SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 16, 1998
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ONE LIBERTY PROPERTIES, INC.
(Exact name of registrant as specified in charter)
Maryland 0-11083 13-3147497
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(State or other (Commission File No.) (IRS Employer
Jurisdiction of I.D. No.)
Incorporation)
60 Cutter Mill Road, Suite 303, Great Neck, New York 11021
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 516-466-3100
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Item 5. Other Events.
On September 16, 1998, Registrant received the payoff in full of its
mortgage receivable encumbering the property located at 35 Irving Place (a/k/a
109 East 16th Street), New York, New York. The principal amount paid off and
received by Registrant was $7,582,163. The mortgage receivable had been acquired
in July, 1993 at a discount. Due to such discounted purchase, Registrant expects
to record a capital gain on the transaction of approximately $2,000,000.
The property is owned by a partnership in which Gould Investors L.P. is the
general partner and in which Gould Investors owns substantially all of the
partnership interests. Gould Investors is the largest shareholder of One
Liberty, owning 958,661 shares of common stock or 32.7% of the equity interest
and 28.7% of the voting rights in Registrant.
Signatures
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 thereunto duly authorized.
ONE LIBERTY PROPERTIES, INC.
By: S/ Mark H. Lundy
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Mark H. Lundy
Secretary
Date: September 18, 1998