsylvania
for a  consideration  of  $11,767,000,  of which  $2,500,000 was funded from the
Facility,  a portion of which was  subsequently  repaid.  The Company  assumed a
mortgage note with an outstanding principal balance of $9,015,000.  The building
is triple net leased to a large manufacturing company.

During the three  months  ended  March 31,  2000,  the  Company  acquired  three
properties  for  a  total  consideration  of  approximately  $23,123,000.  First
mortgages  totaling  $15,000,000  were placed on two of these properties and the
balance of $8,123,000 was paid in cash.

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.  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. To date, 3,000 shares
of preferred stock have been  repurchased  under this program in the open market
at a total cost of $41,400.
Results of Operations

Six and Three Months Ended June 30, 2000 and 1999

Rental income increased by $1,442,000 to $5,704,000 and $1,033,000 to $3,255,000
for the six and three  months  ended June 30,  2000 as  compared  to the six and
three  months  ended June 30,  1999  primarily  due to the  acquisition  of four
properties  in 2000  and the  inclusion  of  rental  income  on four  properties
acquired in 1999 for the full 2000 periods.

Interest  and other  income  decreased  by $908,000 and $871,000 for the six and
three months ended June 30, 2000 to $150,000 and $40,000,  primarily  because in
the second  quarter of the 1999 fiscal  year  $793,000  of unused  escrow  funds
relating to the Company's  obligation to perform  environmental  remediation  at
certain locations net leased to Total Petroleum was returned to the Company upon
completion  of the  Company's  responsibility.  Interest  and other  income also
decreased  due to a reduction  in interest  earned on cash and cash  equivalents
available  for  investment,  as cash and cash  equivalents  were applied to fund
property acquisitions.

Increases in depreciation and amortization  expense of $262,000 and $198,000 for
the six and  three  months  ended  June  30,  2000 to  $1,068,000  and  $614,000
primarily result from depreciation on the eight properties  acquired during 2000
and 1999.

The increases in interest-mortgages payable to $1,910,000 and $1,161,000 for the
six and three  months ended June 30, 2000 from  $1,186,000  and $617,000 for the
six and three months ended June 30, 1999 is due to mortgages  placed on seven of
the properties acquired during 2000 and 1999. Interest - line of credit amounted
to $52,000  during the six and three months ended June 30, 2000  resulting  from
borrowings under the credit agreement.  There were no such borrowings during the
prior year periods.

General and administrative expenses increased by $86,000 and $11,000 for the six
and three months ended June 30, 2000 to $571,000 and $280,000.  These  increases
were primarily due to an increase in payroll and payroll related expenses.

Gain on sale of real estate and available-for-sale securities during the six and
three months ended June 30, 2000 results substantially from a gain of $43,000 on
the sale of a property  located in Kansas during the three months ended June 30,
2000 and from a gain of  $156,000  on the sale of a  property  located  in South
Carolina during the three months ended March 31, 2000.
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 's mortgages  payable  bear fixed  interest
rates and  therefore  there is no  material  market risk  associated  with these
instruments.  The Company's exposure to market risk relates to its variable rate
unsecured  credit  facility,  with the initial  borrowing  occurring  during the
quarter  ended June 30, 2000.  This variable  rate  indebtedness  had a weighted
average  interest  rate of 9.4% and the  Company  believes  that a 1%  change in
interest rates would not have a material effect on income.

                       Part II - Other Information

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

On April 11, 2000,  the Company filed a current report on Form 8-K to report the
acquisition  on March  29,  2000 of a  property  located  in El Paso,  Texas for
approximately  $14,066,000.  In  connection  with the  acquisition,  the Company
obtained  a  $10,000,000  first  mortgage.   Audited  financial  statements  and
unaudited pro forma financial statements relating to this acquisition were filed
on Form 8-K/A on May 11, 2000.

On May 2, 2000,  the  Company  filed a current  report on Form 8-K to report the
acquisition on April 11, 2000 of a property located in Hanover, Pennsylvania for
approximately  $11,463,000.  The property was financed at closing by the Company
assuming on a  non-recourse  basis the existing  first mortgage with a principal
balance of approximately $9,000,000.  Audited financial statements and unaudited
pro forma financial  statements  relating to this acquisition were filed on Form
8-K/A on May 11, 2000.
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 11, 2000            /s/ Jeffrey Fishman
---------------            -------------------
 Date                      Jeffrey Fishman
                           President

August 11, 2000            /s/ David W. Kalish
---------------            -------------------
 Date                      David W. Kalish
                           Vice President and
                           Chief Financial Officer