ONE LIBERTY PROPERTIES, INC. ACQUIRES A KITTLE’S FURNITURE STORE

Great Neck, New York - November 20, 1997 - One Liberty Properties, Inc. (ASE:OLP;OLP Pr) announced today that it acquired, as of November 19, 1997, through a wholly owned subsidiary, a 96,924 square foot retail store on a 6.22 acre site located in Columbus, Ohio for a consideration of approximately $7.3 million.

The single story building is triple net leased on a long-term basis to Kittle’s Home Furnishings, Inc., an Indiana-based furniture retailer. The lease is partially guaranteed by MASCO Corporation (NYSE:MAS). The basic term of the net lease expires in 2011 and provides the tenant with extension options through 2036.

The location of the property was selected in part due to its high traffic and strong visibility location just west of Interstate 270 in northwestern Columbus. The immediate area, commonly known as Tuttle Crossing, is currently experiencing substantive development growth.