<PAGE> 









<PAGE>
                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, DC   20549

                                 Form 10-Q


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

          For the quarterly period ended March 31, 1996

                                    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 May 14, 1996, the Registrant had 1,438,619 shares  
        of Common Stock and 808,776 shares of Redeemable    
          Convertible Preferred Stock outstanding.

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

                            Yes   X     No     
                                 ___  



<PAGE>
<TABLE>

Part I - FINANCIAL INFORMATION

Item 1.   Financial Statements          


               ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS

<CAPTION>
                                        March 31,    December 31,
                                           1996         1995      
                                       (Unaudited)
<S>                                     <C>          <C>     
Assets
  Real estate investments, at cost
     Land                              $ 7,299,417  $ 7,299,417
     Buildings                          18,154,919   18,154,919
                                       ___________   __________
                                        25,454,336   25,454,336
       Less accumulated depreciation     1,326,653    1,200,571
                                       ___________   __________
                                        24,127,683   24,253,765
  Mortgages receivable-less unamortized
     discount-(substantially all from     
     related parties)                    6,144,984    7,036,141
  Senior secured note receivable-                 
     less unamortized discount-
     (related party)                       435,567      528,575   
  Cash and cash equivalents              4,988,697    3,844,409
  Unbilled rent receivable                  65,072       86,767
  Rent, interest, deposits and                                 
     other receivables                     550,032      696,790
  Investment in U.S. Government 
     obligations and securities          1,298,373    1,274,747
  Investment in BRT Realty Trust-  
    (related party)                        142,728      127,704
  Other                                    322,412      191,348
                                        ___________   _________
  
       Total assets                    $38,075,548  $38,040,246
                                        =========== ===========
Liabilities and Stockholders' Equity
  Liabilities:
     Mortgages payable                 $ 6,569,461  $ 6,590,154
     Accounts payable and accrued 
     expenses                              205,413      193,767
     Dividends payable                     755,096      748,346
                                        ___________ ___________
     Total liabilities                   7,529,970    7,532,267
                                        ___________  __________ 
Commitments and contingencies -
    (Note 4)                                   -           -
Redeemable convertible preferred 
     stock, $1 par value; $1.60 
     cumulative annual dividend; 
     2,300,000 shares authorized;
     808,776 shares issued; liquidation 
     and redemption values of $16.50      12,834,881  12,796,475
                                         ___________  __________
  Stockholders' equity:
     Common stock, $1 par value; 
      25,000,000 shares authorized;        
      1,438,619 and 1,416,119 
      shares issued outstanding           1,438,619   1,416,119
     Paid-in capital                     13,363,163  13,218,757
     Net unrealized gain (loss) on    
      available-for-sale securities           4,161     ( 6,758)
     Accumulated undistributed net 
      income                              2,904,754   3,083,386
                                         __________  __________
        Total stockholders' equity       17,710,697  17,711,504
                                         __________  __________
        Total liabilities and 
        stockholders' equity            $38,075,548 $38,040,246
                                        =========== ===========



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

<CAPTION>

                                                       
                                   Three Months Ended    
                                        March 31,                 
                                
                                    1996        1995         
         
<S>                             <C>        <C>         
Revenues:                           
  Rental income                 $ 743,563  $  566,597  
  Interest from 
   related parties                292,970     495,335    
  Dividends from 
   related party                     --        13,940  
  Interest and other 
   income                          57,937     132,136  
                                 ________   _________    
                                       
        
                                1,094,470   1,208,008 
                                 ________   _________   
                                           
    

Expenses: 
  Depreciation                    126,082      99,758 
  Interest - 
   mortgages payable              143,544     144,489 
  Leasehold rent                   72,208      64,980 
  General and 
    administrative                176,172     157,020 
                                 ________    ________   
                        
                                  518,006     466,247 
                                 ________    ________  
Net income                      $ 576,464   $ 741,761 
                                =========   ========   
                   
                                
Calculation of net 
  income applicable to 
  common stockholders:                
Net income                     $  576,464  $  741,761 
Less: dividends 
  and accretion on
  preferred stock                 361,916     361,458   
                                  _______    ________ 

Net income 
  applicable 
  to common
  stockholders                 $  214,548  $  380,303 
                                 ========    ========= 
         
Weighted average 
   number of 
   common shares 
   outstanding                  1,421,064   1,399,231 
                                =========   ========= 
         

Net income per 
  common share 
  (Note 2)                     $      .15   $     .27 
                                 =========   =========         
Cash distributions 
  per share:
  Common Stock                 $      .30  $      .125
                                 =========   =========
  Preferred Stock              $      .40  $      .40
                                 =========   =========



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

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

               For the three month period ended March 31, 1996 
                       and the year ended December 31, 1995
                                   (Unaudited)

<CAPTION>
                                Net
                             Unrealized Gain        
                             (Loss) on        Accumulated         
            Common   Paid-in Available-for-   Undistributed       
            Stock    Capital Sale Securities  Net Income    Total 
 
<S>         <C>        <C>         <C>     <C>        <C>
Balances, 
  January 1, 
   1995    $1,399,119 $13,233,109 $(34,913) $2,730,523 $17,327,838 

Net income       -         -          -      3,096,302  3,096,302 

Distributions
  -common 
   stock         -         -          -     (1,449,397)(1,449,397) 
Distributions
  -preferred 
   stock         -         -          -     (1,294,042)(1,294,042) 
Accretion on 
  preferred 
  stock          -        (152,477)   -            -     (152,477)
Exercise of
  options       17,000     138,125    -                   155,125
Net unrealized
  gain on avail-
  able-for-sale-
  securities     -         -         28,155        -       28,155
           ________  ___________ ________    _________   ________


Balances, 
  December 
    31, 
   1995   1,416,119  13,218,757     ( 6,758)  3,083,386 17,711,504

Net income       -          -          -        576,464    576,464
Distributions
  -common 
  stock          -          -          -       (431,586)  (431,586)
Distributions
  -preferred 
   stock         -          -          -       (323,510)   (323,510) 
 
Accretion on 
   preferred 
   stock         -        ( 38,406)    -           -       (38,406) 
 

Exercise of 
  stock 
  options     22,500       182,812     -           -       205,312
Net unrealized 
  gain on
 available
 -for- sale-
 securities      -           -        10,919       -        10,919  
          ________  ___________     ________    ______    ________

Balances, 
  March    
  31, 
  1996   $1,438,619    $13,363,163 $ 4,161   $2,904,754 $17,710,697
         ==========  ===========  ========   ========== =========== 
 
<FN> 

See accompanying notes to consolidated financial statements.

/TABLE
<PAGE>
<PAGE>
<TABLE>                  
         ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
             CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (Unaudited)
<CAPTION>                                                         
       
                                Three Months ended March 31,      
                                    1996               1995    
                                 _______          _________
<S>                              <C>              <C>
Cash flows from operating 
   activities:
  Net income                     $  576,464       $  741,761
  Adjustments to reconcile 
    net income to net                           
    cash provided by 
    operating activities:                                    
     Depreciation and 
      amortization                  136,556          116,322
     Changes in assets and 
      liabilities:                     
      Decrease in rent,            
        interest, deposits 
        and other receivables       106,887           53,652 
      Increase (decrease) in
      accounts payable accrued
         expenses                    11,646          (10,508)
                                  _________        __________  
       Net cash provided by 
         operating                    
         activities                 831,553          901,227
                                  _________        _________

Cash flows from investing 
  activities:
  Costs of acquisition of
   real estate and mortgage
   receivable from Gould 
   Investors L.P.-related party        --           (90,514) 
  Collection of mortgages 
    receivable-   
    (including $884,099 and 
    $35,957                        891,157            41,777
    from related parties)
  
  Collection of senior secured 
    note receivable-BRT Realty
    Trust-related party             93,008           354,991
  (Purchase) sale of U.S. 
    Government obligations
    and securities, net            (27,731)        1,711,086
                                  
                                ___________        _________     
                   
       Net cash provided by 
         investing activities      956,434         2,017,340 
                                  ___________      ________
Cash flows from financing 
   activities:
  Satisfaction of mortgage
   payable                            --          (2,753,700)
  Repayment of mortgage
   payable                         (20,693)          (12,385)
  Payment of financing costs       (79,972)              --  
  Exercise of stock options        205,312            45,625      
  Cash distributions-common 
   stock                          (424,836)         (174,890)     
  Cash distributions-preferred 
   stock                          (323,510)         (323,510)
                                 __________        _________
       Net cash (used in)   
         financing activities     (643,699)       (3,218,860)
                                 _________         _________
       Net increase (decrease)
          in cash and cash                                  
          equivalents            1,144,288         (300,293)
Cash and cash equivalents at 
  beginning of period            3,844,409        2,701,456
                                 _________        _________ 
Cash and cash equivalents at 
  end of period                 $4,988,697       $2,401,163 
                                ==========        ==========
<FN>

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

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

                                                                
                                  Three Months  Ended March 31,   
                                        1996             1995    
                                       ____             ____

<S>                                 <C>               <C>         
             
Supplemental disclosures of 
  cash flow information:
   Cash paid during the period for
     interest expense                $136,951          $168,100  
   Cash paid during the period for
     income taxes                      84,220             9,024  

Supplemental schedule of noncash 
    investing and financing 
    activities:
    Accretion on preferred stock       38,406            37,498  
    

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

    Consideration for acquisition 
    from Gould Investors L.P.:
     Extinguishment of mortgage
          receivable                      --          6,850,000   
     Transfer of BRT preferred
       stock                              --          2,455,355   
     Transfer of BRT common
       stock                              --            556,374   
   





<FN>
 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 March 31, 1996 and for the three months ended
March 31, 1996 and 1995 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 three months ended March 31, 1996 are not
necessarily indicative of the results for the full year.

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

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, 1995.

Note 2 - Per Share Data

Primary earnings per common share data is based upon the weighted
average number of common shares and assumed equivalent shares
outstanding during the period, after giving effect to dividends
and accretion relating to the Company's preferred stock.  The
preferred stock is not considered a common stock equivalent for the
purposes of computing earnings per share because their assumed conversion
is anti-dilutive.  The assumed exercise of outstanding stock options, using
the treasury stock method, is not materially dilutive for the primary
earnings per common share computation for the three month periods ended
March 31, 1996 and 1995.
 
Fully diluted earnings per common share are based on an increase
in the number of common shares that would be outstanding assuming
the exercise of common share options.  Since fully diluted
earnings per share amounts are not materially dilutive, such
amounts are not presented.

Note 3 - Preferred and Common Stock Dividend Distributions

On March 1, 1996 the Board of Directors declared quarterly cash
distributions of $.30 and $.40 per share on the Company's common
and preferred stock, respectively, payable on April 1, 1996 to
stockholders of record on March 15, 1996.

Note 4 -  Credit Agreement

On March 1, 1996 the Company entered into a $5,000,000 revolving
credit agreement ("Credit Agreement") with Bank Leumi Trust Company of New
York ("Bank Leumi").   Borrowings under the Credit Agreement will
be used to provide the Company with funds to acquire properties.  The
Credit Agreement will mature February 28, 1999 with a right for the
Company to extend the Credit Agreement until February 29, 2000.  As
collateral for any advances to be made by Bank Leumi under the Credit
Agreement, the Company has pledged the stock of each of its subsidiaries
and certain mortgages receivable.

The Company has not drawn down any funds under the Credit Agreement.

Note 5 -  Stock Options

Options to purchase a total of 22,500 shares of the Company's
common stock at $9.125 per share were exercised in March 1996.  The options
had been granted under the 1989 Stock Option Plan. <PAGE>
<PAGE>    
Item 2.    Management's Discussion and Analysis of Financial
           Condition and Results of Operations



Liquidity and Capital Resources

At March 31, 1996, the Company's primary source of liquidity was
approximately $4,989,000 in cash and $1,298,000 in investments in
U.S. Government obligations and securities.  Long term debt at March
31, 1996 consisted of $6,569,461 of mortgages payable which are secured by
certain real estate investments.

In March, 1996 the Company entered into a $5 million revolving credit
agreement with Bank Leumi Trust Company of New York ("Bank Leumi").
Borrowings under the credit agreement will provide the Company with funds,
when needed, to acquire additional properties.  The credit agreement will
mature February 28, 1999 with a right for the Company to extend the
agreement until February 29, 2000.  Under the terms of this agreement the
Company has the ability to add additional lenders to provide a maximum
total facility of $15,000,000.  The Company has not drawn down any funds
under the credit agreement as of this date and to date additional lenders
have not been added to the facility.

In April, 1996 the Company acquired a property for a consideration of
approximately $4,040,000, of which $1,315,000 was paid in cash and
$2,725,000 by mortgage financing.  The building is net leased on
a long term basis to a retail sporting goods superstore.

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

In connection with the lease agreements with Total Petroleum, Inc. ("Total
Petroleum") consummated in 1991, the Company agreed to expend certain funds
to remediate environmental problems at certain locations net leased to
Total Petroleum.  It was agreed that the net cost to the Company would not
exceed $350,000 per location, with any excess cost being the responsibility
of Total Petroleum.  At that time the Company deposited $2,000,000 with an
independent escrow agent to insure compliance by the Company with its
obligations with respect to the environmental clean up.  The escrow agent
held approximately $1,339,000 as of March 31, 1996 which the Company deems
adequate to cover any additional environmental costs.




<PAGE>


Results of Operations

Three months ended March 31, 1996 and 1995

Rental income increased to $743,563 for the three months ended
March 31, 1996 from $566,597 for the three months ended March 31, 1995. 
The increase of approximately $177,000 is due to rents earned on nineteen
net leased properties acquired during 1995.

The decrease in interest income from related parties of $202,365
from $495,335 in the three months ended March 31, 1995 to $292,970 in
the current three month period is substantially due to accelerated
principal collections during 1995 on a senior note receivable which
resulted in an unusually large amortization of the discount on such note
during the three months ended March 31, 1995.  In addition, interest earned
on this note decreased due to the substantial decrease in the balance
outstanding.

In the 1995 three month period dividends from related party amounted to 
$13,940, resulting from an investment that the Company no longer owns.

Interest and other income decreased by $74,199 to $57,937 in the current
three month period from $132,136 in the prior three month period primarily
due to a decrease in the amounts received or accrued from The Michigan
Underground Storage Tank Fund Administration ("MUSTFA").  MUSTFA had been
reimbursing qualified companies for environmental costs incurred in the
"clean up" associated with underground storage tanks.

The $26,324 increase in depreciation from $99,758 in the three months ended
March 31, 1995 to $126,082 in the 1996 three month period results from
depreciation on properties acquired during 1995.  Although there was a
small decrease in interest - mortgages payable in the 1996 three month
period resulting from the elimination of interest on a $2,753,700 mortgage
loan which was fully repaid in March 1995, going forward interest expense
with respect to mortgages payable will increase due to mortgages placed in
connection with property acquisitions during 1995 and 1996.

In connection with a property acquired in January 1995, the Company must
pay annual fixed leasehold rent of approximately $289,000 through April
2010.  The property was not owned for the entire 1995 three month period.
Accordingly, rent is reflected in the 1996 quarterly period for the entire
three months and for two months in the 1995 quarterly period.

General and administrative costs increased in the current period to
$176,172 from $157,020 in the prior period due to a combination of factors,
primarily the inclusion in the current three month period of tax
provisions.  The three months ended March 31, 1995 did not include such
provisions.  
<PAGE>
<PAGE>      
                     Part II - Other Information



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

No Form 8-Ks were filed during the quarter ended March 31, 1996.



<PAGE>
<PAGE>      

                           ONE LIBERTY PROPERTIES, INC.



                                    SIGNATURES



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


                                                                  
                           One Liberty Properties, Inc.           
                                  (Registrant)




May 14, 1996              /s/ Matthew Gould


_______________           _________________                       
 Date                     Matthew Gould                           
                          President





May 14, 1996              /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 March 31, 1996

                                    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 May 14, 1996, the Registrant had 1,438,619 shares  
        of Common Stock and 808,776 shares of Redeemable    
          Convertible Preferred Stock outstanding.

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

                            Yes   X     No     
                                 ___
Part I - FINANCIAL INFORMATION

Item 1.   Financial Statements          

               ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS
March 31,    December 31,
                                           1996         1995      
                                       (Unaudited)
Assets
  Real estate investments, at cost
     Land                              $ 7,299,417  $ 7,299,417
     Buildings                          18,154,919   18,154,919
                                       ___________   __________
                                        25,454,336   25,454,336
       Less accumulated depreciation     1,326,653    1,200,571
                                       ___________   __________
                                        24,127,683   24,253,765
  Mortgages receivable-less unamortized
     discount-(substantially all from     
     related parties)                    6,144,984    7,036,141
  Senior secured note receivable-                 
     less unamortized discount-
     (related party)                       435,567      528,575   
  Cash and cash equivalents              4,988,697    3,844,409
  Unbilled rent receivable                  65,072       86,767
  Rent, interest, deposits and                                 
     other receivables                     550,032      696,790
  Investment in U.S. Government 
     obligations and securities          1,298,373    1,274,747
  Investment in BRT Realty Trust-  
    (related party)                        142,728      127,704
  Other                                    322,412      191,348
                                        ___________   _________
  
       Total assets                    $38,075,548  $38,040,246
                                        =========== ===========
Liabilities and Stockholders' Equity
  Liabilities:
     Mortgages payable                 $ 6,569,461  $ 6,590,154
     Accounts payable and accrued 
     expenses                              205,413      193,767
     Dividends payable                     755,096      748,346
                                        ___________ ___________
     Total liabilities                   7,529,970    7,532,267
                                        ___________  __________ 
Commitments and contingencies -
    (Note 4)                                   -           -
Redeemable convertible preferred 
     stock, $1 par value; $1.60 
     cumulative annual dividend; 
     2,300,000 shares authorized;
     808,776 shares issued; liquidation 
     and redemption values of $16.50      12,834,881  12,796,475
                                         ___________  __________
  Stockholders' equity:
     Common stock, $1 par value; 
      25,000,000 shares authorized;        
      1,438,619 and 1,416,119 
      shares issued outstanding           1,438,619   1,416,119
     Paid-in capital                     13,363,163  13,218,757
     Net unrealized gain (loss) on    
      available-for-sale securities           4,161     ( 6,758)
     Accumulated undistributed net 
      income                              2,904,754   3,083,386
                                         __________  __________
        Total stockholders' equity       17,710,697  17,711,504
                                         __________  __________
        Total liabilities and 
        stockholders' equity            $38,075,548 $38,040,246
                                        =========== ===========
See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF INCOME
                                  (Unaudited)
Three Months Ended    
                                        March 31,                 
                                
                                    1996        1995
Revenues:                           
  Rental income                 $ 743,563  $  566,597  
  Interest from 
   related parties                292,970     495,335    
  Dividends from 
   related party                     --        13,940  
  Interest and other 
   income                          57,937     132,136  
                                 ________   _________    
                                       
        
                                1,094,470   1,208,008 
                                 ________   _________   
                                           
    

Expenses: 
  Depreciation                    126,082      99,758 
  Interest - 
   mortgages payable              143,544     144,489 
  Leasehold rent                   72,208      64,980 
  General and 
    administrative                176,172     157,020 
                                 ________    ________   
                        
                                  518,006     466,247 
                                 ________    ________  
Net income                      $ 576,464   $ 741,761 
                                =========   ========   
                   
                                
Calculation of net 
  income applicable to 
  common stockholders:                
Net income                     $  576,464  $  741,761 
Less: dividends 
  and accretion on
  preferred stock                 361,916     361,458   
                                  _______    ________ 

Net income 
  applicable 
  to common
  stockholders                 $  214,548  $  380,303 
                                 ========    ========= 
         
Weighted average 
   number of 
   common shares 
   outstanding                  1,421,064   1,399,231 
                                =========   ========= 
         

Net income per 
  common share 
  (Note 2)                     $      .15   $     .27 
                                 =========   =========         
Cash distributions 
  per share:
  Common Stock                 $      .30  $      .125
                                 =========   =========
  Preferred Stock              $      .40  $      .40
                                 =========   =========
See accompanying notes to consolidated financial statements.
/TABLE
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

               For the three month period ended March 31, 1996 
                       and the year ended December 31, 1995
                                   (Unaudited)
Net
                             Unrealized Gain        
                             (Loss) on        Accumulated         
            Common   Paid-in Available-for-   Undistributed       
            Stock    Capital Sale Securities  Net Income    Total
Balances, 
  January 1, 
   1995    $1,399,119 $13,233,109 $(34,913) $2,730,523 $17,327,838 

Net income       -         -          -      3,096,302  3,096,302 

Distributions
  -common 
   stock         -         -          -     (1,449,397)(1,449,397) 
Distributions
  -preferred 
   stock         -         -          -     (1,294,042)(1,294,042) 
Accretion on 
  preferred 
  stock          -        (152,477)   -            -     (152,477)
Exercise of
  options       17,000     138,125    -                   155,125
Net unrealized
  gain on avail-
  able-for-sale-
  securities     -         -         28,155        -       28,155
           ________  ___________ ________    _________   ________

Balances, 
  December 
    31, 
   1995   1,416,119  13,218,757     ( 6,758)  3,083,386 17,711,504

Net income       -          -          -        576,464    576,464
Distributions
  -common 
  stock          -          -          -       (431,586)  (431,586)
Distributions
  -preferred 
   stock         -          -          -       (323,510)   (323,510) 
 
Accretion on 
   preferred 
   stock         -        ( 38,406)    -           -       (38,406) 
 

Exercise of 
  stock 
  options     22,500       182,812     -           -       205,312
Net unrealized 
  gain on
 available
 -for- sale-
 securities      -           -        10,919       -        10,919  
          ________  ___________     ________    ______    ________

Balances, 
  March    
  31, 
  1996   $1,438,619    $13,363,163 $ 4,161   $2,904,754 $17,710,697
         ==========  ===========  ========   ========== ===========
See accompanying notes to consolidated financial statements.

/TABLE
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
             CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (Unaudited)
Three Months ended March 31,      
                                    1996               1995    
                                 _______          _________
Cash flows from operating 
   activities:
  Net income                     $  576,464       $  741,761
  Adjustments to reconcile 
    net income to net                           
    cash provided by 
    operating activities:                                    
     Depreciation and 
      amortization                  136,556          116,322
     Changes in assets and 
      liabilities:                     
      Decrease in rent,            
        interest, deposits 
        and other receivables       106,887           53,652 
      Increase (decrease) in
      accounts payable accrued
         expenses                    11,646          (10,508)
                                  _________        __________  
       Net cash provided by 
         operating                    
         activities                 831,553          901,227
                                  _________        _________

Cash flows from investing 
  activities:
  Costs of acquisition of
   real estate and mortgage
   receivable from Gould 
   Investors L.P.-related party        --           (90,514) 
  Collection of mortgages 
    receivable-   
    (including $884,099 and 
    $35,957                        891,157            41,777
    from related parties)
  
  Collection of senior secured 
    note receivable-BRT Realty
    Trust-related party             93,008           354,991
  (Purchase) sale of U.S. 
    Government obligations
    and securities, net            (27,731)        1,711,086
                                  
                                ___________        _________     
                   
       Net cash provided by 
         investing activities      956,434         2,017,340 
                                  ___________      ________
Cash flows from financing 
   activities:
  Satisfaction of mortgage
   payable                            --          (2,753,700)
  Repayment of mortgage
   payable                         (20,693)          (12,385)
  Payment of financing costs       (79,972)              --  
  Exercise of stock options        205,312            45,625      
  Cash distributions-common 
   stock                          (424,836)         (174,890)     
  Cash distributions-preferred 
   stock                          (323,510)         (323,510)
                                 __________        _________
       Net cash (used in)   
         financing activities     (643,699)       (3,218,860)
                                 _________         _________
       Net increase (decrease)
          in cash and cash                                  
          equivalents            1,144,288         (300,293)
Cash and cash equivalents at 
  beginning of period            3,844,409        2,701,456
                                 _________        _________ 
Cash and cash equivalents at 
  end of period                 $4,988,697       $2,401,163 
                                ==========        ==========
See accompanying notes to consolidated financial statements.
/TABLE
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                          (Unaudited) (continued)
Three Months  Ended March 31,   
                                        1996             1995    
                                       ____             ____
Supplemental disclosures of 
  cash flow information:
   Cash paid during the period for
     interest expense                $136,951          $168,100  
   Cash paid during the period for
     income taxes                      84,220             9,024  

Supplemental schedule of noncash 
    investing and financing 
    activities:
    Accretion on preferred stock       38,406            37,498  
    

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

    Consideration for acquisition 
    from Gould Investors L.P.:
     Extinguishment of mortgage
          receivable                      --          6,850,000   
     Transfer of BRT preferred
       stock                              --          2,455,355   
     Transfer of BRT common
       stock                              --            556,374
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 March 31, 1996 and for the three months ended
March 31, 1996 and 1995 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 three months ended March 31, 1996 are not
necessarily indicative of the results for the full year.

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

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, 1995.

Note 2 - Per Share Data

Primary earnings per common share data is based upon the weighted
average number of common shares and assumed equivalent shares
outstanding during the period, after giving effect to dividends
and accretion relating to the Company's preferred stock.  The
preferred stock is not considered a common stock equivalent for the
purposes of computing earnings per share because their assumed conversion
is anti-dilutive.  The assumed exercise of outstanding stock options, using
the treasury stock method, is not materially dilutive for the primary
earnings per common share computation for the three month periods ended
March 31, 1996 and 1995.
 
Fully diluted earnings per common share are based on an increase
in the number of common shares that would be outstanding assuming
the exercise of common share options.  Since fully diluted
earnings per share amounts are not materially dilutive, such
amounts are not presented.

Note 3 - Preferred and Common Stock Dividend Distributions

On March 1, 1996 the Board of Directors declared quarterly cash
distributions of $.30 and $.40 per share on the Company's common
and preferred stock, respectively, payable on April 1, 1996 to
stockholders of record on March 15, 1996.

Note 4 -  Credit Agreement

On March 1, 1996 the Company entered into a $5,000,000 revolving
credit agreement ("Credit Agreement") with Bank Leumi Trust Company of New
York ("Bank Leumi").   Borrowings under the Credit Agreement will
be used to provide the Company with funds to acquire properties.  The
Credit Agreement will mature February 28, 1999 with a right for the
Company to extend the Credit Agreement until February 29, 2000.  As
collateral for any advances to be made by Bank Leumi under the Credit
Agreement, the Company has pledged the stock of each of its subsidiaries
and certain mortgages receivable.

The Company has not drawn down any funds under the Credit Agreement.

Note 5 -  Stock Options

Options to purchase a total of 22,500 shares of the Company's
common stock at $9.125 per share were exercised in March 1996.  The options
had been granted under the 1989 Stock Option Plan.
Item 2.    Management's Discussion and Analysis of Financial
           Condition and Results of Operations

Liquidity and Capital Resources

At March 31, 1996, the Company's primary source of liquidity was
approximately $4,989,000 in cash and $1,298,000 in investments in
U.S. Government obligations and securities.  Long term debt at March
31, 1996 consisted of $6,569,461 of mortgages payable which are secured by
certain real estate investments.

In March, 1996 the Company entered into a $5 million revolving credit
agreement with Bank Leumi Trust Company of New York ("Bank Leumi").
Borrowings under the credit agreement will provide the Company with funds,
when needed, to acquire additional properties.  The credit agreement will
mature February 28, 1999 with a right for the Company to extend the
agreement until February 29, 2000.  Under the terms of this agreement the
Company has the ability to add additional lenders to provide a maximum
total facility of $15,000,000.  The Company has not drawn down any funds
under the credit agreement as of this date and to date additional lenders
have not been added to the facility.

In April, 1996 the Company acquired a property for a consideration of
approximately $4,040,000, of which $1,315,000 was paid in cash and
$2,725,000 by mortgage financing.  The building is net leased on
a long term basis to a retail sporting goods superstore.

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

In connection with the lease agreements with Total Petroleum, Inc. ("Total
Petroleum") consummated in 1991, the Company agreed to expend certain funds
to remediate environmental problems at certain locations net leased to
Total Petroleum.  It was agreed that the net cost to the Company would not
exceed $350,000 per location, with any excess cost being the responsibility
of Total Petroleum.  At that time the Company deposited $2,000,000 with an
independent escrow agent to insure compliance by the Company with its
obligations with respect to the environmental clean up.  The escrow agent
held approximately $1,339,000 as of March 31, 1996 which the Company deems
adequate to cover any additional environmental costs.
Results of Operations

Three months ended March 31, 1996 and 1995

Rental income increased to $743,563 for the three months ended
March 31, 1996 from $566,597 for the three months ended March 31, 1995. 
The increase of approximately $177,000 is due to rents earned on nineteen
net leased properties acquired during 1995.

The decrease in interest income from related parties of $202,365
from $495,335 in the three months ended March 31, 1995 to $292,970 in
the current three month period is substantially due to accelerated
principal collections during 1995 on a senior note receivable which
resulted in an unusually large amortization of the discount on such note
during the three months ended March 31, 1995.  In addition, interest earned
on this note decreased due to the substantial decrease in the balance
outstanding.

In the 1995 three month period dividends from related party amounted to 
$13,940, resulting from an investment that the Company no longer owns.

Interest and other income decreased by $74,199 to $57,937 in the current
three month period from $132,136 in the prior three month period primarily
due to a decrease in the amounts received or accrued from The Michigan
Underground Storage Tank Fund Administration ("MUSTFA").  MUSTFA had been
reimbursing qualified companies for environmental costs incurred in the
"clean up" associated with underground storage tanks.

The $26,324 increase in depreciation from $99,758 in the three months ended
March 31, 1995 to $126,082 in the 1996 three month period results from
depreciation on properties acquired during 1995.  Although there was a
small decrease in interest - mortgages payable in the 1996 three month
period resulting from the elimination of interest on a $2,753,700 mortgage
loan which was fully repaid in March 1995, going forward interest expense
with respect to mortgages payable will increase due to mortgages placed in
connection with property acquisitions during 1995 and 1996.

In connection with a property acquired in January 1995, the Company must
pay annual fixed leasehold rent of approximately $289,000 through April
2010.  The property was not owned for the entire 1995 three month period.
Accordingly, rent is reflected in the 1996 quarterly period for the entire
three months and for two months in the 1995 quarterly period.

General and administrative costs increased in the current period to
$176,172 from $157,020 in the prior period due to a combination of factors,
primarily the inclusion in the current three month period of tax
provisions.  The three months ended March 31, 1995 did not include such
provisions.
Part II - Other Information

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

No Form 8-Ks were filed during the quarter ended March 31, 1996.
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)

May 14, 1996              /s/ Matthew Gould

_______________           _________________                       
 Date                     Matthew Gould                           
                          President

May 14, 1996              /s/ David W. Kalish

_______________           ___________________ 
 Date                     David W. Kalish                         
                          Vice President and                      
                          Chief Financial Officer