ONE LIBERTY PROPERTIES, INC. ACQUIRES AN INDUSTRIAL BUILDING

Great Neck, New York - March 22th, 1999 - One Liberty Properties, Inc. (ASE:OLP;OLP Pr) announced today that on March 18, 1999 it acquired, through a wholly owned subsidiary, an 89,000 square foot building on approximately 4.5 acres located in New Hyde Park/Garden City, New York for a consideration of approximately $1.86 million.

The site is comprised of a one story industrial building connected to a two story industrial building with office space and is net leased to Lawson Mardon USA Inc.

The basic term of the lease expires in 2009 and provides the tenant with lease renewal options through 2039.

The property is situated on the border of New Hyde Park and Garden City, New York. This site was selected in part due to its superior real estate location.

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 44 properties in 14 states.