ONE LIBERTY PROPERTIES, INC. ACQUIRES A RHODES FURNITURE STORE

Great Neck, New York - September 8, 1997 - One Liberty Properties, Inc. (ASE:OLP;OLP Pr) announced today that it acquired, on September 5, 1997, through a wholly owned subsidiary, a 72,857 square foot retail store on a 6.3 acre site located in Chattanooga, Tennessee for a consideration of approximately $2.82 million.

The single story building is net leased to Kmart Corporation (NYSE:KM). The basic term of the lease expires in 2006 and provides the tenant with lease renewal options through 2046.

The property was selected in part due to its location on Lee Highway, a significant retail corridor. The property is long term sublet to, and occupied as a full service furniture store by, Rhodes, Inc., a wholly owned subsidiary of Heilig-Meyers Company (NYSE:HMY).