ONE LIBERTY PROPERTIES, INC. ACQUIRES A DUAL TENANT RETAIL STORE

ONE LIBERTY PROPERTIES, INC. ACQUIRES A DUAL TENANT RETAIL STORE

Great Neck, New York February 11, 2000 - One Liberty Properties, Inc. (ASE:OLP;OLP Pr) announced today that on February 10, 2000 it acquired, through a wholly owned subsidiary, a 51,018 square foot building on approximately 4.3 acres located in Plano, Texas for a consideration of approximately $7.65 million.

The site is comprised of a one-story retail building and is net leased to two tenants. Golfsmith International Inc. occupies 25,018 square feet and BDP, L.C., a Texas-based franchisee of Bassett Furniture Industries, Inc. (NYSE:BSET) occupies 26,000 square feet. Bassett Furniture Industries, Inc. also provides a limited guarantee of it's franchisee's lease.

The basic terms of the leases expire in 2014 and 2013 and provides the tenants with lease renewal options through 2029 and 2028 respectively.

One Liberty is a New York-based REIT that specializes in the acquisition and ownership of net leased single tenant real estate in the retail, office or industrial sectors, with both short and long term leases. 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 45 properties in 14 states. For more information on One Liberty, please visit our website at www.1liberty.com.

Jeffrey Fishman, President of One Liberty, commented that the acquisition of this asset continues the Company's stated objective of seeking opportunistic acquisitions of improved net leased real property leased to quality tenants. Mr. Fishman noted that the Company intends to continue to concentrate on investments of this type.

Contact: Mark Lundy - (516) 466-3100