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 27, 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 27, 2009, a wholly-owned subsidiary of One Liberty Properties, Inc. sold
an industrial property to the tenant at the property for $14.7
million. The purchase price was paid in cash, of which approximately
$10.9 million was used to pay off the outstanding mortgage balance on the
property and fees and expenses related to the mortgage
satisfaction. The sale will result in a gain to the registrant of
approximately $5 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, 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 there is 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 29, 2009
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By:
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/s/
Simeon Brinberg |
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Simeon
Brinberg |
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Senior
Vice President |
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