Item 8.01 Other Events.

On October 15, 2009, a wholly-owned subsidiary of One Liberty Properties, Inc. sold an industrial property located in St. Cloud, Minnesota for approximately $17.1 million. The purchaser assumed the mortgage encumbering the property of approximately $9.1 million, and paid the balance of the purchase price in cash. The sale will result in a gain for accounting purposes of approximately $800,000.

The gain for federal income tax purposes is estimated to be approximately $2.2 million. The registrant may defer the gain for federal income tax purposes by having its subsidiary enter into an IRC Section 1031 tax-deferred exchange, and using the sale proceeds to acquire one or more replacement properties. As of this date, registrant's subsidiary has not identified one or more replacement properties and can make no assurance that it will be able to locate suitable replacement properties in accordance with applicable statutory and regulatory requirements.

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ONE LIBERTY PROPERTIES, INC.

Date: October 19, 2009 By: /s/ Simeon Brinberg Simeon Brinberg
Senior Vice President

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