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, 2002

                                       OR

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

                         Commission File Number 0-11083

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

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

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

     Registrant's telephone number, including area code:     (516) 466-3100
                                                             ---------------

                  Indicate the number of shares outstanding of each of the
                  issuer's classes of stock, as of the latest practicable date.

                  As of May 1, 2002, the Registrant had 3,084,561 shares of
                  Common Stock and 648,058 shares of Redeemable Convertible
                  Preferred Stock outstanding.

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


                                 Yes   X           No
                                      ---              ----


<PAGE>


Part I - FINANCIAL INFORMATION

Item 1.    Financial Statements

<TABLE>
<CAPTION>

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



                                                                                     March 31,        December 31,
                                                                                       2002              2001
                                                                                    ----------        ------------
                                                                                    (Unaudited)
<S>                                                                                 <C>                <C>
Assets
   Real estate investments, at cost
   Land                                                                             $  25,939          $  25,939
   Buildings                                                                          100,292            101,288
                                                                                    ---------          ---------
                                                                                      126,231            127,227
           Less accumulated depreciation                                                9,129              8,663
                                                                                    ---------          ---------
                                                                                      117,102            118,564

   Investment in unconsolidated joint ventures                                          7,361              6,345
   Cash and cash equivalents                                                            2,577              2,285
   Unbilled rent receivable                                                             2,622              2,442
   Rent, interest, deposits and other receivables                                         967              1,157
   Note receivable - officer                                                              167                167
   Investment in BRT Realty Trust-(related party)                                         406                361
   Deferred financing costs                                                             1,165              1,247
   Other (including available-for-sale securities of
         $264 and $249)                                                                   419                371
                                                                                     --------           --------

           Total assets                                                              $132,786           $132,939
                                                                                     ========           ========

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                                            $ 76,262          $  76,587
        Accrued expenses and other liabilities                                            612                827
        Dividends payable                                                               1,276              1,177
                                                                                     --------          ---------

           Total liabilities                                                           78,150             78,591
                                                                                     --------          ---------

Commitments and contingencies                                                               -                  -


Stockholders' equity:
        Redeemable convertible preferred stock,
         $1 par value; $1.60 cumulative annual
         dividend; 2,300 shares authorized;
         648 shares issued; liquidation and
         redemption values of $16.50                                                   10,693             10,693
        Common stock, $1 par value; 25,000
         shares authorized; 3,080 and 3,058
         shares issued  and outstanding                                                 3,080              3,058
        Paid-in capital                                                                32,471             32,192
        Accumulated other comprehensive income - net
         unrealized gain on available-for-sale securities                                 326                261
        Accumulated undistributed net income                                            8,066              8,144
                                                                                     --------           --------

           Total stockholders' equity                                                  54,636             54,348
                                                                                     --------           --------

           Total liabilities and stockholders' equity                                $132,786           $132,939
                                                                                     ========           ========




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

<PAGE>

<TABLE>
<CAPTION>

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

                                                                           Three Months Ended
                                                                                 March 31,
                                                                          ---------------------
                                                                          2002             2001
                                                                          ----             ----
<S>                                                                      <C>              <C>

Revenues:
   Rental income                                                         $ 3,652          $ 3,760
   Equity in earnings of unconsolidated joint ventures                       198                -
   Interest and other income                                                  19               24
                                                                         -------          -------

                                                                           3,869            3,784
                                                                         -------          -------

Expenses:
   Depreciation and amortization                                             724              719
   Interest - mortgages payable                                            1,502            1,273
   Interest - line of credit                                                   9              193
   Leasehold rent                                                             24               72
   General and administrative                                                381              299
   Real estate expenses                                                       33               37
                                                                         -------          -------
                                                                           2,673            2,593
                                                                         -------          -------

Income before gain (loss) on sale                                          1,196            1,191

Gain (loss) on sale of available-for-sale securities                           2               (5)
                                                                         -------          -------

Net income                                                              $  1,198          $ 1,186
                                                                        ========          =======

Calculation of net income applicable to common stockholders:
Net income                                                              $  1,198          $ 1,186
Less: dividends on preferred stock                                           259              259
                                                                        --------          -------

Net income applicable to
   common stockholders                                                  $    939         $    927
                                                                        ========         ========

Weighted average number of common shares outstanding:
     Basic                                                                 3,066            3,010
                                                                           =====            =====
     Diluted                                                               3,101            3,013
                                                                           =====            =====

Net income per common share:
     Basic                                                              $    .31         $    .31
                                                                        ========         ========
     Diluted                                                            $    .30         $    .31
                                                                        ========         ========

Cash distributions per share:
   Common Stock                                                        $     .33         $    .30
                                                                       =========         ========
   Preferred Stock                                                     $     .40         $    .40
                                                                       =========         ========





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

<PAGE>



<TABLE>
<CAPTION>


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

           For the three month period ended March 31, 2002 (unaudited)
                      and the year ended December 31, 2001
                             (Amounts in Thousands)

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

Balances, January 1, 2001           $10,693        $ 3,010          $31,650        $    76          $ 7,947       $53,376

Distributions -
   common stock                           -              -                -              -           (3,632)       (3,632)
Distributions -
   preferred stock                        -              -                -              -           (1,037)       (1,037)
Exercise of options                       -             33              368              -                -           401
Shares issued through
   dividend reinvestment plan             -             15              174              -                -           189
     Net income                           -              -                -              -            4,866         4,866
     Other comprehensive income-
      net unrealized gain on
      available-for-sale securities       -              -                -            185                -           185
                                                                                                                 --------
Comprehensive income                      -              -                -              -                -         5,051
                                    -------        -------         --------        -------          -------      --------

Balances, December 31, 2001          10,693          3,058           32,192            261           8,144         54,348

Distributions -
   common stock                           -              -                -              -          (1,017)        (1,017)
Distributions -
   preferred stock                        -              -                -              -            (259)          (259)
Exercise of options                       -             17              219              -               -            236
Shares issued through
   dividend reinvestment plan             -              5               60              -               -             65
     Net income                           -              -                -              -           1,198          1,198
     Other comprehensive income-
      net unrealized gain on
      available-for-sale securities       -              -                -             65               -             65
                                                                                                                ---------
Comprehensive income                      -              -                -              -               -          1,263
                                    -------         -------         -------        --------       --------      ---------

Balances, March 31, 2002            $10,693         $3,080          $32,471        $   326        $  8,066        $54,636
                                    =======         ======          =======        =======        ========        =======






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

<PAGE>

<TABLE>
<CAPTION>

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


                                                                                                     Three Months Ended
                                                                                                          March 31,
                                                                                                          ---------
                                                                                                 2002                  2001
                                                                                                 ----                  ----
<S>                                                                                           <C>                    <C>

Cash flows from operating activities:
   Net income                                                                                  $ 1,198               $ 1,186
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   (Gain) loss on sale of available-for-sale securities                                             (2)                    5
   Increase in rental income from straight-lining of rent                                         (180)                 (208)
   Equity in earnings of unconsolidated joint ventures                                            (198)                    -
   Distributions from unconsolidated joint venture                                                 196                     -
   Payments to minority interest by subsidiary                                                      (4)                   (7)
   Depreciation and amortization                                                                   724                   719
   Changes in assets and liabilities:
   Decrease in rent, interest, deposits and other receivables                                      156                    29
   Decrease in accrued expenses and other liabilities                                             (212)                 (104)
                                                                                             ---------             ---------

           Net cash provided by operating activities                                             1,678                 1,620
                                                                                             ---------             ---------

Cash flows from investing activities:
   Additions to real estate                                                                          -                   (14)
   Investment in unconsolidated joint venture                                                     (194)                    -
   Net proceeds from sale of available-for-sale securities                                           8                   122
                                                                                             ---------              --------

           Net cash (used in) provided by investing activities                                    (186)                  108
                                                                                             ----------             --------

Cash flows from financing activities:
   Proceeds from mortgages payable                                                                   -                 3,700
   Repayment of mortgages payable                                                                 (325)                 (259)
   Payment of financing costs                                                                        -                  (140)
   Line of credit - paydowns                                                                         -                (4,300)
   Cash distributions - common stock                                                              (917)                    -
   Cash distributions - preferred stock                                                           (259)                    -
   Exercise of stock options                                                                       236                     -
   Issuance of shares through dividend reinvestment plan                                            65                     -
                                                                                             ---------             ---------


           Net cash (used in) financing activities                                              (1,200)                 (999)
                                                                                             ----------            ---------

           Net increase in cash and cash equivalents                                               292                   729

Cash and cash equivalents at beginning of period                                                 2,285                 2,069
                                                                                             ---------             ---------

Cash and cash equivalents at end of period                                                   $   2,577             $   2,798
                                                                                             =========             =========

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                          $   1,514             $   1,468

Supplemental schedule of non cash investing and financing activities:
   Transfer of property to unconsolidated joint venture                                      $     819             $       -




     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, 2002 and for the three  months  ended  March 31,  2002 and 2001  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,  2002 are not  necessarily
indicative of the results for the full year.

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

The  consolidated  financial  statements  include  the  accounts  of One Liberty
Properties,  Inc., its wholly-owned  subsidiaries  and a majority-owned  limited
liability  company.  Material  intercompany  balances and transactions have been
eliminated. The Company's investments in less than majority owned joint ventures
have been accounted for using the equity method. One Liberty  Properties,  Inc.,
its subsidiaries and the limited liability  company are hereinafter  referred to
as the "Company".

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

These statements  should be read in conjunction with the consolidated  financial
statements  and related notes which are included in the Company's  Annual Report
on Form 10-K for the year ended December 31, 2001.

Note 2 - Earnings Per Common Share
         -------------------------

For the three months ended March 31, 2002 and 2001 basic  earnings per share was
determined  by dividing net income  applicable  to common  stockholders  for the
period by the  weighted  average  number of shares of Common  Stock  outstanding
during each period.

Diluted  earnings per share reflects the potential  dilution that could occur if
securities or other  contracts to issue Common Stock were exercised or converted
into Common  Stock or resulted in the  issuance of Common Stock that then shared
in the earnings of the Company. For the three month periods ended March 31, 2002
and 2001  diluted  earnings  per share was  determined  by  dividing  net income
applicable  to common  stockholders  for the period by the total of the weighted
average number of shares of Common Stock outstanding plus the dilutive effect of
the Company's  outstanding  options (35,278 for the three months ended March 31,
2002 and 2,352 for the three months ended March 31, 2001 respectively) using the
treasury stock method. The Preferred Stock was not considered for the purpose of
computing  diluted  earnings  per share  because  their  assumed  conversion  is
antidilutive.

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

Note 3 - Preferred and Common Stock Dividend Distributions
         -------------------------------------------------

On March 11, 2002 the Board of Directors  declared  quarterly cash distributions
of $.33  and $.40  per  share  on the  Company's  common  and  preferred  stock,
respectively, which was paid on April 4, 2002 to stockholders of record on March
22, 2002.

Note 4 - Comprehensive Income
         --------------------

Statement No. 130 establishes  standards for reporting  comprehensive income and
its  components  in a  full  set of  general-purpose  financial  statements  and
requires that all components of comprehensive  income be reported in a financial
statement  that is  displayed  with  the  same  prominence  as  other  financial
statements.  During the three  months ended March 31,  2002,  accumulated  other
comprehensive  income,  which is solely  composed of the net unrealized  gain on
available-for-sale  securities,  increased $65,000 to $326,000. During the three
months ended March 31, 2001 comprehensive income increased $61,000 to $137,000.

Note 5  - Accounting for Long-Lived Assets
          --------------------------------

The Financial  Accounting  Standards Board issued  Statement No. 144 "Accounting
for the  Impairment of Long-Lived  Assets" which  supersedes  FASB Statement No.
121,  "Accounting  for the  Impairment of Long-Lived  Assets and for  Long-Lived
Assets to be Disposed of"; however it retains the fundamental provisions of that
statement  related to the  recognition  and  measurement  of the  impairment  of
long-lived assets to be "held and used". In addition, Statement No. 144 provides
more guidance on estimating  cash flows when performing a  recoverability  test,
requires that a long-lived  asset or asset group to be disposed of other than by
sale (e.g.  abandoned) be classified as "held and used" until it is disposed of,
and establishes more restrictive criteria to classify an asset or asset group as
"held for sale".  The Company  adopted SFAS 144 on January 1, 2002 and there was
no material effect on the earnings or the financial position of the Company.







<PAGE>



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

General
-------

We are a  self-administered  REIT and we  primarily  own real estate that we net
lease to tenants. We own 33 properties and we are a member of two joint ventures
that  own a total of three  properties.  Our 36  properties  are  located  in 13
states.

We have  elected  to be taxed as a REIT  under the  Internal  Revenue  Code.  To
qualify  as a REIT,  we must meet a number  of  organizational  and  operational
requirements,  including a requirement that we currently distribute at least 90%
of ordinary  taxable  income to our  stockholders.  We intend to adhere to these
requirements and to maintain our REIT status.

Our  principal  business  strategy  is  to  acquire  improved,   free  standing,
commercial properties subject to long-term net leases. We acquire properties for
their value as long-term  investments  and for their ability to generate  income
over an extended  period of time.  We borrow  funds on a secured  and  unsecured
basis to finance the  purchase of real estate and we intend to continue to do so
in the future.

Our rental  properties are generally leased to corporate tenants under operating
leases  substantially all of which are noncancellable.  Substantially all of our
lease agreements are net lease  arrangements  that require the tenant to pay not
only  rent but also  substantially  all the  operating  expenses  of the  leased
property including  maintenance,  taxes,  utilities and insurance. A majority of
our lease agreements provide for periodic rental increases; certain of our other
leases provide for increases based on the consumer price index.

In 2000, we purchased eight properties in four states for a total  consideration
of approximately $61 million. First mortgages totaling approximately $29 million
were placed on five of these properties.

In 2000, we sold 15  properties,  13 of which were sold in a single  transaction
for a  total  sales  price  of $12  million,  which  resulted  in a net  gain of
approximately $3.8 million for financial statement purposes.

In  2001,  we sold two  properties  for a total  sales  price  of  $800,000  and
recognized a net gain of $126,000.

In November  2001, we entered into a joint venture with an affiliate of Deutsche
Bank AG, which  acquired a megaplex  stadium-style  movie  theater.  We invested
approximately  $6.3 million for our 50%  participation in the joint venture.  In
April 2002,  we sold  one-half of our 50% interest in this joint  venture to MTC
Investors LLC. This joint venture acquired a second megaplex stadium-style movie
theater  in  April,  2002.  Venturers  holding  at  least  75% of the  aggregate
membership  interest in this joint venture must approve all material  decisions,
except for property  acquisitions  which require unanimous  approval.  Under the
joint venture operating  agreement,  we will receive an acquisition fee from the
joint venture equal to 0.5% of the purchase  price of each property  acquired by
the joint  venture,  other than the one property  already  acquired in 2001.  In
addition,  Majestic Property Management Corp., a company owned and controlled by
our chairman of the board and certain of our  officers,  but in which we have no
ownership  interest,  will  receive  a  management  fee equal to 1% of all rents
received by the joint venture from single-tenant properties and a management fee
equal  to 3% of all  rents  received  by the  joint  venture  from  multi-tenant
properties.  Majestic will receive  leasing and mortgage  brokerage  fees at any
property acquired by the joint venture at a rate equal to 80% of the then market
cost.  Majestic will also receive a construction  supervision fee equal to 8% of
the cost of any  capital  improvements  or repairs to the  property  and a sales
commission equal to 1% of the sales price of any properties that are sold.

In February  2002,  we  contributed  our  leasehold  interest  in an  industrial
property in Miami,  Florida to a joint venture with the owners of the fee estate
in that  property  in  exchange  for  approximately  36%  interest  in the joint
venture.

At March 31, 2002, we had 23 outstanding  mortgages  payable,  aggregating $76.3
million  in  principal  amount,  all of which  are  secured  by  first  liens on
individual  real  estate   investments  with  an  aggregate  carrying  value  of
approximately $116 million before accumulated  depreciation.  The mortgages bear
interest at fixed rates ranging from 6.9% to 9.1%,  and mature  between 2002 and
2017.

<PAGE>
Results of Operations
---------------------

Comparison of Three Months Ended March 31, 2002 and March 31, 2001
------------------------------------------------------------------

Revenues

Revenues  consist  primarily  of  rental  income  from  tenants  in  our  rental
properties. Rental income decreased by $108,000, or 2.9% to $3.7 million for the
three  months  ended March 31, 2002 from $3.8 million for the three months ended
March 31, 2001.  Rental income declined  primarily because rental income from an
industrial  property  in Miami,  Florida,  the  leasehold  interest in which was
transferred  by us to a joint  venture in  February,  2002,  was not included in
rental income for the entire three month period ended March 31, 2002.  Our share
of net earnings from this property, now owned by a joint venture in which we own
an approximately 36% interest,  is reflected in the category "Equity in earnings
of  unconsolidated  joint  ventures"  from  February  2002.  Rental  income also
decreased  in the three  months  ended March 31, 2002 as a result of the sale of
two small  retail  properties  and the vacancy of two retail  properties  during
2001.  This decline in rental income was partially  offset by rent  increases at
three of our  properties.  Revenues  for the three  months ended March 31, 2002,
which  increased  by $85,000 to $3.9  million  from $3.8  million  for the three
months ended March 31, 2001,  include  $171,000 that represents our equity share
of the earnings of our movie theater  joint venture and $27,000 that  represents
our equity share of the  earnings of the joint  venture that now owns the Miami,
Florida industrial property.

Interest and other  income  decreased  by $5,000,  or 20.8%,  to $19,000 for the
three  months ended March 31, 2002 from $24,000 for the three months ended March
31, 2001.  This  decrease was due to a reduction in interest  earned on cash and
cash equivalents available for investment because cash and cash equivalents were
used to invest in the  unconsolidated  megaplex  movie  theater joint venture in
November 2001.

Expenses

Depreciation  and amortization  expense  increased by $5,000 to $724,000 for the
three months ended March 31, 2002 from $719,000 for the three months ended March
31, 2001. The change was relatively  insignificant because our mix of properties
was substantially the same during the two periods.

Interest-mortgages  payable  increased by $229,000,  or 18%, to $1.5 million for
the three  months  ended March 31, 2002 from $1.3  million for the three  months
ended March 31,  2001.  This  increase  resulted  from  mortgages  placed on two
properties during March and April 2001.

Interest-line of credit decreased by $184,000, or 95.3%, to $9,000 for the three
months  ended March 31, 2002 from  $193,000 for the three months ended March 31,
2001. This decrease resulted from our repayment of all of the indebtedness under
our line of credit during 2001. This indebtedness was incurred to facilitate the
purchase of several  properties  during 2000,  and was repaid using the proceeds
from mortgage financings on two properties during March and April 2001.

Leasehold rent expense decreased by $48,000,  or 66.7%, to $24,000 for the three
months  ended March 31, 2002 from  $72,000 for the three  months ended March 31,
2001. This rent expense was payable on the leasehold  interest  position that we
contributed  during  February  2002  to a  joint  venture  in  which  we hold an
approximately  36% interest.  Therefore,  effective  February 2002, we no longer
paid the leasehold rent.

General and administrative expenses increased $82,000, or 27.4%, to $381,000 for
the three months  ended March 31, 2002 from  $299,000 for the three months ended
March 31,  2001.  This  increase  was  primarily  due to  increases  in payroll,
accounting  and legal fees  resulting  from an increase in our level of business
activity and to additional  allocated  expenses  resulting from  additional time
expended by various  executive and  administrative  personnel in connection with
the  preparation and filing in April,  2002 of a Registration  Statement on Form
S-2 in which we seek to raise  approximately $41.3 million in a public offering.
Additionally, the following compensation fees and expenses have been approved by
our board of  directors  and recorded  during the quarter  ending March 31, 2002
(and will  continue  to be  recorded  during  future  quarters):  an increase of
$50,000 ($12,500 per quarter) in the base salary and a bonus of $50,000 ($12,500
per quarter) to our president and chief  executive  officer and a fee of $50,000
per annum ($12,500 per quarter) to the chairman of our board of directors.

Real estate  expenses  decreased by $4,000,  or 10.8%,  to $33,000 for the three
months  ended March 31, 2002 from  $37,000 for the three  months ended March 31,
2001.  This  decrease  was  caused by an  over-accrual  of certain  real  estate
expenses during the three months ended March 31, 2001.

<PAGE>
Liquidity and Capital Resources
-------------------------------

We had cash and cash  equivalents of $2.6 million at March 31, 2002. Our primary
sources  of  liquidity  are cash  and cash  equivalents,  our  revolving  credit
facility and cash  generated from  operating  activities.  On March 24, 2000, we
entered into an agreement with European  American Bank (now Citibank N.A.) for a
$15.0 million revolving credit facility.  The facility is available to us to pay
down existing mortgages or to fund the acquisition of additional properties. The
facility matures on March 24, 2003.  Borrowings under the facility bear interest
at the bank's prime rate,  currently  4.75%, and there is an unused facility fee
of  one-quarter  of 1% per  annum.  Net  proceeds  received  from  the  sale  or
refinancing of properties  are required to be used to repay amounts  outstanding
under the  facility  if  proceeds  from the  facility  were used to  purchase or
refinance  the property.  The facility is guaranteed by all of our  subsidiaries
that own unencumbered  properties and is secured by the outstanding stock of all
of our subsidiaries.  At March 31, 2002 we had no indebtedness outstanding under
the facility.  We are currently negotiating with other institutions with respect
to an increase in the amount available under the credit facility.

In April 2002, we filed a registration statement on Form S-2 with the Securities
and Exchange  Commission  in which we seek to raise in a public  offering  gross
proceeds of  approximately  $41.3 million (without giving effect to the exercise
of an over-allotment option by the underwriters and underwriting commissions and
expenses of the offering).  We can give no assurances  that this public offering
will be completed or if  completed,  of the amount which will be raised.  If the
offering is completed  then the  proceeds  will be used for the  acquisition  of
additional properties and general corporate purposes.

We, on our own behalf and on behalf of our megaplex  theater joint venture,  are
involved in various  stages of  negotiation  with respect to the  acquisition of
additional  net leased  properties.  The joint  venture will only acquire  movie
theater  properties.  The joint  venture  has agreed to acquire  two  additional
theaters: a 20 screen theater located in Beavercreek,  Ohio, a suburb of Dayton,
for total  consideration  of $9.7  million,  with an equity  investment by us of
approximately $2.4 million; and a 24 screen theater located in Morrow,  Georgia,
a suburb of Atlanta,  for total  consideration of $14.1 million,  with an equity
investment by us of approximately $3.5 million.  We will use the proceeds of the
offering,  cash provided from  operations and our credit  facility to fund these
and other  acquisitions.  The  completion of these  additional  acquisitions  is
subject to the  satisfaction or waiver of certain  conditions and it is possible
that any or all of these  properties  may not be acquired.  In addition,  we may
identify additional  acquisition  opportunities in the future. The joint venture
is seeking mortgage  financing secured by properties owned and to be acquired by
it.

The following sets forth our contractual  cash obligations as of March 31, 2002,
all of which relate to interest and principal amortization payments and balances
due at maturity under outstanding  mortgages secured by our properties,  for the
periods indicated:

             Due within 1 year             $ 12,284,000
             Due 1 to 3 years                19,950,000
             Due 4 to 5 years                25,640,000
             Due after 5 years               54,800,000

<PAGE>
As of  March  31,  2002,  we had  outstanding  approximately  $76.3  million  in
long-term  mortgage  indebtedness,  all of which  is  non-recourse  (subject  to
standard  carve-outs).  We expect that debt  service  payments of  approximately
$19.2  million  due in the next  three  years will be paid  primarily  from cash
generated  from  our   operations.   We  anticipate   that  loan  maturities  of
approximately $11.7 million due in the next three years (excluding approximately
$1.3  million  to be paid  from the  proceeds  from the  offering)  will be paid
primarily from mortgage financings or refinancings.  If we are not successful in
refinancing our existing indebtedness or financing our unencumbered  properties,
our cash flow will not be  sufficient  to repay all maturing  debt when payments
become  due,  and we may be  forced to sell  additional  equity  or  dispose  of
properties on disadvantageous terms.

We  had  no   outstanding   contingent   commitments,   such  as  guarantees  of
indebtedness, or any other contractual cash obligations at March 31, 2002.

We intend to expand our  investment  activities  independently  and  through our
joint ventures in the near future.  In the ordinary  course of our business,  we
are involved in varying levels of discussions with respect to the acquisition of
additional  properties;  however, the two megaplex theater properties identified
above that our joint venture has contracted to purchase are the only  properties
that we currently  have under  contract to purchase.  We expect that in order to
execute our expansion program, we will have to identify sources for and obtain a
significant  amount of additional  capital,  either  through  increased  debt or
additional  equity or through  increased  reliance on joint  ventures with third
parties.


Cash Distribution Policy

We have elected to be taxed as a REIT under the Internal  Revenue Code since our
taxable  year ended  December  31,  1983.  To qualify as a REIT,  we must meet a
number of organizational and operational  requirements,  including a requirement
that we distribute  currently at least 90% of our ordinary taxable income to our
stockholders.  It is our current intention to comply with these requirements and
maintain  our REIT  status.  As a REIT,  we  generally  will not be  subject  to
corporate  federal,  state or local income taxes on taxable income we distribute
currently  (in  accordance  with  the  Internal   Revenue  Code  and  applicable
regulations) to our stockholders. If we fail to qualify as a REIT in any taxable
year,  we will be subject to federal,  state and local  income  taxes at regular
corporate rates and may not be able to qualify as a REIT for four subsequent tax
years.  Even if we qualify for federal  taxation as a REIT, we may be subject to
certain  state and local  taxes on our income  and to federal  income and excise
taxes on our undistributed  taxable income, i.e., taxable income not distributed
in the amounts and in the time frames  prescribed  by the Internal  Revenue Code
and applicable regulations thereunder.

It is our  intention  to  pay  to  our  stockholders  within  the  time  periods
prescribed by the Internal Revenue Code no less that 90%, and, if possible, 100%
of our annual taxable  income,  including gains from the sale of real estate and
recognized  gains on sale of  securities.  It will  continue to be our policy to
make sufficient cash  distributions  to stockholders in order for us to maintain
our REIT status under the Internal Revenue Code.





<PAGE>




Item 3. - Quantitative and Qualitative Disclosures About Market Risks
          -----------------------------------------------------------

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

                         Scheduled
                         Principal
   Year Ending           Repayments              Average
    March 31,          (In Thousands)         Interest Rate
   ---------           --------------         -------------

     2003                $  6,696                 7.86%
     2004                   8,666                 7.91
     2005                   1,221                 7.94
     2006                  11,593                 7.98
     2007                   6,458                 7.94
     Thereafter            41,628                 7.95
                         --------
     Total               $ 76,262                 7.94
                         ========

     Fair Value          $ 76,970                 7.75%
                         ========





                           Part II - Other Information

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

No Form 8-K's were filed during the quarter ended March 31, 2002.

A Form 8-K was filed on April 17, 2002 to report that OLP Theatres LLC, a wholly
owned subsidiary of the Company,  sold a 25% membership interest in OLP Holdings
LLC ("Holdings") to MTC Investors LLC ("MTC") for $3,275,000.






<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 6, 2002                         /s/ Jeffrey Fishman
-----------                         -------------------
Date                                Jeffrey Fishman
                                    President and
                                    Chief Executive Officer





May 6, 2002                         /s/ David W. Kalish
-----------                         -------------------
Date                                David W. Kalish
                                    Senior Vice President
                                    and Chief Financial Officer
[{"type": "10-Q", "sequence": "1", "filename": "olp10q33102.txt", "secsgml_size_bytes": 47661}]
{"company-data": {"conformed-name": "ONE LIBERTY PROPERTIES INC", "cik": "0000712770", "assigned-sic": "6798", "irs-number": "133147497", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "10-Q", "act": "34", "file-number": "001-09279", "film-number": "02635431"}, "business-address": {"street1": "60 CUTTER MILL RD", "street2": "SUITE 303", "city": "GREAT NECK", "state": "NY", "zip": "11021-3190", "phone": "5164663100"}, "mail-address": {"street1": "60 CUTTER MILL ROAD", "street2": "SUITE 303", "city": "GREAT NECK", "state": "NY", "zip": "11021-3190"}, "former-company": {"former-conformed-name": "ONE LIBERTY FIRESTONE PROPERTIES INC", "date-changed": "19851112"}}
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, 2002

                                       OR

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

                         Commission File Number 0-11083

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

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

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

     Registrant's telephone number, including area code:     (516) 466-3100
                                                             ---------------

                  Indicate the number of shares outstanding of each of the
                  issuer's classes of stock, as of the latest practicable date.

                  As of May 1, 2002, the Registrant had 3,084,561 shares of
                  Common Stock and 648,058 shares of Redeemable Convertible
                  Preferred Stock outstanding.

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

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

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

                                                                                     March 31,        December 31,
                                                                                       2002              2001
                                                                                    ----------        ------------
                                                                                    (Unaudited)
Assets
   Real estate investments, at cost
   Land                                                                             $  25,939          $  25,939
   Buildings                                                                          100,292            101,288
                                                                                    ---------          ---------
                                                                                      126,231            127,227
           Less accumulated depreciation                                                9,129              8,663
                                                                                    ---------          ---------
                                                                                      117,102            118,564

   Investment in unconsolidated joint ventures                                          7,361              6,345
   Cash and cash equivalents                                                            2,577              2,285
   Unbilled rent receivable                                                             2,622              2,442
   Rent, interest, deposits and other receivables                                         967              1,157
   Note receivable - officer                                                              167                167
   Investment in BRT Realty Trust-(related party)                                         406                361
   Deferred financing costs                                                             1,165              1,247
   Other (including available-for-sale securities of
         $264 and $249)                                                                   419                371
                                                                                     --------           --------

           Total assets                                                              $132,786           $132,939
                                                                                     ========           ========

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                                            $ 76,262          $  76,587
        Accrued expenses and other liabilities                                            612                827
        Dividends payable                                                               1,276              1,177
                                                                                     --------          ---------

           Total liabilities                                                           78,150             78,591
                                                                                     --------          ---------

Commitments and contingencies                                                               -                  -

Stockholders' equity:
        Redeemable convertible preferred stock,
         $1 par value; $1.60 cumulative annual
         dividend; 2,300 shares authorized;
         648 shares issued; liquidation and
         redemption values of $16.50                                                   10,693             10,693
        Common stock, $1 par value; 25,000
         shares authorized; 3,080 and 3,058
         shares issued  and outstanding                                                 3,080              3,058
        Paid-in capital                                                                32,471             32,192
        Accumulated other comprehensive income - net
         unrealized gain on available-for-sale securities                                 326                261
        Accumulated undistributed net income                                            8,066              8,144
                                                                                     --------           --------

           Total stockholders' equity                                                  54,636             54,348
                                                                                     --------           --------

           Total liabilities and stockholders' equity                                $132,786           $132,939
                                                                                     ========           ========

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

                                                                           Three Months Ended
                                                                                 March 31,
                                                                          ---------------------
                                                                          2002             2001
                                                                          ----             ----
Revenues:
   Rental income                                                         $ 3,652          $ 3,760
   Equity in earnings of unconsolidated joint ventures                       198                -
   Interest and other income                                                  19               24
                                                                         -------          -------

                                                                           3,869            3,784
                                                                         -------          -------

Expenses:
   Depreciation and amortization                                             724              719
   Interest - mortgages payable                                            1,502            1,273
   Interest - line of credit                                                   9              193
   Leasehold rent                                                             24               72
   General and administrative                                                381              299
   Real estate expenses                                                       33               37
                                                                         -------          -------
                                                                           2,673            2,593
                                                                         -------          -------

Income before gain (loss) on sale                                          1,196            1,191

Gain (loss) on sale of available-for-sale securities                           2               (5)
                                                                         -------          -------

Net income                                                              $  1,198          $ 1,186
                                                                        ========          =======

Calculation of net income applicable to common stockholders:
Net income                                                              $  1,198          $ 1,186
Less: dividends on preferred stock                                           259              259
                                                                        --------          -------

Net income applicable to
   common stockholders                                                  $    939         $    927
                                                                        ========         ========

Weighted average number of common shares outstanding:
     Basic                                                                 3,066            3,010
                                                                           =====            =====
     Diluted                                                               3,101            3,013
                                                                           =====            =====

Net income per common share:
     Basic                                                              $    .31         $    .31
                                                                        ========         ========
     Diluted                                                            $    .30         $    .31
                                                                        ========         ========

Cash distributions per share:
   Common Stock                                                        $     .33         $    .30
                                                                       =========         ========
   Preferred Stock                                                     $     .40         $    .40
                                                                       =========         ========

      See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

           For the three month period ended March 31, 2002 (unaudited)
                      and the year ended December 31, 2001
                             (Amounts in Thousands)

                                                                                 Accumulated
                                                                                    Other         Accumulated
                                    Preferred      Common           Paid-in     Comprehensive    Undistributed
                                     Stock          Stock           Capital         Income         Net Income      Total
                                    -------         ------          -------         ------         ----------      -----
Balances, January 1, 2001           $10,693        $ 3,010          $31,650        $    76          $ 7,947       $53,376

Distributions -
   common stock                           -              -                -              -           (3,632)       (3,632)
Distributions -
   preferred stock                        -              -                -              -           (1,037)       (1,037)
Exercise of options                       -             33              368              -                -           401
Shares issued through
   dividend reinvestment plan             -             15              174              -                -           189
     Net income                           -              -                -              -            4,866         4,866
     Other comprehensive income-
      net unrealized gain on
      available-for-sale securities       -              -                -            185                -           185
                                                                                                                 --------
Comprehensive income                      -              -                -              -                -         5,051
                                    -------        -------         --------        -------          -------      --------

Balances, December 31, 2001          10,693          3,058           32,192            261           8,144         54,348

Distributions -
   common stock                           -              -                -              -          (1,017)        (1,017)
Distributions -
   preferred stock                        -              -                -              -            (259)          (259)
Exercise of options                       -             17              219              -               -            236
Shares issued through
   dividend reinvestment plan             -              5               60              -               -             65
     Net income                           -              -                -              -           1,198          1,198
     Other comprehensive income-
      net unrealized gain on
      available-for-sale securities       -              -                -             65               -             65
                                                                                                                ---------
Comprehensive income                      -              -                -              -               -          1,263
                                    -------         -------         -------        --------       --------      ---------

Balances, March 31, 2002            $10,693         $3,080          $32,471        $   326        $  8,066        $54,636
                                    =======         ======          =======        =======        ========        =======

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

                                                                                                     Three Months Ended
                                                                                                          March 31,
                                                                                                          ---------
                                                                                                 2002                  2001
                                                                                                 ----                  ----
Cash flows from operating activities:
   Net income                                                                                  $ 1,198               $ 1,186
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   (Gain) loss on sale of available-for-sale securities                                             (2)                    5
   Increase in rental income from straight-lining of rent                                         (180)                 (208)
   Equity in earnings of unconsolidated joint ventures                                            (198)                    -
   Distributions from unconsolidated joint venture                                                 196                     -
   Payments to minority interest by subsidiary                                                      (4)                   (7)
   Depreciation and amortization                                                                   724                   719
   Changes in assets and liabilities:
   Decrease in rent, interest, deposits and other receivables                                      156                    29
   Decrease in accrued expenses and other liabilities                                             (212)                 (104)
                                                                                             ---------             ---------

           Net cash provided by operating activities                                             1,678                 1,620
                                                                                             ---------             ---------

Cash flows from investing activities:
   Additions to real estate                                                                          -                   (14)
   Investment in unconsolidated joint venture                                                     (194)                    -
   Net proceeds from sale of available-for-sale securities                                           8                   122
                                                                                             ---------              --------

           Net cash (used in) provided by investing activities                                    (186)                  108
                                                                                             ----------             --------

Cash flows from financing activities:
   Proceeds from mortgages payable                                                                   -                 3,700
   Repayment of mortgages payable                                                                 (325)                 (259)
   Payment of financing costs                                                                        -                  (140)
   Line of credit - paydowns                                                                         -                (4,300)
   Cash distributions - common stock                                                              (917)                    -
   Cash distributions - preferred stock                                                           (259)                    -
   Exercise of stock options                                                                       236                     -
   Issuance of shares through dividend reinvestment plan                                            65                     -
                                                                                             ---------             ---------

           Net cash (used in) financing activities                                              (1,200)                 (999)
                                                                                             ----------            ---------

           Net increase in cash and cash equivalents                                               292                   729

Cash and cash equivalents at beginning of period                                                 2,285                 2,069
                                                                                             ---------             ---------

Cash and cash equivalents at end of period                                                   $   2,577             $   2,798
                                                                                             =========             =========

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                          $   1,514             $   1,468

Supplemental schedule of non cash investing and financing activities:
   Transfer of property to unconsolidated joint venture                                      $     819             $       -

     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, 2002 and for the three  months  ended  March 31,  2002 and 2001  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,  2002 are not  necessarily
indicative of the results for the full year.

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

The  consolidated  financial  statements  include  the  accounts  of One Liberty
Properties,  Inc., its wholly-owned  subsidiaries  and a majority-owned  limited
liability  company.  Material  intercompany  balances and transactions have been
eliminated. The Company's investments in less than majority owned joint ventures
have been accounted for using the equity method. One Liberty  Properties,  Inc.,
its subsidiaries and the limited liability  company are hereinafter  referred to
as the "Company".

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

These statements  should be read in conjunction with the consolidated  financial
statements  and related notes which are included in the Company's  Annual Report
on Form 10-K for the year ended December 31, 2001.

Note 2 - Earnings Per Common Share
         -------------------------

For the three months ended March 31, 2002 and 2001 basic  earnings per share was
determined  by dividing net income  applicable  to common  stockholders  for the
period by the  weighted  average  number of shares of Common  Stock  outstanding
during each period.

Diluted  earnings per share reflects the potential  dilution that could occur if
securities or other  contracts to issue Common Stock were exercised or converted
into Common  Stock or resulted in the  issuance of Common Stock that then shared
in the earnings of the Company. For the three month periods ended March 31, 2002
and 2001  diluted  earnings  per share was  determined  by  dividing  net income
applicable  to common  stockholders  for the period by the total of the weighted
average number of shares of Common Stock outstanding plus the dilutive effect of
the Company's  outstanding  options (35,278 for the three months ended March 31,
2002 and 2,352 for the three months ended March 31, 2001 respectively) using the
treasury stock method. The Preferred Stock was not considered for the purpose of
computing  diluted  earnings  per share  because  their  assumed  conversion  is
antidilutive.
One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements
                                   (Continued)

Note 3 - Preferred and Common Stock Dividend Distributions
         -------------------------------------------------

On March 11, 2002 the Board of Directors  declared  quarterly cash distributions
of $.33  and $.40  per  share  on the  Company's  common  and  preferred  stock,
respectively, which was paid on April 4, 2002 to stockholders of record on March
22, 2002.

Note 4 - Comprehensive Income
         --------------------

Statement No. 130 establishes  standards for reporting  comprehensive income and
its  components  in a  full  set of  general-purpose  financial  statements  and
requires that all components of comprehensive  income be reported in a financial
statement  that is  displayed  with  the  same  prominence  as  other  financial
statements.  During the three  months ended March 31,  2002,  accumulated  other
comprehensive  income,  which is solely  composed of the net unrealized  gain on
available-for-sale  securities,  increased $65,000 to $326,000. During the three
months ended March 31, 2001 comprehensive income increased $61,000 to $137,000.

Note 5  - Accounting for Long-Lived Assets
          --------------------------------

The Financial  Accounting  Standards Board issued  Statement No. 144 "Accounting
for the  Impairment of Long-Lived  Assets" which  supersedes  FASB Statement No.
121,  "Accounting  for the  Impairment of Long-Lived  Assets and for  Long-Lived
Assets to be Disposed of"; however it retains the fundamental provisions of that
statement  related to the  recognition  and  measurement  of the  impairment  of
long-lived assets to be "held and used". In addition, Statement No. 144 provides
more guidance on estimating  cash flows when performing a  recoverability  test,
requires that a long-lived  asset or asset group to be disposed of other than by
sale (e.g.  abandoned) be classified as "held and used" until it is disposed of,
and establishes more restrictive criteria to classify an asset or asset group as
"held for sale".  The Company  adopted SFAS 144 on January 1, 2002 and there was
no material effect on the earnings or the financial position of the Company.
Item 2.  Management's Discussion And Analysis Of Financial Condition And
         ---------------------------------------------------------------
         Results Of Operations
         ---------------------

General
-------

We are a  self-administered  REIT and we  primarily  own real estate that we net
lease to tenants. We own 33 properties and we are a member of two joint ventures
that  own a total of three  properties.  Our 36  properties  are  located  in 13
states.

We have  elected  to be taxed as a REIT  under the  Internal  Revenue  Code.  To
qualify  as a REIT,  we must meet a number  of  organizational  and  operational
requirements,  including a requirement that we currently distribute at least 90%
of ordinary  taxable  income to our  stockholders.  We intend to adhere to these
requirements and to maintain our REIT status.

Our  principal  business  strategy  is  to  acquire  improved,   free  standing,
commercial properties subject to long-term net leases. We acquire properties for
their value as long-term  investments  and for their ability to generate  income
over an extended  period of time.  We borrow  funds on a secured  and  unsecured
basis to finance the  purchase of real estate and we intend to continue to do so
in the future.

Our rental  properties are generally leased to corporate tenants under operating
leases  substantially all of which are noncancellable.  Substantially all of our
lease agreements are net lease  arrangements  that require the tenant to pay not
only  rent but also  substantially  all the  operating  expenses  of the  leased
property including  maintenance,  taxes,  utilities and insurance. A majority of
our lease agreements provide for periodic rental increases; certain of our other
leases provide for increases based on the consumer price index.

In 2000, we purchased eight properties in four states for a total  consideration
of approximately $61 million. First mortgages totaling approximately $29 million
were placed on five of these properties.

In 2000, we sold 15  properties,  13 of which were sold in a single  transaction
for a  total  sales  price  of $12  million,  which  resulted  in a net  gain of
approximately $3.8 million for financial statement purposes.

In  2001,  we sold two  properties  for a total  sales  price  of  $800,000  and
recognized a net gain of $126,000.

In November  2001, we entered into a joint venture with an affiliate of Deutsche
Bank AG, which  acquired a megaplex  stadium-style  movie  theater.  We invested
approximately  $6.3 million for our 50%  participation in the joint venture.  In
April 2002,  we sold  one-half of our 50% interest in this joint  venture to MTC
Investors LLC. This joint venture acquired a second megaplex stadium-style movie
theater  in  April,  2002.  Venturers  holding  at  least  75% of the  aggregate
membership  interest in this joint venture must approve all material  decisions,
except for property  acquisitions  which require unanimous  approval.  Under the
joint venture operating  agreement,  we will receive an acquisition fee from the
joint venture equal to 0.5% of the purchase  price of each property  acquired by
the joint  venture,  other than the one property  already  acquired in 2001.  In
addition,  Majestic Property Management Corp., a company owned and controlled by
our chairman of the board and certain of our  officers,  but in which we have no
ownership  interest,  will  receive  a  management  fee equal to 1% of all rents
received by the joint venture from single-tenant properties and a management fee
equal  to 3% of all  rents  received  by the  joint  venture  from  multi-tenant
properties.  Majestic will receive  leasing and mortgage  brokerage  fees at any
property acquired by the joint venture at a rate equal to 80% of the then market
cost.  Majestic will also receive a construction  supervision fee equal to 8% of
the cost of any  capital  improvements  or repairs to the  property  and a sales
commission equal to 1% of the sales price of any properties that are sold.

In February  2002,  we  contributed  our  leasehold  interest  in an  industrial
property in Miami,  Florida to a joint venture with the owners of the fee estate
in that  property  in  exchange  for  approximately  36%  interest  in the joint
venture.

At March 31, 2002, we had 23 outstanding  mortgages  payable,  aggregating $76.3
million  in  principal  amount,  all of which  are  secured  by  first  liens on
individual  real  estate   investments  with  an  aggregate  carrying  value  of
approximately $116 million before accumulated  depreciation.  The mortgages bear
interest at fixed rates ranging from 6.9% to 9.1%,  and mature  between 2002 and
2017.
Results of Operations
---------------------

Comparison of Three Months Ended March 31, 2002 and March 31, 2001
------------------------------------------------------------------

Revenues

Revenues  consist  primarily  of  rental  income  from  tenants  in  our  rental
properties. Rental income decreased by $108,000, or 2.9% to $3.7 million for the
three  months  ended March 31, 2002 from $3.8 million for the three months ended
March 31, 2001.  Rental income declined  primarily because rental income from an
industrial  property  in Miami,  Florida,  the  leasehold  interest in which was
transferred  by us to a joint  venture in  February,  2002,  was not included in
rental income for the entire three month period ended March 31, 2002.  Our share
of net earnings from this property, now owned by a joint venture in which we own
an approximately 36% interest,  is reflected in the category "Equity in earnings
of  unconsolidated  joint  ventures"  from  February  2002.  Rental  income also
decreased  in the three  months  ended March 31, 2002 as a result of the sale of
two small  retail  properties  and the vacancy of two retail  properties  during
2001.  This decline in rental income was partially  offset by rent  increases at
three of our  properties.  Revenues  for the three  months ended March 31, 2002,
which  increased  by $85,000 to $3.9  million  from $3.8  million  for the three
months ended March 31, 2001,  include  $171,000 that represents our equity share
of the earnings of our movie theater  joint venture and $27,000 that  represents
our equity share of the  earnings of the joint  venture that now owns the Miami,
Florida industrial property.

Interest and other  income  decreased  by $5,000,  or 20.8%,  to $19,000 for the
three  months ended March 31, 2002 from $24,000 for the three months ended March
31, 2001.  This  decrease was due to a reduction in interest  earned on cash and
cash equivalents available for investment because cash and cash equivalents were
used to invest in the  unconsolidated  megaplex  movie  theater joint venture in
November 2001.

Expenses

Depreciation  and amortization  expense  increased by $5,000 to $724,000 for the
three months ended March 31, 2002 from $719,000 for the three months ended March
31, 2001. The change was relatively  insignificant because our mix of properties
was substantially the same during the two periods.

Interest-mortgages  payable  increased by $229,000,  or 18%, to $1.5 million for
the three  months  ended March 31, 2002 from $1.3  million for the three  months
ended March 31,  2001.  This  increase  resulted  from  mortgages  placed on two
properties during March and April 2001.

Interest-line of credit decreased by $184,000, or 95.3%, to $9,000 for the three
months  ended March 31, 2002 from  $193,000 for the three months ended March 31,
2001. This decrease resulted from our repayment of all of the indebtedness under
our line of credit during 2001. This indebtedness was incurred to facilitate the
purchase of several  properties  during 2000,  and was repaid using the proceeds
from mortgage financings on two properties during March and April 2001.

Leasehold rent expense decreased by $48,000,  or 66.7%, to $24,000 for the three
months  ended March 31, 2002 from  $72,000 for the three  months ended March 31,
2001. This rent expense was payable on the leasehold  interest  position that we
contributed  during  February  2002  to a  joint  venture  in  which  we hold an
approximately  36% interest.  Therefore,  effective  February 2002, we no longer
paid the leasehold rent.

General and administrative expenses increased $82,000, or 27.4%, to $381,000 for
the three months  ended March 31, 2002 from  $299,000 for the three months ended
March 31,  2001.  This  increase  was  primarily  due to  increases  in payroll,
accounting  and legal fees  resulting  from an increase in our level of business
activity and to additional  allocated  expenses  resulting from  additional time
expended by various  executive and  administrative  personnel in connection with
the  preparation and filing in April,  2002 of a Registration  Statement on Form
S-2 in which we seek to raise  approximately $41.3 million in a public offering.
Additionally, the following compensation fees and expenses have been approved by
our board of  directors  and recorded  during the quarter  ending March 31, 2002
(and will  continue  to be  recorded  during  future  quarters):  an increase of
$50,000 ($12,500 per quarter) in the base salary and a bonus of $50,000 ($12,500
per quarter) to our president and chief  executive  officer and a fee of $50,000
per annum ($12,500 per quarter) to the chairman of our board of directors.

Real estate  expenses  decreased by $4,000,  or 10.8%,  to $33,000 for the three
months  ended March 31, 2002 from  $37,000 for the three  months ended March 31,
2001.  This  decrease  was  caused by an  over-accrual  of certain  real  estate
expenses during the three months ended March 31, 2001.
Liquidity and Capital Resources
-------------------------------

We had cash and cash  equivalents of $2.6 million at March 31, 2002. Our primary
sources  of  liquidity  are cash  and cash  equivalents,  our  revolving  credit
facility and cash  generated from  operating  activities.  On March 24, 2000, we
entered into an agreement with European  American Bank (now Citibank N.A.) for a
$15.0 million revolving credit facility.  The facility is available to us to pay
down existing mortgages or to fund the acquisition of additional properties. The
facility matures on March 24, 2003.  Borrowings under the facility bear interest
at the bank's prime rate,  currently  4.75%, and there is an unused facility fee
of  one-quarter  of 1% per  annum.  Net  proceeds  received  from  the  sale  or
refinancing of properties  are required to be used to repay amounts  outstanding
under the  facility  if  proceeds  from the  facility  were used to  purchase or
refinance  the property.  The facility is guaranteed by all of our  subsidiaries
that own unencumbered  properties and is secured by the outstanding stock of all
of our subsidiaries.  At March 31, 2002 we had no indebtedness outstanding under
the facility.  We are currently negotiating with other institutions with respect
to an increase in the amount available under the credit facility.

In April 2002, we filed a registration statement on Form S-2 with the Securities
and Exchange  Commission  in which we seek to raise in a public  offering  gross
proceeds of  approximately  $41.3 million (without giving effect to the exercise
of an over-allotment option by the underwriters and underwriting commissions and
expenses of the offering).  We can give no assurances  that this public offering
will be completed or if  completed,  of the amount which will be raised.  If the
offering is completed  then the  proceeds  will be used for the  acquisition  of
additional properties and general corporate purposes.

We, on our own behalf and on behalf of our megaplex  theater joint venture,  are
involved in various  stages of  negotiation  with respect to the  acquisition of
additional  net leased  properties.  The joint  venture will only acquire  movie
theater  properties.  The joint  venture  has agreed to acquire  two  additional
theaters: a 20 screen theater located in Beavercreek,  Ohio, a suburb of Dayton,
for total  consideration  of $9.7  million,  with an equity  investment by us of
approximately $2.4 million; and a 24 screen theater located in Morrow,  Georgia,
a suburb of Atlanta,  for total  consideration of $14.1 million,  with an equity
investment by us of approximately $3.5 million.  We will use the proceeds of the
offering,  cash provided from  operations and our credit  facility to fund these
and other  acquisitions.  The  completion of these  additional  acquisitions  is
subject to the  satisfaction or waiver of certain  conditions and it is possible
that any or all of these  properties  may not be acquired.  In addition,  we may
identify additional  acquisition  opportunities in the future. The joint venture
is seeking mortgage  financing secured by properties owned and to be acquired by
it.

The following sets forth our contractual  cash obligations as of March 31, 2002,
all of which relate to interest and principal amortization payments and balances
due at maturity under outstanding  mortgages secured by our properties,  for the
periods indicated:

             Due within 1 year             $ 12,284,000
             Due 1 to 3 years                19,950,000
             Due 4 to 5 years                25,640,000
             Due after 5 years               54,800,000
As of  March  31,  2002,  we had  outstanding  approximately  $76.3  million  in
long-term  mortgage  indebtedness,  all of which  is  non-recourse  (subject  to
standard  carve-outs).  We expect that debt  service  payments of  approximately
$19.2  million  due in the next  three  years will be paid  primarily  from cash
generated  from  our   operations.   We  anticipate   that  loan  maturities  of
approximately $11.7 million due in the next three years (excluding approximately
$1.3  million  to be paid  from the  proceeds  from the  offering)  will be paid
primarily from mortgage financings or refinancings.  If we are not successful in
refinancing our existing indebtedness or financing our unencumbered  properties,
our cash flow will not be  sufficient  to repay all maturing  debt when payments
become  due,  and we may be  forced to sell  additional  equity  or  dispose  of
properties on disadvantageous terms.

We  had  no   outstanding   contingent   commitments,   such  as  guarantees  of
indebtedness, or any other contractual cash obligations at March 31, 2002.

We intend to expand our  investment  activities  independently  and  through our
joint ventures in the near future.  In the ordinary  course of our business,  we
are involved in varying levels of discussions with respect to the acquisition of
additional  properties;  however, the two megaplex theater properties identified
above that our joint venture has contracted to purchase are the only  properties
that we currently  have under  contract to purchase.  We expect that in order to
execute our expansion program, we will have to identify sources for and obtain a
significant  amount of additional  capital,  either  through  increased  debt or
additional  equity or through  increased  reliance on joint  ventures with third
parties.

Cash Distribution Policy

We have elected to be taxed as a REIT under the Internal  Revenue Code since our
taxable  year ended  December  31,  1983.  To qualify as a REIT,  we must meet a
number of organizational and operational  requirements,  including a requirement
that we distribute  currently at least 90% of our ordinary taxable income to our
stockholders.  It is our current intention to comply with these requirements and
maintain  our REIT  status.  As a REIT,  we  generally  will not be  subject  to
corporate  federal,  state or local income taxes on taxable income we distribute
currently  (in  accordance  with  the  Internal   Revenue  Code  and  applicable
regulations) to our stockholders. If we fail to qualify as a REIT in any taxable
year,  we will be subject to federal,  state and local  income  taxes at regular
corporate rates and may not be able to qualify as a REIT for four subsequent tax
years.  Even if we qualify for federal  taxation as a REIT, we may be subject to
certain  state and local  taxes on our income  and to federal  income and excise
taxes on our undistributed  taxable income, i.e., taxable income not distributed
in the amounts and in the time frames  prescribed  by the Internal  Revenue Code
and applicable regulations thereunder.

It is our  intention  to  pay  to  our  stockholders  within  the  time  periods
prescribed by the Internal Revenue Code no less that 90%, and, if possible, 100%
of our annual taxable  income,  including gains from the sale of real estate and
recognized  gains on sale of  securities.  It will  continue to be our policy to
make sufficient cash  distributions  to stockholders in order for us to maintain
our REIT status under the Internal Revenue Code.
Item 3. - Quantitative and Qualitative Disclosures About Market Risks
          -----------------------------------------------------------

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

                         Scheduled
                         Principal
   Year Ending           Repayments              Average
    March 31,          (In Thousands)         Interest Rate
   ---------           --------------         -------------

     2003                $  6,696                 7.86%
     2004                   8,666                 7.91
     2005                   1,221                 7.94
     2006                  11,593                 7.98
     2007                   6,458                 7.94
     Thereafter            41,628                 7.95
                         --------
     Total               $ 76,262                 7.94
                         ========

     Fair Value          $ 76,970                 7.75%
                         ========

                           Part II - Other Information

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

No Form 8-K's were filed during the quarter ended March 31, 2002.

A Form 8-K was filed on April 17, 2002 to report that OLP Theatres LLC, a wholly
owned subsidiary of the Company,  sold a 25% membership interest in OLP Holdings
LLC ("Holdings") to MTC Investors LLC ("MTC") for $3,275,000.
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 6, 2002                         /s/ Jeffrey Fishman
-----------                         -------------------
Date                                Jeffrey Fishman
                                    President and
                                    Chief Executive Officer

May 6, 2002                         /s/ David W. Kalish
-----------                         -------------------
Date                                David W. Kalish
                                    Senior Vice President
                                    and Chief Financial Officer