ONE LIBERTY PROPERTIES, INC. SELLS SEATTLE PROPERTY

Great Neck, New York - November 3, 1998 - One Liberty Properties, Inc. (ASE:OLP;OLP Pr) announced today that it has sold its interest in land beneath a 19,480 square foot movie theatre located in Seattle, Washington. Total cash consideration of approximately $1.47 million was received. The sale will result in a gain to the Company during the fourth quarter of 1998 of approximately $1.15 million.