ONE LIBERTY PROPERTIES, INC. ACQUIRES AN OFFICEMAX STORE

Great Neck, New York - February 22, 1999 - One Liberty Properties, Inc. (ASE:OLP;OLP Pr) announced today that on February 18, 1999 it acquired, through a wholly owned subsidiary, a 23,483 square foot retail store on approximately 3 acres located in Batavia, New York for a cash consideration of approximately $2.55 million.

The single story building is net leased to OfficeMax, Inc. (NYSE:OMX).

The basic term of the lease expires in 2013 and provides the tenant with lease renewal options through 2033.

The property, which is located on Veterans Memorial Highway in Batavia, New York, was selected in part due to its strong retail location. Batavia is located in upstate New York midway between Buffalo and Rochester just south of Interstate 90.

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 42 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.