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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange
  Commission on August 5, 2016</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No.&nbsp;333-&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>
  
  <!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>
  
  <!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM&nbsp;S-8</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ONE LIBERTY PROPERTIES,&nbsp;INC.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in Its
  Charter)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Maryland</B><BR>
  (State or Other Jurisdiction of Incorporation or Organization)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>13-3147497</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(IRS Employer Identification Number)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>60 CUTTER MILL ROAD, SUITE 303</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>GREAT NECK, NEW YORK 11021</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal Executive Offices) (Zip
  Code)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ONE LIBERTY PROPERTIES,&nbsp;INC. 2016 INCENTIVE
  PLAN</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Full Title of the Plan)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Mark H. Lundy,&nbsp;Esq.<BR>
  Senior Vice President and Secretary</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>One Liberty Properties,&nbsp;Inc.<BR>
  60 Cutter Mill Road</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Great Neck, New York 11021</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name and Address of Agent for Service)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>516-466-3100</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Telephone Number,&nbsp;Including Area Code,
  of Agent for Service)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
  is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of
  &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;small reporting company&rdquo; in Rule&nbsp;12b-2
  of the Exchange Act. (Check one):</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr>
      <td style="vertical-align: top; width: 50%; padding-left: 50pt; text-indent: -10pt"><font style="font-size: 10pt">Large accelerated filer <font style="font-family: Wingdings">o</font></font></td>
      <td style="vertical-align: bottom; width: 2%">&nbsp;</td>
      <td style="vertical-align: top; width: 48%; padding-left: 50pt; text-indent: -10pt"><font style="font-size: 10pt">Accelerated filer <font style="font-family: Wingdings">x</font></font></td></tr>
  <tr>
      <td style="vertical-align: top; padding-left: 50pt; text-indent: -10pt"><font style="font-size: 10pt">Non-accelerated filer <font style="font-family: Wingdings">o</font></font></td>
      <td style="vertical-align: bottom">&nbsp;</td>
      <td style="vertical-align: top; padding-left: 50pt; text-indent: -10pt"><font style="font-size: 10pt">Smaller reporting company <font style="font-family: Wingdings">o</font></font></td></tr>
  <tr>
      <td style="vertical-align: top"><font style="font-size: 10pt">(Do not check if a smaller reporting company)</font></td>
      <td style="vertical-align: bottom">&nbsp;</td>
      <td style="vertical-align: top; text-align: center">&nbsp;</td></tr>
  </table>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
  
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>
  
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
      <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Title&nbsp;of&nbsp;each&nbsp;class&nbsp;of&nbsp;securities<BR> to&nbsp;be&nbsp;registered</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount&nbsp;to&nbsp;be<BR> registered(1)(2)</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Proposed<BR> maximum<BR> offering&nbsp;price per<BR> share(3)</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Proposed<BR>
      maximum<BR> aggregate offering<BR> price(3)</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount&nbsp;of<BR> registration<BR> fee(3)</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="width: 44%; font-size: 10pt; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Shares of common stock, par value $1.00 per share</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 4pt double; font-size: 10pt; text-align: right">750,000</TD><TD STYLE="width: 1%; padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 4pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; border-bottom: Black 4pt double; font-size: 10pt; text-align: right">24.76</TD><TD STYLE="width: 1%; padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 4pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; border-bottom: Black 4pt double; font-size: 10pt; text-align: right">18,570,000</TD><TD STYLE="width: 1%; padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
      <TD STYLE="width: 1%; border-bottom: Black 4pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; border-bottom: Black 4pt double; font-size: 10pt; text-align: right">1,870</TD><TD STYLE="width: 1%; padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
      <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
      <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
      <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
      <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>This registration statement registers 750,000 of the registrant&rsquo;s shares of common stock, par value $1.00 per share,
  authorized for issuance under the registrant&rsquo;s 2016 Incentive Plan.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Pursuant to Rule&nbsp;416 promulgated under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this
  registration statement shall also cover any of the registrant&rsquo;s shares of common stock which become issuable under the registrant&rsquo;s
  2016 Incentive Plan by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without
  the receipt of consideration which results in an increase in the number of the registrant&rsquo;s outstanding shares of common
  stock.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule&nbsp;457(h)&nbsp;under
  the Securities Act and is based upon the average of the high and low price of the registrant&rsquo;s common stock as reported on
  the New York Stock Exchange on August 2, 2016.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART&nbsp;I</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION&nbsp;10(a)&nbsp;PROSPECTUS</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All information required by Part&nbsp;I of Form&nbsp;S-8
  to be contained in the prospectus is omitted from this registration statement in accordance with Rule&nbsp;428 under the Securities
  Act of 1933 and the introductory note to Part&nbsp;I of Form&nbsp;S-8.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>
  
  <!-- Field: Page; Sequence: 3 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART&nbsp;II</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION
  STATEMENT</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
      <td style="width: 10%"><b>Item&nbsp;3.</b></td>
      <td style="width: 90%"><b>Incorporation of Documents by Reference. </b></td></tr>
  </table>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The following documents are hereby incorporated
  by reference in this Registration Statement:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>The Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2015 filed by One Liberty Properties,&nbsp;Inc. (the
  &ldquo;Registrant&rdquo;) on March 15, 2016 and the Registrant&rsquo;s definitive proxy statement filed April&nbsp;18, 2016;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>All other reports filed by the Registrant pursuant to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act
  of 1934, as amended (the &ldquo;Exchange Act&rdquo;), since December&nbsp;31, 2015;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>The Registrant&rsquo;s Registration Statement on Form&nbsp;8-A, filed on January&nbsp;5, 2004 pursuant to Section&nbsp;12(b)&nbsp;of
  the Exchange Act, and the description of our common stock set forth in the final prospectus supplement filed pursuant to Rule&nbsp;424(b)(2)&nbsp;on
  October&nbsp;28, 2003, which is incorporated therein by&nbsp;reference,&nbsp;including any amendment or report filed for the purpose
  of updating such description.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">All documents subsequently filed by the Registrant
  with the SEC pursuant to Section&nbsp;13(a), 13(c), 14 and 15(d)&nbsp;of the Exchange Act (other than portions of those documents
  furnished or otherwise not deemed to be filed), prior to the filing of a post-effective amendment which indicates that all securities
  offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by
  reference herein and to be a part hereof from the date of the filing of such documents.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">Any statement contained in a document incorporated
  by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that
  a statement contained herein or in any other subsequently filed document which also is incorporated by reference herein modified
  or superseded such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded,
  to constitute a part of this Registration Statement.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
      <td style="width: 10%"><b>Item&nbsp;4.</b></td>
      <td style="width: 90%"><b>Description of Securities. </b></td></tr>
  </table>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Not applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
      <td style="width: 10%"><b>Item&nbsp;5.</b></td>
      <td style="width: 90%"><b>Interests of Named Experts and Counsel. </b></td></tr>
  </table>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Simeon Brinberg,&nbsp;Esq., who is providing
  an opinion on the legality of the shares of common stock being registered hereby, is Senior Counsel of the Registrant. Mr.&nbsp;Brinberg
  is eligible to participate in the 2016 Incentive Plan and beneficially owns 275,172 shares of the Registrant&rsquo;s common stock.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
      <td style="width: 10%"><b>Item&nbsp;6.</b></td>
      <td style="width: 90%"><b>Indemnification of Directors and Officers. </b></td></tr>
  </table>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Registrant&rsquo;s charter obligates it
  to indemnify its directors and officers to the maximum extent permitted by Maryland law. The Maryland General Corporation Law (&ldquo;MGCL&rdquo;)
  permits a corporation to indemnify its present and former directors and officers against judgments, penalties, fines, settlements
  and reasonable expenses actually incurred by them in connection with any proceeding to which they may be a party by reason of their
  service in those or other capacities, unless it is established that (a)&nbsp;the act or omission of the director or officer was
  material to the matter giving rise to the proceeding and (i)&nbsp;was committed in bad faith, or (ii)&nbsp;was the result of active
  and deliberate dishonesty, or (b)&nbsp;the director or officer actually received an improper personal benefit in money, property
  or services, or (c)&nbsp;in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the
  act or omission was unlawful.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The MGCL permits the charter of a Maryland
  corporation to include a provision limiting the liability of its directors and officers to the corporation and its stockholders
  for money damages, except to the extent that (i)&nbsp;it is proved that the person actually received an improper benefit or profit
  in money, property or services, or (ii)&nbsp;a judgment or other final adjudication is entered in a proceeding based on a finding
  that the person&rsquo;s action, or failure to act, was the result of active and deliberate dishonesty and was material to the cause
  of action adjudicated in the proceeding. The Registrant&rsquo;s charter provides for elimination of the liability of its directors
  and officers to the Registrant or its stockholders for money damages to the maximum extent permitted by Maryland law from time-to-time.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Our directors and officers are covered by insurance
  policies maintained by us or on our behalf insuring against certain liabilities for actions taken in their capacities as such,
  including liabilities under the Securities Act.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"></P>
  
  <!-- Field: Page; Sequence: 4; Options: NewSection -->
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;&nbsp;&nbsp;</P>
  
  <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
      <td style="width: 10%"><b>Item&nbsp;7.</b></td>
      <td style="width: 90%"><b>Exemption from Registration Claimed. </b></td></tr>
  </table>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27.35pt">Not applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
      <td style="width: 10%"><b>Item&nbsp;8.</b></td>
      <td style="width: 90%"><b>Exhibits. </b></td></tr>
  </table>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: bottom">
      <TD STYLE="width: 10%"><font style="font-size: 10pt"><b>Exhibit</b></font></td>
      <TD STYLE="width: 2%; text-align: center">&nbsp;</td>
      <TD STYLE="width: 88%; text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
      <TD STYLE="border-bottom: Black 1.5pt solid"><font style="font-size: 10pt"><b>Number</b></font></td>
      <TD STYLE="text-align: center">&nbsp;</td>
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 10pt"><b>Description&nbsp;of&nbsp;Document</b></font></td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top">5.1</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">Opinion of Simeon Brinberg,&nbsp;Esq. with respect to the legality of the securities being registered.</td></tr>
  <TR STYLE="background-color: White">
      <TD STYLE="vertical-align: top">&nbsp;</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">&nbsp;</td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top">10.1</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">One Liberty Properties, Inc. 2016 Incentive Plan (incorporated by reference to exhibit 10.1 filed on August 5, 2016 with the Registrant&rsquo;s Quarterly Report on Form 10-Q (File No. 001-09279).</td></tr>
  <TR STYLE="background-color: White">
      <TD STYLE="vertical-align: top">&nbsp;</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">&nbsp;</td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top">23.1</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">Consent of Simeon Brinberg,&nbsp;Esq. (included in the opinion filed as Exhibit&nbsp;5.1).</td></tr>
  <TR STYLE="background-color: White">
      <TD STYLE="vertical-align: top">&nbsp;</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">&nbsp;</td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top">23.2</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">Consent of Ernst&nbsp;&amp; Young LLP.</td></tr>
  <TR STYLE="background-color: White">
      <TD STYLE="vertical-align: top">&nbsp;</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">&nbsp;</td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top">24.1</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">Power of Attorney (included on the signature page&nbsp;of this registration statement).</td></tr>
  </table>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
      <td style="width: 10%"><b>Item 9.</b></td>
      <td style="width: 90%"><b>Undertakings.</b></td></tr>
  </table>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in">(a)<FONT STYLE="font-size: 10pt">&#9;</FONT>The undersigned
  Registrant hereby undertakes:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 1in">1.<FONT STYLE="font-size: 10pt">&#9;</FONT>To
  file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>To include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most
  recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
  set forth in the Registration Statement.&nbsp;&nbsp;Notwithstanding the foregoing, any increase or decrease in volume of securities
  offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the
  low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant
  to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the
  maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective Registration
  Statement.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
  or any material change to such information in the Registration Statement;</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>
  
  <!-- Field: Page; Sequence: 5 -->
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"><I>Provided, however</I>, that paragraphs (a)(1)(i)&nbsp;and
  (a)(1)(ii)&nbsp;of this section do not apply if the Registration Statement is on Form S-8, and the information required to be included
  in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant
  pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act that are incorporated by reference in the Registration
  Statement.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 1in">2.<FONT STYLE="font-size: 10pt">&#9;</FONT>That,
  for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
  a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
  be deemed to be the initial <I>bona fide</I> offering thereof.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 1in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 1in">3.<FONT STYLE="font-size: 10pt">&#9;</FONT>To
  remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
  termination of the offering.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 1in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&#9;</FONT>The
  undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
  of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Exchange Act (and,
  where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d)&nbsp;of the Exchange
  Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating
  to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I>
  offering thereof.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&#9;</FONT>Insofar
  as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
  of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
  Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
  unenforceable.&nbsp;&nbsp;In the event that a claim for indemnification against such liabilities (other than the payment by the
  Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense
  of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
  being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
  submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
  in the Securities Act and will be governed by the final adjudication of such issue.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 0.5in"></P>
  
  <!-- Field: Page; Sequence: 6 -->
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      <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 0.5in"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
  Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
  on Form&nbsp;S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly
  authorized, in the Village of Great Neck Plaza, State of New York on August 5, 2016.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: top">
      <TD>&nbsp;</td>
      <td colspan="2">ONE LIBERTY PROPERTIES,&nbsp;INC.</td></tr>
  <tr style="vertical-align: top">
      <TD>&nbsp;</td>
      <td colspan="2">&nbsp;</td></tr>
  <tr style="vertical-align: top">
      <TD STYLE="width: 60%">&nbsp;</td>
      <TD STYLE="width: 3%">By:</td>
      <TD STYLE="width: 37%; border-bottom: Black 1.5pt solid"><i>/s/</i> Patrick J. Callan,&nbsp;Jr.</td></tr>
  <tr style="vertical-align: top">
      <TD>&nbsp;</td>
      <TD>&nbsp;</td>
      <TD>Patrick J. Callan,&nbsp;Jr.</td></tr>
  <tr style="vertical-align: top">
      <TD>&nbsp;</td>
      <TD>&nbsp;</td>
      <TD><i>President and Chief Executive Officer</i></td></tr>
  </table>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.75in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>POWER OF ATTORNEY</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">KNOW ALL MEN BY THESE PRESENTS, each of the
  undersigned constitutes and appoints Patrick J. Callan,&nbsp;Jr., Mark H. Lundy and David W. Kalish, and each of them, as attorneys-in-fact
  and agents, with full power of substitution and resubstitution, for and in the name, place and stead of the undersigned, in any
  and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement or any
  registration statement for this offering that is to be effective upon the filing pursuant to Rule&nbsp;462(b)&nbsp;under the Securities
  Act of 1933, as amended, and all post-effective amendments thereto, and to file the same, with all exhibits thereto and all other
  documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents
  full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises,
  as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that each
  of said attorney-in-fact or substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
  Act of 1933, this registration statement has been signed by the following persons in the capacities indicated, on August 5, 2016.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: bottom">
      <TD STYLE="width: 40%; border-bottom: Black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Signature</b></font></td>
      <TD STYLE="width: 2%; text-align: center">&nbsp;</td>
      <TD STYLE="width: 58%; border-bottom: Black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Title</b></font></td></tr>
  <tr style="vertical-align: bottom">
      <TD STYLE="text-align: center">&nbsp;</td>
      <TD STYLE="text-align: center">&nbsp;</td>
      <TD STYLE="text-align: center">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ Matthew J. Gould</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">Chairman of the Board of Directors</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; padding-left: 12.25pt">Matthew J. Gould</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top">&nbsp;</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ Patrick J. Callan,&nbsp;Jr.</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">Director, Chief Executive Officer and President</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; padding-left: 12.25pt">Patrick J. Callan,&nbsp;Jr.</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">(principal executive officer)</td></tr>
  <tr>
      <TD STYLE="vertical-align: top">&nbsp;</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ Fredric H. Gould</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">Vice Chairman of the Board of Directors</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; padding-left: 12.25pt">Fredric H. Gould</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top">&nbsp;</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid"></td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">Director</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; padding-left: 12.25pt">Joseph A. Amato</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top">&nbsp;</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ Charles Biederman</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">Director</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; padding-left: 12.25pt">Charles Biederman</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top">&nbsp;</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ James J. Burns</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">Director</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; padding-left: 12.25pt">James J. Burns</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top">&nbsp;</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ Joseph A. DeLuca</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">Director</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; padding-left: 12.25pt">Joseph A. DeLuca</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
  </table>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
  
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  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr>
      <TD STYLE="vertical-align: top; width: 40%; border-bottom: Black 1.5pt solid">/s/ Jeffrey A. Gould</td>
      <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</td>
      <TD STYLE="vertical-align: top; width: 58%; text-align: center">Director</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; padding-left: 12.25pt">Jeffrey A. Gould</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top">&nbsp;</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ Louis P. Karol</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">Director</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; padding-left: 12.25pt">Louis P. Karol</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top">&nbsp;</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ J. Robert Lovejoy</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">Director</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; padding-left: 12.25pt">J. Robert Lovejoy</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top">&nbsp;</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ Leor Siri</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">Director</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; padding-left: 12.25pt">Leor Siri</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top">&nbsp;</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ Eugene I. Zuriff</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">Director</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; padding-left: 12.25pt">Eugene I. Zuriff</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top">&nbsp;</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ David W. Kalish</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">Senior Vice President and Chief Financial Officer</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; padding-left: 12.25pt">David W. Kalish</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">(principal financial officer)</td></tr>
  <tr>
      <TD STYLE="vertical-align: top">&nbsp;</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">s/ Karen Dunleavy</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">Vice President &mdash; Financial</td></tr>
  <tr>
      <TD STYLE="vertical-align: top; padding-left: 12.25pt">Karen Dunleavy</td>
      <TD STYLE="vertical-align: bottom">&nbsp;</td>
      <TD STYLE="vertical-align: top; text-align: center">(principal accounting officer)</td></tr>
  </table>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>EXHIBIT INDEX</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  
  <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: bottom">
      <td style="width: 10%"><font style="font-size: 10pt"><b>Exhibit</b></font></td>
      <td style="width: 2%; text-align: center">&nbsp;</td>
      <td style="width: 88%; text-align: center">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
      <td style="border-bottom: Black 1.5pt solid"><font style="font-size: 10pt"><b>Number</b></font></td>
      <td style="text-align: center">&nbsp;</td>
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 10pt"><b>Description&nbsp;of&nbsp;Document</b></font></td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
      <td style="vertical-align: top">5.1</td>
      <td style="vertical-align: bottom">&nbsp;</td>
      <td style="vertical-align: top">Opinion of Simeon Brinberg,&nbsp;Esq. with respect to the legality of the securities being registered.</td></tr>
  <TR STYLE="background-color: White">
      <td style="vertical-align: top">&nbsp;</td>
      <td style="vertical-align: bottom">&nbsp;</td>
      <td style="vertical-align: top">&nbsp;</td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
      <td style="vertical-align: top">10.1</td>
      <td style="vertical-align: bottom">&nbsp;</td>
      <td style="vertical-align: top">One Liberty Properties, Inc. 2016 Incentive Plan (incorporated by reference to exhibit 10.1 filed on August 5, 2016 with the Registrant&rsquo;s Quarterly Report on Form 10-Q (File No. 001-09279).</td></tr>
  <TR STYLE="background-color: White">
      <td style="vertical-align: top">&nbsp;</td>
      <td style="vertical-align: bottom">&nbsp;</td>
      <td style="vertical-align: top">&nbsp;</td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
      <td style="vertical-align: top">23.1</td>
      <td style="vertical-align: bottom">&nbsp;</td>
      <td style="vertical-align: top">Consent of Simeon Brinberg,&nbsp;Esq. (included in the opinion filed as Exhibit&nbsp;5.1).</td></tr>
  <TR STYLE="background-color: White">
      <td style="vertical-align: top">&nbsp;</td>
      <td style="vertical-align: bottom">&nbsp;</td>
      <td style="vertical-align: top">&nbsp;</td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
      <td style="vertical-align: top">23.2</td>
      <td style="vertical-align: bottom">&nbsp;</td>
      <td style="vertical-align: top">Consent of Ernst&nbsp;&amp; Young LLP.</td></tr>
  <TR STYLE="background-color: White">
      <td style="vertical-align: top">&nbsp;</td>
      <td style="vertical-align: bottom">&nbsp;</td>
      <td style="vertical-align: top">&nbsp;</td></tr>
  <TR STYLE="background-color: rgb(204,238,255)">
      <td style="vertical-align: top">24.1</td>
      <td style="vertical-align: bottom">&nbsp;</td>
      <td style="vertical-align: top">Power of Attorney (included on the signature page&nbsp;of this registration statement).</td></tr>
  </table>
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text: As filed with the Securities and Exchange
  Commission on August 5, 2016
  Registration No. 333-
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM S-8
  REGISTRATION STATEMENT
  UNDER
  THE SECURITIES ACT OF 1933
  ONE LIBERTY PROPERTIES, INC.
  (Exact Name of Registrant as Specified in Its
  Charter)
  Maryland
  (State or Other Jurisdiction of Incorporation or Organization)
  13-3147497
  (IRS Employer Identification Number)
  60 CUTTER MILL ROAD, SUITE 303
  GREAT NECK, NEW YORK 11021
  (Address of Principal Executive Offices) (Zip
  Code)
  ONE LIBERTY PROPERTIES, INC. 2016 INCENTIVE
  PLAN
  (Full Title of the Plan)
  Mark H. Lundy, Esq.
  Senior Vice President and Secretary
  One Liberty Properties, Inc.
  60 Cutter Mill Road
  Great Neck, New York 11021
  (Name and Address of Agent for Service)
  516-466-3100
  (Telephone Number, Including Area Code,
  of Agent for Service)
  Indicate by check mark whether the registrant
  is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of
  "large accelerated filer," "accelerated filer" and "small reporting company" in Rule 12b-2
  of the Exchange Act. (Check one):
  Large accelerated filer
  o
  Accelerated filer
  x
  Non-accelerated filer
  o
  Smaller reporting company
  o
  (Do not check if a smaller reporting company)
  CALCULATION OF REGISTRATION FEE
  Title of each class of securities
  to be registered
  Amount to be
  registered(1)(2)
  Proposed
  maximum
  offering price per
  share(3)
  Proposed
  maximum
  aggregate offering
  price(3)
  Amount of
  registration
  fee(3)
  Shares of common stock, par value $1.00 per share
  750,000
  $
  24.76
  $
  18,570,000
  $
  1,870
  (1)
  This registration statement registers 750,000 of the registrant's shares of common stock, par value $1.00 per share,
  authorized for issuance under the registrant's 2016 Incentive Plan.
  (2)
  Pursuant to Rule 416 promulgated under the Securities Act of 1933, as amended (the "Securities Act"), this
  registration statement shall also cover any of the registrant's shares of common stock which become issuable under the registrant's
  2016 Incentive Plan by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without
  the receipt of consideration which results in an increase in the number of the registrant's outstanding shares of common
  stock.
  (3)
  Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(h) under
  the Securities Act and is based upon the average of the high and low price of the registrant's common stock as reported on
  the New York Stock Exchange on August 2, 2016.
  PART I
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  All information required by Part I of Form S-8
  to be contained in the prospectus is omitted from this registration statement in accordance with Rule 428 under the Securities
  Act of 1933 and the introductory note to Part I of Form S-8.
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION
  STATEMENT
  Item 3.
  Incorporation of Documents by Reference.
  The following documents are hereby incorporated
  by reference in this Registration Statement:
  (a)
  The Annual Report on Form 10-K for the year ended December 31, 2015 filed by One Liberty Properties, Inc. (the
  "Registrant") on March 15, 2016 and the Registrant's definitive proxy statement filed April 18, 2016;
  (b)
  All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Securities Exchange Act
  of 1934, as amended (the "Exchange Act"), since December 31, 2015;
  (c)
  The Registrant's Registration Statement on Form 8-A, filed on January 5, 2004 pursuant to Section 12(b) of
  the Exchange Act, and the description of our common stock set forth in the final prospectus supplement filed pursuant to Rule 424(b)(2) on
  October 28, 2003, which is incorporated therein by reference, including any amendment or report filed for the purpose
  of updating such description.
  All documents subsequently filed by the Registrant
  with the SEC pursuant to Section 13(a), 13(c), 14 and 15(d) of the Exchange Act (other than portions of those documents
  furnished or otherwise not deemed to be filed), prior to the filing of a post-effective amendment which indicates that all securities
  offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by
  reference herein and to be a part hereof from the date of the filing of such documents.
  Any statement contained in a document incorporated
  by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that
  a statement contained herein or in any other subsequently filed document which also is incorporated by reference herein modified
  or superseded such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded,
  to constitute a part of this Registration Statement.
  Item 4.
  Description of Securities.
  Not applicable.
  Item 5.
  Interests of Named Experts and Counsel.
  Simeon Brinberg, Esq., who is providing
  an opinion on the legality of the shares of common stock being registered hereby, is Senior Counsel of the Registrant. Mr. Brinberg
  is eligible to participate in the 2016 Incentive Plan and beneficially owns 275,172 shares of the Registrant's common stock.
  Item 6.
  Indemnification of Directors and Officers.
  The Registrant's charter obligates it
  to indemnify its directors and officers to the maximum extent permitted by Maryland law. The Maryland General Corporation Law ("MGCL")
  permits a corporation to indemnify its present and former directors and officers against judgments, penalties, fines, settlements
  and reasonable expenses actually incurred by them in connection with any proceeding to which they may be a party by reason of their
  service in those or other capacities, unless it is established that (a) the act or omission of the director or officer was
  material to the matter giving rise to the proceeding and (i) was committed in bad faith, or (ii) was the result of active
  and deliberate dishonesty, or (b) the director or officer actually received an improper personal benefit in money, property
  or services, or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the
  act or omission was unlawful.
  The MGCL permits the charter of a Maryland
  corporation to include a provision limiting the liability of its directors and officers to the corporation and its stockholders
  for money damages, except to the extent that (i) it is proved that the person actually received an improper benefit or profit
  in money, property or services, or (ii) a judgment or other final adjudication is entered in a proceeding based on a finding
  that the person's action, or failure to act, was the result of active and deliberate dishonesty and was material to the cause
  of action adjudicated in the proceeding. The Registrant's charter provides for elimination of the liability of its directors
  and officers to the Registrant or its stockholders for money damages to the maximum extent permitted by Maryland law from time-to-time.
  Our directors and officers are covered by insurance
  policies maintained by us or on our behalf insuring against certain liabilities for actions taken in their capacities as such,
  including liabilities under the Securities Act.
  II-
  1
  Item 7.
  Exemption from Registration Claimed.
  Not applicable.
  Item 8.
  Exhibits.
  Exhibit
  Number
  Description of Document
  5.1
  Opinion of Simeon Brinberg, Esq. with respect to the legality of the securities being registered.
  10.1
  One Liberty Properties, Inc. 2016 Incentive Plan (incorporated by reference to exhibit 10.1 filed on August 5, 2016 with the Registrant's Quarterly Report on Form 10-Q (File No. 001-09279).
  23.1
  Consent of Simeon Brinberg, Esq. (included in the opinion filed as Exhibit 5.1).
  23.2
  Consent of Ernst & Young LLP.
  24.1
  Power of Attorney (included on the signature page of this registration statement).
  Item 9.
  Undertakings.
  (a)
  The undersigned
  Registrant hereby undertakes:
  1.
  To
  file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
  (i)
  To include any prospectus required by Section 10(a)(3) of the Securities Act;
  (ii)
  To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most
  recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
  set forth in the Registration Statement.  Notwithstanding the foregoing, any increase or decrease in volume of securities
  offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the
  low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant
  to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the
  maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration
  Statement.
  (iii)
  To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
  or any material change to such information in the Registration Statement;
  II-
  2
  Provided, however
  , that paragraphs (a)(1)(i) and
  (a)(1)(ii) of this section do not apply if the Registration Statement is on Form S-8, and the information required to be included
  in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant
  pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration
  Statement.
  2.
  That,
  for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
  a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
  be deemed to be the initial
  bona fide
  offering thereof.
  3.
  To
  remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
  termination of the offering.
  (b)
  The
  undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
  of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and,
  where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange
  Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating
  to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
  bona fide
  offering thereof.
  (c)
  Insofar
  as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
  of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
  Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
  unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment by the
  Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense
  of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
  being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
  submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
  in the Securities Act and will be governed by the final adjudication of such issue.
  II-
  3
  SIGNATURES
  Pursuant to the requirements of the Securities
  Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
  on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly
  authorized, in the Village of Great Neck Plaza, State of New York on August 5, 2016.
  ONE LIBERTY PROPERTIES, INC.
  By:
  /s/
  Patrick J. Callan, Jr.
  Patrick J. Callan, Jr.
  President and Chief Executive Officer
  POWER OF ATTORNEY
  KNOW ALL MEN BY THESE PRESENTS, each of the
  undersigned constitutes and appoints Patrick J. Callan, Jr., Mark H. Lundy and David W. Kalish, and each of them, as attorneys-in-fact
  and agents, with full power of substitution and resubstitution, for and in the name, place and stead of the undersigned, in any
  and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement or any
  registration statement for this offering that is to be effective upon the filing pursuant to Rule 462(b) under the Securities
  Act of 1933, as amended, and all post-effective amendments thereto, and to file the same, with all exhibits thereto and all other
  documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents
  full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises,
  as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that each
  of said attorney-in-fact or substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
  Pursuant to the requirements of the Securities
  Act of 1933, this registration statement has been signed by the following persons in the capacities indicated, on August 5, 2016.
  Signature
  Title
  /s/ Matthew J. Gould
  Chairman of the Board of Directors
  Matthew J. Gould
  /s/ Patrick J. Callan, Jr.
  Director, Chief Executive Officer and President
  Patrick J. Callan, Jr.
  (principal executive officer)
  /s/ Fredric H. Gould
  Vice Chairman of the Board of Directors
  Fredric H. Gould
  Director
  Joseph A. Amato
  /s/ Charles Biederman
  Director
  Charles Biederman
  /s/ James J. Burns
  Director
  James J. Burns
  /s/ Joseph A. DeLuca
  Director
  Joseph A. DeLuca
  II-
  4
  /s/ Jeffrey A. Gould
  Director
  Jeffrey A. Gould
  /s/ Louis P. Karol
  Director
  Louis P. Karol
  /s/ J. Robert Lovejoy
  Director
  J. Robert Lovejoy
  /s/ Leor Siri
  Director
  Leor Siri
  /s/ Eugene I. Zuriff
  Director
  Eugene I. Zuriff
  /s/ David W. Kalish
  Senior Vice President and Chief Financial Officer
  David W. Kalish
  (principal financial officer)
  s/ Karen Dunleavy
  Vice President — Financial
  Karen Dunleavy
  (principal accounting officer)
  II-
  5
  EXHIBIT INDEX
  Exhibit
  Number
  Description of Document
  5.1
  Opinion of Simeon Brinberg, Esq. with respect to the legality of the securities being registered.
  10.1
  One Liberty Properties, Inc. 2016 Incentive Plan (incorporated by reference to exhibit 10.1 filed on August 5, 2016 with the Registrant's Quarterly Report on Form 10-Q (File No. 001-09279).
  23.1
  Consent of Simeon Brinberg, Esq. (included in the opinion filed as Exhibit 5.1).
  23.2
  Consent of Ernst & Young LLP.
  24.1
  Power of Attorney (included on the signature page of this registration statement).