Item 8.01 Other Events.

On October 27, 2009, a wholly-owned subsidiary of One Liberty Properties, Inc. sold an industrial property to the tenant at the property for $14.7 million. The purchase price was paid in cash, of which approximately $10.9 million was used to pay off the outstanding mortgage balance on the property and fees and expenses related to the mortgage satisfaction. The sale will result in a gain to the registrant of approximately $5 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, 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 there is 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 29, 2009 By: /s/ Simeon Brinberg Simeon Brinberg Senior Vice President

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