UNITED
STATES
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) October 15, 2009
ONE LIBERTY PROPERTIES,
INC.
(Exact
name of Registrant as specified in charter)
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Maryland
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001-09279
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13-3147497
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(State or other
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(Commission file No.)
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(IRS Employer
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jurisdiction of
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I.D. No.)
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incorporation)
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60 Cutter Mill Road, Suite
303, Great Neck, New York 11021
(Address
of principal executive
offices)
(Zip code)
516-466-3100
Registrant's
telephone number, including area code
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction
A.2. below):
□ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
□ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
□ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
□ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01 Other
Events.
On
October 15, 2009, a wholly-owned subsidiary of One Liberty Properties, Inc. sold
an industrial property located in St. Cloud, Minnesota for approximately $17.1
million. The purchaser assumed the mortgage encumbering the property
of approximately $9.1 million, and paid the balance of the purchase price in
cash. The sale will result in a gain for accounting purposes of
approximately $800,000.
The gain
for federal income tax purposes is estimated to be approximately $2.2
million. The registrant may defer the gain for federal income tax
purposes by having its subsidiary enter into an IRC Section 1031 tax-deferred
exchange, and using the sale proceeds to acquire one or more replacement
properties. As of this date, registrant’s subsidiary has not
identified one or more replacement properties and can make no assurance that it
will be able to locate suitable replacement properties in accordance with
applicable statutory and regulatory requirements.
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 hereunto
duly authorized.
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ONE
LIBERTY PROPERTIES, INC.
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Date:
October 19, 2009
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By:
/s/ Simeon
Brinberg
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Simeon
Brinberg
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Senior
Vice President
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