ONE LIBERTY PROPERTIES, INC. ACQUIRES JUST FOR FEET SUPERSTORE

Great Neck, New York - October 14, 1996 - One Liberty Properties, Inc. (ASE:OLP;OLP Pr) announced today that it has acquired, through a wholly owned subsidiary, a 21,043 square foot retail athletic and outdoor footwear superstore located on approximately 2 acres in Lewisville, Texas for a consideration of approximately $3.412 million.

The single story building is net leased on a long term basis to The Just For Feet, Inc. (NASDAQ:FEET), a Birmingham, Alabama based organization specializing in the retail sale of a variety of footwear.

The location of the property was selected in part due to its high traffic and strong visibility location adjacent to Interstate 35-E, and contiguous with the Vista Ridge Village power center. The net lease expires in 2016 and provides the tenant with extension options through 2026.