<ARTICLE>                      5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AND STATEMENT OF OPERATIONS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK>                          0000712770
<NAME>                         ONE LIBERTY PROPERTIES, INC.
<MULTIPLIER>             1000
       
                              
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>               DEC-31-1997
<PERIOD-END>                    MAR-31-1997
<CASH>                                 1992 
<SECURITIES>                              0
<RECEIVABLES>                             0
<ALLOWANCES>                              0 
<INVENTORY>                               0
<CURRENT-ASSETS>                          0
<PP&E>                                    0 
<DEPRECIATION>                            0 
<TOTAL-ASSETS>                       51,654
<CURRENT-LIABILITIES>                     0
<BONDS>                              18,386 
<PREFERRED-MANDATORY>                12,990
<PREFERRED>                               0

<COMMON>                              1,490
<OTHER-SE>                           15,987  
<TOTAL-LIABILITY-AND-EQUITY>         51,654
<SALES>                                   0
<TOTAL-REVENUES>                      1,566
<CGS>                                     0
<TOTAL-COSTS>                             0
<OTHER-EXPENSES>                        920 
<LOSS-PROVISION>                          0
<INTEREST-EXPENSE>                        0
<INCOME-PRETAX>                         639
<INCOME-TAX>                              0
<INCOME-CONTINUING>                     639
<DISCONTINUED>                            0
<EXTRAORDINARY>                           0
<CHANGES>                                 0
<NET-INCOME>                            639
<EPS-PRIMARY>                           .19
<EPS-DILUTED>                           .19