SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

GOULD FREDRIC H

(Last)

(First)

(Middle)

(Street)

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ONE LIBERTY PROPERTIES INC [ OLP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chariman of Board

3. Date of Earliest Transaction (Month/Day/Year)
07/22/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/22/2003		A		2,200⁽¹⁾	A	0	254,246⁽²⁾⁽⁴⁾	D
Common Stock	07/22/2003		J		13,015	A	0	694,539	I	By partnership⁽⁵⁾
Common Stock	07/22/2003		J		1,125⁽³⁾	A	0	45,553	I	By trusts

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The 2,200 shares were awarded to reporting person under the 2003 Incentive Plan. The vesting date is July 21, 2008. The award is exempt from Section 16(b) under Rule 16b-3.

2. The total of 254,246 shares includes shares owned in an IRA acount. Reporting person directly owns 7,500 shares of preferred stock. Reporting person is sole shareholder of a corporation and indirectly owns the 124 shares of common stock owned by this corporation. Reporting person indirectly owns 11,640 shares of common stock as a partner in a partnership. Reporting person indirectly owns 3,510 shares of common stock as a trustee of a pension trust. Reporting person indirectly owns 47,566 shares of common stock and 2,800 shares of preferred stock, including shares held in an IRA acocunt owned directly by his spouse; reporting person disclaims any beneficial interest in these shares. Reporting person indirectly owns 372 shares of preferred stock as a trustee for others; reporting person disclaims any beneficial interest in these shares.

3. Shares were acquired under issuer's dividend reinvestment plan. Reporting person disclaims any beneficial interest in these shares.

4. Reporting person directly benefically owns two classes of employee stock options for which no transaction is reported: options to purchase 1,063 shares of common stock at an exercise price of $11.125, exercisable commencing 9/23/2000, expiring 3/22/2005; and options to purchase 2,500 shares of common stock at an exercise price of $12.19, exercisable commencing 9/10/01, expiring 9/9/2006.

5. Reporting person, sole member of a limited liability company which is a general partner of Gould Investors L.P. and an executive officer of the corporate managing general partner of Gould Investors L.P. indirectly owns the shares owned directly by Gould Investors L.P. ; the 13,015 shares were acquired by Gould Investors L.P. under a dividend reinvestment plan.

	Fredric H. Gould	07/24/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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