ONE LIBERTY PROPERTIES, INC. ACQUIRES BELLSOUTH SERVICE CENTER

Great Neck, New York - October 5, 1998 - One Liberty Properties, Inc. (ASE:OLP;OLP Pr) announced today that it has acquired, through a wholly owned subsidiary, a BellSouth service center, which includes a 7,000+ square foot 2-story office building along with service and storage facilities of another approximately 3,000 square feet. The property is located in West Palm Beach, Florida, on a parcel of 3.06 acres. The consideration for the property was approximately $900,000.

The property along with the various improvements is leased to BellSouth Telecommunications, Inc., a wholly owned subsidiary of BellSouth Corporation (NYSE:BLS).

The location of the property, in the western portion of West Palm Beach, was chosen in part due to the substantive development and population increase in the immediate area. The site is located less than 1/2 mile from the high traffic intersection of Okeechobee Blvd and Jog Road. The current remaining term of the lease is for 9-1/2 years, expiring in 2008.

One Liberty is a New York-based REIT that specializes in the acquisition and ownership of long-term net leased single tenant 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 40 properties in 14 states.