ONE LIBERTY PROPERTIES, INC. ACQUIRES SPORTS AUTHORITY STORE

Great Neck, New York - August 14, 1996 - One Liberty Properties, Inc. (ASE:OLP;OLP Pr) announced today that it has acquired, through a wholly owned subsidiary, a 50,400 square foot retail sporting goods superstore located on approximately 5.5 acres in Clayton County, Georgia for a consideration of approximately $4 million.

The single story building is net leased on a long term basis to The Sports Authority, Inc. (NYSE:TSA), a Fort Lauderdale-based organization specializing in the retail sale of sporting goods and equipment.

The location of the property was selected in part due to its high traffic location just west of Interstate 75, a primary north/south corridor to downtown Atlanta. The net lease expires in 2014 and provides the tenant with extension options through 2034.