1
                                                                    EXHIBIT 99.1


FOR IMMEDIATE RELEASE

   GETTY REALTY CORP. DECLARES SPECIAL E&P DIVIDEND; PAYMENT CONDITIONED UPON
                 PROPOSED COMMON STOCK OFFERING AND STOCKHOLDER
                     APPROVAL OF REIT OWNERSHIP LIMITATIONS

         JERICHO, NY, July 17, 2001 --- Getty Realty Corp. (NYSE-GTY) today
announced that its Board of Directors had declared a special one-time cash
dividend to stockholders of approximately $64.1 million, conditioned upon
successful completion of a proposed public offering of approximately 7.7 million
shares of Getty common stock and approval by Getty stockholders of ownership
limitations typical for real estate investment trusts (REITs) at a special
stockholders' meeting scheduled for August 1, 2001. The special dividend
represents the company's accumulated "earnings and profits." The special
dividend is payable August 2, 2001 to holders of record of Getty's common stock
and series A preferred stock at the close of business on July 25, 2001. If the
conditions are satisfied, holders of Getty common stock on the record date will
receive $4.15 per share, and holders of Getty's series A preferred stock will
receive $4.20 per share.

         Due to the relative size and conditional nature of the special
distribution, Getty common stock and series A preferred stock will not be traded
"ex dividend" on the New York Stock Exchange until after the special
distribution is paid. Shares traded after the July 25 record date until the
special distribution is paid will be accompanied by a "due bill", reflecting the
right (as between buyer and seller) to receive the special distribution as and
when paid. Accordingly, holders of Getty common stock and series A preferred
stock on the record date must hold the stock until the distribution payment date
in order to receive the special distribution.

         Purchasers of Getty common stock in the proposed public offering will
not receive any portion of the special dividend on any of the shares of common
stock they purchase. Getty common stock sold in the proposed public offering,
which is not entitled to the special distribution, will be traded on the NYSE
under the temporary symbol "GTY.TMP" until the special distribution is paid.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such state or
jurisdiction. No assurance can be given that an offering will be made or
consummated.

         If the special distribution is paid, 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 would be required at a minimum to distribute at
least 90% of its taxable income to stockholders each year. If Getty elects REIT
status, it 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.

         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.

CONTACT: Leo Liebowitz, President and Chief Executive Officer, Getty Realty
Corp., 516-338-1222.