ACQUISITION OF NET LEASED PROPERTIES FROM AFFILIATED ENTITY

Great Neck, New York - August 21, 1995 - One Liberty Properties, Inc. (ASE:OLP;OLP Pr) announced today that it has acquired an 8,000 square foot retail video store located in Killeen, Texas for a consideration of approximately $1.4 million.

The single story building is net leased on a long term basis to Hollywood Entertainment Corporation (operating under the name Hollywood Video), a publicly held Oregon-based organization specializing in the retail rental and sale of videocassettes and video games.

The location of the property was selected due to its high traffic location on U.S. Highway 190, also known as the Central Texas Highway. The net lease on the building expires in 2010 and provides the tenant with extension options through 2020.