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, 2001

                                      OR

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

                         Commission File Number 0-11083

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

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

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

       Registrant's telephone number, including area code:  (516)  466-3100
                                                            ---------------
            Indicate the number of shares outstanding of each of the
          issuer's classes of stock, as of the latest practicable date.

          As of August 7, 2001, the Registrant had 3,015,769 shares of
            Common Stock and 648,058 shares of Redeemable Convertible
                          Preferred Stock outstanding.

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


                           Yes   X           No
                                ----           ----

<PAGE>


Part I - FINANCIAL INFORMATION

Item 1.    Financial Statements
<TABLE>
<CAPTION>

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



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

Assets
   Real estate investments, at cost
   Land                                                                             $  26,133          $  26,279
   Buildings                                                                          101,370            101,585
                                                                                    ---------          ---------
                                                                                      127,503            127,864
           Less accumulated depreciation                                                7,449              6,244
                                                                                    ---------          ---------
                                                                                      120,054            121,620

   Cash and cash equivalents                                                            7,430              2,069
   Unbilled rent receivable                                                             2,031              1,615
   Rent, interest, deposits and other receivables                                         853                976
   Note receivable - officer                                                              167                240
   Investment in BRT Realty Trust-(related party)                                         309                240
   Deferred financing costs                                                             1,410              1,154
   Other   (including available-for-sale securities of
         $238 and $228)                                                                   387                305
                                                                                    ---------           --------

           Total assets                                                             $ 132,641           $128,219
                                                                                    =========           ========

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                                           $  77,185           $ 64,123
        Line of credit                                                                      -             10,000
        Accrued expenses and other liabilities                                            687                720
        Dividends payable                                                               1,164                  -
                                                                                    ---------           --------

           Total liabilities                                                           79,036             74,843
                                                                                    ---------           --------

Commitments and contingencies                                                               -                  -


Stockholders' equity:
        Redeemable convertible preferred stock, $1 par value;
         $1.60 cumulative annual dividend; 2,300 shares
         authorized; 648 shares issued; liquidation and
         redemption values of $16.50                                                   10,693             10,693
        Common stock, $1 par value; 25,000
         shares authorized; 3,016 and 3,010
         shares issued  and outstanding                                                 3,016              3,010
        Paid-in capital                                                                31,706             31,650
        Accumulated other comprehensive income - net
           unrealized gain on available-for-sale securities                               220                 76
        Accumulated undistributed net income                                            7,970              7,947
                                                                                     --------           --------

           Total stockholders' equity                                                  53,605             53,376
                                                                                     --------           --------

           Total liabilities and stockholders' equity                                $132,641           $128,219
                                                                                     ========           ========



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

<PAGE>
<TABLE>
<CAPTION>


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

                                                                    Three Months Ended                  Six Months Ended
                                                                         June 30,                             June 30,
                                                                         --------                             --------
                                                                 2001               2000              2001               2000
                                                                 ----               ----              ----               ----
<S>                                                            <C>                 <C>               <C>                <C>

Revenues:
   Rental income                                               $3,830              $3,255            $7,590             $5,704
   Interest and other income                                       52                  40                76                150
                                                               ------              ------            ------             ------
                                                                3,882               3,295             7,666              5,854
                                                               ------              ------            ------             ------
Expenses:
   Depreciation and amortization                                  727                 614             1,446              1,068
   Interest - mortgages payable                                 1,477               1,161             2,750              1,910
   Interest - line of credit                                       38                  52               231                 52
   Leasehold rent                                                  72                  72               144                144
   General and administrative                                     298                 262               597                551
   Real estate expenses                                            52                  18                89                 20
                                                               ------              ------            ------             ------

                                                                2,664               2,179             5,257              3,745
                                                                -----               -----             -----              -----

Income before (loss) gain on sale                               1,218               1,116             2,409              2,109
                                                                -----               -----             -----              -----

   (Loss) gain on sale of real estate                             (46)                 43               (46)               199
   Loss on sale of available-for-sale securities                   (9)                 (3)              (14)               (12)
                                                                -----               -----             -----              -----
                                                                  (55)                 40               (60)               187
                                                                -----               -----             -----              -----
Net income                                                     $1,163              $1,156            $2,349             $2,296
                                                               ======              ======            ======             ======

Calculation of net income applicable to common stockholders:
Net income                                                     $1,163              $1,156            $2,349             $2,296
Less: dividends on preferred stock                                259                 262               518                524
                                                               ------              ------            ------             ------

Net income applicable to
   common stockholders                                        $   904             $   894            $1,831             $1,772
                                                              =======             =======            ======             ======

Weighted average number of common shares outstanding:
     Basic                                                      3,016               2,989             3,013              2,984
                                                                =====               =====             =====              =====
     Diluted                                                    3,026               2,990             3,020              2,985
                                                                =====               =====             =====              =====

Net income per common share:
     Basic                                                   $    .30            $    .30          $    .61           $    .59
                                                             ========            ========          ========           ========
     Diluted                                                 $    .30            $    .30          $    .61           $    .59
                                                             ========            ========          ========           ========

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, 2001 (unaudited)
                       and the year ended December 31, 2000
                             (Amounts in Thousands)

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

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

Distributions -
   common stock                           -         -                -          -              (3,590)             (3,590)
Distributions -
   preferred stock                        -         -                -          -              (1,044)             (1,044)
Preferred stock                        (109)        -               18          -                   -                 (91)
Shares issued through
   dividend reinvestment plan             -        30              294          -                   -                 324
     Net income                           -         -                -          -               7,932               7,932
     Other comprehensive income-
      net unrealized gain on
      available-for-sale securities       -         -                -         43                   -                  43
                                                                                                                   ------
Comprehensive income                      -         -                -          -                   -               7,975
                                     ------     -----           ------       ----               -----              ------
Balances, December 31, 2000          10,693     3,010           31,650         76               7,947              53,376

Distributions -
   common stock                           -         -                -          -              (1,808)             (1,808)
Distributions -
   preferred stock                        -         -                -          -                (518)               (518)
Shares issued through
   dividend reinvestment plan             -         6               56          -                   -                  62
     Net income                           -         -                -          -               2,349               2,349
      Other comprehensive income-
      net unrealized gain on
      available-for-sale securities       -         -                -        144                   -                 144
                                                                                                                      ---
Comprehensive income                      -         -                -          -                   -               2,493
                                    -------    ------          -------     ------            --------             -------
Balances, June 30, 2001             $10,693    $3,016          $31,706     $  220            $  7,970             $53,605
                                    =======    ======          =======     ======            ========             =======

</TABLE>





         See accompanying notes to consolidated financial statements.

<PAGE>
<TABLE>
<CAPTION>


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



                                                                                                      Six Months Ended
                                                                                                          June 30,
                                                                                                          --------
                                                                                                 2001                  2000
                                                                                                 ----                  ----
<S>                                                                                            <C>                   <C>

Cash flows from operating activities:
   Net income                                                                                  $ 2,349               $ 2,296
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   Loss (gain) on sale of real estate                                                               46                  (199)
   Loss on sale of available-for-sale securities                                                    14                    12
   Increase in rental income from straight-lining of rent                                         (416)                 (331)
   Depreciation and amortization                                                                 1,446                 1,068
   Changes in assets and liabilities:
   Decrease (increase) in rent, interest, deposits and other receivables                            51                  (360)
   (Decrease) increase in accrued expenses and other liabilities                                   (23)                  171
                                                                                                ------                ------
           Net cash provided by operating activities                                             3,467                 2,657
                                                                                                ------                ------
Cash flows from investing activities:
   Additions to real estate                                                                        (14)              (25,928)
   Net proceeds from sale of real estate                                                           240                   837
   Net proceeds from sale of available-for-sale securities                                         184                    74
   Purchase of available-for-sale securities                                                      (132)                    -
   Payments to minority interest by subsidiary                                                     (11)                  (16)
                                                                                                ------                ------

           Net cash provided by (used in) investing activities                                     267               (25,033)
                                                                                                ------                ------

Cash flows from financing activities:
   Proceeds from mortgages payable                                                              13,600                15,000
   Repayment of mortgages payable                                                                 (538)                 (369)
   Payment of financing costs                                                                     (408)                 (528)
   Line of credit - (paydowns) borrowings                                                      (10,000)                1,000
   Cash distributions - common stock                                                              (903)                 (894)
   Cash distributions - preferred stock                                                           (259)                 (262)
   Issuance of shares through dividend reinvestment plan                                            62                    96
   Note receivable - officer                                                                        73                  (160)
                                                                                                ------                ------

           Net cash provided by financing activities                                             1,627                13,883
                                                                                                ------                ------

           Net increase (decrease) in cash and cash equivalents                                  5,361                (8,493)


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

Cash and cash equivalents at end of period                                                      $7,430                $2,754
                                                                                                ======                ======

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                             $3,008                $1,918

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





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

<PAGE>


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

Note 1 - Basis of Preparation

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

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

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

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

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

Note 2 - Earnings Per Common Share

For the six and three  months  ended June 30, 2001 and 2000 basic  earnings  per
share was  determined by dividing net income  applicable to common  stockholders
for the  period by the  weighted  average  number  of  shares  of  Common  Stock
outstanding during each period.

Diluted  earnings per share reflects the potential  dilution that could occur if
securities or other  contracts to issue Common Stock were exercised or converted
into Common  Stock or resulted in the  issuance of Common Stock that then shared
in the earnings of the Company.  For the six and three month  periods ended June
30, 2001 and 2000  diluted  earnings  per share was  determined  by dividing net
income  applicable  to common  stockholders  for the  period by the total of the
weighted average number of shares of Common Stock  outstanding plus the dilutive
effect of the Company's  outstanding  options  (6,613 and 10,873 for the six and
three months ended June 30, 2001 and 602 and 998


<PAGE>


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

Note 2 - Earnings Per Common Share (Continued)

for the six and  three  months  ended  June 30,  2000,  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 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 prices of
these options are greater than the average  market price of the common shares as
of June 30, 2001 and therefore the effect would be antidilutive.

Note 3 - Preferred and Common Stock Dividend Distributions

On June 11, 2001 the Board of Directors declared quarterly cash distributions of
$.30  and  $.40  per  share  on  the  Company's   common  and  preferred  stock,
respectively,  which was paid on July 3, 2001 to  stockholders of record on June
22, 2001.

Note 4 - Comprehensive Income

Statement No. 130 establishes  standards for reporting  comprehensive income and
its  components  in a  full  set of  general-purpose  financial  statements  and
requires that all components of comprehensive  income be reported in a financial
statement  that is  displayed  with  the  same  prominence  as  other  financial
statements.  During  the six  months  ended  June 30,  2001,  accumulated  other
comprehensive  income,  which is solely  composed of the net unrealized  gain on
available-for-sale  securities,  increased $144,000 to $220,000.  During the six
months ended June 30, 2000 comprehensive income increased $45,000 to $78,000.

Note 5  - Derivative Instruments and Hedging Activities

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


<PAGE>



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

Liquidity and Capital Resources

The  Company's  primary  sources  of  liquidity  are cash  and cash  equivalents
($7,430,000 at June 30, 2001), a $15,000,000  revolving credit facility,  all of
which is available,  and cash generated from operating activities.  On March 24,
2000 the Company  entered into an agreement with European  American Bank ("EAB")
to provide a $15,000,000 revolving credit facility ("Facility"). The Facility is
used  primarily  to finance the  acquisition  of  commercial  real  estate.  The
Facility  matures on March 24, 2002 with an option to extend  through  March 24,
2003.  Borrowings under the Facility bear interest at 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, 2001, there was no outstanding
balance under the Facility.

The Company is currently in discussions concerning the acquisition of additional
net leased  properties.  Cash provided from  operations  and the Company's  cash
position will provide funds for cash distributions to shareholders and operating
expenses.  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.  Through June 30, 2001,
6,600  shares of  preferred  stock  have  been  repurchased  at a total  cost of
$91,000.


<PAGE>


Results of Operations

Six and Three Months Ended June 30, 2001 and 2000

Rental income  increased by  $1,886,000  to $7,590,000  for the six months ended
June 30, 2001, as compared to the six months ended June 30, 2000,  primarily due
to the acquisition of seven properties  during 2000. This increase was partially
offset by a decrease  in  revenues  resulting  from the sale of  thirteen  Total
Petroleum properties during October 2000. The $575,000 increase in rental income
to $3,830,000  for the three months ended June 30, 2001 as compared to the three
months  ended June 30, 2000  results  primarily  from the  acquisition  of three
properties  during the  second  half of 2000,  offset in part by a  decrease  in
revenues due to the sale of the Total Petroleum properties.

Interest and other income decreased by $74,000 for the six months ended June 30,
2001  to  $76,000  due to a  reduction  in  interest  earned  on cash  and  cash
equivalents available for investment,  as cash and cash equivalents were used to
fund  property  acquisitions.  An increase of $12,000 to $52,000 in interest and
other income for the three  months ended June 30, 2001 is due to the  completion
of a $9,900,000  mortgage  financing in April 2001, of which $5,700,000 was used
to pay off the  outstanding  credit line balance and  $4,200,000 was invested in
U.S. Treasury securities.

Increases in depreciation and amortization  expense of $378,000 and $113,000 for
the six and  three  months  ended  June  30,  2001 to  $1,446,000  and  $727,000
primarily results from depreciation on the seven properties  acquired during the
year ended  December  31,  2000.  The  increases  were  partially  offset by the
decrease in depreciation resulting from the sale of the thirteen Total Petroleum
properties.

The increase in interest-mortgages payable of $840,000 to $2,750,000 for the six
months  ended June 30, 2001 from  $1,910,000  for the six months  ended June 30,
2000 is due to mortgages  placed on seven  properties  acquired during 2000. The
$316,000  increase in mortgages  payable to $1,477,000  from  $1,161,000 for the
three months ended June 30, 2001 is  primarily  due to mortgages  placed on four
properties in December 2000, March 2001 and April 2001.

Interest - line of credit amounted to $231,000 and $38,000 for the six and three
months  ended  June 30,  2001 and  reflect  a  $179,000  increase  and a $14,000
decrease over the comparable periods in the preceding year. Borrowings were made
to facilitate the purchase of several  properties  during 2000 and were paid off
in full during 2001 with the proceeds from the mortgage  financing  completed in
2001 on two properties purchased in December 2000.

Real estate expenses were $89,000 and $52,000 for the six and three months ended
June 30, 2001 and $20,000  and $18,000 for the six and three  months  ended June
30,  2000.  These  increases  are  primarily  due to the  write off of a leasing
commission,  non-recurring  landlord  repairs and certain  real estate taxes not
rebilled  to tenants.  The six months  ended June 30, 2000 is net of a refund of
real estate taxes received by the Company during that period.

Loss on sale of real estate  during the six and three months ended June 30, 2001
results from a loss on the sale of a property located in Tennessee. Gain on sale
of real estate  during the three  months ended June 30, 2000 results from a gain
on the sale of a property  located in Kansas.  The gain in the six months  ended
June 30, 2000 also includes the gain on the sale of a property  located in South
Carolina.

<PAGE>

Item 3. - Quantitative and Qualitative Disclosures About Market Risks

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


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

     2002                    $ 1,155                 7.86%
     2003                      6,773                 7.86
     2004                      8,647                 7.93
     2005                      9,416                 7.95
     2006                      6,820                 7.98
     Thereafter               44,374                 7.95
                             -------
     Total                   $77,185                 7.94
                             =======

     Fair Value              $78,091                 7.75%
                             =======




                           Part II - Other Information

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

No Form 8-K's were filed during the quarter ended June 30, 2001.




<PAGE>



                          ONE LIBERTY PROPERTIES, INC.


                                  SIGNATURES



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



                          One Liberty Properties, Inc.
                          ----------------------------
                                  (Registrant)






August 13, 2001            /s/ Jeffrey Fishman
---------------            -------------------
 Date                      Jeffrey Fishman
                           President





August 13, 2001            /s/ David W. Kalish
---------------            -------------------
 Date                      David W. Kalish
                           Vice President and
                           Chief Financial Officer
[{"type": "10-Q", "sequence": "1", "filename": "olp10-q063001.txt", "secsgml_size_bytes": 37606}]
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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, 2001

                                      OR

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

                         Commission File Number 0-11083

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

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

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

       Registrant's telephone number, including area code:  (516)  466-3100
                                                            ---------------
            Indicate the number of shares outstanding of each of the
          issuer's classes of stock, as of the latest practicable date.

          As of August 7, 2001, the Registrant had 3,015,769 shares of
            Common Stock and 648,058 shares of Redeemable Convertible
                          Preferred Stock outstanding.

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

                           Yes   X           No
                                ----           ----
Part I - FINANCIAL INFORMATION

Item 1.    Financial Statements
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                    (Amounts in Thousands, Except Per Share Data)

                                                                                     June 30,          December 31,
                                                                                       2001                2000
                                                                                       ----                ----
                                                                                   (Unaudited)
Assets
   Real estate investments, at cost
   Land                                                                             $  26,133          $  26,279
   Buildings                                                                          101,370            101,585
                                                                                    ---------          ---------
                                                                                      127,503            127,864
           Less accumulated depreciation                                                7,449              6,244
                                                                                    ---------          ---------
                                                                                      120,054            121,620

   Cash and cash equivalents                                                            7,430              2,069
   Unbilled rent receivable                                                             2,031              1,615
   Rent, interest, deposits and other receivables                                         853                976
   Note receivable - officer                                                              167                240
   Investment in BRT Realty Trust-(related party)                                         309                240
   Deferred financing costs                                                             1,410              1,154
   Other   (including available-for-sale securities of
         $238 and $228)                                                                   387                305
                                                                                    ---------           --------

           Total assets                                                             $ 132,641           $128,219
                                                                                    =========           ========

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                                           $  77,185           $ 64,123
        Line of credit                                                                      -             10,000
        Accrued expenses and other liabilities                                            687                720
        Dividends payable                                                               1,164                  -
                                                                                    ---------           --------

           Total liabilities                                                           79,036             74,843
                                                                                    ---------           --------

Commitments and contingencies                                                               -                  -

Stockholders' equity:
        Redeemable convertible preferred stock, $1 par value;
         $1.60 cumulative annual dividend; 2,300 shares
         authorized; 648 shares issued; liquidation and
         redemption values of $16.50                                                   10,693             10,693
        Common stock, $1 par value; 25,000
         shares authorized; 3,016 and 3,010
         shares issued  and outstanding                                                 3,016              3,010
        Paid-in capital                                                                31,706             31,650
        Accumulated other comprehensive income - net
           unrealized gain on available-for-sale securities                               220                 76
        Accumulated undistributed net income                                            7,970              7,947
                                                                                     --------           --------

           Total stockholders' equity                                                  53,605             53,376
                                                                                     --------           --------

           Total liabilities and stockholders' equity                                $132,641           $128,219
                                                                                     ========           ========

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

                                                                    Three Months Ended                  Six Months Ended
                                                                         June 30,                             June 30,
                                                                         --------                             --------
                                                                 2001               2000              2001               2000
                                                                 ----               ----              ----               ----
Revenues:
   Rental income                                               $3,830              $3,255            $7,590             $5,704
   Interest and other income                                       52                  40                76                150
                                                               ------              ------            ------             ------
                                                                3,882               3,295             7,666              5,854
                                                               ------              ------            ------             ------
Expenses:
   Depreciation and amortization                                  727                 614             1,446              1,068
   Interest - mortgages payable                                 1,477               1,161             2,750              1,910
   Interest - line of credit                                       38                  52               231                 52
   Leasehold rent                                                  72                  72               144                144
   General and administrative                                     298                 262               597                551
   Real estate expenses                                            52                  18                89                 20
                                                               ------              ------            ------             ------

                                                                2,664               2,179             5,257              3,745
                                                                -----               -----             -----              -----

Income before (loss) gain on sale                               1,218               1,116             2,409              2,109
                                                                -----               -----             -----              -----

   (Loss) gain on sale of real estate                             (46)                 43               (46)               199
   Loss on sale of available-for-sale securities                   (9)                 (3)              (14)               (12)
                                                                -----               -----             -----              -----
                                                                  (55)                 40               (60)               187
                                                                -----               -----             -----              -----
Net income                                                     $1,163              $1,156            $2,349             $2,296
                                                               ======              ======            ======             ======

Calculation of net income applicable to common stockholders:
Net income                                                     $1,163              $1,156            $2,349             $2,296
Less: dividends on preferred stock                                259                 262               518                524
                                                               ------              ------            ------             ------

Net income applicable to
   common stockholders                                        $   904             $   894            $1,831             $1,772
                                                              =======             =======            ======             ======

Weighted average number of common shares outstanding:
     Basic                                                      3,016               2,989             3,013              2,984
                                                                =====               =====             =====              =====
     Diluted                                                    3,026               2,990             3,020              2,985
                                                                =====               =====             =====              =====

Net income per common share:
     Basic                                                   $    .30            $    .30          $    .61           $    .59
                                                             ========            ========          ========           ========
     Diluted                                                 $    .30            $    .30          $    .61           $    .59
                                                             ========            ========          ========           ========

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, 2001 (unaudited)
                       and the year ended December 31, 2000
                             (Amounts in Thousands)

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

Distributions -
   common stock                           -         -                -          -              (3,590)             (3,590)
Distributions -
   preferred stock                        -         -                -          -              (1,044)             (1,044)
Preferred stock                        (109)        -               18          -                   -                 (91)
Shares issued through
   dividend reinvestment plan             -        30              294          -                   -                 324
     Net income                           -         -                -          -               7,932               7,932
     Other comprehensive income-
      net unrealized gain on
      available-for-sale securities       -         -                -         43                   -                  43
                                                                                                                   ------
Comprehensive income                      -         -                -          -                   -               7,975
                                     ------     -----           ------       ----               -----              ------
Balances, December 31, 2000          10,693     3,010           31,650         76               7,947              53,376

Distributions -
   common stock                           -         -                -          -              (1,808)             (1,808)
Distributions -
   preferred stock                        -         -                -          -                (518)               (518)
Shares issued through
   dividend reinvestment plan             -         6               56          -                   -                  62
     Net income                           -         -                -          -               2,349               2,349
      Other comprehensive income-
      net unrealized gain on
      available-for-sale securities       -         -                -        144                   -                 144
                                                                                                                      ---
Comprehensive income                      -         -                -          -                   -               2,493
                                    -------    ------          -------     ------            --------             -------
Balances, June 30, 2001             $10,693    $3,016          $31,706     $  220            $  7,970             $53,605
                                    =======    ======          =======     ======            ========             =======
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,
                                                                                                          --------
                                                                                                 2001                  2000
                                                                                                 ----                  ----
Cash flows from operating activities:
   Net income                                                                                  $ 2,349               $ 2,296
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   Loss (gain) on sale of real estate                                                               46                  (199)
   Loss on sale of available-for-sale securities                                                    14                    12
   Increase in rental income from straight-lining of rent                                         (416)                 (331)
   Depreciation and amortization                                                                 1,446                 1,068
   Changes in assets and liabilities:
   Decrease (increase) in rent, interest, deposits and other receivables                            51                  (360)
   (Decrease) increase in accrued expenses and other liabilities                                   (23)                  171
                                                                                                ------                ------
           Net cash provided by operating activities                                             3,467                 2,657
                                                                                                ------                ------
Cash flows from investing activities:
   Additions to real estate                                                                        (14)              (25,928)
   Net proceeds from sale of real estate                                                           240                   837
   Net proceeds from sale of available-for-sale securities                                         184                    74
   Purchase of available-for-sale securities                                                      (132)                    -
   Payments to minority interest by subsidiary                                                     (11)                  (16)
                                                                                                ------                ------

           Net cash provided by (used in) investing activities                                     267               (25,033)
                                                                                                ------                ------

Cash flows from financing activities:
   Proceeds from mortgages payable                                                              13,600                15,000
   Repayment of mortgages payable                                                                 (538)                 (369)
   Payment of financing costs                                                                     (408)                 (528)
   Line of credit - (paydowns) borrowings                                                      (10,000)                1,000
   Cash distributions - common stock                                                              (903)                 (894)
   Cash distributions - preferred stock                                                           (259)                 (262)
   Issuance of shares through dividend reinvestment plan                                            62                    96
   Note receivable - officer                                                                        73                  (160)
                                                                                                ------                ------

           Net cash provided by financing activities                                             1,627                13,883
                                                                                                ------                ------

           Net increase (decrease) in cash and cash equivalents                                  5,361                (8,493)

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

Cash and cash equivalents at end of period                                                      $7,430                $2,754
                                                                                                ======                ======

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                             $3,008                $1,918

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

    See accompanying notes to consolidated financial statements.
One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements

Note 1 - Basis of Preparation

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

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

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

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

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

Note 2 - Earnings Per Common Share

For the six and three  months  ended June 30, 2001 and 2000 basic  earnings  per
share was  determined by dividing net income  applicable to common  stockholders
for the  period by the  weighted  average  number  of  shares  of  Common  Stock
outstanding during each period.

Diluted  earnings per share reflects the potential  dilution that could occur if
securities or other  contracts to issue Common Stock were exercised or converted
into Common  Stock or resulted in the  issuance of Common Stock that then shared
in the earnings of the Company.  For the six and three month  periods ended June
30, 2001 and 2000  diluted  earnings  per share was  determined  by dividing net
income  applicable  to common  stockholders  for the  period by the total of the
weighted average number of shares of Common Stock  outstanding plus the dilutive
effect of the Company's  outstanding  options  (6,613 and 10,873 for the six and
three months ended June 30, 2001 and 602 and 998
One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements
                                   (Continued)

Note 2 - Earnings Per Common Share (Continued)

for the six and  three  months  ended  June 30,  2000,  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 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 prices of
these options are greater than the average  market price of the common shares as
of June 30, 2001 and therefore the effect would be antidilutive.

Note 3 - Preferred and Common Stock Dividend Distributions

On June 11, 2001 the Board of Directors declared quarterly cash distributions of
$.30  and  $.40  per  share  on  the  Company's   common  and  preferred  stock,
respectively,  which was paid on July 3, 2001 to  stockholders of record on June
22, 2001.

Note 4 - Comprehensive Income

Statement No. 130 establishes  standards for reporting  comprehensive income and
its  components  in a  full  set of  general-purpose  financial  statements  and
requires that all components of comprehensive  income be reported in a financial
statement  that is  displayed  with  the  same  prominence  as  other  financial
statements.  During  the six  months  ended  June 30,  2001,  accumulated  other
comprehensive  income,  which is solely  composed of the net unrealized  gain on
available-for-sale  securities,  increased $144,000 to $220,000.  During the six
months ended June 30, 2000 comprehensive income increased $45,000 to $78,000.

Note 5  - Derivative Instruments and Hedging Activities

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

Liquidity and Capital Resources

The  Company's  primary  sources  of  liquidity  are cash  and cash  equivalents
($7,430,000 at June 30, 2001), a $15,000,000  revolving credit facility,  all of
which is available,  and cash generated from operating activities.  On March 24,
2000 the Company  entered into an agreement with European  American Bank ("EAB")
to provide a $15,000,000 revolving credit facility ("Facility"). The Facility is
used  primarily  to finance the  acquisition  of  commercial  real  estate.  The
Facility  matures on March 24, 2002 with an option to extend  through  March 24,
2003.  Borrowings under the Facility bear interest at 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, 2001, there was no outstanding
balance under the Facility.

The Company is currently in discussions concerning the acquisition of additional
net leased  properties.  Cash provided from  operations  and the Company's  cash
position will provide funds for cash distributions to shareholders and operating
expenses.  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.  Through June 30, 2001,
6,600  shares of  preferred  stock  have  been  repurchased  at a total  cost of
$91,000.
Results of Operations

Six and Three Months Ended June 30, 2001 and 2000

Rental income  increased by  $1,886,000  to $7,590,000  for the six months ended
June 30, 2001, as compared to the six months ended June 30, 2000,  primarily due
to the acquisition of seven properties  during 2000. This increase was partially
offset by a decrease  in  revenues  resulting  from the sale of  thirteen  Total
Petroleum properties during October 2000. The $575,000 increase in rental income
to $3,830,000  for the three months ended June 30, 2001 as compared to the three
months  ended June 30, 2000  results  primarily  from the  acquisition  of three
properties  during the  second  half of 2000,  offset in part by a  decrease  in
revenues due to the sale of the Total Petroleum properties.

Interest and other income decreased by $74,000 for the six months ended June 30,
2001  to  $76,000  due to a  reduction  in  interest  earned  on cash  and  cash
equivalents available for investment,  as cash and cash equivalents were used to
fund  property  acquisitions.  An increase of $12,000 to $52,000 in interest and
other income for the three  months ended June 30, 2001 is due to the  completion
of a $9,900,000  mortgage  financing in April 2001, of which $5,700,000 was used
to pay off the  outstanding  credit line balance and  $4,200,000 was invested in
U.S. Treasury securities.

Increases in depreciation and amortization  expense of $378,000 and $113,000 for
the six and  three  months  ended  June  30,  2001 to  $1,446,000  and  $727,000
primarily results from depreciation on the seven properties  acquired during the
year ended  December  31,  2000.  The  increases  were  partially  offset by the
decrease in depreciation resulting from the sale of the thirteen Total Petroleum
properties.

The increase in interest-mortgages payable of $840,000 to $2,750,000 for the six
months  ended June 30, 2001 from  $1,910,000  for the six months  ended June 30,
2000 is due to mortgages  placed on seven  properties  acquired during 2000. The
$316,000  increase in mortgages  payable to $1,477,000  from  $1,161,000 for the
three months ended June 30, 2001 is  primarily  due to mortgages  placed on four
properties in December 2000, March 2001 and April 2001.

Interest - line of credit amounted to $231,000 and $38,000 for the six and three
months  ended  June 30,  2001 and  reflect  a  $179,000  increase  and a $14,000
decrease over the comparable periods in the preceding year. Borrowings were made
to facilitate the purchase of several  properties  during 2000 and were paid off
in full during 2001 with the proceeds from the mortgage  financing  completed in
2001 on two properties purchased in December 2000.

Real estate expenses were $89,000 and $52,000 for the six and three months ended
June 30, 2001 and $20,000  and $18,000 for the six and three  months  ended June
30,  2000.  These  increases  are  primarily  due to the  write off of a leasing
commission,  non-recurring  landlord  repairs and certain  real estate taxes not
rebilled  to tenants.  The six months  ended June 30, 2000 is net of a refund of
real estate taxes received by the Company during that period.

Loss on sale of real estate  during the six and three months ended June 30, 2001
results from a loss on the sale of a property located in Tennessee. Gain on sale
of real estate  during the three  months ended June 30, 2000 results from a gain
on the sale of a property  located in Kansas.  The gain in the six months  ended
June 30, 2000 also includes the gain on the sale of a property  located in South
Carolina.
Item 3. - Quantitative and Qualitative Disclosures About Market Risks

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

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

     2002                    $ 1,155                 7.86%
     2003                      6,773                 7.86
     2004                      8,647                 7.93
     2005                      9,416                 7.95
     2006                      6,820                 7.98
     Thereafter               44,374                 7.95
                             -------
     Total                   $77,185                 7.94
                             =======

     Fair Value              $78,091                 7.75%
                             =======

                           Part II - Other Information

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

No Form 8-K's were filed during the quarter ended June 30, 2001.
ONE LIBERTY PROPERTIES, INC.

                                  SIGNATURES

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

                          One Liberty Properties, Inc.
                          ----------------------------
                                  (Registrant)

August 13, 2001            /s/ Jeffrey Fishman
---------------            -------------------
 Date                      Jeffrey Fishman
                           President

August 13, 2001            /s/ David W. Kalish
---------------            -------------------
 Date                      David W. Kalish
                           Vice President and
                           Chief Financial Officer