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, 1999

                                       OR

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

                          Commission File Number 0-11083

                           ONE LIBERTY PROPERTIES, INC.

            (Exact name of registrant as specified in its charter)

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

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

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

            As of November 1, 1999, the Registrant had 2,971,592 shares of
            Common  Stock and  654,758  shares of  Redeemable  Convertible
            Preferred Stock outstanding.

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

                                  Yes   X           No
                                      -----            -----

<PAGE>


Part I - FINANCIAL INFORMATION

Item 1.    Financial Statements

<TABLE>
<CAPTION>

                  ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

                                                                                 September 30,      December 31,
                                                                                     1999               1998
                                                                                     ----               ----
                                                                                  (Unaudited)
<S>                                                                               <C>                <C>
Assets
   Real estate investments, at cost
   Land                                                                           $16,638,765        $14,466,202
   Buildings                                                                       59,269,299         49,083,387
                                                                                   ----------         ----------
                                                                                   75,908,064         63,549,589
           Less accumulated depreciation                                            4,754,789          3,718,653
                                                                                    ---------          ---------
                                                                                   71,153,275         59,830,936

   Mortgage receivable                                                                      -            228,383
   Cash and cash equivalents                                                       12,147,827         19,089,625
   Unbilled rent receivable                                                         1,593,109          1,165,244
   Rent, interest, deposits and other receivables                                     760,419            707,959
   Investment in BRT Realty Trust-(related party)                                     268,554            184,044
   Deferred financing costs                                                           816,416            661,185
   Other (including available-for-sale securities of
           $468,115 and $729,661)                                                     536,393            810,524
                                                                                      -------            -------

           Total assets                                                           $87,275,993        $82,677,900
                                                                                  ===========        ===========

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                                         $35,882,850        $29,422,491
        Accrued expenses and other liabilities                                        373,366            332,211
        Dividends payable                                                           1,152,080          1,205,571
                                                                                  -----------        -----------

           Total liabilities                                                       37,408,296         30,960,273
                                                                                   ----------         ----------

Commitments and contingencies                                                               -                  -

Minority interest in subsidiary                                                        (2,432)            (2,377)
                                                                                   ----------         ----------

Redeemable convertible preferred stock, $1 par value;
  $1.60 cumulative annual dividend; 2,300,000
  shares authorized; 806,376 shares issued;
  liquidation and redemption values of $16.50 (Note 3)                                      -         13,225,418
                                                                                   ----------         ----------

Stockholders' equity:
  Redeemable convertible preferred stock,
   $1 par value; $1.60 cumulative annual
   dividend; 2,300,000 shares authorized;
   657,558 shares issued; liquidation and
   redemption values of $16.50 (Note 3)                                            10,849,707                  -
   Common stock, $1 par value; 25,000,000
    shares authorized; 2,963,523 and 2,940,201
    shares issued and outstanding                                                   2,963,523          2,940,201
   Paid-in capital                                                                 31,150,806         30,965,164
   Accumulated other comprehensive income - net
    unrealized gain on available-for-sale securities                                  107,932             99,512
   Accumulated undistributed net income                                             4,798,161          4,489,709
                                                                                  -----------         ----------

           Total stockholders' equity                                              49,870,129         38,494,586
                                                                                   ----------         ----------

           Total liabilities and stockholders' equity                             $87,275,993        $82,677,900
                                                                                  ===========        ===========

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

<PAGE>

<TABLE>
<CAPTION>

                                             ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                                                   CONSOLIDATED STATEMENTS OF INCOME
                                                              (Unaudited)

                                               Three Months Ended                   Nine Months Ended
                                                  September 30,                       September 30,
                                               ------------------                -----------------------
                                                1999           1998               1999              1998
                                                ----           ----               ----              ----
<S>                                         <C>           <C>                 <C>               <C>

Revenues:
   Rental income                            $ 2,277,203   $ 1,897,958         $ 6,539,196       $ 5,165,813
   Interest from related parties                      -     2,250,459                   -         2,660,314
   Interest and other income                    149,184       129,069           1,257,443           177,910
                                            -----------   -----------         -----------       -----------

                                              2,426,387     4,277,486           7,796,639         8,004,037
                                            -----------   -----------         -----------       -----------

Expenses:
   Depreciation and amortization                417,233       368,827           1,222,893         1,006,949
   Interest - mortgages payable                 666,943       560,703           1,852,852         1,499,120
   Interest - bank                                    -             -                   -           257,913
   Leasehold rent                                72,208        72,208             216,625           216,625
   General and administrative                   202,255       168,300             679,157           498,615
   Provision for valuation
     adjustment of real estate                        -       156,832                   -           156,832
                                            -----------   -----------         -----------        ----------
                                              1,358,639     1,326,870           3,971,527         3,636,054
                                            -----------   -----------         -----------        ----------

Income before gain on sale of real
   estate and minority interest               1,067,748     2,950,616           3,825,112         4,367,983
Gain on sale of real estate                      61,652             -              61,652                 -
                                            -----------   -----------         -----------        ----------

Income before minority interest               1,129,400     2,950,616           3,886,764         4,367,983

Minority interest                                (4,222)       (4,032)            (12,545)           (8,076)
                                            -----------   -----------         -----------        ----------
Net income                                   $1,125,178    $2,946,584          $3,874,219        $4,359,907
                                            ===========   ===========         ===========        ==========

Calculation of net income applicable
 to common stockholders:
Net income                                   $1,125,178    $2,946,584          $3,874,219        $4,359,907
Less: dividends and accretion
   on preferred stock                          263,023        363,085             984,745         1,088,899
                                            -----------    ----------          ----------        ----------
Net income applicable to
   common stockholders                      $  862,155     $2,583,499          $2,889,474        $3,271,008
                                            ==========     ==========          ==========        ==========

Weighted average number of common shares outstanding:
     Basic                                  2,963,339       2,933,544           2,955,394         2,080,601
                                            =========       =========           =========         =========
     Diluted                                2,969,279       3,600,784           2,957,819         2,081,548
                                            =========       =========           =========         =========

Net income per common share:
     Basic                                  $     .29       $     .88           $     .98         $    1.57
                                            =========       =========           =========         =========
     Diluted                                $     .29       $     .82           $     .98         $    1.57
                                            =========       =========           =========         =========

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>


<PAGE>

<TABLE>
<CAPTION>


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

                         For the nine month period ended
                         September 30, 1999 and the year
                             ended December 31, 1998
                                   (Unaudited)

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

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

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

Distributions -
   common stock                               -              -              -            -       (2,659,943)    (2,659,943)
Distributions -
   preferred stock                            -              -              -            -         (905,824)      (905,824)
Preferred stock - (Note 3)           10,849,707              -              -            -                -     10,849,707
Accretion on
   preferred stock                            -              -        (78,922)           -                -        (78,922)
Shares issued through
   dividend reinvestment plan                 -         22,910        256,726            -                -        279,636
Preferred shares converted
   to common stock                            -            412          7,838            -                -          8,250
     Net income                               -              -              -            -        3,874,219      3,874,219
     Other comprehensive income-
      net unrealized gain on
      available-for-sale securities           -              -              -        8,420                -          8,420
                                                                                                                 ---------
Comprehensive income                          -              -              -            -                -      3,882,639
                                    -----------   ------------    -----------     --------       ----------      ---------
Balances,
   September 30,1999                $10,849,707     $2,963,523    $31,150,806    $ 107,932       $4,798,161    $49,870,129
                                    ===========   ============    ===========    =========       ==========    ===========

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

<PAGE>
<TABLE>
<CAPTION>



                                                  ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                                                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                   (Unaudited)
                                                                                                    Nine Months Ended
                                                                                                      September 30,
                                                                                              --------------------------
                                                                                               1999                  1998
                                                                                               ----                  ----
<S>                                                                                        <C>                   <C>

Cash flows from operating activities:
   Net income                                                                              $ 3,874,219           $ 4,359,907
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   Gain on sale of real estate                                                                 (61,652)                    -
   Increase in rental income from straight-lining of rent                                     (427,865)             (369,581)
   Provision for valuation adjustment                                                                -               156,832
   Depreciation and amortization                                                             1,222,893             1,006,949
   Minority interest in earnings of subsidiary                                                  12,545                 8,076
   Changes in assets and liabilities:
   Increase in rent, interest,
     deposits and other receivables (39,875)                                                  (495,286)
   Increase in accrued expenses and other liabilities                                           41,155                24,853
                                                                                                ------                ------

           Net cash provided by operating activities                                         4,621,420             4,691,750
                                                                                             ---------             ---------

Cash flows from investing activities:
   Additions to real estate                                                                (11,499,199)          (12,266,772)
   Net proceeds from sale of real estate                                                       209,623                     -
   Purchase of available-for-sale securities                                                  (837,726)             (628,223)
   Net proceeds from sale of available-for-sale securities                                   1,023,182               281,620
   Collection of mortgages receivable -
     (including $5,653,413 from related party in 1998)                                         228,383             5,675,118
   Payments to minority interest by subsidiary                                                 (12,600)               (5,400)
                                                                                               --------               -------

           Net cash used in investing activities                                           (10,888,337)           (6,943,657)
                                                                                           ------------           -----------

Cash flows from financing activities:
   Proceeds from mortgages payable                                                           5,775,000            9,236,178
   Repayment of mortgages payable                                                             (379,970)            (254,329)
   Repayment of bank borrowings                                                                      -           (4,605,029)
   Payment of financing costs                                                                 (283,906)            (359,565)
   Cash distributions - common stock                                                        (2,713,434)          (1,417,099)
   Cash distributions - preferred stock                                                       (905,824)            (970,531)
   Proceeds from issuance of shares through rights offering                                          -           17,470,987
   Issuance of shares through dividend reinvestment plan                                       279,636              534,704
   Repurchase of preferred stock, which was cancelled                                       (2,446,383)                   -
                                                                                            -----------         -----------

           Net cash (used in) provided by financing activities                                (674,881)           19,635,316
                                                                                              ---------           ----------

           Net (decrease) increase in cash and cash equivalents                             (6,941,798)           17,383,409

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

Cash and cash equivalents at end of period                                                $ 12,147,827          $ 18,989,773
                                                                                          ============          ============

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                        $ 1,855,399           $ 1,855,971
   Cash paid during the period for income taxes                                                 38,984                20,429

Supplemental schedule of non cash investing and financing activities:
   Assumption of mortgage payable in connection
     with purchase of real estate                                                          $ 1,065,329                     -

                    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, 1999 and for the nine and three months ended  September  30, 1999
and 1998 reflect all normal,  recurring adjustments which are, in the opinion of
management,  necessary for a fair  presentation  of the results for such interim
periods. The results of operations for the nine and three months ended September
30, 1999 are not necessarily indicative of the results for the full year.

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

The  consolidated  financial  statements  include  the  accounts  of One Liberty
Properties,  Inc., its wholly-owned  subsidiaries  and a majority-owned  limited
liability  company.  Material  intercompany  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, 1998.

Note 2 - Earnings Per Common Share
         -------------------------
For the nine and three months ended  September 30, 1999 and 1998 basic  earnings
per  share  was   determined  by  dividing  net  income   applicable  to  common
stockholders  for the period by the weighted  average number of shares of Common
Stock outstanding during each period.

Diluted  earnings per share reflects the potential  dilution that could occur if
securities or other  contracts to issue Common Stock were exercised or converted
into Common  Stock or resulted in the  issuance of Common Stock that then shared
in the earnings of the Company.  For the nine month periods ended  September 30,
1999 and 1998 and the three month  period  ended  September  30,  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 of Common Stock outstanding
<PAGE>
                One Liberty Properties, Inc. and Subsidiaries
                 Notes to Consolidated Financial Statements
                                  (Continued)

Note 2 - Earnings Per Common Share (Continued)
         -------------------------------------
plus the dilutive effect of the Company's  outstanding  options (2,425 and 5,940
for the nine and three  months  ended  September  30,  1999 and 947 for the nine
months ended September 30, 1998,  respectively) using the treasury stock method.
The  Preferred  Stock was not  considered  for the purpose of computing  diluted
earnings per share because their assumed conversion is antidilutive.

However,  for the three months ended September 30, 1998, the assumed  conversion
of the Preferred  Stock is dilutive.  Thus, for the three months ended September
30, 1998,  diluted  earnings per share was determined by dividing net income for
the  period  by the  total  of the  weighted  average  number  of  Common  Stock
outstanding plus the dilutive effect of the Company's  Preferred Stock using the
if-converted method.

Options to purchase  40,000  shares of Common  Stock at $14.50 per share  (which
were granted during March 1998) were not included in the  computation of diluted
earnings per share  because the exercise  price of these options is greater than
the average  market  price of the common  shares as of  September  30, 1999 and,
therefore, the effect would be antidilutive.


Note 3 - Preferred Stock
         ---------------
Pursuant  to the  Company's  certificate  of  incorporation,  as  amended,  each
preferred shareholder of the Company had a one-time right to "put" the Preferred
Stock to the  Company  at $16.50  per  share  for a period  of ninety  (90) days
commencing  July 1, 1999.  During  this  period,  preferred  shareholders  "put"
137,268  preferred  shares to the Company for a total  payment by the Company of
$2,264,922.

During the nine months ended September 30, 1999 the Company  repurchased  11,050
shares of Preferred  Stock for an aggregate  consideration  of $181,461.  During
October 1999, an additional 2,800 shares of Preferred Stock was purchased by the
Company.

Pursuant to the Company's certificate of incorporation,  as amended, the Company
has the option to redeem the Preferred Stock at $16.50 per share.  The preferred
shareholders no longer have any rights to "put" their shares to the Company.



<PAGE>


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


Note 4 - Preferred and Common Stock Dividend Distributions
         -------------------------------------------------
On  September  9,  1999  the  Board  of  Directors   declared   quarterly   cash
distributions  of $.30 and $.40 per share on the Company's  common and preferred
stock,  respectively,  payable on October 6, 1999 to  stockholders  of record on
September 30, 1999.


Note 5 - 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 by
the escrow agent upon completion of the Company's responsibility with respect to
environmental cleanup at certain locations net leased to Total Petroleum, Inc.





<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
($12,147,827 at September 30, 1999),  cash generated from operating  activities,
and funds  obtainable  from  mortgages  secured by real estate  investments.  In
February 1999, a revolving  credit facility  entered into by the Company,  which
provided  for a  facility  of  $9,000,000,  matured  and was not  renewed by the
Company.  The  Company is  currently  engaged in  negotiations  for a new credit
facility but there can be no assurance  that a new facility  will be obtained or
if obtained that the amount of availability or the terms will be favorable.

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

Pursuant  to  the  Company's  certificate  of  incorporation,  as  amended,  the
preferred  shareholders  had a right to "put" the preferred stock to the Company
at $16.50 per share for a period of ninety  (90) days  commencing  July 1, 1999.
Preferred  shareholders "put" 137,268 shares to the Company and the Company paid
such preferred  shareholders  a total of  $2,264,922.  The cash used to make the
payment came from the Company's working capital.

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


<PAGE>




Results of Operations
---------------------

Nine and three months ended September, 1999 and 1998
----------------------------------------------------

Rental income  increased by $1,373,383 to $6,539,196  and $379,245 to $2,277,203
for the nine and three months ended  September  30, 1999 as compared to the nine
and three months ended  September 30, 1998  primarily due to the  acquisition of
four properties in 1999 and four properties in 1998.

On September 6, 1998, the Company received a payoff in full of the related party
mortgage receivable,  which had previously been acquired at a discount. Included
in  interest  from  related  party for the 1998  periods  is  $2,080,918,  which
represents  the  unamortized  balance of the  discount.  There is no  comparable
income item in the 1999 nine and three month periods.

Interest and other income  increased by $1,079,533  to  $1,257,443  for the nine
month period ended  September 30, 1999 of which $792,764 is due to the return of
unused escrow funds upon completion of the Company's responsibility with respect
to  environmental  cleanup at certain  locations net leased to Total  Petroleum.
Interest and other income also increased in the nine and three month periods due
to interest earned on the increase in cash and cash  equivalents  (available for
investment).  The increase in cash and cash equivalents results from the sale of
common shares by the Company  through a rights  offering  (consummated  in June,
1998) and from the approximate  $7,600,000 the Company  received from the payoff
of a mortgage receivable in September 1998.

Increases in depreciation and  amortization  expense of $215,944 and $48,406 for
the nine and three months ended  September 30, 1999 to $1,222,893  and $417,233,
respectively,  results  primarily  from  depreciation  on the  eight  properties
acquired during 1999 and 1998.

The increases in  interest-mortgages  payable to $1,852,852 and $666,943 for the
nine and three months ended  September 30, 1999 from  $1,499,120 and $560,703 in
the prior nine and three month  periods is due to  mortgages  placed on seven of
the properties acquired during 1999 and 1998.

Interest-bank  amounted to $257,913 for the nine months ended September 30, 1998
resulting  from  borrowings  under the Credit  Agreement.  Borrowings  under the
Credit  Agreement were made to facilitate  property  acquisitions.  There was no
comparable expense in the 1999 nine month period.


<PAGE>



General  and  administrative  expenses  increased  by  $180,542  and  $33,955 to
$679,157 and $202,255  for the nine and three months ended  September  30, 1999.
These  increases were due to a combination of factors,  including an increase in
professional fees and increased payroll.

At September 30, 1998 the Company owned three  properties  which had been leased
to a retail chain of stores.  Since the  expiration of the initial term of these
leases on December 31, 1996,  two of theses stores have been relet (one was sold
in July 1999) and one  remains  vacant.  At  September  30, 1998 the Company had
determined  that the estimated  fair value of these  properties  were lower than
their  carrying  amounts and thus,  the  Company  had taken a provision  for the
differences.  The total  provision taken on these three  properties  amounted to
$156,832 in the nine months ended  September  30, 1998.  There was no comparable
provision in the nine months ended September 30, 1999.

Gain on sale of real estate  during the three  months ended  September  30, 1999
results  from the sale of one of the three  properties  the  Company had taken a
provision  on during  1998.  The  Company  sold the  property  to the lessee and
realized a gain of $61,652 based on the adjusted basis.


<PAGE>




Item 3. - Quantitative and Qualitative Disclosures About Market Risks
          -----------------------------------------------------------
The Company has considered  the effects of  derivatives  and exposures to market
risk relating to interest rate, foreign currency exchange rate,  commodity price
and equity price risk. The Company has assessed the market risk for its variable
rate debt and variable rate mortgage receivables and believes that a one-percent
change in interest rates would not have a material effect on net income.



                         Part II - Other Information

Item 6. - Exhibits and Reports on Form 8-K
          --------------------------------
No Form 8-Ks were filed during the quarter ended September 30, 1999.




<PAGE>



                           ONE LIBERTY PROPERTIES, INC.


                                    SIGNATURES



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



                                  One Liberty Properties, Inc.
                                  ----------------------------
                                          (Registrant)






November 10, 1999         /s/ Matthew Gould
-----------------         -----------------
Date                      Matthew Gould
                          President





November 10, 1999         /s/ David W. Kalish
-----------------         -------------------
Date                      David W. Kalish
                          Vice President and
                          Chief Financial Officer
[{"type": "10-Q", "sequence": "1", "description": "FORM 10-Q", "secsgml_size_bytes": 38622}]
{"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": "99745914"}, "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, 1999

                                       OR

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

                          Commission File Number 0-11083

                           ONE LIBERTY PROPERTIES, INC.

            (Exact name of registrant as specified in its charter)

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

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

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

            As of November 1, 1999, the Registrant had 2,971,592 shares of
            Common  Stock and  654,758  shares of  Redeemable  Convertible
            Preferred Stock outstanding.

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

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

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

                                                                                 September 30,      December 31,
                                                                                     1999               1998
                                                                                     ----               ----
                                                                                  (Unaudited)
Assets
   Real estate investments, at cost
   Land                                                                           $16,638,765        $14,466,202
   Buildings                                                                       59,269,299         49,083,387
                                                                                   ----------         ----------
                                                                                   75,908,064         63,549,589
           Less accumulated depreciation                                            4,754,789          3,718,653
                                                                                    ---------          ---------
                                                                                   71,153,275         59,830,936

   Mortgage receivable                                                                      -            228,383
   Cash and cash equivalents                                                       12,147,827         19,089,625
   Unbilled rent receivable                                                         1,593,109          1,165,244
   Rent, interest, deposits and other receivables                                     760,419            707,959
   Investment in BRT Realty Trust-(related party)                                     268,554            184,044
   Deferred financing costs                                                           816,416            661,185
   Other (including available-for-sale securities of
           $468,115 and $729,661)                                                     536,393            810,524
                                                                                      -------            -------

           Total assets                                                           $87,275,993        $82,677,900
                                                                                  ===========        ===========

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                                                         $35,882,850        $29,422,491
        Accrued expenses and other liabilities                                        373,366            332,211
        Dividends payable                                                           1,152,080          1,205,571
                                                                                  -----------        -----------

           Total liabilities                                                       37,408,296         30,960,273
                                                                                   ----------         ----------

Commitments and contingencies                                                               -                  -

Minority interest in subsidiary                                                        (2,432)            (2,377)
                                                                                   ----------         ----------

Redeemable convertible preferred stock, $1 par value;
  $1.60 cumulative annual dividend; 2,300,000
  shares authorized; 806,376 shares issued;
  liquidation and redemption values of $16.50 (Note 3)                                      -         13,225,418
                                                                                   ----------         ----------

Stockholders' equity:
  Redeemable convertible preferred stock,
   $1 par value; $1.60 cumulative annual
   dividend; 2,300,000 shares authorized;
   657,558 shares issued; liquidation and
   redemption values of $16.50 (Note 3)                                            10,849,707                  -
   Common stock, $1 par value; 25,000,000
    shares authorized; 2,963,523 and 2,940,201
    shares issued and outstanding                                                   2,963,523          2,940,201
   Paid-in capital                                                                 31,150,806         30,965,164
   Accumulated other comprehensive income - net
    unrealized gain on available-for-sale securities                                  107,932             99,512
   Accumulated undistributed net income                                             4,798,161          4,489,709
                                                                                  -----------         ----------

           Total stockholders' equity                                              49,870,129         38,494,586
                                                                                   ----------         ----------

           Total liabilities and stockholders' equity                             $87,275,993        $82,677,900
                                                                                  ===========        ===========

                     See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                                                   CONSOLIDATED STATEMENTS OF INCOME
                                                              (Unaudited)

                                               Three Months Ended                   Nine Months Ended
                                                  September 30,                       September 30,
                                               ------------------                -----------------------
                                                1999           1998               1999              1998
                                                ----           ----               ----              ----
Revenues:
   Rental income                            $ 2,277,203   $ 1,897,958         $ 6,539,196       $ 5,165,813
   Interest from related parties                      -     2,250,459                   -         2,660,314
   Interest and other income                    149,184       129,069           1,257,443           177,910
                                            -----------   -----------         -----------       -----------

                                              2,426,387     4,277,486           7,796,639         8,004,037
                                            -----------   -----------         -----------       -----------

Expenses:
   Depreciation and amortization                417,233       368,827           1,222,893         1,006,949
   Interest - mortgages payable                 666,943       560,703           1,852,852         1,499,120
   Interest - bank                                    -             -                   -           257,913
   Leasehold rent                                72,208        72,208             216,625           216,625
   General and administrative                   202,255       168,300             679,157           498,615
   Provision for valuation
     adjustment of real estate                        -       156,832                   -           156,832
                                            -----------   -----------         -----------        ----------
                                              1,358,639     1,326,870           3,971,527         3,636,054
                                            -----------   -----------         -----------        ----------

Income before gain on sale of real
   estate and minority interest               1,067,748     2,950,616           3,825,112         4,367,983
Gain on sale of real estate                      61,652             -              61,652                 -
                                            -----------   -----------         -----------        ----------

Income before minority interest               1,129,400     2,950,616           3,886,764         4,367,983

Minority interest                                (4,222)       (4,032)            (12,545)           (8,076)
                                            -----------   -----------         -----------        ----------
Net income                                   $1,125,178    $2,946,584          $3,874,219        $4,359,907
                                            ===========   ===========         ===========        ==========

Calculation of net income applicable
 to common stockholders:
Net income                                   $1,125,178    $2,946,584          $3,874,219        $4,359,907
Less: dividends and accretion
   on preferred stock                          263,023        363,085             984,745         1,088,899
                                            -----------    ----------          ----------        ----------
Net income applicable to
   common stockholders                      $  862,155     $2,583,499          $2,889,474        $3,271,008
                                            ==========     ==========          ==========        ==========

Weighted average number of common shares outstanding:
     Basic                                  2,963,339       2,933,544           2,955,394         2,080,601
                                            =========       =========           =========         =========
     Diluted                                2,969,279       3,600,784           2,957,819         2,081,548
                                            =========       =========           =========         =========

Net income per common share:
     Basic                                  $     .29       $     .88           $     .98         $    1.57
                                            =========       =========           =========         =========
     Diluted                                $     .29       $     .82           $     .98         $    1.57
                                            =========       =========           =========         =========

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, 1999 and the year
                             ended December 31, 1998
                                   (Unaudited)

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

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

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

Distributions -
   common stock                               -              -              -            -       (2,659,943)    (2,659,943)
Distributions -
   preferred stock                            -              -              -            -         (905,824)      (905,824)
Preferred stock - (Note 3)           10,849,707              -              -            -                -     10,849,707
Accretion on
   preferred stock                            -              -        (78,922)           -                -        (78,922)
Shares issued through
   dividend reinvestment plan                 -         22,910        256,726            -                -        279,636
Preferred shares converted
   to common stock                            -            412          7,838            -                -          8,250
     Net income                               -              -              -            -        3,874,219      3,874,219
     Other comprehensive income-
      net unrealized gain on
      available-for-sale securities           -              -              -        8,420                -          8,420
                                                                                                                 ---------
Comprehensive income                          -              -              -            -                -      3,882,639
                                    -----------   ------------    -----------     --------       ----------      ---------
Balances,
   September 30,1999                $10,849,707     $2,963,523    $31,150,806    $ 107,932       $4,798,161    $49,870,129
                                    ===========   ============    ===========    =========       ==========    ===========

                             See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                                                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                   (Unaudited)
                                                                                                    Nine Months Ended
                                                                                                      September 30,
                                                                                              --------------------------
                                                                                               1999                  1998
                                                                                               ----                  ----
Cash flows from operating activities:
   Net income                                                                              $ 3,874,219           $ 4,359,907
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   Gain on sale of real estate                                                                 (61,652)                    -
   Increase in rental income from straight-lining of rent                                     (427,865)             (369,581)
   Provision for valuation adjustment                                                                -               156,832
   Depreciation and amortization                                                             1,222,893             1,006,949
   Minority interest in earnings of subsidiary                                                  12,545                 8,076
   Changes in assets and liabilities:
   Increase in rent, interest,
     deposits and other receivables (39,875)                                                  (495,286)
   Increase in accrued expenses and other liabilities                                           41,155                24,853
                                                                                                ------                ------

           Net cash provided by operating activities                                         4,621,420             4,691,750
                                                                                             ---------             ---------

Cash flows from investing activities:
   Additions to real estate                                                                (11,499,199)          (12,266,772)
   Net proceeds from sale of real estate                                                       209,623                     -
   Purchase of available-for-sale securities                                                  (837,726)             (628,223)
   Net proceeds from sale of available-for-sale securities                                   1,023,182               281,620
   Collection of mortgages receivable -
     (including $5,653,413 from related party in 1998)                                         228,383             5,675,118
   Payments to minority interest by subsidiary                                                 (12,600)               (5,400)
                                                                                               --------               -------

           Net cash used in investing activities                                           (10,888,337)           (6,943,657)
                                                                                           ------------           -----------

Cash flows from financing activities:
   Proceeds from mortgages payable                                                           5,775,000            9,236,178
   Repayment of mortgages payable                                                             (379,970)            (254,329)
   Repayment of bank borrowings                                                                      -           (4,605,029)
   Payment of financing costs                                                                 (283,906)            (359,565)
   Cash distributions - common stock                                                        (2,713,434)          (1,417,099)
   Cash distributions - preferred stock                                                       (905,824)            (970,531)
   Proceeds from issuance of shares through rights offering                                          -           17,470,987
   Issuance of shares through dividend reinvestment plan                                       279,636              534,704
   Repurchase of preferred stock, which was cancelled                                       (2,446,383)                   -
                                                                                            -----------         -----------

           Net cash (used in) provided by financing activities                                (674,881)           19,635,316
                                                                                              ---------           ----------

           Net (decrease) increase in cash and cash equivalents                             (6,941,798)           17,383,409

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

Cash and cash equivalents at end of period                                                $ 12,147,827          $ 18,989,773
                                                                                          ============          ============

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                        $ 1,855,399           $ 1,855,971
   Cash paid during the period for income taxes                                                 38,984                20,429

Supplemental schedule of non cash investing and financing activities:
   Assumption of mortgage payable in connection
     with purchase of real estate                                                          $ 1,065,329                     -

                    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, 1999 and for the nine and three months ended  September  30, 1999
and 1998 reflect all normal,  recurring adjustments which are, in the opinion of
management,  necessary for a fair  presentation  of the results for such interim
periods. The results of operations for the nine and three months ended September
30, 1999 are not necessarily indicative of the results for the full year.

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

The  consolidated  financial  statements  include  the  accounts  of One Liberty
Properties,  Inc., its wholly-owned  subsidiaries  and a majority-owned  limited
liability  company.  Material  intercompany  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, 1998.

Note 2 - Earnings Per Common Share
         -------------------------
For the nine and three months ended  September 30, 1999 and 1998 basic  earnings
per  share  was   determined  by  dividing  net  income   applicable  to  common
stockholders  for the period by the weighted  average number of shares of Common
Stock outstanding during each period.

Diluted  earnings per share reflects the potential  dilution that could occur if
securities or other  contracts to issue Common Stock were exercised or converted
into Common  Stock or resulted in the  issuance of Common Stock that then shared
in the earnings of the Company.  For the nine month periods ended  September 30,
1999 and 1998 and the three month  period  ended  September  30,  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 of Common Stock outstanding
One Liberty Properties, Inc. and Subsidiaries
                 Notes to Consolidated Financial Statements
                                  (Continued)

Note 2 - Earnings Per Common Share (Continued)
         -------------------------------------
plus the dilutive effect of the Company's  outstanding  options (2,425 and 5,940
for the nine and three  months  ended  September  30,  1999 and 947 for the nine
months ended September 30, 1998,  respectively) using the treasury stock method.
The  Preferred  Stock was not  considered  for the purpose of computing  diluted
earnings per share because their assumed conversion is antidilutive.

However,  for the three months ended September 30, 1998, the assumed  conversion
of the Preferred  Stock is dilutive.  Thus, for the three months ended September
30, 1998,  diluted  earnings per share was determined by dividing net income for
the  period  by the  total  of the  weighted  average  number  of  Common  Stock
outstanding plus the dilutive effect of the Company's  Preferred Stock using the
if-converted method.

Options to purchase  40,000  shares of Common  Stock at $14.50 per share  (which
were granted during March 1998) were not included in the  computation of diluted
earnings per share  because the exercise  price of these options is greater than
the average  market  price of the common  shares as of  September  30, 1999 and,
therefore, the effect would be antidilutive.

Note 3 - Preferred Stock
         ---------------
Pursuant  to the  Company's  certificate  of  incorporation,  as  amended,  each
preferred shareholder of the Company had a one-time right to "put" the Preferred
Stock to the  Company  at $16.50  per  share  for a period  of ninety  (90) days
commencing  July 1, 1999.  During  this  period,  preferred  shareholders  "put"
137,268  preferred  shares to the Company for a total  payment by the Company of
$2,264,922.

During the nine months ended September 30, 1999 the Company  repurchased  11,050
shares of Preferred  Stock for an aggregate  consideration  of $181,461.  During
October 1999, an additional 2,800 shares of Preferred Stock was purchased by the
Company.

Pursuant to the Company's certificate of incorporation,  as amended, the Company
has the option to redeem the Preferred Stock at $16.50 per share.  The preferred
shareholders no longer have any rights to "put" their shares to the Company.
One Liberty Properties, Inc. and Subsidiaries
                   Notes to Consolidated Financial Statements
                                  (Continued)

Note 4 - Preferred and Common Stock Dividend Distributions
         -------------------------------------------------
On  September  9,  1999  the  Board  of  Directors   declared   quarterly   cash
distributions  of $.30 and $.40 per share on the Company's  common and preferred
stock,  respectively,  payable on October 6, 1999 to  stockholders  of record on
September 30, 1999.

Note 5 - 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 by
the escrow agent upon completion of the Company's responsibility with respect to
environmental cleanup at certain locations net leased to Total Petroleum, Inc.
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
($12,147,827 at September 30, 1999),  cash generated from operating  activities,
and funds  obtainable  from  mortgages  secured by real estate  investments.  In
February 1999, a revolving  credit facility  entered into by the Company,  which
provided  for a  facility  of  $9,000,000,  matured  and was not  renewed by the
Company.  The  Company is  currently  engaged in  negotiations  for a new credit
facility but there can be no assurance  that a new facility  will be obtained or
if obtained that the amount of availability or the terms will be favorable.

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

Pursuant  to  the  Company's  certificate  of  incorporation,  as  amended,  the
preferred  shareholders  had a right to "put" the preferred stock to the Company
at $16.50 per share for a period of ninety  (90) days  commencing  July 1, 1999.
Preferred  shareholders "put" 137,268 shares to the Company and the Company paid
such preferred  shareholders  a total of  $2,264,922.  The cash used to make the
payment came from the Company's working capital.

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

Nine and three months ended September, 1999 and 1998
----------------------------------------------------

Rental income  increased by $1,373,383 to $6,539,196  and $379,245 to $2,277,203
for the nine and three months ended  September  30, 1999 as compared to the nine
and three months ended  September 30, 1998  primarily due to the  acquisition of
four properties in 1999 and four properties in 1998.

On September 6, 1998, the Company received a payoff in full of the related party
mortgage receivable,  which had previously been acquired at a discount. Included
in  interest  from  related  party for the 1998  periods  is  $2,080,918,  which
represents  the  unamortized  balance of the  discount.  There is no  comparable
income item in the 1999 nine and three month periods.

Interest and other income  increased by $1,079,533  to  $1,257,443  for the nine
month period ended  September 30, 1999 of which $792,764 is due to the return of
unused escrow funds upon completion of the Company's responsibility with respect
to  environmental  cleanup at certain  locations net leased to Total  Petroleum.
Interest and other income also increased in the nine and three month periods due
to interest earned on the increase in cash and cash  equivalents  (available for
investment).  The increase in cash and cash equivalents results from the sale of
common shares by the Company  through a rights  offering  (consummated  in June,
1998) and from the approximate  $7,600,000 the Company  received from the payoff
of a mortgage receivable in September 1998.

Increases in depreciation and  amortization  expense of $215,944 and $48,406 for
the nine and three months ended  September 30, 1999 to $1,222,893  and $417,233,
respectively,  results  primarily  from  depreciation  on the  eight  properties
acquired during 1999 and 1998.

The increases in  interest-mortgages  payable to $1,852,852 and $666,943 for the
nine and three months ended  September 30, 1999 from  $1,499,120 and $560,703 in
the prior nine and three month  periods is due to  mortgages  placed on seven of
the properties acquired during 1999 and 1998.

Interest-bank  amounted to $257,913 for the nine months ended September 30, 1998
resulting  from  borrowings  under the Credit  Agreement.  Borrowings  under the
Credit  Agreement were made to facilitate  property  acquisitions.  There was no
comparable expense in the 1999 nine month period.
General  and  administrative  expenses  increased  by  $180,542  and  $33,955 to
$679,157 and $202,255  for the nine and three months ended  September  30, 1999.
These  increases were due to a combination of factors,  including an increase in
professional fees and increased payroll.

At September 30, 1998 the Company owned three  properties  which had been leased
to a retail chain of stores.  Since the  expiration of the initial term of these
leases on December 31, 1996,  two of theses stores have been relet (one was sold
in July 1999) and one  remains  vacant.  At  September  30, 1998 the Company had
determined  that the estimated  fair value of these  properties  were lower than
their  carrying  amounts and thus,  the  Company  had taken a provision  for the
differences.  The total  provision taken on these three  properties  amounted to
$156,832 in the nine months ended  September  30, 1998.  There was no comparable
provision in the nine months ended September 30, 1999.

Gain on sale of real estate  during the three  months ended  September  30, 1999
results  from the sale of one of the three  properties  the  Company had taken a
provision  on during  1998.  The  Company  sold the  property  to the lessee and
realized a gain of $61,652 based on the adjusted basis.
Item 3. - Quantitative and Qualitative Disclosures About Market Risks
          -----------------------------------------------------------
The Company has considered  the effects of  derivatives  and exposures to market
risk relating to interest rate, foreign currency exchange rate,  commodity price
and equity price risk. The Company has assessed the market risk for its variable
rate debt and variable rate mortgage receivables and believes that a one-percent
change in interest rates would not have a material effect on net income.

                         Part II - Other Information

Item 6. - Exhibits and Reports on Form 8-K
          --------------------------------
No Form 8-Ks were filed during the quarter ended September 30, 1999.
ONE LIBERTY PROPERTIES, INC.

                                    SIGNATURES

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

                                  One Liberty Properties, Inc.
                                  ----------------------------
                                          (Registrant)

November 10, 1999         /s/ Matthew Gould
-----------------         -----------------
Date                      Matthew Gould
                          President

November 10, 1999         /s/ David W. Kalish
-----------------         -------------------
Date                      David W. Kalish
                          Vice President and
                          Chief Financial Officer