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                                                                    EXHIBIT 99.1


Getty Realty Corp. Announces Closing of Common Stock Offering and
Stockholder Approval of REIT Ownership Limitations; Will Elect REIT Status
Beginning With 2001 Calendar Year

JERICHO, N.Y., Aug. 1 /PRNewswire/ -- Getty Realty Corp. (NYSE: GTY) today
announced the closing of its public offering of 8,855,000 shares of its
common stock (including exercise of the underwriters' over-allotment option)
at a price of $16 per share. The offering was lead managed by Merrill Lynch
& Co. and co-managed by Legg Mason Wood Walker, Incorporated. Getty also
announced that at a special meeting of stockholders held earlier today, its
stockholders approved a charter amendment containing ownership limitations
typical for real estate investment trusts (REITs).
Getty will use a portion of the $133.5 million net proceeds of the offering
to pay the previously announced $64.1 million special one-time cash
distribution to stockholders. The special distribution is payable August 2,
2001 to holders of record of Getty common stock and series A preferred stock
as of the close of business on July 25, 2001. Common stockholders will
receive $4.15 per share and series A preferred stockholders will receive
$4.20 per share. Purchasers of Getty common stock in the public offering
will not receive any portion of the special distribution on any of the
shares of common stock they purchased.

Getty will elect to be taxed as a REIT under the federal income tax laws
beginning with the year ending December 31, 2001. As a REIT, the Company
will be required to distribute at least 90% of its taxable income to
stockholders each year. Getty intends to pay common stock dividends of
$0.4125 per quarter ($1.65 per share on an annual basis), commencing with
the quarterly dividend to be declared in September 2001. Payment of
dividends is subject to market conditions, Getty's financial condition, the
distribution preferences of Getty's preferred stock and other factors, and
therefore cannot be assured.

Leo Liebowitz, President and Chief Executive Officer of Getty, said, "We are
pleased that our long-term plan conceived more than 18 months ago has
yielded enhanced value to our stockholders. We also welcome our new
stockholders and pledge to continue to work on delivering strong performance
for many years to come."

Getty Realty Corp. is a real estate company specializing in service
stations, convenience stores and petroleum marketing terminals. Getty owns
and leases approximately 1,100 properties in the Eastern United States.
Certain statements in this news release may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. When used herein, the words "believes," "expects," "plans,"
"estimates" and similar expressions are intended to identify forward-looking
statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance and achievements of Getty to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements.

SOURCE Getty Realty Corp.

CONTACT: Leo Liebowitz, President and Chief Executive Officer of Getty

Realty Corp., +1-516-338-1222