Great Neck, New York - April 1, 1998 - One Liberty Properties, Inc. (ASE:OLP;OLP Pr) announced today that it acquired, through a limited liability company in which its wholly owned subsidiary is a majority shareholder, a 66,000 square foot office building on a 19,391 square foot site located in Brooklyn, New York. The purchase price for the property was approximately $6.7 million.

The six-story building is net leased to The City of New York, through the Department of Citywide Administrative Services for use by the New York City Police Department. The basic term of the lease currently expires in 2003.

The location of the property was selected in part due to its strategic location between the Brooklyn and Manhattan Bridges, which provide immediate access to Manhattan. The site is adjacent to the MetroTech Center, which is experiencing substantive office development.

One Liberty is a New York-based REIT that specializes in the acquisition and ownership of long-term net leased single-tenant retail real estate. One Liberty's portfolio of real estate investments now consists of 38 properties in 14 states.

Matthew Gould, President of One Liberty, commented that the acquisition of this asset continues the Company's stated objective of acquiring improved net leased real property leased to quality tenants. Mr. Gould noted that the Company intends to continue to concentrate on investments of this type.