ONE LIBERTY PROPERTIES, INC. ACQUIRES A BARNES & NOBLE SUPERSTORE

Great Neck, New York - November 8, 1996 - One Liberty Properties, Inc. (ASE:OLP;OLP Pr) announced today that yesterday it acquired, through a wholly owned subsidiary, a 29,993 square foot retail book, magazine and computer software superstore located in Ft. Myers, Florida for a consideration of approximately $5 million.

The single story building is net leased on a long-term basis to Barnes & Noble Superstores, Inc., and guaranteed by Barnes & Noble, Inc. (NYSE:BKS), a New York based organization which is the nation's largest bookseller.

The location of the property was selected in part due to its high traffic and strong visibility location on US Highway 41, and within the Market Square Shopping Center. The net lease expires in 2017 and provides the tenant with extension options through 2037.