<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-31-1998
<PERIOD-END>                    MAR-31-1998
<CASH>                                 1690
<SECURITIES>                              0
<RECEIVABLES>                             0
<ALLOWANCES>                              0
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<CURRENT-ASSETS>                          0
<PP&E>                                    0
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<TOTAL-ASSETS>                       64,440
<CURRENT-LIABILITIES>                     0
<BONDS>                              24,991
<PREFERRED-MANDATORY>                13,146
<PREFERRED>                               0
<COMMON>                              1,575
<OTHER-SE>                           16,656
<TOTAL-LIABILITY-AND-EQUITY>         64,440
<SALES>                                   0
<TOTAL-REVENUES>                      1,745
<CGS>                                     0
<TOTAL-COSTS>                             0
<OTHER-EXPENSES>                      1,058
<LOSS-PROVISION>                          0
<INTEREST-EXPENSE>                        0
<INCOME-PRETAX>                         686
<INCOME-TAX>                              0
<INCOME-CONTINUING>                     686
<DISCONTINUED>                            0
<EXTRAORDINARY>                           0
<CHANGES>                                 0
<NET-INCOME>                            686
<EPS-PRIMARY>                           .21
<EPS-DILUTED>                           .21