<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 June 30, 1996

                                    OR

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

                    Commission File Number 0-11083

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

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

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

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

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

     As of July 15, 1996, the Registrant had 1,457,478 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>
                                        June 30,    December 31,
                                           1996         1995      
                                             (Unaudited)
<S>                                     <C>          <C>     
Assets
  Real estate investments, at cost
     Land                              $ 8,111,313  $ 7,299,417
     Buildings                          21,402,501   18,154,919
                                       ___________   __________
                                        29,513,814   25,454,336
       Less accumulated depreciation     1,469,646    1,200,571
       Less valuation allowance -
          (Note 7)                         314,000        -       
                                       ___________   __________
                                          
                                 
                                        27,730,168   24,253,765
  Mortgages receivable-less unamortized
     discount-(substantially all from     
     related parties)                    6,151,122    7,036,141
  Senior secured note receivable-                 
     less unamortized discount-
     (related party)                       201,029      528,575   
  Cash and cash equivalents              4,216,908    3,844,409
  Unbilled rent receivable                  43,377       86,767
  Rent, interest, deposits and                                 
     other receivables                     428,160      696,790
  Investment in U.S. Government 
     obligations and securities          1,215,449    1,274,747
  Investment in BRT Realty Trust-  
    (related party)                        146,484      127,704
  Other                                    298,847      191,348
                                        ___________   _________
  
       Total assets                    $40,431,544  $38,040,246
                                        =========== ===========
Liabilities and Stockholders' Equity
  Liabilities:
     Mortgages payable                 $ 9,269,169  $ 6,590,154
     Accounts payable and accrued 
       expenses                            239,620      193,767
     Dividends payable                     755,096      748,346
                                        ___________ ___________
     Total liabilities                   10,263,885    7,532,267
                                        ___________  __________ 
Commitments and contingencies -
    (Note 5)                                   -           -
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      12,873,402  12,796,475
                                         ___________  __________
  Stockholders' equity:
     Common stock, $1 par value; 
      25,000,000 shares authorized;        
      1,438,619 and 1,416,119 
      shares issued and outstanding       1,438,619   1,416,119
     Paid-in capital                     13,324,642  13,218,757
     Net unrealized gain (loss) on    
      available-for-sale securities          13,080     ( 6,758)
     Accumulated undistributed net 
      income                              2,517,916   3,083,386
                                         __________  __________
        Total stockholders' equity       17,294,257  17,711,504
                                         __________  __________
        Total liabilities and 
        stockholders' equity            $40,431,544 $38,040,246
                                        =========== ===========



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

<CAPTION>

                                                       
                         Three Months Ended    Six Months Ended
                          June 30,             June 30,    
                      __________________    __________________
                          1996        1995        1996      1995 
         
<S>                       <C>         <C>        <C>         <C>
Revenues:                           
  Rental income      $ 850,006   $ 664,423  $1,593,569 $1,231,020
  Interest from 
   related parties     326,901     418,440     619,871    913,775 
  Dividends from 
   related party        --            --          --      13,940
  Interest and other 
   income             111,564      92,910     169,501    225,046  
                     ________    ________   _________   ________  
                                       
        
                    1,288,471   1,175,773   2,382,941  2,383,781
                    _________    ________   _________  _________  
                                           
    

Expenses: 
  Depreciation        142,993     106,985     269,075   206,743
  Interest - 
   mortgages payable  198,005      92,075     341,549   236,564   
  Leasehold rent       72,209      74,997     144,417   139,977
  General and 
   administrative     193,006     161,729     369,178   318,749
                     ________    ________    ________   ________  
                        
                      606,213     435,786   1,124,219   902,033
                     ________    ________    ________   ________ 
Operating income      682,258     739,987   1,258,722  1,481,748

Provision for valua-
 tion adjustment of
 real estate (Note 7)(314,000)       --      (314,000)     --
                    __________    _______   __________ _________ 
Net income          $ 368,258    $739,987   $ 944,722 $1,481,748
                    ==========   ========  =========== =========
  


Calculation of net 
  income applicable to 
  common stockholders:                
Net income         $ 368,258    $739,987    $ 944,722 $1,481,748
Less: dividends 
  and accretion on
  preferred stock    362,031     361,572      723,947    723,030  
                    _________     _______    ________  _________

Net income 
  applicable 
  to common
  stockholders    $   6,227     $378,415    $ 220,775  $ 758,718
                  ===========    ========   =========  =========
Weighted average 
   number of 
   common shares 
   outstanding    1,438,619    1,405,586    1,429,842  1,402,436
                  ==========   =========    =========  =========

Net income per 
  common share 
  (Note 2):
  Operating 
   income         $     .22    $    .27     $   .37    $   .54
 Provision for
   valuation ad-
   justment of 
   real estate         (.22)         -         (.22)        -
                   ___________ _________   __________ ________
  Net income       $     -     $    .27     $   .15    $   .54
                   =========== =========   ========= =========
Cash distributions 
  per share:
  Common Stock     $    .30    $    .30     $     .60  $   .425
                   =========== =========    ========= ========= 
  Preferred Stock  $    .40    $    .40     $     .80  $   .80
                   =========== =========    ========= =========


<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 six month period ended June 30, 1996 
                       and the year ended December 31, 1995
                                   (Unaudited)

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

Net income       -         -          -      3,096,302  3,096,302 
Distributions
  -common 
   stock         -         -          -    (1,449,397)(1,449,397) 
Distributions
  -preferred 
   stock         -         -          -    (1,294,042)(1,294,042) 
Accretion on 
  preferred 
  stock          -       (152,477)    -           -     (152,477)
Exercise of
  options       17,000    138,125     -           -      155,125
Net unrealized
  gain on avail-
  able-for-sale-
  securities     -         -         28,155        -       28,155
           ________  ___________ ________    _________   ________


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

Net income       -          -          -       944,722    944,722
Distributions
  -common 
  stock          -          -          -      (863,172) (863,172)
Distributions
  -preferred 
   stock         -          -          -      (647,020) (647,020) 
 Accretion on 
   preferred 
   stock         -     ( 76,927)       -          -      (76,927) 
Exercise of 
   options     22,500   182,812        -          -       205,312
Net unrealized 
  gain on
 available
 -for- sale-
 securities      -          -       19,838       -         19,838 
             _________ __________ __________ __________  ________ 
                                                                  
                         

Balances, 
  June    
  30,1996 $1,438,619 $13,324,642   $ 13,080 $2,517,916$17,294,257
          ========== ===========   ======== ========== ========== 
 
<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>                                                         
       
                                   Six Months ended June 30,      
                                    1996               1995    
                                 _______          _________
<S>                              <C>              <C>
Cash flows from operating 
   activities:
  Net income                     $ 944,722       $ 1,481,748
  Adjustments to reconcile 
    net income to net                           
    cash provided by 
    operating activities:                                    
  Provision for valuation
    adjustment of real estate      314,000             -  
  Depreciation and 
    amortization                   295,876          228,325
  Changes in assets and 
    liabilities:                     
  Decrease in rent,            
    interest, deposits 
    and other receivables          265,828          246,369 
  Increase in accounts 
    payable and accrued
    expenses                        45,853           3,975
                                  _________      __________  
       Net cash provided by 
         operating                    
         activities              1,866,279       1,960,417
                                  _________      _________

Cash flows from investing 
  activities:
  Additions to real estate       (4,059,478)     (1,399,338)
  Costs of acquisition of
   real estate and mortgage
   receivable from Gould 
   Investors L.P.-related party        --           (90,514) 
  Collection of mortgages 
    receivable-   
    (including $873,353 and 
    $72,635 from related
    parties)                        885,019          83,833
  Collection of senior secured 
    note receivable-BRT Realty
    Trust-related party             327,546          623,874
  Sale of U.S. Government 
    obligations and securities,
    net                              60,356        1,816,594
 Other                                 --            (11,588)     
                                ___________        _________     
                                                 
       Net cash (used in)
       provided by investing
       activities                (2,786,557)        1,022,861 
                                ___________         ________
Cash flows from financing 
   activities:
  Proceeds from mortgage payable  2,725,000             --
  Satisfaction of mortgage
   payable                            --          (2,753,700)
  Repayment of mortgage
   payable                         (45,985)          (25,044)
  Payment of financing costs       (88,108)              --  
  Exercise of stock options        205,312           155,125      
  Cash distributions-common 
   stock                          (856,422)         (349,781)     
  Cash distributions-preferred 
   stock                          (647,020)         (647,020)
                                 __________        _________
       Net cash provided by
         (used in)financing
         activities              1,292,777        (3,620,420)
                                 _________         _________
       Net increase (decrease)
          in cash and cash                                  
          equivalents              372,499          (637,142)
Cash and cash equivalents at 
  beginning of period            3,844,409         2,701,456
                                 _________         _________ 

Cash and cash equivalents at 
  end of period                 $4,216,908        $2,064,314 
                                ==========        ==========
<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>

                                                                
                                     Six Months  Ended June 30,   
                                        1996             1995    
                                       ____             ____

<S>                                 <C>               <C>         
             
Supplemental disclosures of 
  cash flow information:
   Cash paid during the period for
     interest expense                $315,382          $260,268  
   Cash paid during the period for
     income taxes                      92,282             9,811  

Supplemental schedule of noncash 
    investing and financing 
    activities:
    Accretion on preferred stock       76,927            76,010  
    

    Acquisition of real estate and 
      mortgage receivable from
      Gould Investors L.P.-
      related party                       --         (9,861,729)  
    Consideration for acquisition 
    from Gould Investors L.P.:
     Extinguishment of mortgage
       receivable                         --          6,850,000   
     Transfer of BRT preferred
       stock                              --          2,455,355   
     Transfer of BRT common
       stock                              --            556,374   
   





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





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



Note 1 - Basis of Preparation

The accompanying interim unaudited consolidated financial
statements as of June 30, 1996 and for the six and three months
ended June 30, 1996 and 1995 reflect all normal, recurring
adjustments which are, in the opinion of management, necessary
for a fair presentation of the results for such interim periods. 
The results of operations for the six and three months ended June
30, 1996 are not necessarily indicative of the results for the
full year.

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

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

These statements should be read in conjunction with the
consolidated financial statements and related notes which are
included in the Company's Annual Report on Form 10-K for the year
ended December 31, 1995.


Note 2 - Per Share Data

Primary earnings per common share data is based upon the weighted
average number of common shares and assumed equivalent shares
outstanding during the period, after giving effect to dividends
and accretion relating to the Company's preferred stock.  The
preferred stock is not considered a common stock equivalent for
the purposes of computing earnings per share because their
assumed conversion is anti-dilutive.  The assumed exercise of
outstanding stock options, using the treasury stock method, is
not materially dilutive for the primary earnings per common share
computation for the six and three month periods ended June 30,
1996 and 1995.
 
Fully diluted earnings per common share are based on an increase
in the number of common shares that would be outstanding assuming
the exercise of common share options.  Since fully diluted
earnings per share amounts are not materially dilutive, such
amounts are not presented.


Note 3 - Distribution Reinvestment Plan

In May, 1996, the Company implemented a Distribution Reinvestment
Plan (the "Plan").  The Plan provides owners of record of 100
shares or more of its common and preferred stock the opportunity
to reinvest cash distributions in newly-issued common stock of
the Company at a five percent discount from the market price. 
Shares will be purchased from the Company; no open market
purchases will be made under the Plan.  On July 2, 1996, the
Company issued 18,859 common shares as a result of the Plan.


Note 4 - Preferred and Common Stock Cash Distributions

On June 7, 1996 the Board of Directors declared quarterly cash
distributions of $.30 and $.40 per share on the Company's common
and preferred stock, respectively, payable on July 2, 1996 to
stockholders of record on June 20, 1996.


Note 5 -  Credit Agreement

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

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


Note 6 -  Stock Options

Options to purchase a total of 22,500 shares of the Company's
common stock at $9.125 per share were exercised in March 1996. 
The options had been granted under the 1989 Stock Option Plan. 


Note 7 - Provision for Valuation Adjustment

The Company has determined that the estimated fair market value
of two of its "Payless" properties is lower than the carrying
amount.  Both properties are located in declining rental markets
and are subject to a ten-year lease expiring December 31, 1996. 
These leases are not being renewed by the tenant.  The Company
has a signed contract for one of the locations and is negotiating
the sale of the other property.  Since the total expected net
sales proceeds are anticipated to be lower than the carrying
amount, the Company has recorded a provision for valuation
adjustment for the difference.


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



Liquidity and Capital Resources

At June 30, 1996, the Company's primary source of liquidity was
approximately $4,217,000 in cash and $1,215,000 in investments in
U.S. Government obligations and securities.  Long term debt at
June 30, 1996 consisted of $9,269,169 of mortgages payable
secured by certain real estate investments.

In March, 1996 the Company entered into a $5 million revolving
credit agreement with Bank Leumi Trust Company of New York ("Bank
Leumi").  Borrowings under the credit agreement will provide the
Company with funds, when needed, to acquire additional
properties.  The credit agreement will mature February 28, 1999
with a right for the Company to extend the agreement until
February 29, 2000.  Under the terms of this agreement the
Company has the ability to add additional lenders to provide a
maximum total facility of $15,000,000.  The Company has not drawn
down any funds under the credit agreement as of this date and to
date no additional lender has been added to the facility.

In July, 1996 the Company invested in a limited liability company
which acquired a property for a consideration, including closing
costs, of approximately $3,360,000.  A local real estate operator
became a member of the limited liability company and invested 5%
of the total consideration.  The Company provided the balance of
the required funds and is currently in the process of obtaining
mortgage financing on this property.  The building is an
industrial/flex office facility and is net leased to a single
tenant.

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




In connection with the lease agreements with Total Petroleum,
Inc. ("Total Petroleum") consummated in 1991, the Company agreed
to expend certain funds to remediate environmental problems at
certain locations net leased to Total Petroleum.  It was agreed
that the net cost to the Company would not exceed $350,000 per
location, with any excess cost being the responsibility of Total
Petroleum.  At that time the Company deposited $2,000,000 with an
independent escrow agent to insure compliance by the Company with
its obligations with respect to the environmental clean up.  The
escrow agent held approximately $1,315,000 as of June 30, 1996,
which the Company deems adequate to cover any additional
environmental costs.


Results of Operations

Six and three months ended June 30, 1996 and 1995

Rental income increased to $1,593,569 and $850,006 for the six
and three months ended June 30, 1996 from $1,231,020 and $664,423
for the six and three months ended June 30, 1995.  The respective
increases of approximately $363,000 and $186,000 are due
primarily to rents earned on twenty net leased properties
acquired during 1995 and 1996.

The decrease in interest income from related parties of $293,904
from $913,775 in the six months ended June 30, 1995 to $619,871
in the current six month period and the decrease of $91,539
from $418,440 in the three months ended June 30, 1995 to $326,901
in the current three month period is substantially due to
accelerated principal collections during 1995 on a senior note
receivable which resulted in unusually large amortization of the
discount on such note during the prior year periods and
additionally, resulted in a substantial decrease in interest
earned on such note during the current year periods.

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

Interest and other income decreased to $169,501 in the current
six month period from $225,046 in the prior six month period due
to a combination of factors including a decrease of interest
earned on U.S. Government securities resulting from the sale of
some of such investments, the proceeds of which were used to
purchase properties.  Interest and other income increased by
$18,654 to $111,564 in the current three month period compared to
the three month period in the prior year due to an increase in
the amounts received from The Michigan Underground Storage Tank
Fund Administration ("MUSTFA"), which has been reimbursing
qualified companies for environmental costs incurred in the
"clean up" associated with underground storage tanks.  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.

The increase in depreciation from $206,743 and $106,985 for the
six and three months ended June 30, 1995 to $269,075 and $142,993
for the six and three month periods ended June 30, 1996 results
from depreciation on properties acquired during 1995 and 1996. 
The increase in interest-mortgages payable to $341,549 and
$198,005 in the current six and three month periods from $236,564
and $92,075 in the prior six and three month periods is due to
interest paid on mortgages placed in connection with property
acquisitions during 1995 and 1996.  The increase in
interest-mortgages payable for the comparable six month period
was offset slightly by the elimination of interest on a mortgage loan 
that was fully repaid in March, 1995.

General and administrative costs increased during the six and
three months ended June 30, 1996 to $369,178 and $193,006 from
$318,749 and $161,729 during the six and three months ended June
30, 1995 due to a combination of factors, including an increase
in income tax provisions and various costs incurred with the
implementation of the Company's distribution reinvestment plan
during the current 1996 periods.

At June 30, 1996, the Company has determined that the estimated
fair market value of two of its "Payless" properties is lower
than the carrying amount.  Both properties are located in
declining rental markets and are subject to a ten-year lease
expiring December 31, 1996.  These leases are not being renewed
by the tenant.  The Company has a signed contract for one of the
locations and is negotiating the sale of the other property. 
Since the total expected net sales proceeds are anticipated to be
lower than the carrying amount, the Company has recorded a
provision for valuation adjustment for the difference.  There was
no comparable provision in the prior year periods.<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 June 30, 1996.



<PAGE>
<PAGE>      

                           ONE LIBERTY PROPERTIES, INC.



                                    SIGNATURES



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


                                                                  
                           One Liberty Properties, Inc.           
                                  (Registrant)




August 6, 1996            /s/ Matthew Gould


_______________           _________________                       
 Date                     Matthew Gould                           
                          President





August 6, 1996            /s/ David W. Kalish


_______________           ___________________ 
 Date                     David W. Kalish                         
                          Vice President and                      
                          Chief Financial Officer
[{"type": "10-Q", "sequence": "1", "secsgml_size_bytes": 29908}]
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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 June 30, 1996

                                    OR

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

                    Commission File Number 0-11083

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

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

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

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

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

     As of July 15, 1996, the Registrant had 1,457,478 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
June 30,    December 31,
                                           1996         1995      
                                             (Unaudited)
Assets
  Real estate investments, at cost
     Land                              $ 8,111,313  $ 7,299,417
     Buildings                          21,402,501   18,154,919
                                       ___________   __________
                                        29,513,814   25,454,336
       Less accumulated depreciation     1,469,646    1,200,571
       Less valuation allowance -
          (Note 7)                         314,000        -       
                                       ___________   __________
                                          
                                 
                                        27,730,168   24,253,765
  Mortgages receivable-less unamortized
     discount-(substantially all from     
     related parties)                    6,151,122    7,036,141
  Senior secured note receivable-                 
     less unamortized discount-
     (related party)                       201,029      528,575   
  Cash and cash equivalents              4,216,908    3,844,409
  Unbilled rent receivable                  43,377       86,767
  Rent, interest, deposits and                                 
     other receivables                     428,160      696,790
  Investment in U.S. Government 
     obligations and securities          1,215,449    1,274,747
  Investment in BRT Realty Trust-  
    (related party)                        146,484      127,704
  Other                                    298,847      191,348
                                        ___________   _________
  
       Total assets                    $40,431,544  $38,040,246
                                        =========== ===========
Liabilities and Stockholders' Equity
  Liabilities:
     Mortgages payable                 $ 9,269,169  $ 6,590,154
     Accounts payable and accrued 
       expenses                            239,620      193,767
     Dividends payable                     755,096      748,346
                                        ___________ ___________
     Total liabilities                   10,263,885    7,532,267
                                        ___________  __________ 
Commitments and contingencies -
    (Note 5)                                   -           -
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      12,873,402  12,796,475
                                         ___________  __________
  Stockholders' equity:
     Common stock, $1 par value; 
      25,000,000 shares authorized;        
      1,438,619 and 1,416,119 
      shares issued and outstanding       1,438,619   1,416,119
     Paid-in capital                     13,324,642  13,218,757
     Net unrealized gain (loss) on    
      available-for-sale securities          13,080     ( 6,758)
     Accumulated undistributed net 
      income                              2,517,916   3,083,386
                                         __________  __________
        Total stockholders' equity       17,294,257  17,711,504
                                         __________  __________
        Total liabilities and 
        stockholders' equity            $40,431,544 $38,040,246
                                        =========== ===========
See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF INCOME
                                  (Unaudited)
Three Months Ended    Six Months Ended
                          June 30,             June 30,    
                      __________________    __________________
                          1996        1995        1996      1995
Revenues:                           
  Rental income      $ 850,006   $ 664,423  $1,593,569 $1,231,020
  Interest from 
   related parties     326,901     418,440     619,871    913,775 
  Dividends from 
   related party        --            --          --      13,940
  Interest and other 
   income             111,564      92,910     169,501    225,046  
                     ________    ________   _________   ________  
                                       
        
                    1,288,471   1,175,773   2,382,941  2,383,781
                    _________    ________   _________  _________  
                                           
    

Expenses: 
  Depreciation        142,993     106,985     269,075   206,743
  Interest - 
   mortgages payable  198,005      92,075     341,549   236,564   
  Leasehold rent       72,209      74,997     144,417   139,977
  General and 
   administrative     193,006     161,729     369,178   318,749
                     ________    ________    ________   ________  
                        
                      606,213     435,786   1,124,219   902,033
                     ________    ________    ________   ________ 
Operating income      682,258     739,987   1,258,722  1,481,748

Provision for valua-
 tion adjustment of
 real estate (Note 7)(314,000)       --      (314,000)     --
                    __________    _______   __________ _________ 
Net income          $ 368,258    $739,987   $ 944,722 $1,481,748
                    ==========   ========  =========== =========
  

Calculation of net 
  income applicable to 
  common stockholders:                
Net income         $ 368,258    $739,987    $ 944,722 $1,481,748
Less: dividends 
  and accretion on
  preferred stock    362,031     361,572      723,947    723,030  
                    _________     _______    ________  _________

Net income 
  applicable 
  to common
  stockholders    $   6,227     $378,415    $ 220,775  $ 758,718
                  ===========    ========   =========  =========
Weighted average 
   number of 
   common shares 
   outstanding    1,438,619    1,405,586    1,429,842  1,402,436
                  ==========   =========    =========  =========

Net income per 
  common share 
  (Note 2):
  Operating 
   income         $     .22    $    .27     $   .37    $   .54
 Provision for
   valuation ad-
   justment of 
   real estate         (.22)         -         (.22)        -
                   ___________ _________   __________ ________
  Net income       $     -     $    .27     $   .15    $   .54
                   =========== =========   ========= =========
Cash distributions 
  per share:
  Common Stock     $    .30    $    .30     $     .60  $   .425
                   =========== =========    ========= ========= 
  Preferred Stock  $    .40    $    .40     $     .80  $   .80
                   =========== =========    ========= =========
See accompanying notes to consolidated financial statements.
/TABLE
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

               For the six month period ended June 30, 1996 
                       and the year ended December 31, 1995
                                   (Unaudited)
Net
                             Unrealized Gain        
                             (Loss) on        Accumulated         
            Common   Paid-in Available-for-   Undistributed       
            Stock    Capital Sale Securities  Net Income    Total
Balances, 
  January 1, 
   1995    $1,399,119 $13,233,109 $(34,913)$2,730,523 $17,327,838 

Net income       -         -          -      3,096,302  3,096,302 
Distributions
  -common 
   stock         -         -          -    (1,449,397)(1,449,397) 
Distributions
  -preferred 
   stock         -         -          -    (1,294,042)(1,294,042) 
Accretion on 
  preferred 
  stock          -       (152,477)    -           -     (152,477)
Exercise of
  options       17,000    138,125     -           -      155,125
Net unrealized
  gain on avail-
  able-for-sale-
  securities     -         -         28,155        -       28,155
           ________  ___________ ________    _________   ________

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

Net income       -          -          -       944,722    944,722
Distributions
  -common 
  stock          -          -          -      (863,172) (863,172)
Distributions
  -preferred 
   stock         -          -          -      (647,020) (647,020) 
 Accretion on 
   preferred 
   stock         -     ( 76,927)       -          -      (76,927) 
Exercise of 
   options     22,500   182,812        -          -       205,312
Net unrealized 
  gain on
 available
 -for- sale-
 securities      -          -       19,838       -         19,838 
             _________ __________ __________ __________  ________ 
                                                                  
                         

Balances, 
  June    
  30,1996 $1,438,619 $13,324,642   $ 13,080 $2,517,916$17,294,257
          ========== ===========   ======== ========== ==========
See accompanying notes to consolidated financial statements.

/TABLE
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
             CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (Unaudited)
Six Months ended June 30,      
                                    1996               1995    
                                 _______          _________
Cash flows from operating 
   activities:
  Net income                     $ 944,722       $ 1,481,748
  Adjustments to reconcile 
    net income to net                           
    cash provided by 
    operating activities:                                    
  Provision for valuation
    adjustment of real estate      314,000             -  
  Depreciation and 
    amortization                   295,876          228,325
  Changes in assets and 
    liabilities:                     
  Decrease in rent,            
    interest, deposits 
    and other receivables          265,828          246,369 
  Increase in accounts 
    payable and accrued
    expenses                        45,853           3,975
                                  _________      __________  
       Net cash provided by 
         operating                    
         activities              1,866,279       1,960,417
                                  _________      _________

Cash flows from investing 
  activities:
  Additions to real estate       (4,059,478)     (1,399,338)
  Costs of acquisition of
   real estate and mortgage
   receivable from Gould 
   Investors L.P.-related party        --           (90,514) 
  Collection of mortgages 
    receivable-   
    (including $873,353 and 
    $72,635 from related
    parties)                        885,019          83,833
  Collection of senior secured 
    note receivable-BRT Realty
    Trust-related party             327,546          623,874
  Sale of U.S. Government 
    obligations and securities,
    net                              60,356        1,816,594
 Other                                 --            (11,588)     
                                ___________        _________     
                                                 
       Net cash (used in)
       provided by investing
       activities                (2,786,557)        1,022,861 
                                ___________         ________
Cash flows from financing 
   activities:
  Proceeds from mortgage payable  2,725,000             --
  Satisfaction of mortgage
   payable                            --          (2,753,700)
  Repayment of mortgage
   payable                         (45,985)          (25,044)
  Payment of financing costs       (88,108)              --  
  Exercise of stock options        205,312           155,125      
  Cash distributions-common 
   stock                          (856,422)         (349,781)     
  Cash distributions-preferred 
   stock                          (647,020)         (647,020)
                                 __________        _________
       Net cash provided by
         (used in)financing
         activities              1,292,777        (3,620,420)
                                 _________         _________
       Net increase (decrease)
          in cash and cash                                  
          equivalents              372,499          (637,142)
Cash and cash equivalents at 
  beginning of period            3,844,409         2,701,456
                                 _________         _________ 

Cash and cash equivalents at 
  end of period                 $4,216,908        $2,064,314 
                                ==========        ==========
See accompanying notes to consolidated financial statements.
/TABLE
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                          (Unaudited) (continued)
Six Months  Ended June 30,   
                                        1996             1995    
                                       ____             ____
Supplemental disclosures of 
  cash flow information:
   Cash paid during the period for
     interest expense                $315,382          $260,268  
   Cash paid during the period for
     income taxes                      92,282             9,811  

Supplemental schedule of noncash 
    investing and financing 
    activities:
    Accretion on preferred stock       76,927            76,010  
    

    Acquisition of real estate and 
      mortgage receivable from
      Gould Investors L.P.-
      related party                       --         (9,861,729)  
    Consideration for acquisition 
    from Gould Investors L.P.:
     Extinguishment of mortgage
       receivable                         --          6,850,000   
     Transfer of BRT preferred
       stock                              --          2,455,355   
     Transfer of BRT common
       stock                              --            556,374
See accompanying notes to consolidated financial statements.
One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements

Note 1 - Basis of Preparation

The accompanying interim unaudited consolidated financial
statements as of June 30, 1996 and for the six and three months
ended June 30, 1996 and 1995 reflect all normal, recurring
adjustments which are, in the opinion of management, necessary
for a fair presentation of the results for such interim periods. 
The results of operations for the six and three months ended June
30, 1996 are not necessarily indicative of the results for the
full year.

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

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

These statements should be read in conjunction with the
consolidated financial statements and related notes which are
included in the Company's Annual Report on Form 10-K for the year
ended December 31, 1995.

Note 2 - Per Share Data

Primary earnings per common share data is based upon the weighted
average number of common shares and assumed equivalent shares
outstanding during the period, after giving effect to dividends
and accretion relating to the Company's preferred stock.  The
preferred stock is not considered a common stock equivalent for
the purposes of computing earnings per share because their
assumed conversion is anti-dilutive.  The assumed exercise of
outstanding stock options, using the treasury stock method, is
not materially dilutive for the primary earnings per common share
computation for the six and three month periods ended June 30,
1996 and 1995.
 
Fully diluted earnings per common share are based on an increase
in the number of common shares that would be outstanding assuming
the exercise of common share options.  Since fully diluted
earnings per share amounts are not materially dilutive, such
amounts are not presented.

Note 3 - Distribution Reinvestment Plan

In May, 1996, the Company implemented a Distribution Reinvestment
Plan (the "Plan").  The Plan provides owners of record of 100
shares or more of its common and preferred stock the opportunity
to reinvest cash distributions in newly-issued common stock of
the Company at a five percent discount from the market price. 
Shares will be purchased from the Company; no open market
purchases will be made under the Plan.  On July 2, 1996, the
Company issued 18,859 common shares as a result of the Plan.

Note 4 - Preferred and Common Stock Cash Distributions

On June 7, 1996 the Board of Directors declared quarterly cash
distributions of $.30 and $.40 per share on the Company's common
and preferred stock, respectively, payable on July 2, 1996 to
stockholders of record on June 20, 1996.

Note 5 -  Credit Agreement

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

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

Note 6 -  Stock Options

Options to purchase a total of 22,500 shares of the Company's
common stock at $9.125 per share were exercised in March 1996. 
The options had been granted under the 1989 Stock Option Plan. 

Note 7 - Provision for Valuation Adjustment

The Company has determined that the estimated fair market value
of two of its "Payless" properties is lower than the carrying
amount.  Both properties are located in declining rental markets
and are subject to a ten-year lease expiring December 31, 1996. 
These leases are not being renewed by the tenant.  The Company
has a signed contract for one of the locations and is negotiating
the sale of the other property.  Since the total expected net
sales proceeds are anticipated to be lower than the carrying
amount, the Company has recorded a provision for valuation
adjustment for the difference.

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

Liquidity and Capital Resources

At June 30, 1996, the Company's primary source of liquidity was
approximately $4,217,000 in cash and $1,215,000 in investments in
U.S. Government obligations and securities.  Long term debt at
June 30, 1996 consisted of $9,269,169 of mortgages payable
secured by certain real estate investments.

In March, 1996 the Company entered into a $5 million revolving
credit agreement with Bank Leumi Trust Company of New York ("Bank
Leumi").  Borrowings under the credit agreement will provide the
Company with funds, when needed, to acquire additional
properties.  The credit agreement will mature February 28, 1999
with a right for the Company to extend the agreement until
February 29, 2000.  Under the terms of this agreement the
Company has the ability to add additional lenders to provide a
maximum total facility of $15,000,000.  The Company has not drawn
down any funds under the credit agreement as of this date and to
date no additional lender has been added to the facility.

In July, 1996 the Company invested in a limited liability company
which acquired a property for a consideration, including closing
costs, of approximately $3,360,000.  A local real estate operator
became a member of the limited liability company and invested 5%
of the total consideration.  The Company provided the balance of
the required funds and is currently in the process of obtaining
mortgage financing on this property.  The building is an
industrial/flex office facility and is net leased to a single
tenant.

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

In connection with the lease agreements with Total Petroleum,
Inc. ("Total Petroleum") consummated in 1991, the Company agreed
to expend certain funds to remediate environmental problems at
certain locations net leased to Total Petroleum.  It was agreed
that the net cost to the Company would not exceed $350,000 per
location, with any excess cost being the responsibility of Total
Petroleum.  At that time the Company deposited $2,000,000 with an
independent escrow agent to insure compliance by the Company with
its obligations with respect to the environmental clean up.  The
escrow agent held approximately $1,315,000 as of June 30, 1996,
which the Company deems adequate to cover any additional
environmental costs.

Results of Operations

Six and three months ended June 30, 1996 and 1995

Rental income increased to $1,593,569 and $850,006 for the six
and three months ended June 30, 1996 from $1,231,020 and $664,423
for the six and three months ended June 30, 1995.  The respective
increases of approximately $363,000 and $186,000 are due
primarily to rents earned on twenty net leased properties
acquired during 1995 and 1996.

The decrease in interest income from related parties of $293,904
from $913,775 in the six months ended June 30, 1995 to $619,871
in the current six month period and the decrease of $91,539
from $418,440 in the three months ended June 30, 1995 to $326,901
in the current three month period is substantially due to
accelerated principal collections during 1995 on a senior note
receivable which resulted in unusually large amortization of the
discount on such note during the prior year periods and
additionally, resulted in a substantial decrease in interest
earned on such note during the current year periods.

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

Interest and other income decreased to $169,501 in the current
six month period from $225,046 in the prior six month period due
to a combination of factors including a decrease of interest
earned on U.S. Government securities resulting from the sale of
some of such investments, the proceeds of which were used to
purchase properties.  Interest and other income increased by
$18,654 to $111,564 in the current three month period compared to
the three month period in the prior year due to an increase in
the amounts received from The Michigan Underground Storage Tank
Fund Administration ("MUSTFA"), which has been reimbursing
qualified companies for environmental costs incurred in the
"clean up" associated with underground storage tanks.  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.

The increase in depreciation from $206,743 and $106,985 for the
six and three months ended June 30, 1995 to $269,075 and $142,993
for the six and three month periods ended June 30, 1996 results
from depreciation on properties acquired during 1995 and 1996. 
The increase in interest-mortgages payable to $341,549 and
$198,005 in the current six and three month periods from $236,564
and $92,075 in the prior six and three month periods is due to
interest paid on mortgages placed in connection with property
acquisitions during 1995 and 1996.  The increase in
interest-mortgages payable for the comparable six month period
was offset slightly by the elimination of interest on a mortgage loan 
that was fully repaid in March, 1995.

General and administrative costs increased during the six and
three months ended June 30, 1996 to $369,178 and $193,006 from
$318,749 and $161,729 during the six and three months ended June
30, 1995 due to a combination of factors, including an increase
in income tax provisions and various costs incurred with the
implementation of the Company's distribution reinvestment plan
during the current 1996 periods.

At June 30, 1996, the Company has determined that the estimated
fair market value of two of its "Payless" properties is lower
than the carrying amount.  Both properties are located in
declining rental markets and are subject to a ten-year lease
expiring December 31, 1996.  These leases are not being renewed
by the tenant.  The Company has a signed contract for one of the
locations and is negotiating the sale of the other property. 
Since the total expected net sales proceeds are anticipated to be
lower than the carrying amount, the Company has recorded a
provision for valuation adjustment for the difference.  There was
no comparable provision in the prior year periods.
Part II - Other Information

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

No Form 8-Ks were filed during the quarter ended June 30, 1996.
ONE LIBERTY PROPERTIES, INC.

                                    SIGNATURES

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

                                                                  
                           One Liberty Properties, Inc.           
                                  (Registrant)

August 6, 1996            /s/ Matthew Gould

_______________           _________________                       
 Date                     Matthew Gould                           
                          President

August 6, 1996            /s/ David W. Kalish

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