<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, 1995
                                    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 5, 1995, the Registrant had 1,404,119 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>
Part I - FINANCIAL INFORMATION
Item 1.   Financial Statements          
<TABLE>

               ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS

<CAPTION>
                                 March 31,           December 31,
                                 1995                  1994
                               __________          ____________ 
       
                                 (Unaudited)                      
<S>                              <C>                  <C>         
        
Assets
  Real estate investments, 
   at cost-(Note 3):
     Land                         $ 6,535,552         $ 3,586,317
     Buildings                     15,099,461           8,163,951 
                                  __________           __________ 
                                                           
                                   21,635,013          11,750,268
Less accumulated depreciation         853,492             753,734
                                  __________           __________
                                                           
                                   20,781,521          10,996,534

  Mortgages receivable-less 
   unamortized discount-
   (substantially all from     
   related parties)-(Note 3)       7,163,752           13,988,031
  Senior secured note receivable-                 
   less unamortized discount-
   (related party)                 1,753,202            2,108,193 
  Cash and cash equivalents        2,401,163            2,701,456
  Unbilled rent receivable           154,852              173,547
  Rent, interest and other 
   receivables                       354,839              360,599
  Investments in BRT Realty Trust- 
    (related party)- (Note 6)        108,924            3,219,481
  Investment in U.S. Government 
   obligations     
   and securities-(Note 6)         2,322,065            3,972,256
  Other                               86,915              132,676
                                  ___________         ___________
  
       Total assets              $35,127,233          $37,652,773
                                 ============         ===========
</TABLE>                                  

<PAGE>
<TABLE>

Liabilities and Stockholders' Equity
  <S>                             <C>                <C>
  Liabilities:                                                    
   Mortgages payable              $ 4,217,562        $ 6,983,647
   Accounts payable and 
    accrued expenses                  188,382            198,890
   Dividends payable                  498,400            498,400
                                    _________         __________
   Total liabilities                4,904,344          7,680,937
                                    _________          _________
  
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                 12,681,946         12,643,998
                                   __________         __________
Stockholders' equity:
  Common stock, $1 par value; 
  25,000,000 shares authorized; 
  1,404,119 and 1,399,199 shares
  issued and outstanding            1,404,119          1,399,119
Paid-in capital                    13,235,786         13,233,109
Net unrealized loss on 
 available- for-sale 
 securities-(Note 6)                  (72,846)           (34,913)
Accumulated undistributed 
 net income                         2,973,884          2,730,523
                                  ___________         __________
  Total stockholders' equity       17,540,943         17,327,838
                                   __________         __________
  Total liabilities and 
   stockholders' equity           $35,127,233        $37,652,773
                                  ===========        ===========
<FN>
                       
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
                 ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF INCOME
                                               (Unaudited)
<CAPTION>                                                     
                                          Three Months Ended      
                                              March 31,           

                                        1995             1994     
<S>                                 <C>                <C>      
Revenues:                           
  Rental income                     $ 566,597          $  178,248 
  Interest from related parties       495,335             614,444 
  Dividends from related party         13,940              67,500 
  Interest and other income           141,316              86,634 
                                    _________          __________
                                    1,217,188             946,826 
                                    _________          __________ 
      
Expenses:
  Depreciation                         99,758              23,279 
  Interest - mortgages payable        144,489              70,564
  Management fee-(Note 4)                 --               23,671 
  Leasehold rent-(Note3)               64,980                  -- 
  General and adminstrative           157,020              93,615 
                                      _______             _______ 
                                      466,247             211,129 
                                    _________             _______ 

Operating income                      750,941             735,697 
   
Loss on sale of investments           ( 9,180)                 -- 
                                     ________           _________ 
Net income                           $741,761           $ 735,697 
                                     ========           ========= 
                                             
Calculation of net income
  applicable to common 
  stockholders:     
Net income                           741,761            $ 735,697 
  Less: dividends and accretion 
  on preferred stock                 361,458              361,006 
                                     _______            _________
Net income applicable to common
  stockholders                     $ 380,303            $ 374,691 
                                   =========            =========
                                                               
Weighted average number of 
  common shares outstanding        1,399,231            1,338,619 
                                   =========            ========= 
<PAGE>
Net income per common share
  (Note 2):
  Operating income                 $     .28             $    .28 
  Loss on sale of investments         (  .01)                 .--
                                   _________             ________ 
  Net income                       $     .27             $    .28 
                                   =========             ======== 
                            
Cash distributions per share
  (Note 5):
  Common Stock                     $     .125            $    .10 
                                   ==========            ======== 
  Preferred Stock                  $     .40             $    .40 
                                   =========             ======== 
<FN>                                                       
                                                                
See accompanying notes to consolidated financial statements.
/TABLE
<PAGE>
<TABLE>        
                ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)                   
<CAPTION>                                                         
                                     Three Months Ended March 31, 
                                           1995           1994
<S>                                  <C>              <C>    
Cash flows from operating activities:
  Net income                         $  741,761          $735,697
  Adjustments to reconcile net 
   income to net cash provided 
   by operating activities:                        
  Loss on sale of investments             9,180                --
  Depreciation and amortization         116,322            34,840
  Changes in assets and 
   liabilities:           
  Decrease(increase) in rent, interest and       
   other receivables                     53,652          (45,657)
  Decrease (increase) in accounts              
   payable and accrued expenses          (10,508)          19,168
                                       _________         ________
      
    Net cash provided by operating                    
     activities                          910,407          744,048
                                       _________         ________ 

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 $35,957 and $33,177       
    from related parties)                  41,777          37,399
  Collection of senior secured note 
   receivable-BRT Realty Trust-related    354,991         282,532
   party
Sale of U.S. Government obligations
    and securities, net                 1,701,906         817,523
                                        _________       _________
     Net cash provided by                               
       investing activities             2,008,160       1,137,454
                                        _________        ________

Cash flows from financing activities:
 Satisfaction of mortgage payable     (2,753,700)            --
 Repayment of mortgage payable           (12,385)            --
 Exercise of stock options                45,625             --
 Cash distributions-common stock        (174,890)       (133,862)
 Cash distributions-preferred stock     (323,510)       (323,510)
                                         _________       ________

<PAGE>
    Net cash used in financing 
     activities                       (3,218,860)       (457,372)
                                        __________      _________
  Net (decrease) increase in cash and             
    cash equivalents                    (300,293)      1,424,130  

Cash and cash equivalents at 
   beginning of period                 2,701,456         947,797 
                                       __________       _________

Cash and cash equivalents at end 
 of period                            $2,401,163      $2,371,927 
                                       ==========       ========= 
<FN>                         

See accompanying notes to consolidated financial statements.
/TABLE
<PAGE>
<TABLE>
           
               ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                          (Unaudited) (continued)
                                                                
                                                              
<CAPTION>                            Three Months Ended March 31,
                                         1995             1994    
                                         _____             ____  

<S>                                   <C>               <C>
Supplemental disclosures of 
  cash flow information:
  Cash paid during the period for
   interest expense                   $     168,100      $70,564  

Supplemental schedule of noncash 
  investing and financing 
  activities:
   Accretion on preferred stock              37,498       37,496 

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

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

                 For the three month period ended March 31, 1995
                       and the year ended December 31, 1994
                                   (Unaudited)
<CAPTION>
                                   Net                            
                                   Unrealized                  
                                   loss on     Accumulated        
                  Common  Paid-in  Available-  Undistributed
                  Stock   Capital  for-Sale    Net Income   Total 
                  ______  _______  ___________ ____________ _____ 
<S>             <C>        <C>         <C> <C>        <C>    
Balances, 
 January 1, 
 1994           $1,338,619 $12,854,707 $ - $2,336,775 $16,530,101 

Net income         -          -          -  2,861,137   2,861,137 

Distributions-
 common stock      -          -          - (1,173,347)(1,173,347) 
Distributions-
 preferred stock   -          -          - (1,294,042)(1,294,042) 
Accretion on 
 preferred stock   -         (150,661)   -      -       (150,661)
Exercise of options  60,500   529,063                    589,563
Net unrealized loss
 on available-for-sale
 securities         -          -    (34,913)    -       ( 34,913)

           _________   __________    _____  _________  __________
                                                                  

<PAGE>
Balances, 
 December 
 31, 1994  1,399,119   13,233,109   (34,913)2,730,523 17,327,838 

Net income         -           -         -   741,761     741,761 
Distributions-
 common stock      -           -         -  (174,890)   (174,890) 
Distributions-
 preferred stock   -           -         -  (323,510)   (323,510) 


Accretion on 
 preferred stock   -     ( 37,948)       -     -         (37,948)
Exercise of
 options       5,000       40,625                         45,625
Net unrealized 
 loss on 
 available-for-
 sale-securities   -           -     (37,933)  -         (37,933) 

                _________   _________ ______  _________ _________
Balances, 
 March 31, 
 1995      $1,404,119 $13,235,786 $(72,846)$2,973,884 $17,540,943
           ========== =========== ======== ========== =========== 
<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 state-
ments as of March 31, 1995 and for the three months ended March
31, 1995 and 1994 reflect all normal, recurring adjustments which
are, in the opinion of management, necessary for a fair statement
of the results for such interim periods.  The results of
operations for the three months ended March 31, 1995 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.

These statements should be read in conjunction with the
consolidated financial statements and related notes which are
incorporated by reference in the Company's Annual Report on Form
10-K for the year ended December 31, 1994.

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 the
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.

The assumed exercise of outstanding stock options, using the
treasury stock method, is not materially dilutive or is anti-
dilutive for the primary common share computation for the three 
month periods ended March 31, 1995 and 1994.  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 -  Acquisition of Real Estate and Mortgage Receivable from 
          Related Party

On January 19, 1995, the Company acquired, in a single
transaction, sixteen net lease real estate properties (including
the reacquisition of thirteen retail locations net leased to
Total Petroleum) and one mortgage receivable from Gould Investors
L.P., ("Gould") a related party.  The properties are all net
leased on a long term basis to third parties with current
<PAGE>
expirations ranging from 2004 to 2051, and have certain tenant
renewal rights.  The consideration paid for the properties was
comprised of (i) the extinguishment of a $6,850,000 mortgage loan
which the Company held on the thirteen Total Petroleum properties
and (ii) 1,030,000 restricted convertible preferred shares of BRT
Realty Trust ("BRT"), a related party, and 173,719 Beneficial
Shares of BRT owned by the Company.  The closing price of the BRT
Beneficial Shares on the New York Stock Exchange on January 19,
1995 (the date of the transaction) was $3 5/8.  The preferred
shares do not trade publicly.  The Company's Board of Directors
received prior to and as a condition to consummation of the
transaction analyses of the sixteen properties acquired and an
opinion from an independent investment banker relating to the
fairness of the transaction from a financial point of view.  The
Company recorded the assets acquired at the carrying amount of
the assets exchanged (plus transaction costs), resulting in a
reclassification from investments in BRT and mortgages receivable
to real estate investments, at cost.  The minimum future rentals
to be received on the operating leases over the next five years
are $,287,000 during the year ending December 31, 1995;
$1,362,000 in 1996; $1,388,000 in 1997; $1,415,000 in 1998; and
$1,443,000 in 1999.  Annual fixed ground rent payable by the
Company on one of the properties is $289,000 through April 30,
2010.


Note 4 -  Management Agreement

On December 31, 1994, the management agreement was terminated and
on January 1, 1995, the Company became self-managed.  Prior to
that date, the Company was managed by an entity ("Manager")
controlled by the Chairman and Vice Chairman of the Company's
Board of Directors, and its President, all of whom are officers
of the managing general partner of Gould.  The Manager was
entitled to an annual fee, payable quarterly, equal to 2.5% of
the Company's gross revenues, subject to limitations (as defined
in the management agreement).  Such fees amounted to $23,671
during the three months ended March 31, 1994.  Starting January
1, 1995, the Company will incur payroll and payroll related costs
for its President.

Gould charged the Company $88,384 and $37,374 during the three
months ended March 31, 1995 and 1994, respectively, for allocated
general and administrative expenses and payroll based on time 
incurred by various employees, as well as payroll costs for the
Company's President.


Note 5 - Preferred and Common Stock Dividend Distributions

On March 3, 1995 the Board of Directors declared quarterly cash
distributions of $.125 and $.40 per share on the Company's common
and preferred stock, respectively, payable on April 3, 1995 to
stockholders of record on March 15, 1995.
<PAGE>
Note 6 - Investments in Debt and Equity Securities

In May 1993, the Financial Accounting Standards Board issued SFAS
#115, "Accounting for Certain Debt and Equity Securities,"
effective for fiscal years beginning after December 15, 1993. 
The SFAS addresses accounting and reporting for (i) investments
in equity securities that have readily determinable fair values
and (ii) all investments in debt securities.  The Company has
determined in accordance with SFAS #115 that its investment in
BRT's Beneficial Shares and its investment in U.S. Government
obligations and securities are "available-for-sale" securities. 
The accounting treatment of such securities is fair value, with
unrealized holding gains and losses excluded from earnings and
reported as a separate component of shareholders' equity.

The Company's investment in 30,048 Beneficial Shares of BRT,
purchased at a cost of $97,656 has a fair market value at March
31, 1995 of $108,924, resulting in an unrealized holding gain of
$11,268.  The cost basis of the Company's investment in U.S.
Government obligations and securities, which mature principally
during the years 2001 to 2022, is $2,406,179 and the fair value
is $2,322,065.  The resulting unrealized holding loss of $84,114
less the $11,268 unrealized holding gain on the BRT Beneficial
Shares is included as a separate component of shareholders'
equity.


Note 7 -  Stock Options

Options to purchase a total of 5,000 shares of the Company's
common stock at $9.125 per share were exercised in March 1995.  

The options had been granted in June 1991 under the 1989 Stock
Option
Plan.

<PAGE>
Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations

Liquidity and Capital Resources

At March 31, 1995, the Company's primary source of liquidity was
approximately $2,401,000 in cash and $2,322,000 in investments in
U.S. Government obligations and securities.  At the end of 1994,
the Company had approximately $2,701,000 in cash and $3,972,000   
in U.S. Government obligations and securities.  The decrease of
approximately $1,950,000 in liquidity since December 31, 1994 is
primarily the result of the satisfaction of a mortgage payable
offset by (i) amortization of mortgages receivable and (ii) net
cash provided by operating activities after cash distributions
payable on the Company's common and preferred stock.

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

In connection with the lease agreement consummated in 1991 with
Total Petroleum, Inc. ("Total Petroleum") the Company agreed to
expend certain funds to remediate environmental problems
discovered at certain locations that were net leased to Total
Petroleum by the Company.  It was agreed that the 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 $1,206,000 as of March 31, 1995 which the Company
deems adequate to cover any additional environmental costs.

The Michigan Underground Storage Tank Fund Administration
("MUSTFA") reimburses qualified companies for environmental costs
incurred in "clean up" associated with underground storage tanks. 
To date, the Company has received or accrued approximately
$560,000 regarding this fund.  The Company cannot estimate at
this time the aggregate amount which will be reimbursed by
MUSTFA.


Results of Operations

Three months ended March 31, 1995 and 1994

Total revenues increased to $1,217,188 for the three months ended
<PAGE>
March 31, 1995 from $946,826 for the three months ended March 31,
1994.  Rental income increased to $566,597 in the current three
month period from $178,248 during the prior three month period
due to rents earned on (i) the properties acquired from Gould
Investors L.P. ("Gould") in January 1995 (see Note 3 of Notes to
Consolidated Financial Statements) and (ii) a property acquired
in June 1994.  Interest income from related parties decreased
from $614,444 during the three months ended March 31, 1994 to
$495,335 during the three months ended March 31, 1995,
principally due to the extinguishment of a mortgage loan due from
Gould as part of the aforementioned acquisition in January 1995. 
Dividends from related party decreased to $13,940 in the current
three month period from $67,500 during the prior three month
period due to the transfer of the preferred shares of BRT Realty
Trust to Gould as part of the aforementioned acquisition.

Interest and other income increased to $141,316 during the three
months ended March 31, 1995 from $86,634 during three months
ended March 31, 1994.  The increase is primarily due to an
increase in amounts received or accrued from MUSTFA and an
increase in interest on U.S. Government securities.

The increase in depreciation from $23,279 for three months ended
March 31, 1994 to $99,758 for the three months ended March 31,
1995 was primarily a result of the depreciation on the properties
acquired from Gould and a property acquired in June 1994.  The
increase in interest-mortgages payable to $144,489 in the current
three month period from $70,564 in the prior three month period
results from interest expense on a $4,250,000 mortgage loan
obtained by the Company in connection with a property acquired in
June 1994.

Effective January 1, 1995, the Company became self-managed
thereby eliminating the management fee.  See Note 4 of Notes to
Consolidated Financial Statements for additional information.

In connection with the property acquisition from Gould the
Company must pay annual fixed leasehold rent on one property of
$289,000 through April 23, 2010.

General and administrative expenses increased during the three
months ended March 31, 1995 to $157,020 from $93,615 during the
three months ended March 31, 1994.  The principal reasons for the
increase was the increase of allocated charges from Gould for the
three months ended March 31, 1995 of $88,834 (versus $37,374 for
the three months ended March 31, 1994) principally because of
allocated payroll charges based on additional time incurred by
various employees due to the increase in the level of the 
Company's activities, as well as payroll costs for the Company's
President. 

Loss on sale of investments results from the sale of U.S.
Government obligations and securities and amounted to $9,180
during the three months ended March 31, 1995.  There were no such
gains or losses during the three months ended March 31, 1994.
<PAGE>
                  Part II - Other Information



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

On February 2, 1995, the Company filed a Form 8-K regarding the
purchase of sixteen net leased real estate properties and one
mortgage receivable (the "Transaction") from Gould Investors,
L.P. ("Gould"), a related entity.

On March 15, 1995, the Company filed a Form 8 amending the Form
8-K filed on February 2, 1995.  The Form 8 included the following
financial statements:

1.   Audited Combined Statement of Revenues and Expenses of       
     Certain Properties acquired from Gould for the three years   
     ended September 30, 1994.

2.   Unaudited Estimated Taxable Operating Results of the Company
     for the year ended December 31, 1994 giving effect to the
     Transaction.

3.   Unaudited Pro Forma Condensed Consolidated Balance Sheet as  
     of September 30, 1994 giving effect to the Transaction.

4.   Unaudited Pro Forma Condensed Consolidated Statement of      
     Income for the year ended December 31, 1993 and nine months  
     ended September 30, 1994 giving effect to the Transaction as 
     of the beginning of the respective periods.




<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 12, 1995                      /s/ Matthew Gould
 ------------                      -----------------
 Date                              Matthew Gould
                                   President





 May 12, 1995                      /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, 1995
                                    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 5, 1995, the Registrant had 1,404,119 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,
                                 1995                  1994
                               __________          ____________ 
       
                                 (Unaudited)
Assets
  Real estate investments, 
   at cost-(Note 3):
     Land                         $ 6,535,552         $ 3,586,317
     Buildings                     15,099,461           8,163,951 
                                  __________           __________ 
                                                           
                                   21,635,013          11,750,268
Less accumulated depreciation         853,492             753,734
                                  __________           __________
                                                           
                                   20,781,521          10,996,534

  Mortgages receivable-less 
   unamortized discount-
   (substantially all from     
   related parties)-(Note 3)       7,163,752           13,988,031
  Senior secured note receivable-                 
   less unamortized discount-
   (related party)                 1,753,202            2,108,193 
  Cash and cash equivalents        2,401,163            2,701,456
  Unbilled rent receivable           154,852              173,547
  Rent, interest and other 
   receivables                       354,839              360,599
  Investments in BRT Realty Trust- 
    (related party)- (Note 6)        108,924            3,219,481
  Investment in U.S. Government 
   obligations     
   and securities-(Note 6)         2,322,065            3,972,256
  Other                               86,915              132,676
                                  ___________         ___________
  
       Total assets              $35,127,233          $37,652,773
                                 ============         ===========
Liabilities and Stockholders' Equity
Liabilities:                                                    
   Mortgages payable              $ 4,217,562        $ 6,983,647
   Accounts payable and 
    accrued expenses                  188,382            198,890
   Dividends payable                  498,400            498,400
                                    _________         __________
   Total liabilities                4,904,344          7,680,937
                                    _________          _________
  
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                 12,681,946         12,643,998
                                   __________         __________
Stockholders' equity:
  Common stock, $1 par value; 
  25,000,000 shares authorized; 
  1,404,119 and 1,399,199 shares
  issued and outstanding            1,404,119          1,399,119
Paid-in capital                    13,235,786         13,233,109
Net unrealized loss on 
 available- for-sale 
 securities-(Note 6)                  (72,846)           (34,913)
Accumulated undistributed 
 net income                         2,973,884          2,730,523
                                  ___________         __________
  Total stockholders' equity       17,540,943         17,327,838
                                   __________         __________
  Total liabilities and 
   stockholders' equity           $35,127,233        $37,652,773
                                  ===========        ===========
See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF INCOME
                                               (Unaudited)
Three Months Ended      
                                              March 31,           

                                        1995             1994
Revenues:                           
  Rental income                     $ 566,597          $  178,248 
  Interest from related parties       495,335             614,444 
  Dividends from related party         13,940              67,500 
  Interest and other income           141,316              86,634 
                                    _________          __________
                                    1,217,188             946,826 
                                    _________          __________ 
      
Expenses:
  Depreciation                         99,758              23,279 
  Interest - mortgages payable        144,489              70,564
  Management fee-(Note 4)                 --               23,671 
  Leasehold rent-(Note3)               64,980                  -- 
  General and adminstrative           157,020              93,615 
                                      _______             _______ 
                                      466,247             211,129 
                                    _________             _______ 

Operating income                      750,941             735,697 
   
Loss on sale of investments           ( 9,180)                 -- 
                                     ________           _________ 
Net income                           $741,761           $ 735,697 
                                     ========           ========= 
                                             
Calculation of net income
  applicable to common 
  stockholders:     
Net income                           741,761            $ 735,697 
  Less: dividends and accretion 
  on preferred stock                 361,458              361,006 
                                     _______            _________
Net income applicable to common
  stockholders                     $ 380,303            $ 374,691 
                                   =========            =========
                                                               
Weighted average number of 
  common shares outstanding        1,399,231            1,338,619 
                                   =========            =========
Net income per common share
  (Note 2):
  Operating income                 $     .28             $    .28 
  Loss on sale of investments         (  .01)                 .--
                                   _________             ________ 
  Net income                       $     .27             $    .28 
                                   =========             ======== 
                            
Cash distributions per share
  (Note 5):
  Common Stock                     $     .125            $    .10 
                                   ==========            ======== 
  Preferred Stock                  $     .40             $    .40 
                                   =========             ========
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, 
                                           1995           1994
Cash flows from operating activities:
  Net income                         $  741,761          $735,697
  Adjustments to reconcile net 
   income to net cash provided 
   by operating activities:                        
  Loss on sale of investments             9,180                --
  Depreciation and amortization         116,322            34,840
  Changes in assets and 
   liabilities:           
  Decrease(increase) in rent, interest and       
   other receivables                     53,652          (45,657)
  Decrease (increase) in accounts              
   payable and accrued expenses          (10,508)          19,168
                                       _________         ________
      
    Net cash provided by operating                    
     activities                          910,407          744,048
                                       _________         ________ 

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 $35,957 and $33,177       
    from related parties)                  41,777          37,399
  Collection of senior secured note 
   receivable-BRT Realty Trust-related    354,991         282,532
   party
Sale of U.S. Government obligations
    and securities, net                 1,701,906         817,523
                                        _________       _________
     Net cash provided by                               
       investing activities             2,008,160       1,137,454
                                        _________        ________

Cash flows from financing activities:
 Satisfaction of mortgage payable     (2,753,700)            --
 Repayment of mortgage payable           (12,385)            --
 Exercise of stock options                45,625             --
 Cash distributions-common stock        (174,890)       (133,862)
 Cash distributions-preferred stock     (323,510)       (323,510)
                                         _________       ________
Net cash used in financing 
     activities                       (3,218,860)       (457,372)
                                        __________      _________
  Net (decrease) increase in cash and             
    cash equivalents                    (300,293)      1,424,130  

Cash and cash equivalents at 
   beginning of period                 2,701,456         947,797 
                                       __________       _________

Cash and cash equivalents at end 
 of period                            $2,401,163      $2,371,927 
                                       ==========       =========
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,
                                         1995             1994    
                                         _____             ____
Supplemental disclosures of 
  cash flow information:
  Cash paid during the period for
   interest expense                   $     168,100      $70,564  

Supplemental schedule of noncash 
  investing and financing 
  activities:
   Accretion on preferred stock              37,498       37,496 

   Acquisition of real estate and
    mortgage receivable from Gould
    Investors L.P.-related party         (9,861,729)          --
   Payment 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.
/TABLE
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

                 For the three month period ended March 31, 1995
                       and the year ended December 31, 1994
                                   (Unaudited)
Net                            
                                   Unrealized                  
                                   loss on     Accumulated        
                  Common  Paid-in  Available-  Undistributed
                  Stock   Capital  for-Sale    Net Income   Total 
                  ______  _______  ___________ ____________ _____
Balances, 
 January 1, 
 1994           $1,338,619 $12,854,707 $ - $2,336,775 $16,530,101 

Net income         -          -          -  2,861,137   2,861,137 

Distributions-
 common stock      -          -          - (1,173,347)(1,173,347) 
Distributions-
 preferred stock   -          -          - (1,294,042)(1,294,042) 
Accretion on 
 preferred stock   -         (150,661)   -      -       (150,661)
Exercise of options  60,500   529,063                    589,563
Net unrealized loss
 on available-for-sale
 securities         -          -    (34,913)    -       ( 34,913)

           _________   __________    _____  _________  __________
Balances, 
 December 
 31, 1994  1,399,119   13,233,109   (34,913)2,730,523 17,327,838 

Net income         -           -         -   741,761     741,761 
Distributions-
 common stock      -           -         -  (174,890)   (174,890) 
Distributions-
 preferred stock   -           -         -  (323,510)   (323,510) 

Accretion on 
 preferred stock   -     ( 37,948)       -     -         (37,948)
Exercise of
 options       5,000       40,625                         45,625
Net unrealized 
 loss on 
 available-for-
 sale-securities   -           -     (37,933)  -         (37,933) 

                _________   _________ ______  _________ _________
Balances, 
 March 31, 
 1995      $1,404,119 $13,235,786 $(72,846)$2,973,884 $17,540,943
           ========== =========== ======== ========== ===========
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 state-
ments as of March 31, 1995 and for the three months ended March
31, 1995 and 1994 reflect all normal, recurring adjustments which
are, in the opinion of management, necessary for a fair statement
of the results for such interim periods.  The results of
operations for the three months ended March 31, 1995 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.

These statements should be read in conjunction with the
consolidated financial statements and related notes which are
incorporated by reference in the Company's Annual Report on Form
10-K for the year ended December 31, 1994.

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 the
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.

The assumed exercise of outstanding stock options, using the
treasury stock method, is not materially dilutive or is anti-
dilutive for the primary common share computation for the three 
month periods ended March 31, 1995 and 1994.  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 -  Acquisition of Real Estate and Mortgage Receivable from 
          Related Party

On January 19, 1995, the Company acquired, in a single
transaction, sixteen net lease real estate properties (including
the reacquisition of thirteen retail locations net leased to
Total Petroleum) and one mortgage receivable from Gould Investors
L.P., ("Gould") a related party.  The properties are all net
leased on a long term basis to third parties with current
expirations ranging from 2004 to 2051, and have certain tenant
renewal rights.  The consideration paid for the properties was
comprised of (i) the extinguishment of a $6,850,000 mortgage loan
which the Company held on the thirteen Total Petroleum properties
and (ii) 1,030,000 restricted convertible preferred shares of BRT
Realty Trust ("BRT"), a related party, and 173,719 Beneficial
Shares of BRT owned by the Company.  The closing price of the BRT
Beneficial Shares on the New York Stock Exchange on January 19,
1995 (the date of the transaction) was $3 5/8.  The preferred
shares do not trade publicly.  The Company's Board of Directors
received prior to and as a condition to consummation of the
transaction analyses of the sixteen properties acquired and an
opinion from an independent investment banker relating to the
fairness of the transaction from a financial point of view.  The
Company recorded the assets acquired at the carrying amount of
the assets exchanged (plus transaction costs), resulting in a
reclassification from investments in BRT and mortgages receivable
to real estate investments, at cost.  The minimum future rentals
to be received on the operating leases over the next five years
are $,287,000 during the year ending December 31, 1995;
$1,362,000 in 1996; $1,388,000 in 1997; $1,415,000 in 1998; and
$1,443,000 in 1999.  Annual fixed ground rent payable by the
Company on one of the properties is $289,000 through April 30,
2010.

Note 4 -  Management Agreement

On December 31, 1994, the management agreement was terminated and
on January 1, 1995, the Company became self-managed.  Prior to
that date, the Company was managed by an entity ("Manager")
controlled by the Chairman and Vice Chairman of the Company's
Board of Directors, and its President, all of whom are officers
of the managing general partner of Gould.  The Manager was
entitled to an annual fee, payable quarterly, equal to 2.5% of
the Company's gross revenues, subject to limitations (as defined
in the management agreement).  Such fees amounted to $23,671
during the three months ended March 31, 1994.  Starting January
1, 1995, the Company will incur payroll and payroll related costs
for its President.

Gould charged the Company $88,384 and $37,374 during the three
months ended March 31, 1995 and 1994, respectively, for allocated
general and administrative expenses and payroll based on time 
incurred by various employees, as well as payroll costs for the
Company's President.

Note 5 - Preferred and Common Stock Dividend Distributions

On March 3, 1995 the Board of Directors declared quarterly cash
distributions of $.125 and $.40 per share on the Company's common
and preferred stock, respectively, payable on April 3, 1995 to
stockholders of record on March 15, 1995.
Note 6 - Investments in Debt and Equity Securities

In May 1993, the Financial Accounting Standards Board issued SFAS
#115, "Accounting for Certain Debt and Equity Securities,"
effective for fiscal years beginning after December 15, 1993. 
The SFAS addresses accounting and reporting for (i) investments
in equity securities that have readily determinable fair values
and (ii) all investments in debt securities.  The Company has
determined in accordance with SFAS #115 that its investment in
BRT's Beneficial Shares and its investment in U.S. Government
obligations and securities are "available-for-sale" securities. 
The accounting treatment of such securities is fair value, with
unrealized holding gains and losses excluded from earnings and
reported as a separate component of shareholders' equity.

The Company's investment in 30,048 Beneficial Shares of BRT,
purchased at a cost of $97,656 has a fair market value at March
31, 1995 of $108,924, resulting in an unrealized holding gain of
$11,268.  The cost basis of the Company's investment in U.S.
Government obligations and securities, which mature principally
during the years 2001 to 2022, is $2,406,179 and the fair value
is $2,322,065.  The resulting unrealized holding loss of $84,114
less the $11,268 unrealized holding gain on the BRT Beneficial
Shares is included as a separate component of shareholders'
equity.

Note 7 -  Stock Options

Options to purchase a total of 5,000 shares of the Company's
common stock at $9.125 per share were exercised in March 1995.  

The options had been granted in June 1991 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, 1995, the Company's primary source of liquidity was
approximately $2,401,000 in cash and $2,322,000 in investments in
U.S. Government obligations and securities.  At the end of 1994,
the Company had approximately $2,701,000 in cash and $3,972,000   
in U.S. Government obligations and securities.  The decrease of
approximately $1,950,000 in liquidity since December 31, 1994 is
primarily the result of the satisfaction of a mortgage payable
offset by (i) amortization of mortgages receivable and (ii) net
cash provided by operating activities after cash distributions
payable on the Company's common and preferred stock.

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

In connection with the lease agreement consummated in 1991 with
Total Petroleum, Inc. ("Total Petroleum") the Company agreed to
expend certain funds to remediate environmental problems
discovered at certain locations that were net leased to Total
Petroleum by the Company.  It was agreed that the 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 $1,206,000 as of March 31, 1995 which the Company
deems adequate to cover any additional environmental costs.

The Michigan Underground Storage Tank Fund Administration
("MUSTFA") reimburses qualified companies for environmental costs
incurred in "clean up" associated with underground storage tanks. 
To date, the Company has received or accrued approximately
$560,000 regarding this fund.  The Company cannot estimate at
this time the aggregate amount which will be reimbursed by
MUSTFA.

Results of Operations

Three months ended March 31, 1995 and 1994

Total revenues increased to $1,217,188 for the three months ended
March 31, 1995 from $946,826 for the three months ended March 31,
1994.  Rental income increased to $566,597 in the current three
month period from $178,248 during the prior three month period
due to rents earned on (i) the properties acquired from Gould
Investors L.P. ("Gould") in January 1995 (see Note 3 of Notes to
Consolidated Financial Statements) and (ii) a property acquired
in June 1994.  Interest income from related parties decreased
from $614,444 during the three months ended March 31, 1994 to
$495,335 during the three months ended March 31, 1995,
principally due to the extinguishment of a mortgage loan due from
Gould as part of the aforementioned acquisition in January 1995. 
Dividends from related party decreased to $13,940 in the current
three month period from $67,500 during the prior three month
period due to the transfer of the preferred shares of BRT Realty
Trust to Gould as part of the aforementioned acquisition.

Interest and other income increased to $141,316 during the three
months ended March 31, 1995 from $86,634 during three months
ended March 31, 1994.  The increase is primarily due to an
increase in amounts received or accrued from MUSTFA and an
increase in interest on U.S. Government securities.

The increase in depreciation from $23,279 for three months ended
March 31, 1994 to $99,758 for the three months ended March 31,
1995 was primarily a result of the depreciation on the properties
acquired from Gould and a property acquired in June 1994.  The
increase in interest-mortgages payable to $144,489 in the current
three month period from $70,564 in the prior three month period
results from interest expense on a $4,250,000 mortgage loan
obtained by the Company in connection with a property acquired in
June 1994.

Effective January 1, 1995, the Company became self-managed
thereby eliminating the management fee.  See Note 4 of Notes to
Consolidated Financial Statements for additional information.

In connection with the property acquisition from Gould the
Company must pay annual fixed leasehold rent on one property of
$289,000 through April 23, 2010.

General and administrative expenses increased during the three
months ended March 31, 1995 to $157,020 from $93,615 during the
three months ended March 31, 1994.  The principal reasons for the
increase was the increase of allocated charges from Gould for the
three months ended March 31, 1995 of $88,834 (versus $37,374 for
the three months ended March 31, 1994) principally because of
allocated payroll charges based on additional time incurred by
various employees due to the increase in the level of the 
Company's activities, as well as payroll costs for the Company's
President. 

Loss on sale of investments results from the sale of U.S.
Government obligations and securities and amounted to $9,180
during the three months ended March 31, 1995.  There were no such
gains or losses during the three months ended March 31, 1994.
Part II - Other Information

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

On February 2, 1995, the Company filed a Form 8-K regarding the
purchase of sixteen net leased real estate properties and one
mortgage receivable (the "Transaction") from Gould Investors,
L.P. ("Gould"), a related entity.

On March 15, 1995, the Company filed a Form 8 amending the Form
8-K filed on February 2, 1995.  The Form 8 included the following
financial statements:

1.   Audited Combined Statement of Revenues and Expenses of       
     Certain Properties acquired from Gould for the three years   
     ended September 30, 1994.

2.   Unaudited Estimated Taxable Operating Results of the Company
     for the year ended December 31, 1994 giving effect to the
     Transaction.

3.   Unaudited Pro Forma Condensed Consolidated Balance Sheet as  
     of September 30, 1994 giving effect to the Transaction.

4.   Unaudited Pro Forma Condensed Consolidated Statement of      
     Income for the year ended December 31, 1993 and nine months  
     ended September 30, 1994 giving effect to the Transaction as 
     of the beginning of the respective periods.
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 12, 1995                      /s/ Matthew Gould
 ------------                      -----------------
 Date                              Matthew Gould
                                   President

 May 12, 1995                      /s/ David W. Kalish
 ------------                      --------------------
 Date                              David W. Kalish
                                   Vice President and  
                                   Chief Financial Officer