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, 1997

                                                         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, 1997, the Registrant had 1,557,950 shares of Common Stock
and 808,776 shares of Redeemable Convertible Preferred Stock outstanding.

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

<PAGE>
Part I - FINANCIAL INFORMATION

Item 1.    Financial Statements
<TABLE>
<CAPTION>

                ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS

                                                  September 30, December 31,
                                                    1997             1996      
                                                -----------     -----------
                                                       (Unaudited)
<S>                                               <C>               <C> 
Assets
   Real estate investments, at cost
     Land                                         $10,598,515       $11,040,590
    Buildings                                      33,029,157        33,695,317
                                                   ----------        ----------
                                                   43,627,672        44,735,907
           Less accumulated depreciation            2,301,689         1,846,694
                                                    ---------         ---------
                                                   41,325,983        42,889,213
   Mortgages receivable-less unamortized
        discount-(substantially all from
        related parties)                            5,942,138         6,049,033
   Cash and cash equivalents                        1,843,879         2,478,580
   Unbilled rent receivable                           563,403           304,828
   Rent, interest, deposits and
        other receivables                             318,283            66,908
   Investment in BRT Realty Trust-
        (related party)                               274,188           199,068
   Deferred financing costs                           431,697           480,640
   Other                                               62,866            54,718
                                                       ------            ------

           Total assets                           $50,762,437       $52,522,988
                                                  ===========       ===========

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                        $ 16,283,523       $16,846,921
        Note payable-bank                           2,000,000         3,900,000
        Accrued expenses and other liabilities        469,353           475,109
        Dividends payable                             786,805           765,603
                                                      -------           -------

           Total liabilities                       19,539,681        21,987,633
                                                   ----------        ----------

Commitments and contingencies                               -                 -

Minority interest in subsidiary                             -           141,722
                                                   ----------           -------

Redeemable convertible preferred
        stock, $1 par value; $1.60
        cumulative annual dividend;
        2,300,000 shares authorized;
        808,776 shares issued; liquidation
        and redemption values of $16.50            13,067,750        12,950,792
                                                   ----------        ----------

   Stockholders' equity:
        Common stock, $1 par value;
         25,000,000 shares authorized;
         1,544,314 and 1,473,642
         shares issued and outstanding              1,544,314         1,473,642
        Paid-in capital                            14,268,741        13,650,737
        Net unrealized gain on
           available-for-sale securities              172,793            97,673
        Accumulated undistributed net income        2,169,158         2,220,789 
                                                    ---------         --------- 

       Total stockholders' equity                  18,155,006        17,442,841
                                                   ----------        ----------
  
       Total liabilities and stockholders'equity  $50,762,437       $52,522,988
                                                  ===========       ===========

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

<PAGE>
                  ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                         CONSOLIDATED STATEMENTS OF INCOME
                                 (Unaudited)
<TABLE>
<CAPTION>

                                                 Three Months Ended               Nine Months Ended
                                                    September 30,                       September 30,    
                                              1997           1996               1997             1996
                                           ---------      ---------           ---------         ---------
<S>                                        <C>            <C>                 <C>               <C>    
Revenues:
   Rental income                           $1,267,217     $1,247,777          $3,949,729        $2,841,346
   Interest from related parties              207,596        301,591             625,996           921,462
   Interest and other income                   17,703         44,522              50,150            214,023
                                               ------         ------              ------            -------
                                            1,492,516      1,593,890           4,625,875          3,976,831
                                            ---------      ---------           ---------          ---------
Expenses:
   Depreciation and amortization              252,476        187,699             754,580           483,575
   Interest - mortgages payable               368,788        216,331           1,157,027           557,880
   Interest - bank                             25,635         15,418              96,771            15,418
   Leasehold rent                              72,208         72,208             216,625           216,625
   General and administrative                 150,119        161,010             484,019           503,387
   Provision for valuation adjustment
     of real estate                                 -        145,000                   -           459,000
                                              -------        -------            --------           -------
                                                                                
                                              869,226        797,666           2,709,022         2,235,885
                                              -------        -------           ---------         ---------

Income before gain on sale of real
   estate and minority interest               623,290        796,224           1,916,853         1,740,946

Gain on sale of real estate                   599,251              -             599,251                  -
                                              -------        -------             -------           -------        

Income before minority interest             1,222,541        796,224           2,516,104         1,740,946

Minority interest                            (217,532)        (5,249)           (230,839)           (5,249)
                                             --------         ------            --------            ------ 

Net income                                 $1,005,009    $   790,975          $2,285,265        $1,735,697
                                           ==========    ===========          ==========        ==========


Calculation of net income applicable
   to common stockholders:
Net income                                 $1,005,009   $    790,975          $2,285,265        $1,735,697
Less: dividends and accretion
   on preferred stock                         362,613        362,147           1,087,488         1,086,094
                                              -------        -------           ---------         ---------

Net income applicable to
   common stockholders                    $   642,396   $    428,828          $1,197,777        $  649,603
                                          ===========   ============          ==========        ==========

Weighted average number of
   common shares outstanding                1,535,982      1,457,273           1,511,042         1,439,051
                                            =========      =========           =========         =========


Net income per common share (Note 2)       $        .42  $         .29         $       .79       $       .45
                                            ==========  =============         ===========       ===========

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

                                         For the nine month period ended September 30, 1997
                                                and the year ended December 31, 1996
                                                             (Unaudited)

                                                                             Net Unrealized
                                                                             Gain (loss) on      Accumulated
                                                 Common        Paid-in       Available-for-     Undistributed
                                                Stock          Capital      Sale Securities       Net Income          Total
                                              ---------        --------     ---------------     ------------         -------  
                                              <S>              <C>               <C>              <C>               <C>  
Balances,
   January 1, 1996                            $1,416,119       $13,218,757       $  ( 6,758)      $3,083,386        $17,711,504

Net income                                             -                 -                 -       2,173,952          2,173,952
Distributions -
   common stock                                        -                 -                 -      (1,742,507)        (1,742,507)
Distributions -
   preferred stock                                     -                 -                -       (1,294,042)        (1,294,042)
Accretion on
   preferred stock                                     -          (154,317)               -                -           (154,317)
Exercise of options                               23,500           190,937                -                -            214,437
Shares issued through
   dividend reinvestment
   plan                                           34,023           395,360                -                -          429,383
Net unrealized gain
   on available-for-sale
   securities                                          -                 -          104,431                -            104,431
                                                ---------          ---------        --------      ----------          ---------
Balances,
   December 31, 1996                           1,473,642        13,650,737           97,673        2,220,789         17,442,841
Net income                                             -                 -                -        2,285,265          2,285,265
Distributions -
   common stock                                        -                 -                -       (1,366,365)        (1,366,365)
Distributions -
   preferred stock                                     -                 -                -         (970,531)          (970,531)
Accretion on
   preferred stock                                     -          (116,958)               -                -           (116,958)
Exercise of options                               25,500           207,188                -                -            232,688
Shares issued through
   dividend reinvestment
   plan                                           45,172           527,774                -                -            572,946
Net unrealized gain
   on available-for-sale
   securities                                          -                 -           75,120                -             75,120
                                              ----------       ----------        ----------         ---------        ---------- 
Balances,
   September 30, 1997                         $1,544,314       $14,268,741      $   172,793      $ 2,169,158        $18,155,006
                                              ==========       ===========      ===========      ===========        ===========

</TABLE>

                  See accompanying notes to consolidated financial statements.
 

<PAGE>
<TABLE>
<CAPTION>
                                             ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                                                CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                             (Unaudited)
                                                                                       Nine Months Ended September  30,
                                                                                            1997                    1996
<S>                                                                                     <C>                   <C>    

Cash flows from operating activities:
   Net income                                                                            $  2,285,265         $   1,735,697
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   Gain on sale of real estate                                                               (599,251)                    -  
  (Increase) in rental income from straight-lining of rent                                   (258,575)                    -
   Provision for valuation adjustment of real estate                                                 -              459,000
   Depreciation and amortization    754,580                                                    483,575
   Minority interest                                                                           230,839                5,249
   Changes in assets and liabilities:
   (Increase) in rent, interest,
     deposits and other receivables (259,523)                                                 (109,182)
   Increase (decrease) in accrued expenses and other liabilities                                (5,756)             176,441
                                                                                                ------              -------

           Net cash provided by operating activities                                         2,147,579            2,750,780
                                                                                             ---------            ---------

Cash flows from investing activities:
   Additions to real estate                                                                 (2,832,231)         (11,442,313)
   Net proceeds from sale of real estate                                                     4,347,603                    -
   Collection of mortgages receivable -
     (including $86,466 and $934,984
      from related parties)                                                                    106,895              954,066
   Collection of senior secured note
      receivable - BRT Realty Trust - related party                                                  -              528,575
   Sale of U.S. Government
     obligations and securities, net                                                                 -              569,598
    Investment by minority interest in subsidiary                                                    -              167,980
   Payments to minority interest by subsidiary                                                (396,333)             (30,757)
   Other                                                                                        54,332               (2,248)

           Net cash provided by (used in) investing activities                               1,280,266           (9,255,099)
                                                                                             ---------           ---------- 

Cash flows from financing activities:
   Proceeds from mortgages payable                                                           1,600,000            7,125,000
   Repayment of mortgages payable                                                           (2,163,398)             (76,955)
   Repayments on note payable-bank                                                          (1,900,000)                   -
   Payment of financing costs                                                                  (89,088)            (204,269)
   Exercise of stock options                                                                   232,688              205,312
   Cash distributions - common stock                                                        (1,345,163)          (1,288,008)
   Cash distributions - preferred stock                                                       (970,531)            (970,531)
   Issuance of shares through
     dividend reinvestment plan                                                                572,946              238,511
                                                                                               -------              -------

           Net cash provided by (used in) financing activities                              (4,062,546)           5,029,060
                                                                                            ----------            ---------

           Net (decrease) increase in cash
               and cash equivalents                                                           (634,701)          (1,475,259)

Cash and cash equivalents at beginning of period                                             2,478,580             3,844,409
                                                                                             ---------             ---------

Cash and cash equivalents at end of period                                                  $1,843,879            $2,369,150
                                                                                            ==========            ==========

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                        $ 1,272,646            $  549,524
   Cash paid during the period for income taxes                                                 17,035                59,444

Supplemental schedule of noncash
   investing and financing activities:
   Accretion on preferred stock                                                                116,958               115,563

             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, 1997 and for the nine and three months ended  September  30, 1997
and 1996 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, 1997 are not  necessarily  indicative of the results for the full year.

     The consolidated  financial  statements include the accounts of One Liberty
Properties,  Inc., its wholly-owned  subsidiaries  and a majority-owned  limited
liability  company (see Note 5). Material  intercompany  items and  transactions
have been  eliminated.  One Liberty  Properties,  Inc., its subsidiaries and the
limited liability company are hereinafter referred to as the "Company"

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

     These  statements  should  be read in  conjunction  with  the  consolidated
financial  statements  and  related  notes which are  included in the  Company's
Annual Report on Form 10-K for the year ended December 31, 1996.

Note 2 - Per Share Data

     Primary  earnings per common share data is based upon the weighted  average
number of common shares and assumed  equivalent  shares  outstanding  during the
period, after giving effect to dividends and accretion relating to the Company's
preferred stock. The preferred stock is not considered a common stock equivalent
for  the  purposes  of  computing  earnings  per  share  because  their  assumed
conversion is anti-dilutive.  The assumed exercise of outstanding stock options,
using the treasury  stock  method,  is not  materially  dilutive for the primary
earnings per common share computation for the nine and three month periods ended
September 30, 1997 and 1996.

     Fully  diluted  earnings  per common  share are based on an increase in the
number of common  shares  that would be  outstanding  assuming  the  exercise of
common share  options.  Since fully  diluted  earnings per share amounts are not
materially dilutive, such amounts are not presented.




<PAGE>

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

Note 2 - Per Share Data (Continued)

     In  February,   1997,  the  Financial  Accounting  Standards  Board  issued
Statement  No.  128,  Earnings  per Share,  which is  required  to be adopted on
December  31,  1997.  At that time,  the Company  will be required to change the
method  currently  used to compute  earnings  per share and to restate all prior
periods.  Under the new requirements for calculating primary earnings per share,
the dilutive  effect of stock options will be excluded.  The impact of Statement
128 on the  calculation  of primary and fully diluted  earnings per share is not
expected to be material.

Note 3 - Preferred and Common Stock Dividend Distributions

     On  August  25,  1997  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 1, 1997 to  stockholders  of record on
September 17, 1997.

Note 4 - Stock Options

     Options to purchase a total of 25,500 shares of the Company's  common stock
at $9.125 per share were  exercised in September and June 1997.  The options had
been granted under the 1989 Stock Option Plan.

Note 5 - Sale of Real Estate

     On August 5, 1997,  the property  owned by a limited  liability  company in
which the Company is a  significant  member was sold and the  limited  liability
company was  liquidated.  A gain of  approximately  $599,000 was realized on the
sale. The Company's share of the gain is approximately $384,000.

Note 6 - Financial Accounting Standards Board Statement No. 131

     In June, 1997 the Financial Accounting Standards Board issued Statement No.
131,"Disclosure about segments of an enterprise and Related  Information"  which
is  effective  for  financial  statements  issued for  periods  beginning  after
December 15, 1997.  Statement No. 131 requires disclosures about segments of
an enterprise and related information  regarding the different types of business
activities   in  which  an  enterprise   engages  and  the  different   economic
environments  in which it  operates.  The  Company  does  not  believe  that the
implementation of Statement No. 131 will have a material impact on its financial
statements.

<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  generated  from
operating  activities,  cash  and  cash  equivalents,  funds  available  under a
revolving  credit  facility (of which  $7,000,000 was available at September 30,
1997)  and  funds  obtainable  from  mortgages  to be  secured  by  real  estate
investments.

     On August 5, 1997,  the property  owned by a limited  liability  company in
which the Company is a  significant  member was sold and the  limited  liability
company was  liquidated.  A gain of  approximately  $599,000 was realized on the
sale. The Company's share of the gain was approximately  $384,000.  A portion of
the net cash  proceeds  distributed  to the  Company  by the  limited  liability
company  was used to pay off  $1,050,626  under the Credit  Agreement,  (defined
below), the outstanding balance at that time.

     In  September  1997,  the Company  purchased an  additional  property for a
consideration of approximately $2,830,000. The Company borrowed $2,700,000 under
the Credit  Agreement  ($700,000  has since been  repaid  with cash  provided by
operations) to consumate the purchase.

     In March,  1996 the  Company  entered  into a $5 million  revolving  credit
agreement ("Credit  Agreement") with Bank Leumi Trust Company of New York ("Bank
Leumi").  Under the terms of the Credit Agreement the Company can add additional
lenders to provide a maximum total  facility of  $15,000,000.  In June 1997, the
Company closed on a $4,000,000  participation  interest with  Commercial Bank of
New York (formerly First Bank of the Americas), increasing the total facility to
$9,000,000.  Borrowings under the Credit Agreement will provide the Company with
funds,  when needed,  to acquire  additional  properties.  The Credit  Agreement
matures  February  28,  1999 with a right for the  Company  to extend the Credit
Agreement until February 29, 2000.

     The Company is currently  in  discussions  concerning  the  acquisition  of
additional net leased properties.  In management's judgement, cash provided from
operations and the Company's cash position will provide  adequate funds for cash
distributions to shareholders and operating expenses. These sources of funds, as
well as funds  available  under the Credit  Agreement,  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.

     In connection with the lease agreements with Total Petroleum,  Inc. ("Total
Petroleum")  consummated  in 1991, the Company agreed to expend certain funds to
remediate  environmental  problems  at  certain  locations  net  leased to Total
Petroleum.  It was  agreed  that the net cost to the  Company  would not  exceed
$350,000  per  location,  with any  excess  being  the  responsibility  of Total
Petroleum.  At that time the Company  deposited  $2,000,000  with an independent
escrow  agent to insure  compliance  by the Company  with its  obligations  with
respect  to the  environmental  clean up. The  escrow  agent held  approximately
$881,000 as of September 30, 1997, which the Company deems adequate to cover any
additional environmental costs.


<PAGE>

Results of Operations
 

Nine and three months ended September 30, 1997 and 1996

     As a result of the  acquisition of five properties in 1996 and one property
in 1997 rental income  increased by $1,108,383 to $3,949,729 for the nine months
ended  September  30, 1997 as compared to the nine months  ended  September  30,
1996.  The  properties  acquired in 1996 were  acquired at various times between
April and November 1996;  accordingly,  two of such properties (purchased in the
last quarter of 1996), and the property  acquired in 1997, did not contribute to
rental  income  in the 1996 nine  month  period,  and  three of such  properties
contributed  to rental  income for only a portion of the 1996 nine month period.
Rental income for the 1997 nine month period was negatively affected by the sale
of three  properties,  one in January 1997,  one in May 1997 and the third,  and
most  material,  in August 1997.  The  property  acquisitions  and  dispositions
referred to above,  also affected  rental income for the quarter ended September
30, 1997 as compared to the quarter ended September 30, 1996.  Rental income for
the 1997 quarter was $19,440 greater than the 1996 quarter.  The primary reasons
for rental income in the third quarter of 1997 not reflecting a greater increase
as compared to the third  quarter of 1996 are the property  sale in early August
1997, the  disposition of two other  properties in January 1997 and May 1997 and
the greater  impact of  straight-lining  of rents during the  September 30, 1996
quarter.

     The  decrease in  interest  income from  related  parties of $295,466  from
$921,462 in the nine  months  ended  September  30, 1996 to $625,996 in the 1997
nine month period and the decrease of $93,995 from  $301,591 in the three months
ended  September  30,  1996 to $207,596  in the  current  three month  period is
substantially  due to the  payoff  in full of a senior  note  receivable  during
August 1996.

     Interest  and other  income  decreased to $50,150 in the current nine month
period  from  $214,023  in the prior  nine  month  period  and to $17,703 in the
current three month period from $44,522 in the prior three month period due to a
combination  of  factors  including  a  decrease  in  interest  earned  on  U.S.
Government  securities resulting from the sale of such securities,  the proceeds
of which were used to purchase properties.

     Increases in depreciation and amortization  expense of $271,005 and $64,777
for the nine and three months ended  September 30, 1997 to $754,580 and $252,476
results  primarily from  depreciation  on properties  acquired during 1996. Also
contributing to the increase was the amortization of capitalized  costs incurred
in connection with the Company's  credit  facility and placing  mortgages on its
properties.

     The increase in  interest-mortgages  payable to $1,157,027  and $368,788 in
the current nine and three month periods from $557,880 and $216,331 in the prior
nine and three month  periods is due to  interest  paid on  mortgages  placed on
properties  acquired  during  1996.  Interest - bank note  payable  amounted  to
$96,771 and $25,635  during the nine and three months ended  September  30, 1997
resulting from borrowings under the Credit Agreement.  Such interest amounted to
$15,418 during both of the 1996 comparable periods.  Borrowings under the Credit
Agreement were made to facilitate property acquisitions.

     During the nine and three  months  ended  September  30,  1996 the  Company
determined that the estimated fair value of certain of its properties were lower
than the carrying amount and thus recorded a provision for valuation  adjustment
for the  difference.  The valuation  adjustment was $459,000 for the nine months
ended September 30, 1996,  covering three  properties and $145,000 for the three
months ended September 30, 1996 covering one property.  Two of these  properties
were sold during the nine months  ended  September  30, 1997 and one property is
vacant. There were no comparable provisions taken in 1997.

     On August 5, 1997,  the property  owned by a limited  liability  company in
which the Company is a  significant  member was sold and a gain of $599,251  was
realized on the sale.  The  Company's  share of the gain is $383,915  (after the
minority interest share of the gain of $215,336).


<PAGE>



                                    Part II - Other Information

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

No Form 8-Ks were filed during the quarter ended September 30, 1997.





<PAGE>

 
                          ONE LIBERTY PROPERTIES, INC.


                                   SIGNATURES



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


 
                             One Liberty Properties, Inc.
                                   (Registrant)






November 13, 1997  /s/ Matthew Gould 
 Date              Matthew Gould
                   President





November 13, 1997 /s/ David W. Kalish
 Date             David W. Kalish
                  Vice President and
                  Chief Financial Officer
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{"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": "97716070"}, "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, 1997

                                                         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, 1997, the Registrant had 1,557,950 shares of Common Stock
and 808,776 shares of Redeemable Convertible Preferred Stock outstanding.

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

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

                                                  September 30, December 31,
                                                    1997             1996      
                                                -----------     -----------
                                                       (Unaudited)
Assets
   Real estate investments, at cost
     Land                                         $10,598,515       $11,040,590
    Buildings                                      33,029,157        33,695,317
                                                   ----------        ----------
                                                   43,627,672        44,735,907
           Less accumulated depreciation            2,301,689         1,846,694
                                                    ---------         ---------
                                                   41,325,983        42,889,213
   Mortgages receivable-less unamortized
        discount-(substantially all from
        related parties)                            5,942,138         6,049,033
   Cash and cash equivalents                        1,843,879         2,478,580
   Unbilled rent receivable                           563,403           304,828
   Rent, interest, deposits and
        other receivables                             318,283            66,908
   Investment in BRT Realty Trust-
        (related party)                               274,188           199,068
   Deferred financing costs                           431,697           480,640
   Other                                               62,866            54,718
                                                       ------            ------

           Total assets                           $50,762,437       $52,522,988
                                                  ===========       ===========

Liabilities and Stockholders' Equity
   Liabilities:
        Mortgages payable                        $ 16,283,523       $16,846,921
        Note payable-bank                           2,000,000         3,900,000
        Accrued expenses and other liabilities        469,353           475,109
        Dividends payable                             786,805           765,603
                                                      -------           -------

           Total liabilities                       19,539,681        21,987,633
                                                   ----------        ----------

Commitments and contingencies                               -                 -

Minority interest in subsidiary                             -           141,722
                                                   ----------           -------

Redeemable convertible preferred
        stock, $1 par value; $1.60
        cumulative annual dividend;
        2,300,000 shares authorized;
        808,776 shares issued; liquidation
        and redemption values of $16.50            13,067,750        12,950,792
                                                   ----------        ----------

   Stockholders' equity:
        Common stock, $1 par value;
         25,000,000 shares authorized;
         1,544,314 and 1,473,642
         shares issued and outstanding              1,544,314         1,473,642
        Paid-in capital                            14,268,741        13,650,737
        Net unrealized gain on
           available-for-sale securities              172,793            97,673
        Accumulated undistributed net income        2,169,158         2,220,789 
                                                    ---------         --------- 

       Total stockholders' equity                  18,155,006        17,442,841
                                                   ----------        ----------
  
       Total liabilities and stockholders'equity  $50,762,437       $52,522,988
                                                  ===========       ===========

             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,    
                                              1997           1996               1997             1996
                                           ---------      ---------           ---------         ---------
Revenues:
   Rental income                           $1,267,217     $1,247,777          $3,949,729        $2,841,346
   Interest from related parties              207,596        301,591             625,996           921,462
   Interest and other income                   17,703         44,522              50,150            214,023
                                               ------         ------              ------            -------
                                            1,492,516      1,593,890           4,625,875          3,976,831
                                            ---------      ---------           ---------          ---------
Expenses:
   Depreciation and amortization              252,476        187,699             754,580           483,575
   Interest - mortgages payable               368,788        216,331           1,157,027           557,880
   Interest - bank                             25,635         15,418              96,771            15,418
   Leasehold rent                              72,208         72,208             216,625           216,625
   General and administrative                 150,119        161,010             484,019           503,387
   Provision for valuation adjustment
     of real estate                                 -        145,000                   -           459,000
                                              -------        -------            --------           -------
                                                                                
                                              869,226        797,666           2,709,022         2,235,885
                                              -------        -------           ---------         ---------

Income before gain on sale of real
   estate and minority interest               623,290        796,224           1,916,853         1,740,946

Gain on sale of real estate                   599,251              -             599,251                  -
                                              -------        -------             -------           -------        

Income before minority interest             1,222,541        796,224           2,516,104         1,740,946

Minority interest                            (217,532)        (5,249)           (230,839)           (5,249)
                                             --------         ------            --------            ------ 

Net income                                 $1,005,009    $   790,975          $2,285,265        $1,735,697
                                           ==========    ===========          ==========        ==========

Calculation of net income applicable
   to common stockholders:
Net income                                 $1,005,009   $    790,975          $2,285,265        $1,735,697
Less: dividends and accretion
   on preferred stock                         362,613        362,147           1,087,488         1,086,094
                                              -------        -------           ---------         ---------

Net income applicable to
   common stockholders                    $   642,396   $    428,828          $1,197,777        $  649,603
                                          ===========   ============          ==========        ==========

Weighted average number of
   common shares outstanding                1,535,982      1,457,273           1,511,042         1,439,051
                                            =========      =========           =========         =========

Net income per common share (Note 2)       $        .42  $         .29         $       .79       $       .45
                                            ==========  =============         ===========       ===========

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, 1997
                                                and the year ended December 31, 1996
                                                             (Unaudited)

                                                                             Net Unrealized
                                                                             Gain (loss) on      Accumulated
                                                 Common        Paid-in       Available-for-     Undistributed
                                                Stock          Capital      Sale Securities       Net Income          Total
                                              ---------        --------     ---------------     ------------         -------
Balances,
   January 1, 1996                            $1,416,119       $13,218,757       $  ( 6,758)      $3,083,386        $17,711,504

Net income                                             -                 -                 -       2,173,952          2,173,952
Distributions -
   common stock                                        -                 -                 -      (1,742,507)        (1,742,507)
Distributions -
   preferred stock                                     -                 -                -       (1,294,042)        (1,294,042)
Accretion on
   preferred stock                                     -          (154,317)               -                -           (154,317)
Exercise of options                               23,500           190,937                -                -            214,437
Shares issued through
   dividend reinvestment
   plan                                           34,023           395,360                -                -          429,383
Net unrealized gain
   on available-for-sale
   securities                                          -                 -          104,431                -            104,431
                                                ---------          ---------        --------      ----------          ---------
Balances,
   December 31, 1996                           1,473,642        13,650,737           97,673        2,220,789         17,442,841
Net income                                             -                 -                -        2,285,265          2,285,265
Distributions -
   common stock                                        -                 -                -       (1,366,365)        (1,366,365)
Distributions -
   preferred stock                                     -                 -                -         (970,531)          (970,531)
Accretion on
   preferred stock                                     -          (116,958)               -                -           (116,958)
Exercise of options                               25,500           207,188                -                -            232,688
Shares issued through
   dividend reinvestment
   plan                                           45,172           527,774                -                -            572,946
Net unrealized gain
   on available-for-sale
   securities                                          -                 -           75,120                -             75,120
                                              ----------       ----------        ----------         ---------        ---------- 
Balances,
   September 30, 1997                         $1,544,314       $14,268,741      $   172,793      $ 2,169,158        $18,155,006
                                              ==========       ===========      ===========      ===========        ===========
See accompanying notes to consolidated financial statements.
ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
                                                CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                             (Unaudited)
                                                                                       Nine Months Ended September  30,
                                                                                            1997                    1996
Cash flows from operating activities:
   Net income                                                                            $  2,285,265         $   1,735,697
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   Gain on sale of real estate                                                               (599,251)                    -  
  (Increase) in rental income from straight-lining of rent                                   (258,575)                    -
   Provision for valuation adjustment of real estate                                                 -              459,000
   Depreciation and amortization    754,580                                                    483,575
   Minority interest                                                                           230,839                5,249
   Changes in assets and liabilities:
   (Increase) in rent, interest,
     deposits and other receivables (259,523)                                                 (109,182)
   Increase (decrease) in accrued expenses and other liabilities                                (5,756)             176,441
                                                                                                ------              -------

           Net cash provided by operating activities                                         2,147,579            2,750,780
                                                                                             ---------            ---------

Cash flows from investing activities:
   Additions to real estate                                                                 (2,832,231)         (11,442,313)
   Net proceeds from sale of real estate                                                     4,347,603                    -
   Collection of mortgages receivable -
     (including $86,466 and $934,984
      from related parties)                                                                    106,895              954,066
   Collection of senior secured note
      receivable - BRT Realty Trust - related party                                                  -              528,575
   Sale of U.S. Government
     obligations and securities, net                                                                 -              569,598
    Investment by minority interest in subsidiary                                                    -              167,980
   Payments to minority interest by subsidiary                                                (396,333)             (30,757)
   Other                                                                                        54,332               (2,248)

           Net cash provided by (used in) investing activities                               1,280,266           (9,255,099)
                                                                                             ---------           ---------- 

Cash flows from financing activities:
   Proceeds from mortgages payable                                                           1,600,000            7,125,000
   Repayment of mortgages payable                                                           (2,163,398)             (76,955)
   Repayments on note payable-bank                                                          (1,900,000)                   -
   Payment of financing costs                                                                  (89,088)            (204,269)
   Exercise of stock options                                                                   232,688              205,312
   Cash distributions - common stock                                                        (1,345,163)          (1,288,008)
   Cash distributions - preferred stock                                                       (970,531)            (970,531)
   Issuance of shares through
     dividend reinvestment plan                                                                572,946              238,511
                                                                                               -------              -------

           Net cash provided by (used in) financing activities                              (4,062,546)           5,029,060
                                                                                            ----------            ---------

           Net (decrease) increase in cash
               and cash equivalents                                                           (634,701)          (1,475,259)

Cash and cash equivalents at beginning of period                                             2,478,580             3,844,409
                                                                                             ---------             ---------

Cash and cash equivalents at end of period                                                  $1,843,879            $2,369,150
                                                                                            ==========            ==========

Supplemental disclosures of cash flow information:
   Cash paid during the period for interest expense                                        $ 1,272,646            $  549,524
   Cash paid during the period for income taxes                                                 17,035                59,444

Supplemental schedule of noncash
   investing and financing activities:
   Accretion on preferred stock                                                                116,958               115,563

             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, 1997 and for the nine and three months ended  September  30, 1997
and 1996 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, 1997 are not  necessarily  indicative of the results for the full year.

     The consolidated  financial  statements include the accounts of One Liberty
Properties,  Inc., its wholly-owned  subsidiaries  and a majority-owned  limited
liability  company (see Note 5). Material  intercompany  items and  transactions
have been  eliminated.  One Liberty  Properties,  Inc., its subsidiaries and the
limited liability company are hereinafter referred to as the "Company"

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

     These  statements  should  be read in  conjunction  with  the  consolidated
financial  statements  and  related  notes which are  included in the  Company's
Annual Report on Form 10-K for the year ended December 31, 1996.

Note 2 - Per Share Data

     Primary  earnings per common share data is based upon the weighted  average
number of common shares and assumed  equivalent  shares  outstanding  during the
period, after giving effect to dividends and accretion relating to the Company's
preferred stock. The preferred stock is not considered a common stock equivalent
for  the  purposes  of  computing  earnings  per  share  because  their  assumed
conversion is anti-dilutive.  The assumed exercise of outstanding stock options,
using the treasury  stock  method,  is not  materially  dilutive for the primary
earnings per common share computation for the nine and three month periods ended
September 30, 1997 and 1996.

     Fully  diluted  earnings  per common  share are based on an increase in the
number of common  shares  that would be  outstanding  assuming  the  exercise of
common share  options.  Since fully  diluted  earnings per share amounts are not
materially dilutive, such amounts are not presented.
One Liberty Properties, Inc. and Subsidiaries
                  Notes to Consolidated Financial Statements
                                 (Continued)

Note 2 - Per Share Data (Continued)

     In  February,   1997,  the  Financial  Accounting  Standards  Board  issued
Statement  No.  128,  Earnings  per Share,  which is  required  to be adopted on
December  31,  1997.  At that time,  the Company  will be required to change the
method  currently  used to compute  earnings  per share and to restate all prior
periods.  Under the new requirements for calculating primary earnings per share,
the dilutive  effect of stock options will be excluded.  The impact of Statement
128 on the  calculation  of primary and fully diluted  earnings per share is not
expected to be material.

Note 3 - Preferred and Common Stock Dividend Distributions

     On  August  25,  1997  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 1, 1997 to  stockholders  of record on
September 17, 1997.

Note 4 - Stock Options

     Options to purchase a total of 25,500 shares of the Company's  common stock
at $9.125 per share were  exercised in September and June 1997.  The options had
been granted under the 1989 Stock Option Plan.

Note 5 - Sale of Real Estate

     On August 5, 1997,  the property  owned by a limited  liability  company in
which the Company is a  significant  member was sold and the  limited  liability
company was  liquidated.  A gain of  approximately  $599,000 was realized on the
sale. The Company's share of the gain is approximately $384,000.

Note 6 - Financial Accounting Standards Board Statement No. 131

     In June, 1997 the Financial Accounting Standards Board issued Statement No.
131,"Disclosure about segments of an enterprise and Related  Information"  which
is  effective  for  financial  statements  issued for  periods  beginning  after
December 15, 1997.  Statement No. 131 requires disclosures about segments of
an enterprise and related information  regarding the different types of business
activities   in  which  an  enterprise   engages  and  the  different   economic
environments  in which it  operates.  The  Company  does  not  believe  that the
implementation of Statement No. 131 will have a material impact on its financial
statements.
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  generated  from
operating  activities,  cash  and  cash  equivalents,  funds  available  under a
revolving  credit  facility (of which  $7,000,000 was available at September 30,
1997)  and  funds  obtainable  from  mortgages  to be  secured  by  real  estate
investments.

     On August 5, 1997,  the property  owned by a limited  liability  company in
which the Company is a  significant  member was sold and the  limited  liability
company was  liquidated.  A gain of  approximately  $599,000 was realized on the
sale. The Company's share of the gain was approximately  $384,000.  A portion of
the net cash  proceeds  distributed  to the  Company  by the  limited  liability
company  was used to pay off  $1,050,626  under the Credit  Agreement,  (defined
below), the outstanding balance at that time.

     In  September  1997,  the Company  purchased an  additional  property for a
consideration of approximately $2,830,000. The Company borrowed $2,700,000 under
the Credit  Agreement  ($700,000  has since been  repaid  with cash  provided by
operations) to consumate the purchase.

     In March,  1996 the  Company  entered  into a $5 million  revolving  credit
agreement ("Credit  Agreement") with Bank Leumi Trust Company of New York ("Bank
Leumi").  Under the terms of the Credit Agreement the Company can add additional
lenders to provide a maximum total  facility of  $15,000,000.  In June 1997, the
Company closed on a $4,000,000  participation  interest with  Commercial Bank of
New York (formerly First Bank of the Americas), increasing the total facility to
$9,000,000.  Borrowings under the Credit Agreement will provide the Company with
funds,  when needed,  to acquire  additional  properties.  The Credit  Agreement
matures  February  28,  1999 with a right for the  Company  to extend the Credit
Agreement until February 29, 2000.

     The Company is currently  in  discussions  concerning  the  acquisition  of
additional net leased properties.  In management's judgement, cash provided from
operations and the Company's cash position will provide  adequate funds for cash
distributions to shareholders and operating expenses. These sources of funds, as
well as funds  available  under the Credit  Agreement,  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.

     In connection with the lease agreements with Total Petroleum,  Inc. ("Total
Petroleum")  consummated  in 1991, the Company agreed to expend certain funds to
remediate  environmental  problems  at  certain  locations  net  leased to Total
Petroleum.  It was  agreed  that the net cost to the  Company  would not  exceed
$350,000  per  location,  with any  excess  being  the  responsibility  of Total
Petroleum.  At that time the Company  deposited  $2,000,000  with an independent
escrow  agent to insure  compliance  by the Company  with its  obligations  with
respect  to the  environmental  clean up. The  escrow  agent held  approximately
$881,000 as of September 30, 1997, which the Company deems adequate to cover any
additional environmental costs.
Results of Operations
 

Nine and three months ended September 30, 1997 and 1996

     As a result of the  acquisition of five properties in 1996 and one property
in 1997 rental income  increased by $1,108,383 to $3,949,729 for the nine months
ended  September  30, 1997 as compared to the nine months  ended  September  30,
1996.  The  properties  acquired in 1996 were  acquired at various times between
April and November 1996;  accordingly,  two of such properties (purchased in the
last quarter of 1996), and the property  acquired in 1997, did not contribute to
rental  income  in the 1996 nine  month  period,  and  three of such  properties
contributed  to rental  income for only a portion of the 1996 nine month period.
Rental income for the 1997 nine month period was negatively affected by the sale
of three  properties,  one in January 1997,  one in May 1997 and the third,  and
most  material,  in August 1997.  The  property  acquisitions  and  dispositions
referred to above,  also affected  rental income for the quarter ended September
30, 1997 as compared to the quarter ended September 30, 1996.  Rental income for
the 1997 quarter was $19,440 greater than the 1996 quarter.  The primary reasons
for rental income in the third quarter of 1997 not reflecting a greater increase
as compared to the third  quarter of 1996 are the property  sale in early August
1997, the  disposition of two other  properties in January 1997 and May 1997 and
the greater  impact of  straight-lining  of rents during the  September 30, 1996
quarter.

     The  decrease in  interest  income from  related  parties of $295,466  from
$921,462 in the nine  months  ended  September  30, 1996 to $625,996 in the 1997
nine month period and the decrease of $93,995 from  $301,591 in the three months
ended  September  30,  1996 to $207,596  in the  current  three month  period is
substantially  due to the  payoff  in full of a senior  note  receivable  during
August 1996.

     Interest  and other  income  decreased to $50,150 in the current nine month
period  from  $214,023  in the prior  nine  month  period  and to $17,703 in the
current three month period from $44,522 in the prior three month period due to a
combination  of  factors  including  a  decrease  in  interest  earned  on  U.S.
Government  securities resulting from the sale of such securities,  the proceeds
of which were used to purchase properties.

     Increases in depreciation and amortization  expense of $271,005 and $64,777
for the nine and three months ended  September 30, 1997 to $754,580 and $252,476
results  primarily from  depreciation  on properties  acquired during 1996. Also
contributing to the increase was the amortization of capitalized  costs incurred
in connection with the Company's  credit  facility and placing  mortgages on its
properties.

     The increase in  interest-mortgages  payable to $1,157,027  and $368,788 in
the current nine and three month periods from $557,880 and $216,331 in the prior
nine and three month  periods is due to  interest  paid on  mortgages  placed on
properties  acquired  during  1996.  Interest - bank note  payable  amounted  to
$96,771 and $25,635  during the nine and three months ended  September  30, 1997
resulting from borrowings under the Credit Agreement.  Such interest amounted to
$15,418 during both of the 1996 comparable periods.  Borrowings under the Credit
Agreement were made to facilitate property acquisitions.

     During the nine and three  months  ended  September  30,  1996 the  Company
determined that the estimated fair value of certain of its properties were lower
than the carrying amount and thus recorded a provision for valuation  adjustment
for the  difference.  The valuation  adjustment was $459,000 for the nine months
ended September 30, 1996,  covering three  properties and $145,000 for the three
months ended September 30, 1996 covering one property.  Two of these  properties
were sold during the nine months  ended  September  30, 1997 and one property is
vacant. There were no comparable provisions taken in 1997.

     On August 5, 1997,  the property  owned by a limited  liability  company in
which the Company is a  significant  member was sold and a gain of $599,251  was
realized on the sale.  The  Company's  share of the gain is $383,915  (after the
minority interest share of the gain of $215,336).
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, 1997.
ONE LIBERTY PROPERTIES, INC.

                                   SIGNATURES

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

 
                             One Liberty Properties, Inc.
                                   (Registrant)

November 13, 1997  /s/ Matthew Gould 
 Date              Matthew Gould
                   President

November 13, 1997 /s/ David W. Kalish
 Date             David W. Kalish
                  Vice President and
                  Chief Financial Officer