<SEC-DOCUMENT>0001213900-16-015568.txt : 20160805
<SEC-HEADER>0001213900-16-015568.hdr.sgml : 20160805
<ACCEPTANCE-DATETIME>20160805135725
ACCESSION NUMBER:		0001213900-16-015568
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20160805
DATE AS OF CHANGE:		20160805
EFFECTIVENESS DATE:		20160805

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ONE LIBERTY PROPERTIES INC
		CENTRAL INDEX KEY:			0000712770
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				133147497
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-212935
		FILM NUMBER:		161810362

	BUSINESS ADDRESS:	
		STREET 1:		60 CUTTER MILL RD
		STREET 2:		SUITE 303
		CITY:			GREAT NECK
		STATE:			NY
		ZIP:			11021-3190
		BUSINESS PHONE:		5164663100

	MAIL ADDRESS:	
		STREET 1:		60 CUTTER MILL ROAD
		STREET 2:		SUITE 303
		CITY:			GREAT NECK
		STATE:			NY
		ZIP:			11021-3190

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ONE LIBERTY FIRESTONE PROPERTIES INC
		DATE OF NAME CHANGE:	19851112
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>fs82016_onelibertyprop.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on August 5, 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No.&nbsp;333-&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM&nbsp;S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ONE LIBERTY PROPERTIES,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in Its
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Maryland</B><BR>
(State or Other Jurisdiction of Incorporation or Organization)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>13-3147497</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(IRS Employer Identification Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>60 CUTTER MILL ROAD, SUITE 303</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>GREAT NECK, NEW YORK 11021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal Executive Offices) (Zip
Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ONE LIBERTY PROPERTIES,&nbsp;INC. 2016 INCENTIVE
PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Full Title of the Plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Mark H. Lundy,&nbsp;Esq.<BR>
Senior Vice President and Secretary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>One Liberty Properties,&nbsp;Inc.<BR>
60 Cutter Mill Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Great Neck, New York 11021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name and Address of Agent for Service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>516-466-3100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Telephone Number,&nbsp;Including Area Code,
of Agent for Service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of
&ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;small reporting company&rdquo; in Rule&nbsp;12b-2
of the Exchange Act. (Check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr>
    <td style="vertical-align: top; width: 50%; padding-left: 50pt; text-indent: -10pt"><font style="font-size: 10pt">Large accelerated filer <font style="font-family: Wingdings">o</font></font></td>
    <td style="vertical-align: bottom; width: 2%">&nbsp;</td>
    <td style="vertical-align: top; width: 48%; padding-left: 50pt; text-indent: -10pt"><font style="font-size: 10pt">Accelerated filer <font style="font-family: Wingdings">x</font></font></td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 50pt; text-indent: -10pt"><font style="font-size: 10pt">Non-accelerated filer <font style="font-family: Wingdings">o</font></font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; padding-left: 50pt; text-indent: -10pt"><font style="font-size: 10pt">Smaller reporting company <font style="font-family: Wingdings">o</font></font></td></tr>
<tr>
    <td style="vertical-align: top"><font style="font-size: 10pt">(Do not check if a smaller reporting company)</font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: center">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Title&nbsp;of&nbsp;each&nbsp;class&nbsp;of&nbsp;securities<BR> to&nbsp;be&nbsp;registered</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount&nbsp;to&nbsp;be<BR> registered(1)(2)</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Proposed<BR> maximum<BR> offering&nbsp;price per<BR> share(3)</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Proposed<BR>
    maximum<BR> aggregate offering<BR> price(3)</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount&nbsp;of<BR> registration<BR> fee(3)</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; font-size: 10pt; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Shares of common stock, par value $1.00 per share</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 4pt double; font-size: 10pt; text-align: right">750,000</TD><TD STYLE="width: 1%; padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; border-bottom: Black 4pt double; font-size: 10pt; text-align: right">24.76</TD><TD STYLE="width: 1%; padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; border-bottom: Black 4pt double; font-size: 10pt; text-align: right">18,570,000</TD><TD STYLE="width: 1%; padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; border-bottom: Black 4pt double; font-size: 10pt; text-align: right">1,870</TD><TD STYLE="width: 1%; padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>This registration statement registers 750,000 of the registrant&rsquo;s shares of common stock, par value $1.00 per share,
authorized for issuance under the registrant&rsquo;s 2016 Incentive Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Pursuant to Rule&nbsp;416 promulgated under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this
registration statement shall also cover any of the registrant&rsquo;s shares of common stock which become issuable under the registrant&rsquo;s
2016 Incentive Plan by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without
the receipt of consideration which results in an increase in the number of the registrant&rsquo;s outstanding shares of common
stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule&nbsp;457(h)&nbsp;under
the Securities Act and is based upon the average of the high and low price of the registrant&rsquo;s common stock as reported on
the New York Stock Exchange on August 2, 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART&nbsp;I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION&nbsp;10(a)&nbsp;PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All information required by Part&nbsp;I of Form&nbsp;S-8
to be contained in the prospectus is omitted from this registration statement in accordance with Rule&nbsp;428 under the Securities
Act of 1933 and the introductory note to Part&nbsp;I of Form&nbsp;S-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="width: 10%"><b>Item&nbsp;3.</b></td>
    <td style="width: 90%"><b>Incorporation of Documents by Reference. </b></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The following documents are hereby incorporated
by reference in this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>The Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2015 filed by One Liberty Properties,&nbsp;Inc. (the
&ldquo;Registrant&rdquo;) on March 15, 2016 and the Registrant&rsquo;s definitive proxy statement filed April&nbsp;18, 2016;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>All other reports filed by the Registrant pursuant to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act
of 1934, as amended (the &ldquo;Exchange Act&rdquo;), since December&nbsp;31, 2015;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>The Registrant&rsquo;s Registration Statement on Form&nbsp;8-A, filed on January&nbsp;5, 2004 pursuant to Section&nbsp;12(b)&nbsp;of
the Exchange Act, and the description of our common stock set forth in the final prospectus supplement filed pursuant to Rule&nbsp;424(b)(2)&nbsp;on
October&nbsp;28, 2003, which is incorporated therein by&nbsp;reference,&nbsp;including any amendment or report filed for the purpose
of updating such description.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">All documents subsequently filed by the Registrant
with the SEC pursuant to Section&nbsp;13(a), 13(c), 14 and 15(d)&nbsp;of the Exchange Act (other than portions of those documents
furnished or otherwise not deemed to be filed), prior to the filing of a post-effective amendment which indicates that all securities
offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by
reference herein and to be a part hereof from the date of the filing of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">Any statement contained in a document incorporated
by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that
a statement contained herein or in any other subsequently filed document which also is incorporated by reference herein modified
or superseded such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="width: 10%"><b>Item&nbsp;4.</b></td>
    <td style="width: 90%"><b>Description of Securities. </b></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="width: 10%"><b>Item&nbsp;5.</b></td>
    <td style="width: 90%"><b>Interests of Named Experts and Counsel. </b></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Simeon Brinberg,&nbsp;Esq., who is providing
an opinion on the legality of the shares of common stock being registered hereby, is Senior Counsel of the Registrant. Mr.&nbsp;Brinberg
is eligible to participate in the 2016 Incentive Plan and beneficially owns 275,172 shares of the Registrant&rsquo;s common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="width: 10%"><b>Item&nbsp;6.</b></td>
    <td style="width: 90%"><b>Indemnification of Directors and Officers. </b></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Registrant&rsquo;s charter obligates it
to indemnify its directors and officers to the maximum extent permitted by Maryland law. The Maryland General Corporation Law (&ldquo;MGCL&rdquo;)
permits a corporation to indemnify its present and former directors and officers against judgments, penalties, fines, settlements
and reasonable expenses actually incurred by them in connection with any proceeding to which they may be a party by reason of their
service in those or other capacities, unless it is established that (a)&nbsp;the act or omission of the director or officer was
material to the matter giving rise to the proceeding and (i)&nbsp;was committed in bad faith, or (ii)&nbsp;was the result of active
and deliberate dishonesty, or (b)&nbsp;the director or officer actually received an improper personal benefit in money, property
or services, or (c)&nbsp;in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the
act or omission was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The MGCL permits the charter of a Maryland
corporation to include a provision limiting the liability of its directors and officers to the corporation and its stockholders
for money damages, except to the extent that (i)&nbsp;it is proved that the person actually received an improper benefit or profit
in money, property or services, or (ii)&nbsp;a judgment or other final adjudication is entered in a proceeding based on a finding
that the person&rsquo;s action, or failure to act, was the result of active and deliberate dishonesty and was material to the cause
of action adjudicated in the proceeding. The Registrant&rsquo;s charter provides for elimination of the liability of its directors
and officers to the Registrant or its stockholders for money damages to the maximum extent permitted by Maryland law from time-to-time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Our directors and officers are covered by insurance
policies maintained by us or on our behalf insuring against certain liabilities for actions taken in their capacities as such,
including liabilities under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;&nbsp;&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="width: 10%"><b>Item&nbsp;7.</b></td>
    <td style="width: 90%"><b>Exemption from Registration Claimed. </b></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27.35pt">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="width: 10%"><b>Item&nbsp;8.</b></td>
    <td style="width: 90%"><b>Exhibits. </b></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 10%"><font style="font-size: 10pt"><b>Exhibit</b></font></td>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</td>
    <TD STYLE="width: 88%; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid"><font style="font-size: 10pt"><b>Number</b></font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 10pt"><b>Description&nbsp;of&nbsp;Document</b></font></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">5.1</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">Opinion of Simeon Brinberg,&nbsp;Esq. with respect to the legality of the securities being registered.</td></tr>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">10.1</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">One Liberty Properties, Inc. 2016 Incentive Plan (incorporated by reference to exhibit 10.1 filed on August 5, 2016 with the Registrant&rsquo;s Quarterly Report on Form 10-Q (File No. 001-09279).</td></tr>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">23.1</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">Consent of Simeon Brinberg,&nbsp;Esq. (included in the opinion filed as Exhibit&nbsp;5.1).</td></tr>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">23.2</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">Consent of Ernst&nbsp;&amp; Young LLP.</td></tr>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">24.1</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">Power of Attorney (included on the signature page&nbsp;of this registration statement).</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="width: 10%"><b>Item 9.</b></td>
    <td style="width: 90%"><b>Undertakings.</b></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in">(a)<FONT STYLE="font-size: 10pt">&#9;</FONT>The undersigned
Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 1in">1.<FONT STYLE="font-size: 10pt">&#9;</FONT>To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>To include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the Registration Statement.&nbsp;&nbsp;Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the
low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant
to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the
maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective Registration
Statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
or any material change to such information in the Registration Statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Page; Sequence: 5 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"><I>Provided, however</I>, that paragraphs (a)(1)(i)&nbsp;and
(a)(1)(ii)&nbsp;of this section do not apply if the Registration Statement is on Form S-8, and the information required to be included
in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant
pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act that are incorporated by reference in the Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 1in">2.<FONT STYLE="font-size: 10pt">&#9;</FONT>That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 1in">3.<FONT STYLE="font-size: 10pt">&#9;</FONT>To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&#9;</FONT>The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Exchange Act (and,
where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d)&nbsp;of the Exchange
Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I>
offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&#9;</FONT>Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable.&nbsp;&nbsp;In the event that a claim for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form&nbsp;S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the Village of Great Neck Plaza, State of New York on August 5, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">ONE LIBERTY PROPERTIES,&nbsp;INC.</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</td>
    <TD STYLE="width: 3%">By:</td>
    <TD STYLE="width: 37%; border-bottom: Black 1.5pt solid"><i>/s/</i> Patrick J. Callan,&nbsp;Jr.</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Patrick J. Callan,&nbsp;Jr.</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><i>President and Chief Executive Officer</i></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">KNOW ALL MEN BY THESE PRESENTS, each of the
undersigned constitutes and appoints Patrick J. Callan,&nbsp;Jr., Mark H. Lundy and David W. Kalish, and each of them, as attorneys-in-fact
and agents, with full power of substitution and resubstitution, for and in the name, place and stead of the undersigned, in any
and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement or any
registration statement for this offering that is to be effective upon the filing pursuant to Rule&nbsp;462(b)&nbsp;under the Securities
Act of 1933, as amended, and all post-effective amendments thereto, and to file the same, with all exhibits thereto and all other
documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents
full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that each
of said attorney-in-fact or substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities indicated, on August 5, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 40%; border-bottom: Black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Signature</b></font></td>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</td>
    <TD STYLE="width: 58%; border-bottom: Black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Title</b></font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ Matthew J. Gould</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">Chairman of the Board of Directors</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-left: 12.25pt">Matthew J. Gould</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ Patrick J. Callan,&nbsp;Jr.</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">Director, Chief Executive Officer and President</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-left: 12.25pt">Patrick J. Callan,&nbsp;Jr.</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">(principal executive officer)</td></tr>
<tr>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ Fredric H. Gould</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">Vice Chairman of the Board of Directors</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-left: 12.25pt">Fredric H. Gould</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid"></td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">Director</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-left: 12.25pt">Joseph A. Amato</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ Charles Biederman</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">Director</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-left: 12.25pt">Charles Biederman</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ James J. Burns</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">Director</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-left: 12.25pt">James J. Burns</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ Joseph A. DeLuca</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">Director</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-left: 12.25pt">Joseph A. DeLuca</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
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<tr>
    <TD STYLE="vertical-align: top; width: 40%; border-bottom: Black 1.5pt solid">/s/ Jeffrey A. Gould</td>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 58%; text-align: center">Director</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-left: 12.25pt">Jeffrey A. Gould</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ Louis P. Karol</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">Director</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-left: 12.25pt">Louis P. Karol</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ J. Robert Lovejoy</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">Director</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-left: 12.25pt">J. Robert Lovejoy</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ Leor Siri</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">Director</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-left: 12.25pt">Leor Siri</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ Eugene I. Zuriff</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">Director</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-left: 12.25pt">Eugene I. Zuriff</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">/s/ David W. Kalish</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">Senior Vice President and Chief Financial Officer</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-left: 12.25pt">David W. Kalish</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">(principal financial officer)</td></tr>
<tr>
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    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">s/ Karen Dunleavy</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">Vice President &mdash; Financial</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-left: 12.25pt">Karen Dunleavy</td>
    <TD STYLE="vertical-align: bottom">&nbsp;</td>
    <TD STYLE="vertical-align: top; text-align: center">(principal accounting officer)</td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>EXHIBIT INDEX</B></P>

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<tr style="vertical-align: bottom">
    <td style="width: 10%"><font style="font-size: 10pt"><b>Exhibit</b></font></td>
    <td style="width: 2%; text-align: center">&nbsp;</td>
    <td style="width: 88%; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid"><font style="font-size: 10pt"><b>Number</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-size: 10pt"><b>Description&nbsp;of&nbsp;Document</b></font></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">5.1</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">Opinion of Simeon Brinberg,&nbsp;Esq. with respect to the legality of the securities being registered.</td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">10.1</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">One Liberty Properties, Inc. 2016 Incentive Plan (incorporated by reference to exhibit 10.1 filed on August 5, 2016 with the Registrant&rsquo;s Quarterly Report on Form 10-Q (File No. 001-09279).</td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">23.1</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">Consent of Simeon Brinberg,&nbsp;Esq. (included in the opinion filed as Exhibit&nbsp;5.1).</td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">23.2</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">Consent of Ernst&nbsp;&amp; Young LLP.</td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top">24.1</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">Power of Attorney (included on the signature page&nbsp;of this registration statement).</td></tr>
</table>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>fs82016ex5i_oneliberty.htm
<DESCRIPTION>OPINION OF SIMEON BRINBERG, ESQ. WITH RESPECT TO THE LEGALITY OF THE SECURITIES BEING REGISTERED
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 5in; text-align: right; text-indent: 0.5in"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">ONE LIBERTY PROPERTIES, INC.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">60 Cutter Mill Road, Suite 303</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Great Neck, NY 11021</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">August 5, 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">One Liberty Properties, Inc.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">60 Cutter Mill Road, suite 303</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Great Neck, NY 11021</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">As Senior Counsel of One Liberty Properties, Inc. (the
&ldquo;Company&rdquo;), I have participated in the preparation of a Registration Statement on Form S-8 to be filed with the Securities
and Exchange Commission (&ldquo;Commission&rdquo;) pursuant to the Securities Act of 1933, as amended (the &ldquo;Registration
Statement&rdquo;), with respect to the registration of 750,000 shares (&ldquo;Shares&rdquo;) of the Company&rsquo;s common stock,
par value $1.00 per share. The Shares subject to the Registration Statement are to be issued under the One Liberty Properties,
Inc. 2016 Incentive Plan (the &ldquo;Plan&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">I have examined and am familiar with (i) the Company&rsquo;s
Articles of Amendment and Restatement, as amended, (ii) the Company&rsquo;s By-laws, as amended, (iii) the corporate proceedings
relating to the Registration Statement and the Plan, and (iv) the Registration Statement. Upon the basis of the foregoing, and
having satisfied myself as to such other matters of law and fact as I consider relevant for the purposes of this opinion, I advise
you that, in my opinion, the Shares will be, when issued and paid for in accordance with the terms of the Plan, legally issued,
fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">I hereby consent to the filing of this opinion as an
exhibit to the Registration Statement. In giving such consent, I do not thereby admit that I am an &ldquo;expert&rdquo; within
the meaning of the Securities Act of 1933, as amended, or the rules and regulations of the Commission issued thereunder with respect
to any part of the Registration Statement, including this exhibit.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">I note that I beneficially own 275,172 shares of the
Company&rsquo;s common stock.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">/s/ Simeon Brinberg</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Simeon Brinberg, Esq.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Senior Counsel</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>fs82016ex23ii_oneliberty.htm
<DESCRIPTION>CONSENT OF ERNST & YOUNG LLP
<TEXT>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 4.5in; text-align: right; text-indent: 0.5in"><B>Exhibit 23.2</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Consent of Independent Registered Public Accounting
Firm</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">We consent to the incorporation by reference in the
Registration Statement (Form S-8) pertaining to the 2016 Incentive Plan of One Liberty Properties, Inc. of our reports dated March
15, 2016, with respect to the consolidated financial statements and schedule of One Liberty Properties, Inc. and Subsidiaries and
the effectiveness of internal control over financial reporting of One Liberty Properties, Inc. and Subsidiaries included in its
Annual Report (Form 10-K) for the year ended December 31, 2015, filed with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">/s/ Ernst &amp; Young LLP</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">New York, New York</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">August 5, 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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