Great Neck, New York - February 8, 1999 - One Liberty Properties, Inc. (ASE:OLP;OLP Pr) announced today that it has acquired, through a wholly owned subsidiary, a 14,550 square foot retail store on approximately 1.54 acres located in Selden, New York for a cash consideration of approximately $2.84 million.

The single story building is net leased to PETCO Animal Supplies, Inc. (NASDAQ:PETC).

The basic term of the lease expires in 2007 and provides the tenant with lease renewal options through 2017.

The property, which is located on Middle County Road (Route 25) in Selden, New York, was selected in part due to its strong retail location. Selden is located in Suffolk County, Long Island, just north of the Long Island Expressway.

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 41 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 single tenant 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.