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, 1999

                                        OR

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

                               Commission File Number 0-11083

                                ONE LIBERTY PROPERTIES, INC.

                 (Exact name of registrant as specified in its charter)

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

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

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

                  As of May 1, 1999,  the  Registrant  had  2,956,146  shares of
                  Common  Stock and  800,626  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

                                                                                 March 31,    December 31,
                                                                                   1999          1998 
                                                                                   ----          ---- 
                                                                                       (Unaudited)
<S>                                                                           <C>               <C> 

Assets
   Real estate investments, at cost
   Land                                                                       $16,735,758       $14,466,202
   Buildings                                                                   58,086,611        49,083,387
                                                                               ----------        ----------
                                                                               74,822,369        63,549,589
           Less accumulated depreciation                                        4,056,098         3,718,653
                                                                                ---------       -----------
                                                                               70,766,271        59,830,936

   Mortgage receivable                                                            223,258           228,383
   Cash and cash equivalents                                                    8,541,701        19,089,625
   Unbilled rent receivable                                                     1,302,854         1,165,244
   Rent, interest, deposits and
        other receivables                                                         761,403           707,959
   Investment in BRT Realty Trust-(related party)                                 210,336           184,044
   Deferred financing costs                                                       629,505           661,185
   Other   (including available-for-sale securities of
         $1,067,167 and $729,661)                                               1,146,537           810,524
                                                                                ---------         ---------

           Total assets                                                       $83,581,865       $82,677,900
                                                                              ===========       ===========

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                                     $30,371,175       $29,422,491
        Accrued expenses and other liabilities                                    555,915           332,211
        Dividends payable                                                       1,206,592         1,205,571
                                                                                ---------         ---------

           Total liabilities                                                   32,133,682        30,960,273
                                                                               ----------        ----------

Commitments and contingencies                                                           -                 -

Minority interest in subsidiary                                                    (3,563)           (2,377)
                                                                                  -------           -------

Redeemable  convertible  preferred stock, $1 par value;
  $1.60 cumulative annual dividend; 2,300,000 shares
  authorized; 803,926 and 806,376 shares issued;
  liquidation and redemption values of $16.50                                  13,225,546        13,225,418
                                                                               ----------       -----------

   Stockholders' equity:
        Common stock, $1 par value;
        25,000,000 shares authorized;
        2,946,806 and 2,940,201
        shares issued and outstanding                                           2,946,806         2,940,201
        Paid-in capital                                                        30,999,541        30,965,164
        Accumulated other comprehensive income - net
           unrealized gain on available-for-sale securities                        45,761            99,512
        Accumulated undistributed net income                                    4,234,092         4,489,709 
                                                                              -----------        ----------

           Total stockholders' equity                                          38,226,200        38,494,586
                                                                             ------------       -----------

           Total liabilities and stockholders' equity                         $83,581,865       $82,677,900
                                                                              ===========       ===========

                See accompanying notes to consolidated financial statements.

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                                    ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                                          CONSOLIDATED STATEMENTS OF INCOME
                                                     (Unaudited)
                                                        
                                                                             Three Months Ended
                                                                                   March 31, 
                                                                             ------------------         
                                                                          1999               1998
                                                                          ----               ----
<S>                                                                    <C>                <C>    

Revenues:
   Rental income                                                       $2,040,176         $1,523,538
   Interest from related party                                                  -            205,620
   Interest and other income                                              158,405             15,798
                                                                       ----------           --------
                                                                        2,198,581          1,744,956
                                                                        ---------          ---------
Expenses:
   Depreciation and amortization                                          390,124            298,201
   Interest - mortgages payable                                           568,765            424,776
   Interest - bank                                                              -            110,611
   Leasehold rent                                                          72,208             72,208
   General and administrative                                             212,295            152,674
                                                                          -------            -------
                                                                        1,243,392          1,058,470
                                                                        ---------          ---------

Income before minority interest                                           955,189            686,486

Minority interest                                                          (4,214)                 -
                                                                          -------         ----------

Net income                                                             $  950,975         $  686,486
                                                                       ==========         ==========


Calculation of net income applicable to common stockholders:
Net income                                                             $  950,975         $  686,486
Less: dividends and accretion
   on preferred stock                                                     362,362            362,848
                                                                         --------          ---------

Net income applicable to
   common stockholders                                                 $  588,613         $  323,638
                                                                      ===========         ==========

Weighted average number of common shares outstanding:
     Basic                                                              2,946,512          1,574,296
     Diluted                                                            2,946,512          1,576,401

Net income per common share (Note 2):
     Basic                                                            $       .20         $      .21
                                                                      ===========         ==========
     Diluted                                                          $       .20         $      .21
                                                                      ===========         ==========

Cash distributions per share:
   Common Stock                                                       $       .30         $      .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, 1999
                      and the year ended December 31, 1998
                                   (Unaudited)

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

Balances, January 1, 1998              $1,561,450     $14,419,609          $146,706       $2,076,140      $18,203,905

Distributions -
   common stock                                 -               -                 -       (2,710,787)      (2,710,787)
Distributions -
   preferred stock                              -               -                 -       (1,294,042)      (1,294,042)
Accretion on
   preferred stock                              -        (158,061)                -                -         (158,061)
Shares issued through
   rights offering                      1,331,733      16,139,254                 -                -       17,470,987
Shares issued through
   dividend reinvestment
   plan                                    47,018         564,362                 -                -          611,380
     Net income                                 -               -                 -        6,418,398        6,418,398
     Other comprehensive income-
      net unrealized loss on available-
      for-sale securities                       -               -           (47,194)               -          (47,194)
                                                                                                              --------
Comprehensive income                            -               -                 -                -        6,371,204
                                    --------------  --------------     ------------     ------------        ---------

Balances, December 31, 1998             2,940,201      30,965,164            99,512        4,489,709       38,494,586

Distributions -
   common stock                                 -               -                 -         (884,042)        (884,042)
Distributions -
   preferred stock                              -               -                 -         (322,550)        (322,550)
Accretion on
   preferred stock                              -         (39,812)                -                -          (39,812)
Shares issued through
   dividend reinvestment
   plan                                     6,605          74,189                 -                -           80,794
     Net income                                 -               -                 -          950,975          950,975
     Other comprehensive income-
     net unrealized loss on available-
     for-sale securities                        -               -           (53,751)               -          (53,751)
                                                                                                              --------
Comprehensive income                            -               -                 -                -          897,224
                                    --------------    ------------    -------------      -----------          -------

Balances, March 31, 1999               $2,946,806     $30,999,541        $   45,761      $ 4,234,092      $38,226,200
                                    =============     ============      ===========      ===========      ===========


  See  accompanying   notes  to  consolidated financial statements.

</TABLE>


<PAGE>
<TABLE>
<CAPTION>



                  ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                                                                                   Three Months Ended
                                                                                                         March 31,
                                                                                                   ------------------       
                                                                                               1999                  1998
                                                                                               ----                  ----
<S>                                                                                        <C>                    <C>    

Cash flows from operating activities:
   Net income                                                                               $  950,975            $  686,486
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   (Increase) in rental income from straight-lining of rent                                   (137,610)             (123,072)
   Depreciation and amortization                                                               390,124               298,201
   Minority interest                                                                             4,214                     -
   Changes in assets and liabilities:
   (Increase) in rent, interest,
     deposits and other receivables                                                            (51,951)               (3,278)
   Increase (decrease) in accrued expenses and other liabilities                               223,704              (103,463)
                                                                                               -------          -------------

           Net cash provided by operating activities                                         1,379,456               754,874
                                                                                             ---------         -------------

Cash flows from investing activities:
   Additions to real estate                                                                (11,272,780)           (6,712,622)
   Purchase of available-for-sale securities                                                  (662,011)                    -
   Sale of available-for-sale securities                                                       244,463                     -
   Collection of mortgages receivable -
     (including $70,193  from related party in 1998)                                             5,125                77,250
   Payments to minority interest by subsidiary                                                  (5,400)                    -
                                                                                                -------            ---------

           Net cash (used in) investing activities                                         (11,690,603)           (6,635,372)
                                                                                           ------------         -------------

Cash flows from financing activities:
   Proceeds from and assumption of mortgages payable                                         1,065,329             4,525,000
   Repayment of mortgages payable                                                             (116,645)              (79,327)
   Proceeds from bank borrowings, net of repayments                                                  -             2,380,000
   Payment of financing costs                                                                  (21,000)             (251,490)
   Cash distributions - common stock                                                          (883,021)             (468,435)
   Cash distributions - preferred stock                                                       (322,550)             (323,510)
   Issuance of shares through
     dividend reinvestment plan                                                                 80,794               182,004
    Repurchase of preferred stock, which was cancelled                                         (39,684)                    -
                                                                                               --------            ---------

           Net cash (used in) provided by financing activities                                (236,777)            5,964,242
                                                                                              ---------            ---------

           Net  (decrease) increase in cash
               and cash equivalents                                                        (10,547,924)               83,744

Cash and cash equivalents at beginning of period                                            19,089,625             1,606,364
                                                                                            ----------            ----------

Cash and cash equivalents at end of period                                                 $ 8,541,701           $ 1,690,108
                                                                                           ===========           ===========

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                       $    569,769           $   578,643
   Cash paid during the period for income taxes                                                 15,800                 4,663


    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, 1999 and for the three  months  ended  March 31,  1999 and 1998  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,  1999 are not  necessarily
indicative of the results for the full year.

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

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

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

These statements  should be read in conjunction with the consolidated  financial
statements  and related notes which are included in the Company's  Annual Report
on Form 10-K for the year ended December 31, 1998.

Note 2 - Earnings Per Common Share

For the three months ended March 31, 1999 and 1998 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 months ended March 31, 1999 and
1998 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 (-0- and 2,105 for the three months ended 1999 and
1998, 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 2 - Earnings Per Common Share (Continued)

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

Note 3 - Preferred and Common Stock Dividend Distributions

On March 2, 1999 the Board of Directors declared quarterly cash distributions of
$.30  and  $.40  per  share  on  the  Company's   common  and  preferred  stock,
respectively,  payable on April 1, 1999 to  stockholders  of record on March 18,
1999.



<PAGE>


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

Liquidity and Capital Resources

The  Company's  primary  sources  of  liquidity  are cash  and cash  equivalents
($8,541,701 at March 31, 1999),  cash generated from operating  activities,  and
funds  obtainable  from mortgages to be secured by real estate  investments.  In
February 1999, a revolving  credit facility  entered into by the Company,  which
provided  for a  facility  of  $9,000,000,  matured  and was not  renewed by the
Company.  The  Company is  currently  engaged in  negotiations  for a new credit
facility but there can be no assurance  that a new facility  will be obtained or
if obtained that the amount of availability or the terms will be favorable.

The terms of the Preferred  Stock of the Company  affords each preferred  holder
the right to "put" the  Preferred  Stock to the  Company at $16.50 per share for
the period commencing July 1, 1999 and ending on September 28, 1999. The Company
will fund any cash  required in  connection  with the exercise of the put option
from funds from operations,  cash generated from mortgage  financing and cash on
hand; and if necessary,  the Company will borrow funds on a secured or unsecured
basis for such purpose. Although no commitments for financing has been obtained,
management  believes that such financing will be available on competitive terms;
if  required,  including  the  likelihood  that a new  credit  facility  will be
completed by that date.

The Company is currently in discussions concerning the acquisition of additional
net leased  properties.  Cash provided from  operations  and the Company's  cash
position will provide funds for cash distributions to stockholders and operating
expenses.  These  sources of funds,  as well as funds  obtainable  from mortgage
financing, will provide funds for future property acquisitions. It will continue
to be the Company's policy to make sufficient cash distributions to stockholders
in order for the Company to maintain  its real estate  investment  trust  status
under the Internal Revenue Code.

In connection  with the lease  agreements  with Total  Petroleum,  Inc.  ("Total
Petroleum")  consummated  in 1991, the Company agreed to expend certain funds to
remediate  environmental  problems  at  certain  locations  net  leased to Total
Petroleum.  It was  agreed  that the net cost to the  Company  would not  exceed
$350,000  per  location,  with any  excess  being  the  responsibility  of Total
Petroleum.  At that time the Company  deposited  $2,000,000  with an independent
escrow  agent to insure  compliance  by the Company  with its  obligations  with
respect  to the  environmental  clean  up.  At March  31,  1999,  there  are two
locations which require additional remediation efforts. These two locations have
a total of approximately  $20,000  remaining to be expended towards the $350,000
maximum. Accordingly, the approximate $795,000 still held by the escrow agent is
adequate to cover the additional  environmental  costs and a significant portion
is expected to be returned to the Company.

Management  believes there will be no effect on the Company's liquidity relating
to the year  2000  issue  because  during  1997 the  Company  acquired  computer
hardware  and  software  to handle  the  Company's  accounting  and real  estate
management.  The computer software is capable of handling all issues relating to
the year  2000.  In  addition,  the  Company's  business  will not be  adversely
affected in any material way if its  suppliers  or lessees  encounter  year 2000
problems.


<PAGE>




Results of Operations

Three months ended March 31, 1999 and 1998

Rental  income  increased by $516,638 to  $2,040,176  for the three months ended
March 31, 1999 as compared to the three  months  ended March 31, 1998  resulting
primarily from the acquisition of four properties in 1999 and four properties in
1998.

On September 6, 1998,  the Company  received a payoff in full of a related party
mortgage receivable. Interest income from this mortgage amounted to $205,620 for
the three months ended March 31, 1998.

Interest and other income increased by $142,607 to $158,405,  due to an increase
in cash and cash  equivalents  available for investment.  Such  investments were
made using the net  proceeds  realized  by the  Company  from the sale of common
shares through a rights offering (which was consummated in June,  1998) and from
the  approximate  $7,600,000 the Company  received from the payoff of a mortgage
receivable in September 1998.

A $91,923 increase in depreciation and amortization  expense to $390,124 results
primarily from  depreciation  on the eight  properties  acquired during 1999 and
1998.

The increase in interest-mortgages payable from $424,776 in the 1998 three month
period to $568,765 in the 1999 three month period is due to mortgages  placed on
three of the properties acquired during 1998.

Interest-bank  amounted to $110,611  for the three  months  ended March 31, 1998
resulting from borrowings  under the Credit  Agreement.  Borrowings were made to
facilitate property acquisitions.

General and  administrative  expenses  increased  by $59,621 to $212,295 for the
three months ended March 31, 1999.  These increases were due to a combination of
factors, including a new employee, as the Company's level of activity increased.



<PAGE>




Item 3. - Quantitative and Qualitative Disclosures About Market Risks

The Company has considered  the effects of  derivatives  and exposures to market
risk relating to interest rate, foreign currency exchange rate,  commodity price
and equity price risk. The Company has assessed the market risk for its variable
rate debt and variable rate mortgage receivables and believes that a one-percent
change in interest rates would not have a material effect on net income.



                     Part II - Other Information

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

No Form 8-Ks were filed during the quarter ended March 31, 1999.




<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 13, 1999               /s/ Matthew Gould 
------------               ----------------- 
 Date                          Matthew Gould
                               President





May 13, 1999               /s/ David W. Kalish
------------               -------------------
 Date                          David W. Kalish
                               Vice President and
                               Chief Financial Officer



<PAGE>
[{"type": "10-Q", "sequence": "1", "description": "FORM 10-Q", "secsgml_size_bytes": 33021}]
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SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 10-Q

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

                  For the quarterly period ended March 31, 1999

                                        OR

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

                               Commission File Number 0-11083

                                ONE LIBERTY PROPERTIES, INC.

                 (Exact name of registrant as specified in its charter)

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

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

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

                  As of May 1, 1999,  the  Registrant  had  2,956,146  shares of
                  Common  Stock and  800,626  shares of  Redeemable  Convertible
                  Preferred Stock outstanding.

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.
                                         Yes   X           No
Part I - FINANCIAL INFORMATION

Item 1.    Financial Statements
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                                             CONSOLIDATED BALANCE SHEETS

                                                                                 March 31,    December 31,
                                                                                   1999          1998 
                                                                                   ----          ---- 
                                                                                       (Unaudited)
Assets
   Real estate investments, at cost
   Land                                                                       $16,735,758       $14,466,202
   Buildings                                                                   58,086,611        49,083,387
                                                                               ----------        ----------
                                                                               74,822,369        63,549,589
           Less accumulated depreciation                                        4,056,098         3,718,653
                                                                                ---------       -----------
                                                                               70,766,271        59,830,936

   Mortgage receivable                                                            223,258           228,383
   Cash and cash equivalents                                                    8,541,701        19,089,625
   Unbilled rent receivable                                                     1,302,854         1,165,244
   Rent, interest, deposits and
        other receivables                                                         761,403           707,959
   Investment in BRT Realty Trust-(related party)                                 210,336           184,044
   Deferred financing costs                                                       629,505           661,185
   Other   (including available-for-sale securities of
         $1,067,167 and $729,661)                                               1,146,537           810,524
                                                                                ---------         ---------

           Total assets                                                       $83,581,865       $82,677,900
                                                                              ===========       ===========

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                                     $30,371,175       $29,422,491
        Accrued expenses and other liabilities                                    555,915           332,211
        Dividends payable                                                       1,206,592         1,205,571
                                                                                ---------         ---------

           Total liabilities                                                   32,133,682        30,960,273
                                                                               ----------        ----------

Commitments and contingencies                                                           -                 -

Minority interest in subsidiary                                                    (3,563)           (2,377)
                                                                                  -------           -------

Redeemable  convertible  preferred stock, $1 par value;
  $1.60 cumulative annual dividend; 2,300,000 shares
  authorized; 803,926 and 806,376 shares issued;
  liquidation and redemption values of $16.50                                  13,225,546        13,225,418
                                                                               ----------       -----------

   Stockholders' equity:
        Common stock, $1 par value;
        25,000,000 shares authorized;
        2,946,806 and 2,940,201
        shares issued and outstanding                                           2,946,806         2,940,201
        Paid-in capital                                                        30,999,541        30,965,164
        Accumulated other comprehensive income - net
           unrealized gain on available-for-sale securities                        45,761            99,512
        Accumulated undistributed net income                                    4,234,092         4,489,709 
                                                                              -----------        ----------

           Total stockholders' equity                                          38,226,200        38,494,586
                                                                             ------------       -----------

           Total liabilities and stockholders' equity                         $83,581,865       $82,677,900
                                                                              ===========       ===========

                See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                                          CONSOLIDATED STATEMENTS OF INCOME
                                                     (Unaudited)
                                                        
                                                                             Three Months Ended
                                                                                   March 31, 
                                                                             ------------------         
                                                                          1999               1998
                                                                          ----               ----
Revenues:
   Rental income                                                       $2,040,176         $1,523,538
   Interest from related party                                                  -            205,620
   Interest and other income                                              158,405             15,798
                                                                       ----------           --------
                                                                        2,198,581          1,744,956
                                                                        ---------          ---------
Expenses:
   Depreciation and amortization                                          390,124            298,201
   Interest - mortgages payable                                           568,765            424,776
   Interest - bank                                                              -            110,611
   Leasehold rent                                                          72,208             72,208
   General and administrative                                             212,295            152,674
                                                                          -------            -------
                                                                        1,243,392          1,058,470
                                                                        ---------          ---------

Income before minority interest                                           955,189            686,486

Minority interest                                                          (4,214)                 -
                                                                          -------         ----------

Net income                                                             $  950,975         $  686,486
                                                                       ==========         ==========

Calculation of net income applicable to common stockholders:
Net income                                                             $  950,975         $  686,486
Less: dividends and accretion
   on preferred stock                                                     362,362            362,848
                                                                         --------          ---------

Net income applicable to
   common stockholders                                                 $  588,613         $  323,638
                                                                      ===========         ==========

Weighted average number of common shares outstanding:
     Basic                                                              2,946,512          1,574,296
     Diluted                                                            2,946,512          1,576,401

Net income per common share (Note 2):
     Basic                                                            $       .20         $      .21
                                                                      ===========         ==========
     Diluted                                                          $       .20         $      .21
                                                                      ===========         ==========

Cash distributions per share:
   Common Stock                                                       $       .30         $      .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, 1999
                      and the year ended December 31, 1998
                                   (Unaudited)

                                                                      Net Unrealized
                                                                      Gain (loss) on    Accumulated
                                          Common        Paid-in       Available-for-   Undistributed
                                          Stock         Capital      Sale Securities    Net Income           Total 
                                          -----         -------      ---------------    ----------           -----
Balances, January 1, 1998              $1,561,450     $14,419,609          $146,706       $2,076,140      $18,203,905

Distributions -
   common stock                                 -               -                 -       (2,710,787)      (2,710,787)
Distributions -
   preferred stock                              -               -                 -       (1,294,042)      (1,294,042)
Accretion on
   preferred stock                              -        (158,061)                -                -         (158,061)
Shares issued through
   rights offering                      1,331,733      16,139,254                 -                -       17,470,987
Shares issued through
   dividend reinvestment
   plan                                    47,018         564,362                 -                -          611,380
     Net income                                 -               -                 -        6,418,398        6,418,398
     Other comprehensive income-
      net unrealized loss on available-
      for-sale securities                       -               -           (47,194)               -          (47,194)
                                                                                                              --------
Comprehensive income                            -               -                 -                -        6,371,204
                                    --------------  --------------     ------------     ------------        ---------

Balances, December 31, 1998             2,940,201      30,965,164            99,512        4,489,709       38,494,586

Distributions -
   common stock                                 -               -                 -         (884,042)        (884,042)
Distributions -
   preferred stock                              -               -                 -         (322,550)        (322,550)
Accretion on
   preferred stock                              -         (39,812)                -                -          (39,812)
Shares issued through
   dividend reinvestment
   plan                                     6,605          74,189                 -                -           80,794
     Net income                                 -               -                 -          950,975          950,975
     Other comprehensive income-
     net unrealized loss on available-
     for-sale securities                        -               -           (53,751)               -          (53,751)
                                                                                                              --------
Comprehensive income                            -               -                 -                -          897,224
                                    --------------    ------------    -------------      -----------          -------

Balances, March 31, 1999               $2,946,806     $30,999,541        $   45,761      $ 4,234,092      $38,226,200
                                    =============     ============      ===========      ===========      ===========

  See  accompanying   notes  to  consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                                                                                   Three Months Ended
                                                                                                         March 31,
                                                                                                   ------------------       
                                                                                               1999                  1998
                                                                                               ----                  ----
Cash flows from operating activities:
   Net income                                                                               $  950,975            $  686,486
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   (Increase) in rental income from straight-lining of rent                                   (137,610)             (123,072)
   Depreciation and amortization                                                               390,124               298,201
   Minority interest                                                                             4,214                     -
   Changes in assets and liabilities:
   (Increase) in rent, interest,
     deposits and other receivables                                                            (51,951)               (3,278)
   Increase (decrease) in accrued expenses and other liabilities                               223,704              (103,463)
                                                                                               -------          -------------

           Net cash provided by operating activities                                         1,379,456               754,874
                                                                                             ---------         -------------

Cash flows from investing activities:
   Additions to real estate                                                                (11,272,780)           (6,712,622)
   Purchase of available-for-sale securities                                                  (662,011)                    -
   Sale of available-for-sale securities                                                       244,463                     -
   Collection of mortgages receivable -
     (including $70,193  from related party in 1998)                                             5,125                77,250
   Payments to minority interest by subsidiary                                                  (5,400)                    -
                                                                                                -------            ---------

           Net cash (used in) investing activities                                         (11,690,603)           (6,635,372)
                                                                                           ------------         -------------

Cash flows from financing activities:
   Proceeds from and assumption of mortgages payable                                         1,065,329             4,525,000
   Repayment of mortgages payable                                                             (116,645)              (79,327)
   Proceeds from bank borrowings, net of repayments                                                  -             2,380,000
   Payment of financing costs                                                                  (21,000)             (251,490)
   Cash distributions - common stock                                                          (883,021)             (468,435)
   Cash distributions - preferred stock                                                       (322,550)             (323,510)
   Issuance of shares through
     dividend reinvestment plan                                                                 80,794               182,004
    Repurchase of preferred stock, which was cancelled                                         (39,684)                    -
                                                                                               --------            ---------

           Net cash (used in) provided by financing activities                                (236,777)            5,964,242
                                                                                              ---------            ---------

           Net  (decrease) increase in cash
               and cash equivalents                                                        (10,547,924)               83,744

Cash and cash equivalents at beginning of period                                            19,089,625             1,606,364
                                                                                            ----------            ----------

Cash and cash equivalents at end of period                                                 $ 8,541,701           $ 1,690,108
                                                                                           ===========           ===========

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                       $    569,769           $   578,643
   Cash paid during the period for income taxes                                                 15,800                 4,663

    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, 1999 and for the three  months  ended  March 31,  1999 and 1998  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,  1999 are not  necessarily
indicative of the results for the full year.

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

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

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

These statements  should be read in conjunction with the consolidated  financial
statements  and related notes which are included in the Company's  Annual Report
on Form 10-K for the year ended December 31, 1998.

Note 2 - Earnings Per Common Share

For the three months ended March 31, 1999 and 1998 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 months ended March 31, 1999 and
1998 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 (-0- and 2,105 for the three months ended 1999 and
1998, 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 2 - Earnings Per Common Share (Continued)

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

Note 3 - Preferred and Common Stock Dividend Distributions

On March 2, 1999 the Board of Directors declared quarterly cash distributions of
$.30  and  $.40  per  share  on  the  Company's   common  and  preferred  stock,
respectively,  payable on April 1, 1999 to  stockholders  of record on March 18,
1999.
Item 2.  Management's Discussion and Analysis of Financial
            Condition and Results of Operations

Liquidity and Capital Resources

The  Company's  primary  sources  of  liquidity  are cash  and cash  equivalents
($8,541,701 at March 31, 1999),  cash generated from operating  activities,  and
funds  obtainable  from mortgages to be secured by real estate  investments.  In
February 1999, a revolving  credit facility  entered into by the Company,  which
provided  for a  facility  of  $9,000,000,  matured  and was not  renewed by the
Company.  The  Company is  currently  engaged in  negotiations  for a new credit
facility but there can be no assurance  that a new facility  will be obtained or
if obtained that the amount of availability or the terms will be favorable.

The terms of the Preferred  Stock of the Company  affords each preferred  holder
the right to "put" the  Preferred  Stock to the  Company at $16.50 per share for
the period commencing July 1, 1999 and ending on September 28, 1999. The Company
will fund any cash  required in  connection  with the exercise of the put option
from funds from operations,  cash generated from mortgage  financing and cash on
hand; and if necessary,  the Company will borrow funds on a secured or unsecured
basis for such purpose. Although no commitments for financing has been obtained,
management  believes that such financing will be available on competitive terms;
if  required,  including  the  likelihood  that a new  credit  facility  will be
completed by that date.

The Company is currently in discussions concerning the acquisition of additional
net leased  properties.  Cash provided from  operations  and the Company's  cash
position will provide funds for cash distributions to stockholders and operating
expenses.  These  sources of funds,  as well as funds  obtainable  from mortgage
financing, will provide funds for future property acquisitions. It will continue
to be the Company's policy to make sufficient cash distributions to stockholders
in order for the Company to maintain  its real estate  investment  trust  status
under the Internal Revenue Code.

In connection  with the lease  agreements  with Total  Petroleum,  Inc.  ("Total
Petroleum")  consummated  in 1991, the Company agreed to expend certain funds to
remediate  environmental  problems  at  certain  locations  net  leased to Total
Petroleum.  It was  agreed  that the net cost to the  Company  would not  exceed
$350,000  per  location,  with any  excess  being  the  responsibility  of Total
Petroleum.  At that time the Company  deposited  $2,000,000  with an independent
escrow  agent to insure  compliance  by the Company  with its  obligations  with
respect  to the  environmental  clean  up.  At March  31,  1999,  there  are two
locations which require additional remediation efforts. These two locations have
a total of approximately  $20,000  remaining to be expended towards the $350,000
maximum. Accordingly, the approximate $795,000 still held by the escrow agent is
adequate to cover the additional  environmental  costs and a significant portion
is expected to be returned to the Company.

Management  believes there will be no effect on the Company's liquidity relating
to the year  2000  issue  because  during  1997 the  Company  acquired  computer
hardware  and  software  to handle  the  Company's  accounting  and real  estate
management.  The computer software is capable of handling all issues relating to
the year  2000.  In  addition,  the  Company's  business  will not be  adversely
affected in any material way if its  suppliers  or lessees  encounter  year 2000
problems.
Results of Operations

Three months ended March 31, 1999 and 1998

Rental  income  increased by $516,638 to  $2,040,176  for the three months ended
March 31, 1999 as compared to the three  months  ended March 31, 1998  resulting
primarily from the acquisition of four properties in 1999 and four properties in
1998.

On September 6, 1998,  the Company  received a payoff in full of a related party
mortgage receivable. Interest income from this mortgage amounted to $205,620 for
the three months ended March 31, 1998.

Interest and other income increased by $142,607 to $158,405,  due to an increase
in cash and cash  equivalents  available for investment.  Such  investments were
made using the net  proceeds  realized  by the  Company  from the sale of common
shares through a rights offering (which was consummated in June,  1998) and from
the  approximate  $7,600,000 the Company  received from the payoff of a mortgage
receivable in September 1998.

A $91,923 increase in depreciation and amortization  expense to $390,124 results
primarily from  depreciation  on the eight  properties  acquired during 1999 and
1998.

The increase in interest-mortgages payable from $424,776 in the 1998 three month
period to $568,765 in the 1999 three month period is due to mortgages  placed on
three of the properties acquired during 1998.

Interest-bank  amounted to $110,611  for the three  months  ended March 31, 1998
resulting from borrowings  under the Credit  Agreement.  Borrowings were made to
facilitate property acquisitions.

General and  administrative  expenses  increased  by $59,621 to $212,295 for the
three months ended March 31, 1999.  These increases were due to a combination of
factors, including a new employee, as the Company's level of activity increased.
Item 3. - Quantitative and Qualitative Disclosures About Market Risks

The Company has considered  the effects of  derivatives  and exposures to market
risk relating to interest rate, foreign currency exchange rate,  commodity price
and equity price risk. The Company has assessed the market risk for its variable
rate debt and variable rate mortgage receivables and believes that a one-percent
change in interest rates would not have a material effect on net income.

                     Part II - Other Information

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

No Form 8-Ks were filed during the quarter ended March 31, 1999.
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 13, 1999               /s/ Matthew Gould 
------------               ----------------- 
 Date                          Matthew Gould
                               President

May 13, 1999               /s/ David W. Kalish
------------               -------------------
 Date                          David W. Kalish
                               Vice President and
                               Chief Financial Officer