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, 2000

                                       OR

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

                         Commission File Number 0-11083
                                     -------

                          ONE LIBERTY PROPERTIES, INC.

             (Exact name of registrant as specified in its charter)

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

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

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

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

         As of November 6, 2000, the Registrant had 3,003,905 shares of
            Common Stock and 648,058 shares of Redeemable Convertible
                          Preferred Stock outstanding.

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

                                    Yes X No
                                    --- ----


<PAGE>

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<CAPTION>

Part I - FINANCIAL INFORMATION

Item 1.    Financial Statements

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



                                                                 September 30,     December 31,
                                                                     2000             1999
                                                                     ----             ----
                                                                  (Unaudited)
<S>                                                                 <C>             <C>

Assets
   Real estate investments, at cost
   Land                                                             $24,738         $16,639
   Buildings                                                         92,495          59,269
                                                                     ------          ------
                                                                    117,233          75,908
     Less accumulated depreciation                                    6,522           5,138
                                                                      -----           -----
                                                                    110,711          70,770

   Cash and cash equivalents                                          2,985          11,247
   Unbilled rent receivable                                           2,253           1,737
   Rent, interest, deposits and other receivables                     1,038             733
   Note receivable - officer                                            240              80
   Investment in BRT Realty Trust-(related party)                       254             240
   Deferred financing costs                                           1,090             732
   Other (including available-for-sale
    securities of $236 and $352)                                        308             410
                                                                        ---             ---

           Total assets                                            $118,879         $85,949
                                                                   ========         =======

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                           $59,181         $35,735
        Line of credit (Note 4)                                       8,000               -
        Accrued expenses and other liabilities                          624             412
        Dividends payable                                             1,160               -
                                                                    -------         -------
           Total liabilities                                         68,965          36,147
                                                                    -------         -------

Commitments and contingencies                                             -               -


Stockholders' equity:
    Redeemable  convertible preferred stock,
     $1 par value; $1.60 cumulative annual
     dividend; 2,300 shares authorized; 652
     and 655 shares issued; liquidation and
     redemption values of $16.50                                     10,752          10,802
    Common stock, $1 par value; 25,000
     shares authorized; 2,998 and 2,980
     shares issued  and outstanding                                   2,998           2,980
    Paid-in capital                                                  31,523          31,338
    Accumulated other comprehensive income - net
     unrealized gain on available-for-sale securities                    90              33
    Accumulated undistributed net income                              4,551           4,649
                                                                     ------          ------

           Total stockholders' equity                                49,914          49,802
                                                                     ------          ------

           Total liabilities and stockholders' equity              $118,879         $85,949
                                                                   ========         =======




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

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<TABLE>
<CAPTION>

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

                                                             Three Months Ended              Nine Months Ended
                                                               September 30,                    September 30,
                                                               -------------                    -------------
                                                             2000         1999              2000           1999
                                                             ----         ----              ----           ----
<S>                                                         <C>          <C>               <C>            <C>

Revenues:
   Rental income                                            $3,321       $2,277            $9,025         $6,539
   Interest and other income (Note 7)                           35          149               185          1,258
                                                                --          ---               ---          -----

                                                             3,356        2,426             9,210          7,797
                                                             -----        -----             -----          -----

Expenses:
   Depreciation and amortization                               642          417             1,710          1,223
   Interest - mortgages payable                              1,166          667             3,076          1,853
   Interest - line of credit                                   105            -               157              -
   Leasehold rent                                               72           72               217            217
   General and administrative                                  293          207               863            692
                                                               ---          ---               ---            ---

                                                             2,278        1,363             6,023          3,985
                                                             -----        -----             -----          -----

Income before gain on sale                                   1,078        1,063             3,187          3,812
   Gain on sale of real estate and
   available-for-sale securities, net                            3           62               189             62
                                                                 -           --               ---             --

Net income                                                  $1,081       $1,125            $3,376         $3,874
                                                            ======       ======            ======         ======

Calculation of net income applicable to
  common stockholders:
Net income                                                  $1,081       $1,125            $3,376         $3,874
Less: dividends and accretion (1999)
   on preferred stock                                          261          263               784            985
                                                               ---          ---               ---            ---

Net income applicable to
   common stockholders                                     $   820      $   862            $2,592         $2,889
                                                           =======      =======            ======         ======

Weighted average number of common
  shares outstanding:
     Basic                                                   2,998        2,963             2,989          2,955
                                                             =====        =====             =====          =====
     Diluted                                                 2,999        2,971             2,990          2,959
                                                             =====        =====             =====          =====

Net income per common share:
     Basic                                                 $   .27      $   .29            $  .87         $  .98
                                                           =======      =======            ======         ======
     Diluted                                               $   .27      $   .29            $  .87         $  .98
                                                           =======      =======            ======         ======

Cash distributions per share:
   Common Stock                                            $   .30      $   .30            $  .90         $  .90
                                                           =======      =======            ======         ======
   Preferred Stock                                         $   .40      $   .40            $ 1.20         $ 1.20
                                                           =======      =======            ======         ======




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

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<TABLE>
<CAPTION>


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

         For the nine month period ended September 30, 2000 (unaudited)
                      and the year ended December 31, 1999
                             (Amounts in Thousands)

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

Balances, January 1, 1999                      $     -         $2,940       $30,965         $  100            $4,490      $38,495

Distributions -
   common stock                                      -              -             -              -            (3,552)      (3,552)
Distributions -
   preferred stock                                   -              -             -              -            (1,168)      (1,168)
Preferred stock                                 10,802              -             -              -                 -       10,802
Accretion on
   preferred stock                                   -              -           (79)             -                 -          (79)
Preferred shares converted
   to common stock                                   -              1             7              -                 -            8
Shares issued through
   dividend reinvestment plan                        -             39           445              -                 -          484
     Net income                                      -              -             -              -             4,879        4,879
     Other comprehensive income-
      net unrealized loss on
      available-for-sale securities                  -              -             -            (67)                -          (67)
                                                                                                                             ----
Comprehensive income                                 -              -             -              -                 -        4,812
                                               -------         ------        ------         ------             -----        -----

Balances, December 31, 1999                     10,802          2,980        31,338             33             4,649       49,802

Distributions -
   common stock                                      -              -             -              -            (2,690)      (2,690)
Distributions -
   preferred stock                                   -              -             -              -              (784)        (784)
Shares issued through
   dividend reinvestment plan                        -             18           177              -                 -          195
Repurchase of preferred stock,
   which was cancelled                             (50)             -             8              -                 -          (42)
     Net income                                      -              -             -              -             3,376        3,376
     Other comprehensive income-
      net unrealized gain on
      available-for-sale securities                  -              -             -             57                 -           57
                                                                                                                               --
Comprehensive income                                 -              -             -              -                 -        3,433
                                               -------         ------       -------        -------          --------      -------

Balances, September 30, 2000                   $10,752         $2,998       $31,523        $    90          $  4,551      $49,914
                                               =======         ======       =======        =======          ========      =======


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

<PAGE>


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


                                                                                Nine Months Ended
                                                                                  September 30,
                                                                              2000            1999
                                                                              ----            ----
<S>                                                                         <C>              <C>

Cash flows from operating activities:
   Net income                                                               $ 3,376          $ 3,874
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   Gain on sale of real estate and
     available-for-sale securities, net                                        (189)             (62)
   Increase in rental income from straight-lining of rent                      (516)            (428)
   Depreciation and amortization                                              1,710            1,223
   Changes in assets and liabilities:
   (Increase) in rent, interest, deposits and other receivables                (319)             (40)
   Increase in accrued expenses and other liabilities                           234               54
                                                                              ------            -----

           Net cash provided by operating activities                          4,296            4,621
                                                                              -----             -----

Cash flows from investing activities:
   Additions to real estate                                                 (33,101)         (11,499)
   Net proceeds from sale of real estate                                        837              210
   Purchase of available-for-sale securities                                      -             (838)
   Net proceeds from sale of available-for-sale securities                      150            1,023
   Collection of mortgages receivable                                             -              228
   Payments to minority interest by subsidiary                                  (21)             (13)
                                                                               ----             ----

           Net cash used in investing activities                            (32,135)         (10,889)
                                                                            --------         --------

Cash flows from financing activities:
   Proceeds from mortgages payable                                           15,000            5,775
   Repayment of mortgages payable                                              (569)            (380)
   Payment of financing costs                                                  (531)            (284)
   Borrowings from line of credit                                             8,000                -
   Cash distributions - common stock                                         (1,793)          (2,713)
   Cash distributions - preferred stock                                        (523)            (906)
   Note receivable - officer                                                   (160)               -
   Issuance of shares through dividend reinvestment plan                        195              280
   Repurchase of preferred stock, which was cancelled                           (42)          (2,446)
                                                                               ----           -------

           Net cash provided by (used in) financing activities               19,577             (674)
                                                                             ------             -----

           Net decrease in cash and cash equivalents                         (8,262)          (6,942)

Cash and cash equivalents at beginning of period                             11,247           19,090
                                                                             ------          -------

Cash and cash equivalents at end of period                                  $ 2,985         $ 12,148
                                                                            =======         ========

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expens                          $ 3,080        $   1,855

Supplemental schedule of non cash investing and financing activities:
   Assumption of mortgage payable in connection
     with purchase of real estate                                           $ 9,015        $   1,065



          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, 2000 and for the nine and three months ended  September  30, 2000
and 1999 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 nine and three months ended September
30, 2000 are not necessarily indicative of the results for the full year.

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

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

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

These statements  should be read in conjunction with the consolidated  financial
statements  and related notes which are included in the Company's  Annual Report
on Form 10-K for the year ended December 31, 1999.

Note 2 - Earnings Per Common Share
         -------------------------
For the nine and three months ended  September 30, 2000 and 1999 basic  earnings
per  share  was   determined  by  dividing  net  income   applicable  to  common
stockholders  for the period by the weighted  average number of shares of Common
Stock outstanding during each period.

Diluted  earnings per share reflects the potential  dilution that could occur if
securities or other  contracts to issue Common Stock were exercised or converted
into Common  Stock or resulted in the  issuance of Common Stock that then shared
in the  earnings  of the  Company.  For the nine and three month  periods  ended
September  30,  2000 and 1999  diluted  earnings  per  share was  determined  by
dividing  net income  applicable  to common  stockholders  for the period by the
total of the weighted average number of shares

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

Note 2 - Earnings Per Common Share (Continued)
         ------------------------------------
of  Common  Stock   outstanding  plus  the  dilutive  effect  of  the  Company's
outstanding  options (660 and 775 for the nine and three months ended  September
30, 2000 and 3,271 and 7,557 for the nine and three months ended  September  30,
1999, respectively) using the treasury stock method. The Preferred Stock was not
considered for the purpose of computing diluted earnings per share because their
assumed conversion is antidilutive.

Options to purchase 128,000 shares of Common Stock at $12.375, $14.50 and $13.50
per share (which were granted  during March 1999,  1998 and 1997,  respectively)
were not included in the  computation of diluted  earnings per share because the
exercise  prices of these  options are greater than the average  market price of
the common  shares as of September  30, 2000 and  therefore  the effect would be
antidilutive.

Note 3 - Preferred and Common Stock Dividend Distributions
         -------------------------------------------------
On  September  7,  2000  the  Board  of  Directors   declared   quarterly   cash
distributions  of $.30 and $.40 per share on the Company's  common and preferred
stock, respectively, which was paid on October 2, 2000 to stockholders of record
on September 18, 2000.

Note 4 - Revolving Credit Facility
         -------------------------
On March 24,  2000,  the Company  consummated  a  $15,000,000  Revolving  Credit
Facility ("Facility") with European American Bank ("EAB"). The Facility provides
that the Company pay  interest at EAB's prime rate on funds  borrowed  under the
Facility and an unused  facility fee of 1/4 of 1%. The Company paid  $175,000 in
fees and closing costs which are being  amortized over the term of the loan. The
Facility  matures  on March 24,  2002 with an option to extend  the term for one
year.  The  Facility  is  guaranteed  by  all  Company  subsidiaries  which  own
unencumbered properties.

The Facility is being used  primarily to finance the  acquisition  of commercial
real  estate.  The Company is required to comply  with  certain  covenants.  Net
proceeds  received from the sale or refinance of  properties  are required to be
used to repay  amounts  outstanding  under the  Facility  if  proceeds  from the
Facility were used to purchase the property.

Note 5 - Property Acquisitions
         ---------------------
On August  23,  2000,  two  additional  properties  were  purchased  for a total
consideration of approximately  $7,100,000. In connection with the purchase, the
Company drew down $7,000,000 under the Facility.

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

Note 5 - Property Acquisitions - (Continued)
         -----------------------------------
On April 11, 2000, a property was purchased for a consideration  of $11,767,000.
The property was financed at closing by the Company assuming,  on a non-recourse
basis,  an existing first mortgage with a principal  balance of $9,015,000.  The
balance of the purchase price was funded from the Facility.

During the three  months  ended  March 31,  2000,  the  Company  acquired  three
properties  for  a  total  consideration  of  approximately  $23,123,000.  First
mortgages  totaling  $15,000,000  were placed on two of these properties and the
balance was paid in cash.

Note 6 - Comprehensive Income
         --------------------
Statement No. 130 establishes  standards for reporting  comprehensive income and
its  components  in a  full  set of  general-purpose  financial  statements  and
requires that all components of comprehensive  income be reported in a financial
statement  that is  displayed  with  the  same  prominence  as  other  financial
statements.  During  the  three  and  nine  months  ended  September  30,  2000,
accumulated  other  comprehensive  income,  which is solely  composed of the net
unrealized gain on available-for-sale  securities,  increased $12,000 to $90,000
from $78,000 and increased $57,000 to $90,000 from $33,000, respectively. During
the  three  and nine  months  ended  September  30,  1999  comprehensive  income
decreased  $44,000 to $108,000 from $152,000 and increased  $8,000 from $100,000
to $108,000, respectively.

Note 7 - Other Income
         ------------
Included  in other  income  for the nine  months  ended  September  30,  1999 is
$792,764 which  represents the return to the Company of unused escrow funds upon
completion of the Company's responsibility with respect to environmental cleanup
at certain locations net leased to Total Petroleum.

Note 8 - Subsequent Event
         ----------------
On October  20,  2000,  the  Company  sold the  thirteen  locations  it owned in
Michigan  that were net leased to Total  Petroleum.  The gross  sales  price was
$12,000,000 and will result in a gain of approximately  $3,500,000 for financial
statement purposes. The Company's present intention is to use the sales proceeds
to acquire one or more additional net leased properties on a tax-deferred basis;
accordingly,  the Company is not  expected to realize a gain for federal  income
tax purposes on the sale.


<PAGE>


Item 2. Management's  Discussion And Analysis Of Financial Condition And Results
        ------------------------------------------------------------------------
        Of Operations
        -------------
Liquidity and Capital Resources
-------------------------------
The  Company's  primary  sources  of  liquidity  are cash  and cash  equivalents
($2,985,000 at September 30, 2000), a $15,000,000  revolving credit facility and
cash generated from operating activities.  On March 24, 2000 the Company entered
into an agreement  with European  American Bank ("EAB") to provide a $15,000,000
revolving  credit  facility  ("Facility").  The  Facility is used  primarily  to
finance the acquisition of commercial real estate. The Facility matures on March
24, 2002 with an option to extend through March 24, 2003.  Borrowings  under the
Facility bear  interest at EAB's prime rate and there is an unused  facility fee
of  one-quarter  of 1%. Net  proceeds  received  from the sale or  refinance  of
properties  are  required  to be used to repay  amounts  outstanding  under  the
Facility if proceeds from the Facility  were used to purchase the property.  The
Facility  is  guaranteed  by all  Company  subsidiaries  which own  unencumbered
properties.  At  September  30,  2000,  $8,000,000  was  outstanding  under  the
Facility.

On October 20, 2000,  the Company sold  thirteen  locations it owned in Michigan
that were net leased to Total  Petroleum for a gross sales price of $12,000,000.
The  sale  will  result  in a gain of  approximately  $3,500,000  for  financial
statement purposes. The Company's present intention is to use the sales proceeds
to acquire one or more additional net leased properties on a tax-deferred basis;
accordingly,  the  Company  is not  expected  to  realize a gain on the sale for
federal income tax purposes.

In August 2000,  the Company  acquired two  properties  located in Grand Rapids,
Michigan for a consideration of $7,100,000,  of which $7,000,000 was funded from
the Facility.  The properties and all of the  improvements are triple net leased
to a large health management company and are being operated as health clubs.

In April 2000, the Company acquired a property located in Hanover,  Pennsylvania
for a  consideration  of  $11,767,000,  of which  $2,500,000 was funded from the
Facility,  a portion of which was subsequently  repaid.  In connection with this
acquisition,  the Company assumed a first mortgage with an outstanding principal
balance  of   $9,015,000.   The  building  is  triple  net  leased  to  a  large
manufacturing company.

During the three  months  ended  March 31,  2000,  the  Company  acquired  three
properties for a total  consideration of $23,123,000.  First mortgages  totaling
$15,000,000 were placed on two of these properties and the balance of $8,123,000
was paid in cash.

The Company is currently in discussions concerning the acquisition of additional
net leased  properties.  Cash provided from  operations  and the Company's  cash
position will provide funds for cash distributions to shareholders and operating
expenses.  These sources of funds as well as funds  available  from the Facility
and cash available from the sale of the Total Petroleum  properties will provide
funds for future  property  acquisitions.  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.

On July 6,  2000,  the  Company  announced  that  its  Board  of  Directors  had
authorized the purchase of its outstanding  preferred stock from time-to-time in
the open  market  and in private  transactions.  The Board of  Directors  of the
Company allocated $1,000,000 to this repurchase program.  Through October, 2000,
6,600  shares of  preferred  stock  have  been  repurchased  at a total  cost of
$91,000.


<PAGE>


Results of Operations
---------------------
Nine and Three Months Ended September 30, 2000 and 1999
-------------------------------------------------------
Rental  income  increased by  $2,486,000  to  $9,025,000  and by  $1,044,000  to
$3,321,000 for the nine and three months ended September 30, 2000, respectively,
as compared to the nine and three months ended September 30, 1999, primarily due
to the acquisition of six properties  during the nine months ended September 30,
2000.

Interest and other  income  decreased  by  $1,073,000  for the nine months ended
September 30, 2000 to $185,000,  primarily  because in the second quarter of the
1999  fiscal year  $793,000 of unused  escrow  funds  relating to the  Company's
obligation to perform environmental  remediation at certain locations net leased
to Total  Petroleum was returned to the Company upon completion of the Company's
responsibility.  Interest and other income also  decreased in the nine and three
months ended  September  30, 2000 due to a reduction in interest  earned on cash
and cash equivalents available for investment, as cash and cash equivalents were
used to fund property acquisitions.

Increases in depreciation and amortization  expense of $487,000 and $225,000 for
the nine and three months ended  September 30, 2000 to  $1,710,000  and $642,000
primarily  result from  depreciation  on the six properties  acquired during the
nine months ended September 30, 2000.

The increases in interest-mortgages payable to $3,076,000 and $1,166,000 for the
nine and three months ended  September 30, 2000 from $1,853,000 and $667,000 for
the nine and three months ended September 30, 1999 is due to mortgages placed on
seven  properties  acquired  during  2000 and  1999.  Interest  - line of credit
amounted  to  $157,000  and  $105,000  during  the nine and three  months  ended
September 30, 2000 resulting from borrowings under the credit  agreement.  There
were no such borrowings during the prior year periods.

General and  administrative  expenses  increased by $171,000 and $86,000 for the
nine and three months ended  September 30, 2000 to $863,000 and $293,000.  These
increases  were  primarily  due to an increase  in payroll  and payroll  related
expenses.

Gain on sale of real estate and  available-for-sale  securities  during the nine
and three months ended September 30, 2000 results  substantially  from a gain of
$43,000 on the sale of a  property  located  in Kansas  during the three  months
ended June 30, 2000 and a gain of $156,000 on the sale of a property  located in
South Carolina during the three months ended March 31, 2000.



<PAGE>




Item 3. - Quantitative and Qualitative Disclosures About Market Risks
          -----------------------------------------------------------
The Company has considered  the effects of  derivatives  and exposures to market
risk relating to interest rate, foreign currency exchange rate,  commodity price
and equity  price risk.  The Company 's mortgages  payable  bear fixed  interest
rates and  therefore  there is no  material  market risk  associated  with these
instruments.  The Company's exposure to market risk relates to its variable rate
unsecured  credit  facility,  with the initial  borrowing  occurring  during the
quarter  ended June 30, 2000.  This variable  rate  indebtedness  had a weighted
average  interest  rate of 9.9% for the period ended  September 30, 2000 and the
Company  believes  that a 1% change in interest  rates would not have a material
effect on income.



                           Part II - Other Information

Item 6. - Exhibits and Reports on Form 8-K
          --------------------------------
On August 28, 2000, the Company filed a current report on Form 8-K to report the
acquisition  on August  23,  2000 of two  properties  located  in Grand  Rapids,
Michigan for  approximately  $7,100,000.  In connection  with the purchase,  the
Company  drew down  $7,000,000  under its  Revolving  Credit  Facility.  Audited
financial  statements and unaudited pro forma financial  statements  relating to
this acquisition were filed on Form 8-K/A on October 11, 2000.

On October 25, 2000,  the Company  filed a current  report on Form 8-K to report
the sale on October 20, 2000 of thirteen gas,  service  station and  convenience
store properties, all located in Michigan. The gross sales price was $12,000,000
and will result in a gain of  approximately  $3,500,000 for financial  statement
purposes.  The  Company's  present  intention  is to use the sales  proceeds  to
acquire one or more  additional net leased  properties on a tax-deferred  basis;
accordingly,  the Company is not  expected to realize a gain for federal  income
tax purposes on the sale.



<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 10, 2000            /s/ Jeffrey Fishman
-----------------            -------------------
 Date                        Jeffrey Fishman
                             President





November 10, 2000          /s/ David W. Kalish
-----------------          -------------------
 Date                      David W. Kalish
                           Vice President and
                           Chief Financial Officer



<PAGE>
[{"type": "10-Q", "sequence": "1", "filename": "0001.txt", "description": "FORM 10-Q", "secsgml_size_bytes": 39325}]
{"company-data": {"conformed-name": "ONE LIBERTY PROPERTIES INC", "cik": "0000712770", "assigned-sic": "6798", "irs-number": "133147497", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "10-Q", "act": "34", "file-number": "001-09279", "film-number": "758902"}, "business-address": {"street1": "60 CUTTER MILL RD", "street2": "SUITE 303", "city": "GREAT NECK", "state": "NY", "zip": "11021-3190", "phone": "5164663100"}, "mail-address": {"street1": "60 CUTTER MILL ROAD", "street2": "SUITE 303", "city": "GREAT NECK", "state": "NY", "zip": "11021-3190"}, "former-company": {"former-conformed-name": "ONE LIBERTY FIRESTONE PROPERTIES INC", "date-changed": "19851112"}}
SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 10-Q

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

                For the quarterly period ended September 30, 2000

                                       OR

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

                         Commission File Number 0-11083
                                     -------

                          ONE LIBERTY PROPERTIES, INC.

             (Exact name of registrant as specified in its charter)

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

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

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

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

         As of November 6, 2000, the Registrant had 3,003,905 shares of
            Common Stock and 648,058 shares of Redeemable Convertible
                          Preferred Stock outstanding.

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

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

Item 1.    Financial Statements

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

                                                                 September 30,     December 31,
                                                                     2000             1999
                                                                     ----             ----
                                                                  (Unaudited)
Assets
   Real estate investments, at cost
   Land                                                             $24,738         $16,639
   Buildings                                                         92,495          59,269
                                                                     ------          ------
                                                                    117,233          75,908
     Less accumulated depreciation                                    6,522           5,138
                                                                      -----           -----
                                                                    110,711          70,770

   Cash and cash equivalents                                          2,985          11,247
   Unbilled rent receivable                                           2,253           1,737
   Rent, interest, deposits and other receivables                     1,038             733
   Note receivable - officer                                            240              80
   Investment in BRT Realty Trust-(related party)                       254             240
   Deferred financing costs                                           1,090             732
   Other (including available-for-sale
    securities of $236 and $352)                                        308             410
                                                                        ---             ---

           Total assets                                            $118,879         $85,949
                                                                   ========         =======

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                           $59,181         $35,735
        Line of credit (Note 4)                                       8,000               -
        Accrued expenses and other liabilities                          624             412
        Dividends payable                                             1,160               -
                                                                    -------         -------
           Total liabilities                                         68,965          36,147
                                                                    -------         -------

Commitments and contingencies                                             -               -

Stockholders' equity:
    Redeemable  convertible preferred stock,
     $1 par value; $1.60 cumulative annual
     dividend; 2,300 shares authorized; 652
     and 655 shares issued; liquidation and
     redemption values of $16.50                                     10,752          10,802
    Common stock, $1 par value; 25,000
     shares authorized; 2,998 and 2,980
     shares issued  and outstanding                                   2,998           2,980
    Paid-in capital                                                  31,523          31,338
    Accumulated other comprehensive income - net
     unrealized gain on available-for-sale securities                    90              33
    Accumulated undistributed net income                              4,551           4,649
                                                                     ------          ------

           Total stockholders' equity                                49,914          49,802
                                                                     ------          ------

           Total liabilities and stockholders' equity              $118,879         $85,949
                                                                   ========         =======

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

                                                             Three Months Ended              Nine Months Ended
                                                               September 30,                    September 30,
                                                               -------------                    -------------
                                                             2000         1999              2000           1999
                                                             ----         ----              ----           ----
Revenues:
   Rental income                                            $3,321       $2,277            $9,025         $6,539
   Interest and other income (Note 7)                           35          149               185          1,258
                                                                --          ---               ---          -----

                                                             3,356        2,426             9,210          7,797
                                                             -----        -----             -----          -----

Expenses:
   Depreciation and amortization                               642          417             1,710          1,223
   Interest - mortgages payable                              1,166          667             3,076          1,853
   Interest - line of credit                                   105            -               157              -
   Leasehold rent                                               72           72               217            217
   General and administrative                                  293          207               863            692
                                                               ---          ---               ---            ---

                                                             2,278        1,363             6,023          3,985
                                                             -----        -----             -----          -----

Income before gain on sale                                   1,078        1,063             3,187          3,812
   Gain on sale of real estate and
   available-for-sale securities, net                            3           62               189             62
                                                                 -           --               ---             --

Net income                                                  $1,081       $1,125            $3,376         $3,874
                                                            ======       ======            ======         ======

Calculation of net income applicable to
  common stockholders:
Net income                                                  $1,081       $1,125            $3,376         $3,874
Less: dividends and accretion (1999)
   on preferred stock                                          261          263               784            985
                                                               ---          ---               ---            ---

Net income applicable to
   common stockholders                                     $   820      $   862            $2,592         $2,889
                                                           =======      =======            ======         ======

Weighted average number of common
  shares outstanding:
     Basic                                                   2,998        2,963             2,989          2,955
                                                             =====        =====             =====          =====
     Diluted                                                 2,999        2,971             2,990          2,959
                                                             =====        =====             =====          =====

Net income per common share:
     Basic                                                 $   .27      $   .29            $  .87         $  .98
                                                           =======      =======            ======         ======
     Diluted                                               $   .27      $   .29            $  .87         $  .98
                                                           =======      =======            ======         ======

Cash distributions per share:
   Common Stock                                            $   .30      $   .30            $  .90         $  .90
                                                           =======      =======            ======         ======
   Preferred Stock                                         $   .40      $   .40            $ 1.20         $ 1.20
                                                           =======      =======            ======         ======

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

         For the nine month period ended September 30, 2000 (unaudited)
                      and the year ended December 31, 1999
                             (Amounts in Thousands)

                                                                                        Net Unrealized
                                                                                        Gain (loss) on     Accumulated
                                               Preferred       Common       Paid-in      Available-for    Undistributed
                                                 Stock          Stock       Capital     Sale Securities     Net Income     Total
                                                -------        ------       -------     ----------------    ----------     -----
Balances, January 1, 1999                      $     -         $2,940       $30,965         $  100            $4,490      $38,495

Distributions -
   common stock                                      -              -             -              -            (3,552)      (3,552)
Distributions -
   preferred stock                                   -              -             -              -            (1,168)      (1,168)
Preferred stock                                 10,802              -             -              -                 -       10,802
Accretion on
   preferred stock                                   -              -           (79)             -                 -          (79)
Preferred shares converted
   to common stock                                   -              1             7              -                 -            8
Shares issued through
   dividend reinvestment plan                        -             39           445              -                 -          484
     Net income                                      -              -             -              -             4,879        4,879
     Other comprehensive income-
      net unrealized loss on
      available-for-sale securities                  -              -             -            (67)                -          (67)
                                                                                                                             ----
Comprehensive income                                 -              -             -              -                 -        4,812
                                               -------         ------        ------         ------             -----        -----

Balances, December 31, 1999                     10,802          2,980        31,338             33             4,649       49,802

Distributions -
   common stock                                      -              -             -              -            (2,690)      (2,690)
Distributions -
   preferred stock                                   -              -             -              -              (784)        (784)
Shares issued through
   dividend reinvestment plan                        -             18           177              -                 -          195
Repurchase of preferred stock,
   which was cancelled                             (50)             -             8              -                 -          (42)
     Net income                                      -              -             -              -             3,376        3,376
     Other comprehensive income-
      net unrealized gain on
      available-for-sale securities                  -              -             -             57                 -           57
                                                                                                                               --
Comprehensive income                                 -              -             -              -                 -        3,433
                                               -------         ------       -------        -------          --------      -------

Balances, September 30, 2000                   $10,752         $2,998       $31,523        $    90          $  4,551      $49,914
                                               =======         ======       =======        =======          ========      =======

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

                                                                                Nine Months Ended
                                                                                  September 30,
                                                                              2000            1999
                                                                              ----            ----
Cash flows from operating activities:
   Net income                                                               $ 3,376          $ 3,874
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   Gain on sale of real estate and
     available-for-sale securities, net                                        (189)             (62)
   Increase in rental income from straight-lining of rent                      (516)            (428)
   Depreciation and amortization                                              1,710            1,223
   Changes in assets and liabilities:
   (Increase) in rent, interest, deposits and other receivables                (319)             (40)
   Increase in accrued expenses and other liabilities                           234               54
                                                                              ------            -----

           Net cash provided by operating activities                          4,296            4,621
                                                                              -----             -----

Cash flows from investing activities:
   Additions to real estate                                                 (33,101)         (11,499)
   Net proceeds from sale of real estate                                        837              210
   Purchase of available-for-sale securities                                      -             (838)
   Net proceeds from sale of available-for-sale securities                      150            1,023
   Collection of mortgages receivable                                             -              228
   Payments to minority interest by subsidiary                                  (21)             (13)
                                                                               ----             ----

           Net cash used in investing activities                            (32,135)         (10,889)
                                                                            --------         --------

Cash flows from financing activities:
   Proceeds from mortgages payable                                           15,000            5,775
   Repayment of mortgages payable                                              (569)            (380)
   Payment of financing costs                                                  (531)            (284)
   Borrowings from line of credit                                             8,000                -
   Cash distributions - common stock                                         (1,793)          (2,713)
   Cash distributions - preferred stock                                        (523)            (906)
   Note receivable - officer                                                   (160)               -
   Issuance of shares through dividend reinvestment plan                        195              280
   Repurchase of preferred stock, which was cancelled                           (42)          (2,446)
                                                                               ----           -------

           Net cash provided by (used in) financing activities               19,577             (674)
                                                                             ------             -----

           Net decrease in cash and cash equivalents                         (8,262)          (6,942)

Cash and cash equivalents at beginning of period                             11,247           19,090
                                                                             ------          -------

Cash and cash equivalents at end of period                                  $ 2,985         $ 12,148
                                                                            =======         ========

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expens                          $ 3,080        $   1,855

Supplemental schedule of non cash investing and financing activities:
   Assumption of mortgage payable in connection
     with purchase of real estate                                           $ 9,015        $   1,065

          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, 2000 and for the nine and three months ended  September  30, 2000
and 1999 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 nine and three months ended September
30, 2000 are not necessarily indicative of the results for the full year.

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

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

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

These statements  should be read in conjunction with the consolidated  financial
statements  and related notes which are included in the Company's  Annual Report
on Form 10-K for the year ended December 31, 1999.

Note 2 - Earnings Per Common Share
         -------------------------
For the nine and three months ended  September 30, 2000 and 1999 basic  earnings
per  share  was   determined  by  dividing  net  income   applicable  to  common
stockholders  for the period by the weighted  average number of shares of Common
Stock outstanding during each period.

Diluted  earnings per share reflects the potential  dilution that could occur if
securities or other  contracts to issue Common Stock were exercised or converted
into Common  Stock or resulted in the  issuance of Common Stock that then shared
in the  earnings  of the  Company.  For the nine and three month  periods  ended
September  30,  2000 and 1999  diluted  earnings  per  share was  determined  by
dividing  net income  applicable  to common  stockholders  for the period by the
total of the weighted average number of shares
One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements
                                   (Continued)

Note 2 - Earnings Per Common Share (Continued)
         ------------------------------------
of  Common  Stock   outstanding  plus  the  dilutive  effect  of  the  Company's
outstanding  options (660 and 775 for the nine and three months ended  September
30, 2000 and 3,271 and 7,557 for the nine and three months ended  September  30,
1999, respectively) using the treasury stock method. The Preferred Stock was not
considered for the purpose of computing diluted earnings per share because their
assumed conversion is antidilutive.

Options to purchase 128,000 shares of Common Stock at $12.375, $14.50 and $13.50
per share (which were granted  during March 1999,  1998 and 1997,  respectively)
were not included in the  computation of diluted  earnings per share because the
exercise  prices of these  options are greater than the average  market price of
the common  shares as of September  30, 2000 and  therefore  the effect would be
antidilutive.

Note 3 - Preferred and Common Stock Dividend Distributions
         -------------------------------------------------
On  September  7,  2000  the  Board  of  Directors   declared   quarterly   cash
distributions  of $.30 and $.40 per share on the Company's  common and preferred
stock, respectively, which was paid on October 2, 2000 to stockholders of record
on September 18, 2000.

Note 4 - Revolving Credit Facility
         -------------------------
On March 24,  2000,  the Company  consummated  a  $15,000,000  Revolving  Credit
Facility ("Facility") with European American Bank ("EAB"). The Facility provides
that the Company pay  interest at EAB's prime rate on funds  borrowed  under the
Facility and an unused  facility fee of 1/4 of 1%. The Company paid  $175,000 in
fees and closing costs which are being  amortized over the term of the loan. The
Facility  matures  on March 24,  2002 with an option to extend  the term for one
year.  The  Facility  is  guaranteed  by  all  Company  subsidiaries  which  own
unencumbered properties.

The Facility is being used  primarily to finance the  acquisition  of commercial
real  estate.  The Company is required to comply  with  certain  covenants.  Net
proceeds  received from the sale or refinance of  properties  are required to be
used to repay  amounts  outstanding  under the  Facility  if  proceeds  from the
Facility were used to purchase the property.

Note 5 - Property Acquisitions
         ---------------------
On August  23,  2000,  two  additional  properties  were  purchased  for a total
consideration of approximately  $7,100,000. In connection with the purchase, the
Company drew down $7,000,000 under the Facility.
One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements
                                   (Continued)

Note 5 - Property Acquisitions - (Continued)
         -----------------------------------
On April 11, 2000, a property was purchased for a consideration  of $11,767,000.
The property was financed at closing by the Company assuming,  on a non-recourse
basis,  an existing first mortgage with a principal  balance of $9,015,000.  The
balance of the purchase price was funded from the Facility.

During the three  months  ended  March 31,  2000,  the  Company  acquired  three
properties  for  a  total  consideration  of  approximately  $23,123,000.  First
mortgages  totaling  $15,000,000  were placed on two of these properties and the
balance was paid in cash.

Note 6 - Comprehensive Income
         --------------------
Statement No. 130 establishes  standards for reporting  comprehensive income and
its  components  in a  full  set of  general-purpose  financial  statements  and
requires that all components of comprehensive  income be reported in a financial
statement  that is  displayed  with  the  same  prominence  as  other  financial
statements.  During  the  three  and  nine  months  ended  September  30,  2000,
accumulated  other  comprehensive  income,  which is solely  composed of the net
unrealized gain on available-for-sale  securities,  increased $12,000 to $90,000
from $78,000 and increased $57,000 to $90,000 from $33,000, respectively. During
the  three  and nine  months  ended  September  30,  1999  comprehensive  income
decreased  $44,000 to $108,000 from $152,000 and increased  $8,000 from $100,000
to $108,000, respectively.

Note 7 - Other Income
         ------------
Included  in other  income  for the nine  months  ended  September  30,  1999 is
$792,764 which  represents the return to the Company of unused escrow funds upon
completion of the Company's responsibility with respect to environmental cleanup
at certain locations net leased to Total Petroleum.

Note 8 - Subsequent Event
         ----------------
On October  20,  2000,  the  Company  sold the  thirteen  locations  it owned in
Michigan  that were net leased to Total  Petroleum.  The gross  sales  price was
$12,000,000 and will result in a gain of approximately  $3,500,000 for financial
statement purposes. The Company's present intention is to use the sales proceeds
to acquire one or more additional net leased properties on a tax-deferred basis;
accordingly,  the Company is not  expected to realize a gain for federal  income
tax purposes on the sale.
Item 2. Management's  Discussion And Analysis Of Financial Condition And Results
        ------------------------------------------------------------------------
        Of Operations
        -------------
Liquidity and Capital Resources
-------------------------------
The  Company's  primary  sources  of  liquidity  are cash  and cash  equivalents
($2,985,000 at September 30, 2000), a $15,000,000  revolving credit facility and
cash generated from operating activities.  On March 24, 2000 the Company entered
into an agreement  with European  American Bank ("EAB") to provide a $15,000,000
revolving  credit  facility  ("Facility").  The  Facility is used  primarily  to
finance the acquisition of commercial real estate. The Facility matures on March
24, 2002 with an option to extend through March 24, 2003.  Borrowings  under the
Facility bear  interest at EAB's prime rate and there is an unused  facility fee
of  one-quarter  of 1%. Net  proceeds  received  from the sale or  refinance  of
properties  are  required  to be used to repay  amounts  outstanding  under  the
Facility if proceeds from the Facility  were used to purchase the property.  The
Facility  is  guaranteed  by all  Company  subsidiaries  which own  unencumbered
properties.  At  September  30,  2000,  $8,000,000  was  outstanding  under  the
Facility.

On October 20, 2000,  the Company sold  thirteen  locations it owned in Michigan
that were net leased to Total  Petroleum for a gross sales price of $12,000,000.
The  sale  will  result  in a gain of  approximately  $3,500,000  for  financial
statement purposes. The Company's present intention is to use the sales proceeds
to acquire one or more additional net leased properties on a tax-deferred basis;
accordingly,  the  Company  is not  expected  to  realize a gain on the sale for
federal income tax purposes.

In August 2000,  the Company  acquired two  properties  located in Grand Rapids,
Michigan for a consideration of $7,100,000,  of which $7,000,000 was funded from
the Facility.  The properties and all of the  improvements are triple net leased
to a large health management company and are being operated as health clubs.

In April 2000, the Company acquired a property located in Hanover,  Pennsylvania
for a  consideration  of  $11,767,000,  of which  $2,500,000 was funded from the
Facility,  a portion of which was subsequently  repaid.  In connection with this
acquisition,  the Company assumed a first mortgage with an outstanding principal
balance  of   $9,015,000.   The  building  is  triple  net  leased  to  a  large
manufacturing company.

During the three  months  ended  March 31,  2000,  the  Company  acquired  three
properties for a total  consideration of $23,123,000.  First mortgages  totaling
$15,000,000 were placed on two of these properties and the balance of $8,123,000
was paid in cash.

The Company is currently in discussions concerning the acquisition of additional
net leased  properties.  Cash provided from  operations  and the Company's  cash
position will provide funds for cash distributions to shareholders and operating
expenses.  These sources of funds as well as funds  available  from the Facility
and cash available from the sale of the Total Petroleum  properties will provide
funds for future  property  acquisitions.  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.

On July 6,  2000,  the  Company  announced  that  its  Board  of  Directors  had
authorized the purchase of its outstanding  preferred stock from time-to-time in
the open  market  and in private  transactions.  The Board of  Directors  of the
Company allocated $1,000,000 to this repurchase program.  Through October, 2000,
6,600  shares of  preferred  stock  have  been  repurchased  at a total  cost of
$91,000.
Results of Operations
---------------------
Nine and Three Months Ended September 30, 2000 and 1999
-------------------------------------------------------
Rental  income  increased by  $2,486,000  to  $9,025,000  and by  $1,044,000  to
$3,321,000 for the nine and three months ended September 30, 2000, respectively,
as compared to the nine and three months ended September 30, 1999, primarily due
to the acquisition of six properties  during the nine months ended September 30,
2000.

Interest and other  income  decreased  by  $1,073,000  for the nine months ended
September 30, 2000 to $185,000,  primarily  because in the second quarter of the
1999  fiscal year  $793,000 of unused  escrow  funds  relating to the  Company's
obligation to perform environmental  remediation at certain locations net leased
to Total  Petroleum was returned to the Company upon completion of the Company's
responsibility.  Interest and other income also  decreased in the nine and three
months ended  September  30, 2000 due to a reduction in interest  earned on cash
and cash equivalents available for investment, as cash and cash equivalents were
used to fund property acquisitions.

Increases in depreciation and amortization  expense of $487,000 and $225,000 for
the nine and three months ended  September 30, 2000 to  $1,710,000  and $642,000
primarily  result from  depreciation  on the six properties  acquired during the
nine months ended September 30, 2000.

The increases in interest-mortgages payable to $3,076,000 and $1,166,000 for the
nine and three months ended  September 30, 2000 from $1,853,000 and $667,000 for
the nine and three months ended September 30, 1999 is due to mortgages placed on
seven  properties  acquired  during  2000 and  1999.  Interest  - line of credit
amounted  to  $157,000  and  $105,000  during  the nine and three  months  ended
September 30, 2000 resulting from borrowings under the credit  agreement.  There
were no such borrowings during the prior year periods.

General and  administrative  expenses  increased by $171,000 and $86,000 for the
nine and three months ended  September 30, 2000 to $863,000 and $293,000.  These
increases  were  primarily  due to an increase  in payroll  and payroll  related
expenses.

Gain on sale of real estate and  available-for-sale  securities  during the nine
and three months ended September 30, 2000 results  substantially  from a gain of
$43,000 on the sale of a  property  located  in Kansas  during the three  months
ended June 30, 2000 and a gain of $156,000 on the sale of a property  located in
South Carolina during the three months ended March 31, 2000.
Item 3. - Quantitative and Qualitative Disclosures About Market Risks
          -----------------------------------------------------------
The Company has considered  the effects of  derivatives  and exposures to market
risk relating to interest rate, foreign currency exchange rate,  commodity price
and equity  price risk.  The Company 's mortgages  payable  bear fixed  interest
rates and  therefore  there is no  material  market risk  associated  with these
instruments.  The Company's exposure to market risk relates to its variable rate
unsecured  credit  facility,  with the initial  borrowing  occurring  during the
quarter  ended June 30, 2000.  This variable  rate  indebtedness  had a weighted
average  interest  rate of 9.9% for the period ended  September 30, 2000 and the
Company  believes  that a 1% change in interest  rates would not have a material
effect on income.

                           Part II - Other Information

Item 6. - Exhibits and Reports on Form 8-K
          --------------------------------
On August 28, 2000, the Company filed a current report on Form 8-K to report the
acquisition  on August  23,  2000 of two  properties  located  in Grand  Rapids,
Michigan for  approximately  $7,100,000.  In connection  with the purchase,  the
Company  drew down  $7,000,000  under its  Revolving  Credit  Facility.  Audited
financial  statements and unaudited pro forma financial  statements  relating to
this acquisition were filed on Form 8-K/A on October 11, 2000.

On October 25, 2000,  the Company  filed a current  report on Form 8-K to report
the sale on October 20, 2000 of thirteen gas,  service  station and  convenience
store properties, all located in Michigan. The gross sales price was $12,000,000
and will result in a gain of  approximately  $3,500,000 for financial  statement
purposes.  The  Company's  present  intention  is to use the sales  proceeds  to
acquire one or more  additional net leased  properties on a tax-deferred  basis;
accordingly,  the Company is not  expected to realize a gain for federal  income
tax purposes on the sale.
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 10, 2000            /s/ Jeffrey Fishman
-----------------            -------------------
 Date                        Jeffrey Fishman
                             President

November 10, 2000          /s/ David W. Kalish
-----------------          -------------------
 Date                      David W. Kalish
                           Vice President and
                           Chief Financial Officer