<PAGE> 









<PAGE>
                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, DC   20549

                                 Form 10-Q


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

          For the quarterly period ended September 30, 1995

                                    OR

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

                    Commission File Number 0-11083

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

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

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

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

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

     As of November 6, 1995, the Registrant had 1,416,119 shares  
        of Common Stock and 808,776 shares of Redeemable    
          Convertible Preferred Stock outstanding.

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

                            Yes   X     No     
                                 ___  





<PAGE>
<TABLE>

Part I - FINANCIAL INFORMATION

Item 1.   Financial Statements          


               ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS

<CAPTION>
                                   September 30,     December 31,
                                          1995          1994     
                                        (Unaudited)
<S>                                     <C>          <C>     
Assets
  Real estate investments, at cost
     Land                              $ 7,084,940  $ 3,586,317
     Buildings                          17,297,010    8,163,951
                                       ___________   __________
                                        24,381,950   11,750,268
       Less accumulated depreciation     1,077,826      753,734
                                       ___________   __________
                                        23,304,124   10,996,534
  Mortgages receivable-less unamortized
     discount-(substantially all from     
     related parties)-(Note 3)           7,080,011   13,988,031
  Senior secured note receivable-                 
     less unamortized discount-
     (related party)                       767,302    2,108,193   
  Cash and cash equivalents              3,141,801    2,701,456
  Unbilled rent receivable                 108,462      173,547
  Rent, interest and other receivables     397,500      360,599
  Investments in BRT Realty Trust- 
    (related party)- (Note 6)              123,948    3,219,481
  Investment in U.S. Government 
     obligations and securities -
     (Note 6)                            1,319,188    3,972,256
  Other                                    144,831      132,676
                                        ___________   _________
  
       Total assets                     $36,387,167 $37,652,773
                                        =========== ===========
Liabilities and Stockholders' Equity
  Liabilities:
     Mortgages payable                  $ 4,923,216 $ 6,983,647
     Accounts payable and accrued 
     expenses                               185,950     198,890
     Dividends payable                      748,346     498,400
                                        ___________ ___________
     Total liabilities                    5,857,512   7,680,937
                                        ___________  __________ 
  
Redeemable convertible preferred 
     stock, $1 par value; $1.60 
     cumulative annual dividend; 
     2,300,000 shares authorized;
     808,776 shares issued; liquidation 
     and redemption values of $16.50      12,758,184  12,643,998
                                         ___________  __________
  Stockholders' equity:
     Common stock, $1 par value; 
      25,000,000 shares authorized;        
      1,416,119 and 1,399,119 
      shares issued outstanding           1,416,119   1,399,119
     Paid-in capital                     13,257,048  13,233,109
     Net unrealized loss on available-
      for-sale securities-(Note 6)          (25,713)    (34,913)
     Accumulated undistributed net 
      income                              3,124,017   2,730,523
                                         __________  __________
        Total stockholders' equity       17,771,471  17,327,838
                                         __________  __________
        Total liabilities and 
        stockholders' equity            $36,387,167 $37,652,773
                                        =========== ===========



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

<CAPTION>

                                                       
                    Three Months Ended    Nine Months Ended
                      September 30,        September 30,  
                    __________________    __________________
                      1995        1994        1995      1994 
         
<S>                 <C>         <C>        <C>         <C>
Revenues:                           
  Rental income     $ 707,236   $ 315,617  $1,938,256  $ 697,729
  Interest from 
   related parties    598,152     677,551   1,511,927  1,828,454  
  Dividends from 
   related party          --       67,500      13,940    202,500
  Interest and other 
   income              61,739     106,887     298,130    337,594
                     ________    ________   _________   ________  
                                       
        
                    1,367,127   1,167,555   3,762,253  3,066,277
                    _________    ________   _________  _________  
                                           
    

Expenses: 
  Depreciation        117,349      67,401     324,092    116,920
  Interest - 
   mortgages payable  102,248     163,446     338,812    321,259
  Management fee(Note 4)   --      29,189          --     76,657
  Leasehold rent       72,208          --     212,185         --
    (Note 3)
  General and 
    administrative    164,476     130,562     483,225    338,507
                     ________    ________    ________   ________  
                        
                      456,281     390,598   1,358,314    853,343
                     ________    ________    ________   ________ 
Operating income      910,846     776,957   2,403,939  2,212,934

Loss on sale         
  of investments      ( 4,006)    (34,699)    (15,351)   (78,527)
                    __________    _______   __________ _________ 
Net income         $  906,840    $742,258  $2,388,588 $2,134,407
                    ==========   ========  =========== =========
  


Calculation of net 
  income applicable to 
  common stockholders:                
Net income         $  906,840    $742,258  $2,388,588 $2,134,407
Less: dividends 
  and accretion on
  preferred stock     361,687     361,232   1,084,717  1,083,357  
                    _________     _______    ________  _________

Net income 
  applicable 
  to common
  stockholders    $   545,153    $381,026  $1,303,871 $1,051,050
                  ===========    ========   =========  =========
Weighted average 
   number of 
   common shares 
   outstanding      1,416,119   1,355,581   1,407,097  1,344,724
                   ==========   =========   =========  =========

Net income per 
  common share 
  (Note 2):
  Operating 
   income          $       .39  $     .31   $     .94 $     .84
  Loss on        
   sale of 
   investments               -  $    (.03)       (.01)     (.06)
                   ____________ _________   __________ ________
  Net income       $       .39  $     .28   $     .93 $     .78
                   ============ =========   ========= =========
Cash distributions 
  per share:
  Common Stock     $       .30  $    .505   $    .725 $     .73
                   ===========  =========   ========= ========= 
  Preferred Stock  $       .40  $     .40   $   1.20  $    1.20
                   ===========  =========   ========= =========


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

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

               For the nine month period ended September 30, 1995 
                       and the year ended December 31, 1994
                                   (Unaudited)

<CAPTION>
                                Net
                             Unrealized             
                              loss on         Accumulated         
            Common   Paid-in Available-for-   Undistributed       
            Stock    Capital Sale Securities  NetIncome     Total 
 
<S>         <C>        <C>         <C>     <C>        <C>
Balances, 
  January 1, 
   1994     $1,338,619 $12,854,707 $  -    $2,336,775 $16,530,101 

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

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


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

Net income       -          -         -    2,388,588   2,388,588
Distributions
  -common 
  stock          -          -         -   (1,024,563) (1,024,563)
Distributions
  -preferred 
   stock         -          -         -    (970,531)    (970,531) 
 
Accretion on 
   preferred 
   stock         -        (114,186)   -         -       (114,186) 
 

Exercise of 
  stock 
  options     17,000       138,125                        155,125
Net unrealized 
  gain on
 available
 -for- sale-
 securities      -           -         9,200     -         9,200  
              ________   __________  ________ ________  _________

Balances, 
  September
  30, 
  1995    $1,416,119  $13,257,048 $(25,713)$3,124,017 $17,771,471
          ==========  =========== ======== ========== =========== 
 
<FN> 

See accompanying notes to consolidated financial statements.

/TABLE
<PAGE>
<PAGE>
<TABLE>                  
         ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
             CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (Unaudited)
<CAPTION>                                                         
       
                                Nine Months Ended September 30,   
                                    1995               1994    
                                 _______          _________
<S>                              <C>              <C>
Cash flows from operating 
   activities:
  Net income                     $2,388,588       $2,134,407
  Adjustments to reconcile 
    net income to net                           
    cash provided by 
    operating activities:                                    
     Loss on sale of        
      investments                    15,351           78,527 
     Depreciation and 
      amortization                  350,692          156,624
     Changes in assets and 
      liabilities:                     
      Increase in rent,            
        interest and other 
        receivables                   3,290          157,671 
      Increase in accounts
      payable and accrued 
         expenses                   (12,940)          43,208 
                                  _________        __________  
       Net cash provided by 
         operating                    
         activities               2,744,981        2,570,437
                                  _________        _________

Cash flows from investing 
  activities:
  Additions to real estate       (2,746,937)      (5,549,182)
  Costs of acquisition of
   real estate and mortgage
   receivable from Gould 
   Investors L.P.-related party   (  90,514)              -- 
  Collection of mortgages 
    receivable-   
    (including $110,042 and 
    $201,479                       125,518           212,296
    from related parties)
  
  Collection of senior secured 
    note receivable-BRT Realty
    Trust-related party          1,340,891           818,474
  Sale of U.S. Government 
    obligations
    and securities, net          2,731,846           622,496
                                  
  Other                         (   14,987)               --

                                 ___________        _________     
                   
       Net cash provided by 
         (used in) investing 
         activities              1,345,817        (3,895,916)
                                ___________        _________
Cash flows from financing 
   activities:
  Proceeds from mortgage 
   payable                         731,250         4,250,000
  Satisfaction of mortgage
   payable                      (2,753,700)               --
  Repayment of mortgage
   payable                         (37,981)           (7,934)
  Payment of financing costs             --         (100,355)
  Exercise of stock options        155,125           369,563      
  Cash distributions-common 
   stock                          (774,616)        (435,864)     
  Cash distributions-preferred 
   stock                          (970,531)        (970,531)
                                 __________        _________
       Net cash (used in)   
         provided by          
         financing activities   (3,650,453)       3,104,879 
                                 _________         _________

       Net increase           
          in cash and cash                                  
          equivalents             440,345         1,779,400 
Cash and cash equivalents at 
  beginning of period            2,701,456          947,797
                                  ________        _________ 
Cash and cash equivalents at 
  end of period                 $3,141,801       $2,727,197 
                                ==========        ==========
<FN>

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

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

                                                                
                                 Nine Months  Ended September 30, 

                                       1995             1994    
                                       ____             ____

<S>                                 <C>               <C>         
             
Supplemental disclosures of 
  cash flow information:
   Cash paid during the period for
     interest expense                $357,066          $266,806  

Supplemental schedule of noncash 
    investing and financing 
    activities:
    Accretion on preferred stock      114,186           112,826  
    

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

    Payment for acquisition from
    Gould Investors L.P.:
     Extinguishment of mortgage
          receivable                6,850,000               --
     Transfer of BRT preferred
          stock                     2,455,355               --
     Transfer of BRT common
          stock                       566,374               --









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



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



Note 1 - Basis of Preparation

The accompanying interim unaudited consolidated financial
statements as of September 30, 1995 and for the nine and three
months ended September 30, 1995 and 1994 reflect all normal,
recurring adjustments which are, in the opinion of management,
necessary for a fair statement of the results for such interim
periods.  The results of operations for the nine and three months
ended Septmber 30, 1995 are not necessarily indicative of the
results for the full year.

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

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

Note 2 - Per Share Data

Primary earnings per common share data is based upon the weighted
average number of common shares and assumed equivalent shares
outstanding during the period, after giving effect to the
dividends and accretion relating to the Company's preferred
stock.  The preferred stock is not considered a common
stock equivalent for the purposes of computing earnings per
share.

The assumed exercise of outstanding stock options, using the
treasury stock method, is not materially dilutive or is
anti-dilutive for the primary common share computation for the
nine and three month periods ended September 30, 1995 and 1994. 
Fully diluted earnings per common share are based on an increase
in the number of common shares that would be outstanding assuming
the exercise of common share options.  Since fully diluted
earnings per share amounts are not materially dilutive, such
amounts are not presented.

Note 3 - Acquisition of Real Estate and Mortgage Receivable from
         Related Party

On January 19, 1995 the Company acquired, in a single
transaction, sixteen net leased real estate properties (including
<PAGE>
               One Liberty Properties, Inc. and Subsidiaries
                Notes to Consolidated Financial Statements
                                (Continued)

the reacquisition of thirteen retail locations net leased to 
Total Petroleum) and one mortgage receivable from Gould Investors
L.P., ("Gould") a related party.  The properties are all net
leased on a long term basis to third parties with current
expirations ranging from 2004 to 2051, and have certain tenant
renewal rights.  The consideration paid for the properties was
comprised of (i) the extinguishment of a $6,850,000 mortgage loan
which the Company held on the thirteen Total Petroleum properties
and (ii) 1,030,000 restricted convertible preferred shares of BRT
Realty Trust ("BRT"), a related party, and 173,719 Beneficial
Shares of BRT owned by the Company.  The closing price of the BRT
Beneficial Shares on the New York Stock Exchange on January 19,
1995 (the date of the transaction) was $3.625.  The preferred
shares of BRT do not trade publicly.  The Company's Board of
Directors received prior to and as a condition to consummation of
the transaction analyses of the sixteen properties acquired and
an opinion from an independent investment banker relating to the
fairness of the transaction from a financial point of view.  The
Company recorded the assets acquired at the carrying amount of
the assets exchanged (plus transaction costs), resulting in a
reclassification from investments in BRT and mortgages receivable
to real estate investments, at cost.  The minimum future rentals
to be received on the operating leases over the next five years
are $1,286,000 during the year ending December 31, 1995;
$1,362,000 in 1996; $1,389,000 in 1997; $1,416,000 in 1998; and
$1,444,000 in 1999.  Annual fixed ground rent payable by the
Company on one of the properties is $289,000 through April 30,
2010.
                 

Note 4 - Management Agreement

On December 31, 1994, the management agreement was terminated and
on January 1, 1995, the Company became self-managed.  Prior to
that date, the Company was managed by an entity ("Manager")
controlled by the Chairman and Vice Chairman of the Company's 
Board of Directors, and its President, all of whom are officers
of the managing general partner of Gould.  The Manager was
entitled to a base annual fee, payable quarterly, equal to 2.5%
of the Company's gross revenues, subject to limitations (as
defined in the management agreement).  Such fees amounted to
$76,657 during the nine months ended September 30, 1994. 
Starting January 1, 1995, the Company incurred payroll and
payroll related costs for the Company's President of $103,095. 

Gould charged the Company $166,942 and $131,126 during the nine
months ended September 30, 1995 and 1994, respectively, for
allocated general and administrative expenses and payroll based
on time incurred by various employees.


<PAGE>

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


Note 5 - Preferred and Common Stock Dividend Distributions

On August 21, 1995 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 October 2, 1995 to
stockholders of record on September 15, 1995.

Note 6 -  Investments in Debt and Equity Securities

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

The Company's investment in 30,048 Beneficial Shares of BRT,
purchased at a cost of $97,656 has a fair market value at
September 30, 1995 of $123,948, resulting in an unrealized
holding gain of $26,292.  The cost basis of the Company's
investment in U.S.  Government obligations and securities, which
mature principally during the years 2001 to 2022, is $1,370,065
and the fair value is $1,319,185, resulting in an unrealized
holding loss of $50,880.  In addition, the Company has invested
$16,600 in equity securities which have a fair market value of
$15,475 at September 30, 1995.  The aggregate net unrealized
holding loss of $25,713 is included as a separate component of
shareholders'equity.

Note 7 -  Stock Options

Options to purchase a total of 17,000 shares of the Company's
common stock at $9.125 per share were exercised in March and June
1995.  The options had been granted under the 1989 Stock Option
Plan. <PAGE>
<PAGE>
Item 2.    Management's Discussion and Analysis of Financial
           Condition and Results of Operations



Liquidity and Capital Resources

At September 30, 1995, the Company's primary source of liquidity
was approximately $3,142,000 in cash and $1,319,000 in
investments in U.S. Government obligations and securities.  At
the end of 1994, the Company had approximately $2,701,000 in cash
and $3,972,000 in U.S. Government obligations and securities. 
The decrease of approximately $2,212,000 in liquidity since
December 31, 1994 is due to a combination of factors including
the satisfaction of a mortgage payable and the purchase of two
net leased properties.  One property is located in Iowa and was
purchased for a cash consideration, including closing costs, of
approximately $1,400,000, and the other property, located in
Texas was purchased for a consideration, including closing costs,
of approximately $1,348,000, of which $731,250 was funded by a
nonrecourse first mortgage loan at the closing.  The Company's
use of its liquid resources was offset in part by collection of
principal and interest on mortgages and a note receivable and net
cash provided by operating activities after payment of cash
distributions on the Company's common and preferred stock.

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

In connection with the lease agreements with Total Petroleum,
Inc. ("Total Petroleum") consummated in 1991, the Company agreed
to expend certain funds to remediate environmental problems
discovered at certain locations that were net leased to
Total Petroleum.  It was agreed that the net cost to the  Company
would not exceed $350,000 per location, with any excess cost
being the responsibility of Total Petroleum.  At that time the
Company deposited $2,000,000 with an independent escrow agent to
insure compliance by the Company with its obligations with
respect to the environmental clean up.  The escrow agent held
approximately $1,385,000 as of September 30, 1995 which the
Company deems adequate to cover any additional environmental
costs.

The Michigan Underground Storage Tank Fund Administration
("MUSTFA") has been reimbursing qualified companies for
environmental costs incurred in "clean up" associated with
underground storage tanks.  In 1995, the Company received or
accrued approximately $66,000 regarding this fund.  The Company
cannot estimate the amount, if any, which will be reimbursed by
MUSTFA in the future due to an announced termination of the
program.

<PAGE>


Results of Operations

Nine and three months ended September 30, 1995 and 1994

Total revenues increased to $3,762,253 and $1,367,127 for the
nine and three months ended September 30, 1995 from $3,066,277
and $1,167,555 for the nine and three months ended September 30,
1994.  Rental income increased to $1,938,256 and $707,236 in the
current nine and three month periods from $697,729 and $315,617
during the prior nine and three month periods primarily due to
rents earned on sixteen properties acquired from Gould Investors
L.P. ("Gould") in January 1995 and three other properties
acquired during 1995 and 1994.  Interest income from related
parties decreased from $1,828,454 and $677,551 during the nine
and three month periods ended September 30, 1994 to $1,511,927
and $598,152 during the nine and three month periods ended
September 30, 1995, principally due to the extinguishment of a
mortgage loan due from Gould as part of the aforementioned
acquisition in January 1995. The decrease was partly offset
during the current periods due to an increase in the discount
amortization of a senior note receivable resulting from an
increase in principal collections of such note.

Dividends from related party decreased to $13,940 in the current
nine month period from $202,500 during the prior nine month
period due to the transfer of the preferred shares of BRT Realty
Trust to Gould as part of the aforementioned acquisition in
January 1995.

Interest and other income decreased to $298,130 and $61,739
during the nine and three months ended September 30, 1995 from
$337,594 and $106,887 during the nine and three months ended
September 30, 1994.  The decrease was primarily due to a decrease
in amounts received or accrued from MUSTFA from the comparable 
periods in the prior year.

The increase in depreciation from $116,920 and $67,401 for the
nine and three month periods ended September 30, 1994 to $324,092
and $117,349 for the nine and three month periods ended September
30, 1995 resulted from the depreciation on the properties
acquired during 1995 and 1994.  The decrease in
interest-mortgages payable from $163,446 in the prior
three month period to $102,248 in the current three month period
results from the elimination of interest paid on a $2,753,700
mortgage loan which was fully repaid in March 1995.  This
decrease was offset in the current nine month period due to      
interest expense on a $4,250,000 mortgage loan obtained by the
Company in connection with a property acquired in June 1994.

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

In connection with the property acquisition from Gould the
Company must pay annual fixed leasehold rent on one property of
$289,000 through April 30, 2010.

<PAGE>

General and administrative costs increased during the nine and
three months ended September 30, 1995 to $483,225 and $164,476
from $338,507 and $130,562 during the nine and three months ended
September 30, 1994 substantially due to payroll and related costs
for the Company's President.  The increase in the nine month
period was also the result of an increase in expenses allocated
by Gould principally caused by allocated payroll charges based on
additional time incurred by various employees as the Company's
level of activities increased.

Loss on sale of investments results from the sale of U.S.
Government obligations and securities and amounted to $15,351 and
$4,006 during the nine and three months ended September 30, 1995. 
During the nine and three months ended September 30, 1994 such
losses amounted to $78,527 and $34,699.
<PAGE>
<PAGE>      
                     Part II - Other Information



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

No Form 8-Ks were filed during the quarter ended September 30,
1995.



<PAGE>
<PAGE>      

                           ONE LIBERTY PROPERTIES, INC.



                                    SIGNATURES



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


                                                                  
                           One Liberty Properties, Inc.           
                                  (Registrant)




November 13, 1995         /s/ Matthew Gould
_______________           _________________                       
 Date                     Matthew Gould                           
                          President





November 13, 1995         /s/ David W. Kalish
_______________           ___________________ 
 Date                     David W. Kalish                         
                          Vice President and                      
                          Chief Financial Officer
[{"type": "10-Q", "sequence": "1", "secsgml_size_bytes": 32142}]
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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 September 30, 1995

                                    OR

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

                    Commission File Number 0-11083

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

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

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

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

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

     As of November 6, 1995, the Registrant had 1,416,119 shares  
        of Common Stock and 808,776 shares of Redeemable    
          Convertible Preferred Stock outstanding.

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

                            Yes   X     No     
                                 ___
Part I - FINANCIAL INFORMATION

Item 1.   Financial Statements          

               ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS
September 30,     December 31,
                                          1995          1994     
                                        (Unaudited)
Assets
  Real estate investments, at cost
     Land                              $ 7,084,940  $ 3,586,317
     Buildings                          17,297,010    8,163,951
                                       ___________   __________
                                        24,381,950   11,750,268
       Less accumulated depreciation     1,077,826      753,734
                                       ___________   __________
                                        23,304,124   10,996,534
  Mortgages receivable-less unamortized
     discount-(substantially all from     
     related parties)-(Note 3)           7,080,011   13,988,031
  Senior secured note receivable-                 
     less unamortized discount-
     (related party)                       767,302    2,108,193   
  Cash and cash equivalents              3,141,801    2,701,456
  Unbilled rent receivable                 108,462      173,547
  Rent, interest and other receivables     397,500      360,599
  Investments in BRT Realty Trust- 
    (related party)- (Note 6)              123,948    3,219,481
  Investment in U.S. Government 
     obligations and securities -
     (Note 6)                            1,319,188    3,972,256
  Other                                    144,831      132,676
                                        ___________   _________
  
       Total assets                     $36,387,167 $37,652,773
                                        =========== ===========
Liabilities and Stockholders' Equity
  Liabilities:
     Mortgages payable                  $ 4,923,216 $ 6,983,647
     Accounts payable and accrued 
     expenses                               185,950     198,890
     Dividends payable                      748,346     498,400
                                        ___________ ___________
     Total liabilities                    5,857,512   7,680,937
                                        ___________  __________ 
  
Redeemable convertible preferred 
     stock, $1 par value; $1.60 
     cumulative annual dividend; 
     2,300,000 shares authorized;
     808,776 shares issued; liquidation 
     and redemption values of $16.50      12,758,184  12,643,998
                                         ___________  __________
  Stockholders' equity:
     Common stock, $1 par value; 
      25,000,000 shares authorized;        
      1,416,119 and 1,399,119 
      shares issued outstanding           1,416,119   1,399,119
     Paid-in capital                     13,257,048  13,233,109
     Net unrealized loss on available-
      for-sale securities-(Note 6)          (25,713)    (34,913)
     Accumulated undistributed net 
      income                              3,124,017   2,730,523
                                         __________  __________
        Total stockholders' equity       17,771,471  17,327,838
                                         __________  __________
        Total liabilities and 
        stockholders' equity            $36,387,167 $37,652,773
                                        =========== ===========
See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF INCOME
                                  (Unaudited)
Three Months Ended    Nine Months Ended
                      September 30,        September 30,  
                    __________________    __________________
                      1995        1994        1995      1994
Revenues:                           
  Rental income     $ 707,236   $ 315,617  $1,938,256  $ 697,729
  Interest from 
   related parties    598,152     677,551   1,511,927  1,828,454  
  Dividends from 
   related party          --       67,500      13,940    202,500
  Interest and other 
   income              61,739     106,887     298,130    337,594
                     ________    ________   _________   ________  
                                       
        
                    1,367,127   1,167,555   3,762,253  3,066,277
                    _________    ________   _________  _________  
                                           
    

Expenses: 
  Depreciation        117,349      67,401     324,092    116,920
  Interest - 
   mortgages payable  102,248     163,446     338,812    321,259
  Management fee(Note 4)   --      29,189          --     76,657
  Leasehold rent       72,208          --     212,185         --
    (Note 3)
  General and 
    administrative    164,476     130,562     483,225    338,507
                     ________    ________    ________   ________  
                        
                      456,281     390,598   1,358,314    853,343
                     ________    ________    ________   ________ 
Operating income      910,846     776,957   2,403,939  2,212,934

Loss on sale         
  of investments      ( 4,006)    (34,699)    (15,351)   (78,527)
                    __________    _______   __________ _________ 
Net income         $  906,840    $742,258  $2,388,588 $2,134,407
                    ==========   ========  =========== =========
  

Calculation of net 
  income applicable to 
  common stockholders:                
Net income         $  906,840    $742,258  $2,388,588 $2,134,407
Less: dividends 
  and accretion on
  preferred stock     361,687     361,232   1,084,717  1,083,357  
                    _________     _______    ________  _________

Net income 
  applicable 
  to common
  stockholders    $   545,153    $381,026  $1,303,871 $1,051,050
                  ===========    ========   =========  =========
Weighted average 
   number of 
   common shares 
   outstanding      1,416,119   1,355,581   1,407,097  1,344,724
                   ==========   =========   =========  =========

Net income per 
  common share 
  (Note 2):
  Operating 
   income          $       .39  $     .31   $     .94 $     .84
  Loss on        
   sale of 
   investments               -  $    (.03)       (.01)     (.06)
                   ____________ _________   __________ ________
  Net income       $       .39  $     .28   $     .93 $     .78
                   ============ =========   ========= =========
Cash distributions 
  per share:
  Common Stock     $       .30  $    .505   $    .725 $     .73
                   ===========  =========   ========= ========= 
  Preferred Stock  $       .40  $     .40   $   1.20  $    1.20
                   ===========  =========   ========= =========
See accompanying notes to consolidated financial statements.
/TABLE
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

               For the nine month period ended September 30, 1995 
                       and the year ended December 31, 1994
                                   (Unaudited)
Net
                             Unrealized             
                              loss on         Accumulated         
            Common   Paid-in Available-for-   Undistributed       
            Stock    Capital Sale Securities  NetIncome     Total
Balances, 
  January 1, 
   1994     $1,338,619 $12,854,707 $  -    $2,336,775 $16,530,101 

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

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

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

Net income       -          -         -    2,388,588   2,388,588
Distributions
  -common 
  stock          -          -         -   (1,024,563) (1,024,563)
Distributions
  -preferred 
   stock         -          -         -    (970,531)    (970,531) 
 
Accretion on 
   preferred 
   stock         -        (114,186)   -         -       (114,186) 
 

Exercise of 
  stock 
  options     17,000       138,125                        155,125
Net unrealized 
  gain on
 available
 -for- sale-
 securities      -           -         9,200     -         9,200  
              ________   __________  ________ ________  _________

Balances, 
  September
  30, 
  1995    $1,416,119  $13,257,048 $(25,713)$3,124,017 $17,771,471
          ==========  =========== ======== ========== ===========
See accompanying notes to consolidated financial statements.

/TABLE
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
             CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (Unaudited)
Nine Months Ended September 30,   
                                    1995               1994    
                                 _______          _________
Cash flows from operating 
   activities:
  Net income                     $2,388,588       $2,134,407
  Adjustments to reconcile 
    net income to net                           
    cash provided by 
    operating activities:                                    
     Loss on sale of        
      investments                    15,351           78,527 
     Depreciation and 
      amortization                  350,692          156,624
     Changes in assets and 
      liabilities:                     
      Increase in rent,            
        interest and other 
        receivables                   3,290          157,671 
      Increase in accounts
      payable and accrued 
         expenses                   (12,940)          43,208 
                                  _________        __________  
       Net cash provided by 
         operating                    
         activities               2,744,981        2,570,437
                                  _________        _________

Cash flows from investing 
  activities:
  Additions to real estate       (2,746,937)      (5,549,182)
  Costs of acquisition of
   real estate and mortgage
   receivable from Gould 
   Investors L.P.-related party   (  90,514)              -- 
  Collection of mortgages 
    receivable-   
    (including $110,042 and 
    $201,479                       125,518           212,296
    from related parties)
  
  Collection of senior secured 
    note receivable-BRT Realty
    Trust-related party          1,340,891           818,474
  Sale of U.S. Government 
    obligations
    and securities, net          2,731,846           622,496
                                  
  Other                         (   14,987)               --

                                 ___________        _________     
                   
       Net cash provided by 
         (used in) investing 
         activities              1,345,817        (3,895,916)
                                ___________        _________
Cash flows from financing 
   activities:
  Proceeds from mortgage 
   payable                         731,250         4,250,000
  Satisfaction of mortgage
   payable                      (2,753,700)               --
  Repayment of mortgage
   payable                         (37,981)           (7,934)
  Payment of financing costs             --         (100,355)
  Exercise of stock options        155,125           369,563      
  Cash distributions-common 
   stock                          (774,616)        (435,864)     
  Cash distributions-preferred 
   stock                          (970,531)        (970,531)
                                 __________        _________
       Net cash (used in)   
         provided by          
         financing activities   (3,650,453)       3,104,879 
                                 _________         _________

       Net increase           
          in cash and cash                                  
          equivalents             440,345         1,779,400 
Cash and cash equivalents at 
  beginning of period            2,701,456          947,797
                                  ________        _________ 
Cash and cash equivalents at 
  end of period                 $3,141,801       $2,727,197 
                                ==========        ==========
See accompanying notes to consolidated financial statements.
/TABLE
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                          (Unaudited) (continued)
Nine Months  Ended September 30, 

                                       1995             1994    
                                       ____             ____
Supplemental disclosures of 
  cash flow information:
   Cash paid during the period for
     interest expense                $357,066          $266,806  

Supplemental schedule of noncash 
    investing and financing 
    activities:
    Accretion on preferred stock      114,186           112,826  
    

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

    Payment for acquisition from
    Gould Investors L.P.:
     Extinguishment of mortgage
          receivable                6,850,000               --
     Transfer of BRT preferred
          stock                     2,455,355               --
     Transfer of BRT common
          stock                       566,374               --
See accompanying notes to consolidated financial statements.
One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements

Note 1 - Basis of Preparation

The accompanying interim unaudited consolidated financial
statements as of September 30, 1995 and for the nine and three
months ended September 30, 1995 and 1994 reflect all normal,
recurring adjustments which are, in the opinion of management,
necessary for a fair statement of the results for such interim
periods.  The results of operations for the nine and three months
ended Septmber 30, 1995 are not necessarily indicative of the
results for the full year.

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

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

Note 2 - Per Share Data

Primary earnings per common share data is based upon the weighted
average number of common shares and assumed equivalent shares
outstanding during the period, after giving effect to the
dividends and accretion relating to the Company's preferred
stock.  The preferred stock is not considered a common
stock equivalent for the purposes of computing earnings per
share.

The assumed exercise of outstanding stock options, using the
treasury stock method, is not materially dilutive or is
anti-dilutive for the primary common share computation for the
nine and three month periods ended September 30, 1995 and 1994. 
Fully diluted earnings per common share are based on an increase
in the number of common shares that would be outstanding assuming
the exercise of common share options.  Since fully diluted
earnings per share amounts are not materially dilutive, such
amounts are not presented.

Note 3 - Acquisition of Real Estate and Mortgage Receivable from
         Related Party

On January 19, 1995 the Company acquired, in a single
transaction, sixteen net leased real estate properties (including
One Liberty Properties, Inc. and Subsidiaries
                Notes to Consolidated Financial Statements
                                (Continued)

the reacquisition of thirteen retail locations net leased to 
Total Petroleum) and one mortgage receivable from Gould Investors
L.P., ("Gould") a related party.  The properties are all net
leased on a long term basis to third parties with current
expirations ranging from 2004 to 2051, and have certain tenant
renewal rights.  The consideration paid for the properties was
comprised of (i) the extinguishment of a $6,850,000 mortgage loan
which the Company held on the thirteen Total Petroleum properties
and (ii) 1,030,000 restricted convertible preferred shares of BRT
Realty Trust ("BRT"), a related party, and 173,719 Beneficial
Shares of BRT owned by the Company.  The closing price of the BRT
Beneficial Shares on the New York Stock Exchange on January 19,
1995 (the date of the transaction) was $3.625.  The preferred
shares of BRT do not trade publicly.  The Company's Board of
Directors received prior to and as a condition to consummation of
the transaction analyses of the sixteen properties acquired and
an opinion from an independent investment banker relating to the
fairness of the transaction from a financial point of view.  The
Company recorded the assets acquired at the carrying amount of
the assets exchanged (plus transaction costs), resulting in a
reclassification from investments in BRT and mortgages receivable
to real estate investments, at cost.  The minimum future rentals
to be received on the operating leases over the next five years
are $1,286,000 during the year ending December 31, 1995;
$1,362,000 in 1996; $1,389,000 in 1997; $1,416,000 in 1998; and
$1,444,000 in 1999.  Annual fixed ground rent payable by the
Company on one of the properties is $289,000 through April 30,
2010.
                 

Note 4 - Management Agreement

On December 31, 1994, the management agreement was terminated and
on January 1, 1995, the Company became self-managed.  Prior to
that date, the Company was managed by an entity ("Manager")
controlled by the Chairman and Vice Chairman of the Company's 
Board of Directors, and its President, all of whom are officers
of the managing general partner of Gould.  The Manager was
entitled to a base annual fee, payable quarterly, equal to 2.5%
of the Company's gross revenues, subject to limitations (as
defined in the management agreement).  Such fees amounted to
$76,657 during the nine months ended September 30, 1994. 
Starting January 1, 1995, the Company incurred payroll and
payroll related costs for the Company's President of $103,095. 

Gould charged the Company $166,942 and $131,126 during the nine
months ended September 30, 1995 and 1994, respectively, for
allocated general and administrative expenses and payroll based
on time incurred by various employees.
One Liberty Properties, Inc. and Subsidiaries
                    Notes to Consolidated Financial Statements
                                   (Continued)

Note 5 - Preferred and Common Stock Dividend Distributions

On August 21, 1995 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 October 2, 1995 to
stockholders of record on September 15, 1995.

Note 6 -  Investments in Debt and Equity Securities

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

The Company's investment in 30,048 Beneficial Shares of BRT,
purchased at a cost of $97,656 has a fair market value at
September 30, 1995 of $123,948, resulting in an unrealized
holding gain of $26,292.  The cost basis of the Company's
investment in U.S.  Government obligations and securities, which
mature principally during the years 2001 to 2022, is $1,370,065
and the fair value is $1,319,185, resulting in an unrealized
holding loss of $50,880.  In addition, the Company has invested
$16,600 in equity securities which have a fair market value of
$15,475 at September 30, 1995.  The aggregate net unrealized
holding loss of $25,713 is included as a separate component of
shareholders'equity.

Note 7 -  Stock Options

Options to purchase a total of 17,000 shares of the Company's
common stock at $9.125 per share were exercised in March and June
1995.  The options had been granted under the 1989 Stock Option
Plan.
Item 2.    Management's Discussion and Analysis of Financial
           Condition and Results of Operations

Liquidity and Capital Resources

At September 30, 1995, the Company's primary source of liquidity
was approximately $3,142,000 in cash and $1,319,000 in
investments in U.S. Government obligations and securities.  At
the end of 1994, the Company had approximately $2,701,000 in cash
and $3,972,000 in U.S. Government obligations and securities. 
The decrease of approximately $2,212,000 in liquidity since
December 31, 1994 is due to a combination of factors including
the satisfaction of a mortgage payable and the purchase of two
net leased properties.  One property is located in Iowa and was
purchased for a cash consideration, including closing costs, of
approximately $1,400,000, and the other property, located in
Texas was purchased for a consideration, including closing costs,
of approximately $1,348,000, of which $731,250 was funded by a
nonrecourse first mortgage loan at the closing.  The Company's
use of its liquid resources was offset in part by collection of
principal and interest on mortgages and a note receivable and net
cash provided by operating activities after payment of cash
distributions on the Company's common and preferred stock.

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

In connection with the lease agreements with Total Petroleum,
Inc. ("Total Petroleum") consummated in 1991, the Company agreed
to expend certain funds to remediate environmental problems
discovered at certain locations that were net leased to
Total Petroleum.  It was agreed that the net cost to the  Company
would not exceed $350,000 per location, with any excess cost
being the responsibility of Total Petroleum.  At that time the
Company deposited $2,000,000 with an independent escrow agent to
insure compliance by the Company with its obligations with
respect to the environmental clean up.  The escrow agent held
approximately $1,385,000 as of September 30, 1995 which the
Company deems adequate to cover any additional environmental
costs.

The Michigan Underground Storage Tank Fund Administration
("MUSTFA") has been reimbursing qualified companies for
environmental costs incurred in "clean up" associated with
underground storage tanks.  In 1995, the Company received or
accrued approximately $66,000 regarding this fund.  The Company
cannot estimate the amount, if any, which will be reimbursed by
MUSTFA in the future due to an announced termination of the
program.
Results of Operations

Nine and three months ended September 30, 1995 and 1994

Total revenues increased to $3,762,253 and $1,367,127 for the
nine and three months ended September 30, 1995 from $3,066,277
and $1,167,555 for the nine and three months ended September 30,
1994.  Rental income increased to $1,938,256 and $707,236 in the
current nine and three month periods from $697,729 and $315,617
during the prior nine and three month periods primarily due to
rents earned on sixteen properties acquired from Gould Investors
L.P. ("Gould") in January 1995 and three other properties
acquired during 1995 and 1994.  Interest income from related
parties decreased from $1,828,454 and $677,551 during the nine
and three month periods ended September 30, 1994 to $1,511,927
and $598,152 during the nine and three month periods ended
September 30, 1995, principally due to the extinguishment of a
mortgage loan due from Gould as part of the aforementioned
acquisition in January 1995. The decrease was partly offset
during the current periods due to an increase in the discount
amortization of a senior note receivable resulting from an
increase in principal collections of such note.

Dividends from related party decreased to $13,940 in the current
nine month period from $202,500 during the prior nine month
period due to the transfer of the preferred shares of BRT Realty
Trust to Gould as part of the aforementioned acquisition in
January 1995.

Interest and other income decreased to $298,130 and $61,739
during the nine and three months ended September 30, 1995 from
$337,594 and $106,887 during the nine and three months ended
September 30, 1994.  The decrease was primarily due to a decrease
in amounts received or accrued from MUSTFA from the comparable 
periods in the prior year.

The increase in depreciation from $116,920 and $67,401 for the
nine and three month periods ended September 30, 1994 to $324,092
and $117,349 for the nine and three month periods ended September
30, 1995 resulted from the depreciation on the properties
acquired during 1995 and 1994.  The decrease in
interest-mortgages payable from $163,446 in the prior
three month period to $102,248 in the current three month period
results from the elimination of interest paid on a $2,753,700
mortgage loan which was fully repaid in March 1995.  This
decrease was offset in the current nine month period due to      
interest expense on a $4,250,000 mortgage loan obtained by the
Company in connection with a property acquired in June 1994.

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

In connection with the property acquisition from Gould the
Company must pay annual fixed leasehold rent on one property of
$289,000 through April 30, 2010.
General and administrative costs increased during the nine and
three months ended September 30, 1995 to $483,225 and $164,476
from $338,507 and $130,562 during the nine and three months ended
September 30, 1994 substantially due to payroll and related costs
for the Company's President.  The increase in the nine month
period was also the result of an increase in expenses allocated
by Gould principally caused by allocated payroll charges based on
additional time incurred by various employees as the Company's
level of activities increased.

Loss on sale of investments results from the sale of U.S.
Government obligations and securities and amounted to $15,351 and
$4,006 during the nine and three months ended September 30, 1995. 
During the nine and three months ended September 30, 1994 such
losses amounted to $78,527 and $34,699.
Part II - Other Information

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

No Form 8-Ks were filed during the quarter ended September 30,
1995.
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)

November 13, 1995         /s/ Matthew Gould
_______________           _________________                       
 Date                     Matthew Gould                           
                          President

November 13, 1995         /s/ David W. Kalish
_______________           ___________________ 
 Date                     David W. Kalish                         
                          Vice President and                      
                          Chief Financial Officer