ONE LIBERTY PROPERTIES, INC. ACQUIRES A BASSETT FURNITURE STORE

Great Neck, New York - June 29, 1998 - One Liberty Properties, Inc. (ASE:OLP;OLP Pr) announced today that it has acquired, on June 26, 1998, through a wholly owned subsidiary, a 22,925 square foot retail store on a 2.36 acre site located in Mesquite, Texas for a cash consideration of approximately $3.6 million.

The single story building is net leased to BDP, L.C., a Texas-based franchisee of Bassett Furniture Industries, Inc. (NYSE:BSET). Bassett Furniture Industries, Inc. also provides a partial guarantee of the lease.

The basic term of the lease expires in 2013 and provides the tenant with lease renewal options through 2023.

The property was selected in part due to its location on the service road of the LBJ Freeway and directly across the street from an approximately 1.2 million square foot mall. The immediate area is undergoing considerable development for other freestanding retail tenants.

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 leases generally provide that all operating expenses and most or all other property related expenses are paid for by the tenant, while contractual rental income escalates. One Liberty's portfolio of real estate investments now consists of 39 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 long term net leased real property, primarily focusing on retail locations and tenants. Mr. Gould noted that the Company intends to continue to concentrate on investments of this type.