ONE LIBERTY PROPERTIES, INC.
 
                      ARTICLES OF AMENDMENT AND RESTATEMENT
 
 
                  This is to certify that:
 
                  FIRST: One Liberty Properties,  Inc., a Maryland  Corporation
                  -----
(the  "Corporation"), desires to amend and restate its Articles of Incorporation
as currently in effect and as hereafter amended.
 
                  SECOND: The following  provisions are all the provisions of
                  ------
the Articles of Incorporation  currently in effect and as hereinafter amended:
 
                                    ARTICLE I
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                                      NAME
                                      ----
   The name of the Corporation is:
 
   ONE LIBERTY PROPERTIES, INC.
 
                                   ARTICLE II
                                   ----------
 
                                    PURPOSES
                                    --------
 
The purpose for which the Corporation is formed is to engage in any lawful act
or activity for which corporations may be organized under the General Laws of
the State of Maryland as now or hereafter in force.
 
                                   ARTICLE III
                                   -----------
 
                       PRINCIPAL OFFICE AND RESIDENT AGENT
                       -----------------------------------
 
 
The post-office address of the principal office of the Corporation in the State
of Maryland is c/o CSC - Lawyers Incorporating Service Company, 11 East Chase
Street, Baltimore, Maryland 21202. The name of the resident agent of the
Corporation in the State of Maryland is CSC - Lawyers Incorporating Service
Company, a corporation of the State of Maryland, and the post-office address of
the resident agent is 11 East Chase Street, Baltimore, Maryland 21202.
 
 
 
                                   ARTICLE IV
                                   ----------
 
                                  CAPITAL STOCK
                                  -------------
 
   (1) The total number of shares of capital stock which the Corporation shall
have authority to issue is twenty-five million (25,000,000) shares, all of one
class and designated Common Stock, of the par value of One Dollar ($1.00) per
share and of the aggregate par value of Twenty-Five Million Dollars
($25,000,000).
 
   (2) Each share of Common Stock shall entitle the owner thereof to vote at the
rate of one (1) vote for each share held.
 
   (3) Any fractional shares shall carry proportionately all the rights of a
whole share, excepting any right to receive a certificate evidencing such
fractional share, but including, without limitation, the right to vote and the
right to receive dividends.
 
   (4) All persons who shall acquire stock in the Corporation shall acquire the
same subject to the provisions of these Articles of Incorporation and the
by-laws of the Corporation.
 
                                    ARTICLE V
                                    ---------
 
                     PROVISIONS FOR DEFINING, LIMITING AND
                     -------------------------------------
                        REGULATING CERTAIN POWERS OF THE
                        --------------------------------
                CORPORATION AND OF THE DIRECTORS AND STOCKHOLDERS
                -------------------------------------------------
 
   (1) The number of directors of the Corporation shall be three (3), which
number may be increased pursuant to the by-laws of the Corporation but shall
never be less than three. Commencing with the annual meeting of stockholders
held on May 22, 1984, the directors of the Corporation shall be classified with
respect to the time for which they shall severally hold office by dividing them
into three classes, each class to be as nearly equal in number as possible,
which classes shall be designated as Class 1, Class 2 and Class 3. Subject to
the provisions hereof, the number of directors in each class shall from time to
time be designated by the Board of Directors of the Corporation pursuant to the
by-laws. The Class 1 director shall be elected initially for a term of one year;
the Class 2 directors shall be elected initially for a term of two years; and
the Class 3 directors shall be elected initially for a term of three years. At
each annual meeting, the successors to the class of directors whose terms shall
expire that year shall be elected to hold office for a term of three years so
that each term of office of one class of directors shall expire in each year.
 
   (2) The Board of Directors of the Corporation is hereby empowered to
authorize the issuance from time to time of shares of capital stock, whether now
or hereafter authorized, for such consideration as the Board of Directors may
deem advisable, subject to such limitations as may be set forth in these
Articles of Incorporation or in the by-laws of the Corporation or in the General
Laws of the State of Maryland.
 
   (3) No holder of shares of stock of the Corporation shall, as such holder,
have any right to purchase or subscribe for any shares of the capital stock of
the Corporation or any other security of the Corporation which it may issue or
sell (whether out of the number of shares authorized by these Articles of
Incorporation, or out of any shares of the capital stock of the Corporation
acquired by it after the issue thereof, or otherwise) other than such right, if
any, as the Board of Directors, in its discretion, may determine.
 
   (4) Each holder of stock of the Corporation shall upon demand disclose to the
Board of Directors in writing such information with respect to direct and
indirect ownership of securities of the Corporation as the Board of Directors
deems necessary to comply with provisions of the Internal Revenue Code of 1986,
as from time to time amended, applicable to the Corporation, or to comply with
the requirements of any taxing authority.
 
 
   (5) Each, director, officer and employee of the Corporation shall be
indemnified by the Corporation to the full extent permitted by the General Laws
of the State of Maryland, as now or hereafter in force.
 
   (6) The Board of Directors of the Corporation may make, alter or repeal from
time to time any of the by-laws of the Corporation except any particular by-law
which is specified as not subject to alteration or repeal by the Board of
Directors.
 
   (7) The Board of Directors may authorize, subject to such approval of
stockholders and other conditions, if any, as may be required by any applicable
statute, rule or regulation, the execution and performance by the Corporation of
one or more agreements with any person, corporation, association, company,
trust, partnership (limited or general) or other organization whereby, subject
to the supervision and control of the Board of Directors, any such other person,
corporation, association, company, trust, partnership (limited or general), or
other organization shall render or make available to the Corporation managerial,
investment advisory and/or related services, office space and other services and
facilities (including, if deemed advisable by the Board of Directors, the
management or supervision of the investments of the Corporation) upon such terms
and conditions as may be provided in such agreement or agreements (including, if
deemed fair and equitable by the Board of Directors, the compensation payable
thereunder by the Corporation).
 
   (8) The Board of Directors may authorize any agreement of the character
described in paragraph (7) of this Article V or other transaction with any
person, corporation, association, company, trust, partnership (limited or
general), or other organization, although one or more of the members of the
Board of Directors or officers of the Corporation may be the other party to any
such agreement or an officer, director, stockholder, or member of such other
party, and no such agreement or transaction shall be invalidated or rendered
voidable solely by reason of the existence of any such relationship if (i) the
existence is disclosed or known to: (a) the Board of Directors, and the Board
authorizes, approves, or ratifies the agreement or transaction by the
affirmative vote of a majority of disinterested directors, even if the
disinterested directors constitute less than a quorum; or (b) the stockholders
entitled to vote, and the agreement or transaction is authorized, approved, or
ratified by a majority of votes cast by the stockholders entitled to vote other
than the votes of shares owned of record or beneficially by the interested
director or such other entity or officer, director, stockholder or member
thereof; or (ii) the contract is fair and reasonable to the Corporation. Any
member of the Board of Directors of the Corporation who is also a director or
officer of such other entity or who is so interested or associated with such
other entity may be counted in determining the existence of a quorum at any
meeting of the Board of Directors which shall authorize any such agreement or
transaction, and may vote thereat to authorize any such agreement or
transaction, with like force and effect as if he were not such director or
officer of such other entity or not so interested or associated.
 
   (9) The determination as to any of the following matters made in good faith
by or pursuant to the direction of the Board of Directors consistent with the
charter of the Corporation and in the absence of willful misfeasance, bad faith,
gross negligence or reckless disregard of duties, shall be final and conclusive
and shall be binding upon the Corporation and every holder of shares of its
capital stock, namely: the amount of the net income of the Corporation for any
period and the amount of assets at any time legally available for the payment of
dividends; the amount of paid-in surplus, other surplus, annual or other net
profit, or net assets in excess of capital, undivided profits, or excess of
profits over losses on sales of assets; the amount, purpose, time of creation,
increase or decrease, alteration or cancellation of any reserves or charges and
the propriety thereof (whether or not any obligation or liability for which such
reserves or charges shall have been created shall have been paid or discharged);
the fair values, or any sale, bid or asked price to be applied in determining
the fair value, of any asset owned or held by the Corporation; and any matter
relating to the acquisition, holding and disposition of any assets by the
Corporation.
 
   (10) Notwithstanding any provision of the General Laws of the State of
Maryland requiring any action to be taken or authorized by the affirmative vote
of the holders of a greater proportion than a majority of the shares or of the
shares of each class, or otherwise to be taken or authorized by vote of the
stockholders, such action shall be effective and valid, except as otherwise
provided in Article VII hereof, if taken or authorized by the affirmative vote
of the holders of a majority of the total number of shares outstanding and
entitled to vote thereon.
 
   (11) Only the stockholders may, at any meeting of stockholders duly called
and at which a quorum is present, by the affirmative vote or consent of the
holders of a majority of all of the outstanding shares entitled to vote, remove
any director or directors from office, and only for cause, and may elect a
successor or successors to fill any resulting vacancies for the unexpired terms
of removed directors.
 
   (12) To the maximum extent that Maryland law in effect from time to time
permits limitation of the liability of directors and officers, no director or
officer of the Corporation shall be liable to the Corporation or its
stockholders for money damages.
 
 
   Neither the amendment nor repeal of this Paragraph, nor the adoption or
amendment of any provision of the Articles of Incorporation or By-laws
inconsistent with this Paragraph, shall apply to or affect in any respect the
applicability of the preceding sentence with respect to any act or failure to
act which occurred prior to such amendment, repeal or adoption.
 
 
 
                                   ARTICLE VI
                                   ----------
 
                                   REDEMPTION
                                   ----------
 
   If at any time the Board of Directors shall in good faith be of the opinion
that direct or indirect ownership of shares of stock of the Corporation has or
may become concentrated to an extent which would cause the Corporation to fail
to qualify or be disqualified as a real estate investment trust by virtue of
Sections 856(a)(5) or (6) of the Internal Revenue Code of 1986, as amended, or
similar provisions of successor statutes, pertaining to the qualification of the
Corporation as a real estate investment trust, the Board of Directors shall have
the power (i) by lot or other means deemed equitable by them to call for
purchase from any stockholder of the Corporation a number of shares sufficient
in the opinion of the Board of Directors to maintain or bring the direct or
indirect ownership of shares of stock of the Corporation into conformity with
the requirements of said Sections 856(a)(5) and (6) pertaining to the
Corporation, and (ii) to refuse to transfer or issue shares of the Corporation
to any person whose acquisition of such shares would, in the opinion of the
Board of Directors, result in the Corporation being unable to conform to the
requirements of said Sections 856(a)(5) and (6). The purchase price for any
shares of stock purchased pursuant hereto (i) shall be equal to the fair market
value of the shares as reflected in the closing sale price for the shares, if
then listed on a national securities exchange, or the average of the closing
sales prices for the shares if then listed on more than one national securities
exchange, (ii) if the shares are not at the time listed or admitted for trading
on any such exchange, then such price as shall be equal to the last reported
sale price, or if there is no such sale price, the average of the last reported
bid and asked prices, as reported by the National Association of Securities
Dealers Automated Quotation System ("NASDAQ"), (iii) if the shares are not at
the time quoted on the NASDAQ, then such price shall be equal to the last
reported bid and asked prices as reported by the OTC Bulletin Board, or any
similar reputable quotation and reporting service, if such quotation is not
reported by the OTC Bulletin Board, or (iv) if no such closing sales prices or
quotations are available, then the purchase price shall be equal to the net
asset value of such stock as determined by the Board of Directors in accordance
with the provisions of applicable law. Payment of the purchase price shall be
made in cash by the Corporation at such time and in such manner as may be
determined by the Board of Directors of the Corporation. From and after the date
fixed for purchase by the Board of Directors, the holder of any shares of stock
so called for purchase shall cease to be entitled to distributions, voting
rights and other benefits with respect to such shares, excepting only the right
to payment of the purchase price fixed as aforesaid. Any transfer of shares that
would prevent the corporation from continuing to be qualified as a real estate
investment trust by virtue of the application of said Sections 856(a)(5) and (6)
shall be deemed void ab initio and the intended transferees shall be deemed
never to have had an interest therein. If the foregoing provision is determined
to be void or invalid by virtue of any legal decision, statute, rule or
regulation, then the transferee of such shares shall be deemed, at the option of
the Corporation, to have acted as agent on behalf of the Corporation in
acquiring such shares and to hold such shares on behalf of the Corporation.
 
                                   ARTICLE VII
                                   -----------
 
                                   AMENDMENTS
                                   ----------
 
   The Corporation reserves the right from time to time to make any amendments
to its charter which may be now or hereafter authorized by law, including any
amendments changing the terms or contract rights of any of its outstanding stock
by classification, re-classification, or otherwise. No such amendment which
changes the terms or contract rights of any of its outstanding stock shall be
valid unless such amendment shall have been authorized by not less than
two-thirds of the aggregate number of votes entitled to be cast thereon by a
vote at a meeting or in writing with or without a meeting. Any other amendment
to the corporation's charter shall be valid if such amendment shall have been
authorized by not less than a majority of the aggregate number of votes entitled
to be cast thereon by a vote at a meeting or in writing with or without a
meeting. All rights and powers conferred by the charter of the Corporation on
stockholders, directors and officers are granted subject to this reservation.
 
                                  ARTICLE VIII
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                               PERPETUAL EXISTENCE
                               -------------------
 
The Corporation is to have perpetual existence.
 
                                   ARTICLE IX
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INAPPLICABILITY OF SUBTITLE 6 OF TITLE 3 OF THE MARYLAND GENERAL CORPORATION LAW
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The Corporation expressly elects not to be subject to or governed by the
provisions of Subtitle 6 of Title 3 of the Maryland General Corporation Law, or
any substantially similar successor law."
 
                  THIRD: The amendment and restatement of the Articles of
                  -----
         Incorporation as hereinafter set forth herein has been duly considered
         and approved by the Board of Directors and approved by the stockholders
         of the Corporation as required by law.
 
                  FOURTH: The current address of the principal office of the
                  ------
         Corporation in the State of Maryland is as set forth in Article III of
         the preceding amendment and restatement of the Articles of
         Incorporation.
 
                  FIFTH: The name and address of the Corporation's resident
                  -----
         agent is as set forth in Article III of the preceding amendment and
         restatement of the Articles of Incorporation.
 
                  SIXTH: The number of directors of the Corporation, as
                  -----
         increased pursuant to the by-laws, as set forth in Article V of the
         foregoing Articles of Incorporation has been set at eleven and the
         names of those currently serving as directors are: Fredric H. Gould,
         James J. Burns and Joseph A. DeLuca as Class 1 directors, Charles
         Biederman, Patrick J. Callan, Jr., Marshall Rose and Jeffrey Fishman as
         Class 2 directors; and Joseph A. Amato, Jeffrey A. Gould, Matthew J.
         Gould and J. Robert Lovejoy as Class 3 directors.
 
                  SEVENTH: The undersigned President acknowledges the Articles
                  -------
         of Amendment and Restatement to be the corporate act of the Corporation
         and as to all matters or facts required to be verified under oath, the
         undersigned President acknowledges that to the best of his knowledge,
         information and belief, these matters and facts are true in all
         material respects and that this statement is made under the penalties
         of perjury.
 
 
 
   IN WITNESS WHEREOF, the Corporation has caused these Articles to be signed in
its name and on its behalf by its President and attested to by its Secretary on
the 20th day of July 2004.
 
 
 
                                     ONE LIBERTY PROPERTIES, INC.
 
 
 
                                     By:  /s/ Jeffrey Fishman
                                     -------------------------
   ATTEST:                           Jeffrey Fishman, President
 
   By:  /s/ Mark H. Lundy
        -----------------
        Mark H. Lundy, Secretary
 
 
 
 
                              ARTICLES OF AMENDMENT
                                       OF
                          ONE LIBERTY PROPERTIES, INC.
 
     One Liberty Properties,  Inc., a Maryland  corporation (the "Corporation"),
hereby certifies to the State Department of Assessments and Taxation of Maryland
that:
 
     (a) the Articles of  Amendment  and  Restatement  of the  Corporation  (the
"Charter") is hereby amended as follows:
 
     (i) The  Charter  provides  that the  Corporation  is  authorized  to issue
25,000,000 shares of capital stock, all shares of which are common stock, with a
par value of One Dollar  ($1.00)  per share.  The  amendment  provides  that the
Corporation  may issue  37,500,000  shares of  capital  stock,  (a)  twenty-five
million  (25,000,000)  shares of which shall be  designated  common  stock,  One
Dollar ($1.00) par value per share, and (b) twelve million five hundred thousand
(12,500,000)  shares of which shall be designated  preferred  stock,  One Dollar
($1.00) par value per share.  To effect  this  amendment,  Article  IV(1) of the
Charter is hereby deleted in its entirety and the following  substituted in lieu
thereof:
 
     (1) The total number of shares of capital stock which the Corporation shall
have  authority  to  issue  is  thirty  seven  million  five  hundred   thousand
(37,500,000)  shares, (a) twenty-five million (25,000,000) shares of which shall
be designated  common stock, One Dollar ($1.00) par value per share (the "Common
Stock"),  and (b) twelve million five hundred  thousand  (12,500,000)  shares of
which shall be designated  preferred  stock,  One Dollar  ($1.00) par value (the
"Preferred Stock," and together with the Common Stock, the "Shares")."
 
     (ii) To address the  powers,  rights,  obligations  and  privileges  of the
Preferred  Stock,  Article IV of the  Charter is hereby  amended by adding a new
subsection 5 immediately  after subsection 4 contained  therein which shall read
as follows:
 
     "(5)  Subject  to  Article X, the Board of  Directors  is hereby  expressly
granted  authority to authorize from time to time, in accordance with applicable
law, the issue of one or more series of Preferred  Stock and with respect to any
such  series,  to  fix  by  resolution  or  resolutions  the  numbers,   powers,
designations, preferences and relative, participating, optional or other special
rights  of such  series  and the  qualifications,  limitations  or  restrictions
thereof,  including but without  limiting the generality of the  foregoing,  the
following:
 
     (a)  entitling  the  holders  thereof  to  cumulative,   non-cumulative  or
partially cumulative dividends, or to no dividends;
 
     (b) entitling the holders thereof to receive  dividends payable on a parity
with,  junior to, or in preference to, the dividends  payable on any other class
or series of capital stock of the Corporation;
 
     (c)  entitling  the  holders  thereof  to  rights  upon  the  voluntary  or
involuntary  liquidation,  dissolution  or  winding  up of,  or upon  any  other
distribution of the assets of, the Corporation,  on a parity with,  junior to or
in  preference  to, the rights of any other class or series of capital  stock of
the Corporation;
     (d)  providing  for the  conversion,  at the option of the holder or of the
Corporation  or both, of the shares of Preferred  Stock into shares of any other
class or  classes of capital  stock of the  Corporation  or of any series of the
same or any other class or classes or into property of the  Corporation  or into
the  securities  or  properties of any other  corporation  or person,  including
provision for adjustment of the  conversion  rate in such events as the Board of
Directors shall determine, or providing for no conversion;
 
     (e)  providing  for the  redemption,  in whole or in part, of the shares of
Preferred Stock at the option of the Corporation or the holder thereof, in cash,
bonds or other  property,  at such price or prices  (which amount may vary under
different conditions and at different  redemption dates),  within such period or
periods,  and under such  conditions as the Board of Directors shall so provide,
including  provisions  for the  creation  of a sinking  fund for the  redemption
thereof, or providing for no redemption;
 
     (f)  lacking  voting  rights or having  limited  voting  rights or enjoying
general, special or multiple voting rights;
 
     (g)  specifying  the  number of shares  constituting  that  series  and the
distinctive designation of that series and the stated value of that series;
 
     (h) specifying the  limitations and  restrictions,  if any, to be effective
while  any  shares  of such  series  are  outstanding  upon (i) the  payment  of
dividends, (ii) the making of other distributions,  (iii) the purchase, (iv) the
redemption  or (v) an  acquisition,  by the  Corporation  of any other  class or
classes of stock of the Corporation  ranking junior to the shares of such series
either as to dividends or upon liquidation, dissolution or winding-up;
 
     (i) specifying the conditions or restrictions, if any, upon the creation of
indebtedness  of the  Corporation or upon the issuance of any  additional  stock
(including  additional  shares of such  series or of any other  series or of any
other  class)  ranking on a parity with or prior to the shares of such series as
to  dividends  or  distributions  of assets  upon  liquidation,  dissolution  or
winding-up; and
 
     (j) providing for any other power, preference and relative,  participating,
optional  or other  rights  or terms,  and the  qualifications,  limitations  or
restrictions  thereof,  as shall not be  inconsistent  with applicable law, this
Section IV(5) or any resolution of the Board of Directors pursuant hereto."
 
     (b) These  amendments  of the Charter have been  approved by  Corporation's
directors and stockholders.
 
     We the undersigned  President and Secretary of the Corporation  swear under
penalties of perjury that the foregoing is a corporate act.
 
/s/ Mark Lundy                            /s/ Jeffrey Fishman
 
-----------------------                   ----------------------------
Mark Lundy, Secretary                     Jeffrey Fishman, President
 
 

 

                              ARTICLES OF AMENDMENT
                                       OF
                          ONE LIBERTY PROPERTIES, INC.
 
     One Liberty Properties,  Inc., a Maryland  corporation (the "Corporation"),
hereby certifies to the State Department of Assessments and Taxation of Maryland
that:
 
     (a) the Articles of  Amendment  and  Restatement  of the  Corporation  (the
"Charter") is hereby amended as follows:
 
     (i) The  Charter  provides  no  limitation  on the  amount  or value of the
Corporation's  capital stock that may be owned by a person.  The amendment shall
prohibit (a) any existing  stockholder who  beneficially  owns a total amount or
value in  excess of 9.9% of our stock  from  beneficially  owning in excess of a
total  amount or value of our stock  that may cause the  Corporation  to violate
certain provisions of the Internal Revenue Code of 1986, as amended, relating to
real estate investment trusts and (b) any other person from beneficially  owning
a total  amount or value of 9.9% or more of any class or series of common  stock
and preferred stock of the Corporation.  To effect this amendment, the following
two amendments are hereby made to the Charter:
 
     (A) Article IV (2) of the Charter is hereby deleted in its entirety and the
following substituted in lieu thereof:
 
     "(2)  Subject to Article X, each share of Common  Stock  shall  entitle the
owner thereof to vote at the rate of one (1) vote for each share held."
 
     (B) The Charter is hereby amended by adding the following immediately after
ARTICLE IX contained therein:
 
 
                                   "ARTICLE X
 
                              OWNERSHIP LIMITATIONS
 
     (1)  DEFINITIONS.  For the purposes of this Article X, the following  terms
shall have the following meanings:
     "Beneficial  Ownership"  shall mean ownership of Shares by a Person who (i)
would be treated as an owner of such Shares under section 542(a) (2) of the Code
either directly or constructively  through the application of Section 544 of the
Code, as modified by Section  856(h)(1)(B)  of the Code or (ii) would be treated
as an owner of such  Shares  under  Section  318(a) of the Code,  as modified by
Section  856(d)(5)  of the Code.  The terms  "Beneficial  Owner,"  "Beneficially
Owns,"  "Beneficially  Own" and "Beneficially  Owned" shall have the correlative
meanings.
 
     "Charitable  Beneficiary"  shall  mean  an  organization  or  organizations
described in Sections  170(b)(1)(A) and 170(c) of the Code and identified by the
Board of  Directors  as the  beneficiary  or  beneficiaries  of the Excess Share
Trust.
 
     "Code" shall mean the Internal Revenue Code of 1986, as amended.
 
     "Excess  Shares"  shall mean Shares  resulting  from an event  described in
Article X(3).
 
     "Excess Share Trust" shall mean the trust created  pursuant to Article X(3)
and (14).
 
     "Excess Share Trustee" shall mean a person who shall be  unaffiliated  with
the Corporation,  any Purported  Beneficial  Transferee and any Purported Record
Transferee,  identified  by the Board of  Directors as the trustee of the Excess
Share Trust.
 
     "Existing  Holder"  shall  mean any Person  who  Beneficially  Owns a total
amount or value in excess of 9.9% of our Shares on June 14, 2005.
 
     "Existing  Holder  Amount"  shall mean an amount  equal to an amount  which
would not result (i) in five  Persons  Beneficially  Owning more than 49% of the
Shares,  (ii) the Shares being beneficially owned (as provided in Section 856(a)
of the Code) by less than 100 Persons (determined without reference to any rules
of  attribution),  and (iii) in the Corporation  being "closely held" within the
meaning of Section 856(h) of the Code.
 
     "Existing Holder Limit" shall mean, with respect to each Existing Holder, a
total amount or value of Shares such Person may  Beneficially  Own, which amount
shall  equal the lesser of (i) an amount  determined  by the Board of  Directors
from time to time with  respect  to such  Person  and (ii) the  Existing  Holder
Amount.
 
     "Fair Market  Value" shall mean the last reported  sales price  reported on
the New York Stock Exchange for Shares on the trading day immediately  preceding
the relevant  date,  or if not then traded on the New York Stock  Exchange,  the
last reported  sales price for Shares on the trading day  immediately  preceding
the  relevant  date as reported  on any  exchange  or  quotation  system over or
through  which such Shares may be traded,  or if not then traded over or through
any  exchange or quotation  system,  then the market price of such Shares on the
relevant date as determined in good faith by the Board of Directors.
 
     "Ownership  Limit" shall mean, with respect to (i) an Existing Holder,  the
Existing Holder Limit, and (ii) with respect to all other Persons, 9.9% or more,
in total number of Shares or value,  of the  outstanding  shares of any class or
series of Common Stock and Preferred  Stock of the  Corporation.  The number and
value of the  outstanding  Shares of any  class or  series  of Common  Stock and
Preferred Stock of the Corporation shall be determined by the Board of Directors
in good faith, which determination shall be conclusive for all purposes hereof.
 
     "Person"  shall  mean  an  individual,  corporation,  partnership,  estate,
corporation   (including  a  corporation   qualified  under  Section  401(a)  or
501(c)(17) of the Code),  portion of a corporation  permanently set aside for or
to be used exclusively for the purposes described in Section 642(c) of the Code,
association,  private  foundation  within the  meaning of Section  509(a) of the
Code, joint stock company or other entity and also includes a group as that term
is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934,
as amended.
 
     "Purported Beneficial Transferee" shall mean, with respect to any purported
Transfer which results in Excess  Shares,  as defined below in Article X(3), the
Person who would have been the beneficial holder of the Shares, if such Transfer
had been valid under Article X(2).
 
     "Purported  Record  Transferee"  shall mean,  with respect to any purported
Transfer which results in Excess  Shares,  as defined below in Article X(3), the
Person who would have been the record holder of the Shares, if such Transfer had
been valid under Article X(2).
 
     "REIT" shall mean a real estate  investment  trust under Section 856 of the
Code.
 
     "REIT  Provisions  of the Code" means  Sections 856 through 860 of the Code
and any  successor  or other  provisions  of the Code  relating  to real  estate
investment  trusts  (including  provisions as to the attribution of ownership of
beneficial interests therein) and the regulations promulgated thereunder.
 
     "Restriction  Termination Date" shall mean the first day on which the Board
of  Directors  determines  that it is no  longer  in the best  interests  of the
Corporation to attempt to, or continue to, qualify as a REIT.
 
     "Shares" shall mean the shares of the  Corporation as may be authorized and
issued from time to time pursuant to Article IV.
 
     "Transfer" shall mean any sale, transfer, gift, assignment, devise or other
disposition of Shares (including (a) the granting of any option or entering into
any agreement for the sale,  transfer or other  disposition  of Shares,  (b) the
sale,  transfer,  assignment or other  disposition  of any  securities or rights
convertible  into or  exchangeable  for  Shares  and (c) any  transfer  or other
disposition  of any  interest  in Shares as a result of a change in the  marital
status of the holder  thereof),  whether  voluntary or  involuntary,  whether of
record,  constructively  or  beneficially  and  whether by  operation  of law or
otherwise.  The terms "Transfers" and  "Transferred"  shall have the correlative
meanings.
 
     (2) OWNERSHIP LIMITATION.
 
     (A) Except as provided in Article X(11) and (19), and subject to clause (B)
below, until the Restriction Termination Date:
 
     (i) no Person  shall  Beneficially  Own  Shares in excess of the  Ownership
Limit with respect to such Person;
 
     (ii)  any  Transfer  that,  if  effective,   would  result  in  any  Person
Beneficially Owning Shares in excess of the Ownership Limit with respect to such
Person  shall be void ab initio as to the Transfer of such Shares which would be
otherwise  Beneficially  Owned by such Person in excess of the Ownership  Limit;
and the intended transferee shall acquire no rights in such Shares;
 
     (iii) any Transfer  that,  if  effective,  would result in the Shares being
beneficially  owned (as provided in Section 856(a) of the Code) by less than 100
Persons (determined without reference to any rules of attribution) shall be void
ab  initio  as  to  the  Transfer  of  such  Shares  which  would  be  otherwise
beneficially  owned  (as  provided  in  Section  856(a)  of  the  Code)  by  the
transferee; and the intended transferee shall acquire no rights in such Shares.
 
     (iv) any Transfer that, if effective, would result in the Corporation being
"closely held" within the meaning of Section 856(h) of the Code shall be void ab
initio as to the Transfer of the Shares which would cause the  Corporation to be
"closely  held"  within  the  meaning  of  Section  856(h) of the Code;  and the
intended transferee shall acquire no rights in such Shares.
 
     (B) Nothing  contained in this Article X shall  preclude the  settlement of
any  transaction  entered  into  through  the  facilities  of the New York Stock
Exchange.  The fact that the settlement of any transaction occurs or takes place
shall not  negate the effect of any other  provision  of this  Article X and any
transferee in such a transaction  shall be subject to all of the  provisions and
limitations set forth in this Article X.
 
     (3) EXCESS SHARES.
 
     (A) In the event that,  notwithstanding  the other provisions  contained in
this Article X, at any time until the Restriction  Termination  Date, there is a
purported  Transfer such that any Person would Beneficially Own Shares in excess
of such Person's  Ownership Limit, then, except as otherwise provided in Article
X(11), Shares directly owned by such Person in excess of such Person's Ownership
Limit   shall  be   automatically   designated   as   Excess   Shares   (without
reclassification)  until  such  Person  does not own  Shares  in  excess of such
Person's  Ownership Limit. The designation of such Shares as Excess Shares shall
be  effective  as of the close of business on the business day prior to the date
of the purported  Transfer.  If, after designation of such Shares owned directly
by a Person as Excess  Shares,  such Person  still owns Shares in excess of such
Person's   Ownership   Limit,   Shares   Beneficially   Owned  by  such   Person
constructively in excess of such Person's Ownership Limit shall be designated as
Excess  Shares until such Person does not own Shares in excess of such  Person's
Ownership  Limit.  Where such Person owns Shares  constructively  through one or
more  Persons and the Shares held by such other  Persons must be  designated  as
Excess  Shares,  the  designation  of Shares as Excess Shares held by such other
Persons shall be pro rata.
 
     (B) If,  notwithstanding the other provisions  contained in this Article X,
at any time  until  the  Restriction  Termination  Date,  there  is a  purported
Transfer  of Shares or any sale,  transfer,  gift,  assignment,  devise or other
disposition of shares or other interests of a direct or indirect  stockholder of
the  Corporation  which,  if effective,  would cause the  Corporation  to become
"closely held" within the meaning of Section 856(h) of the Code, then any Shares
being  Transferred which would cause the Corporation to be "closely held" within
the  meaning of Section  856(h) of the Code  (rounded  up to the  nearest  whole
Share)  shall be  automatically  designated  as Excess  Shares and be treated as
provided in this Article X. Such designation and treatment shall be effective as
of the close of business on the business day prior to the date of the  purported
Transfer.  If, after the  designation of any such Shares as Excess  Shares,  the
Corporation  is still "closely held" within the meaning of Section 856(h) of the
Code,  an  amount  of Shares  owned  directly  by any  Person  whose  Beneficial
Ownership  of  Shares  in the  Corporation  increased  as a result  of the sale,
transfer,  gift,  assignment,  devise  or other  disposition  of shares or other
interests of a direct or indirect  stockholder of the  Corporation and is one of
the five  Persons who caused the  Corporation  to be "closely  held"  within the
meaning of Section  856(h) of the Code,  shall be  automatically  designated  as
Excess Shares until the  Corporation is not "closely held" within the meaning of
Section 856(h) of the Code. Where several similarly  situated Persons exist, the
designation of Shares as Excess Shares shall be pro rata. If, after applying the
foregoing  provisions the Corporation is still "closely held" within the meaning
of Section 856(h) of the Code, any Shares  constructively  owned by such Persons
shall be  designated  as Excess  Shares,  on a pro rata  basis  among  similarly
situated Persons, until the Corporation is not "closely held" within the meaning
of Section 856(h) of the Code.
 
     (C) If, at any time until the Restriction  Termination Date, an event other
than a purported  Transfer (an  "Event")  occurs which would cause any Person to
Beneficially Own Shares in excess of such Person's Ownership Limit, then, except
as otherwise provided in Article X(11), Shares Beneficially Owned by such Person
in excess of such Person's Ownership Limit shall be automatically  designated as
Excess Shares to the extent  necessary to eliminate such excess  ownership.  The
designation  of Shares as Excess  Shares  shall be  effective as of the close of
business  on the  business  day prior to the date of the Event.  In  determining
which Shares are designated as Excess Shares,  Shares  Beneficially Owned by any
Person who caused the Event to occur shall be designated as Excess Shares before
any Shares not so held are designated.  Where several similarly situated Persons
exist,  the  designation  of Shares as Excess  Shares shall be pro rata.  If any
Person  is  required  to  designate  Shares as Excess  Shares  pursuant  to this
subsection (C), such Person shall first  designate  Shares directly held by such
Person before designating Shares Beneficially Owned  constructively.  Where such
Person owns  Shares  constructively  through one or more  Persons and the Shares
held by such other Persons must be designated as Excess Shares,  the designation
of Shares by such other Persons shall be pro rata.
 
     (4) PREVENTION OF TRANSFER. If the Board of Directors or its designee shall
at any time determine in good faith that a Transfer has taken place in violation
of Article X(2) or that a Person  intends to acquire or has attempted to acquire
Beneficial  Ownership  (determined  with or  without  reference  to any rules of
attribution)  of any Shares in violation of Article X(2), the Board of Directors
or its designee  shall take such action as it deems  advisable to refuse to give
effect to or to prevent such Transfer,  including,  but not limited to, refusing
to give effect to such Transfer on the books of the  Corporation  or instituting
proceedings to enjoin such Transfer;  provided,  however,  that any Transfers or
attempted Transfers in violation of Article X(2) shall  automatically  result in
the  designation  and treatment  described in Article X(3),  irrespective of any
action (or non-action) by the Board of Directors.
 
     (5) NOTICE TO  CORPORATION.  Any Person who acquires or attempts to acquire
Shares in violation of Article X(2), or any Person who is a transferee such that
Excess Shares result under Article X(3),  shall  immediately give written notice
or, in the event of a  proposed  or  attempted  Transfer,  give at least 15 days
prior written notice to the  Corporation  of such event.  Such person shall also
provide to the Corporation such other information as the Corporation may request
in order to determine the effect, if any, of such Transfer or attempted Transfer
on the  Corporation's  status  as a REIT and  shall  execute  and  deliver  such
instruments and provide such further  cooperation and assistance as the Board of
Directors deems advisable to preserve the status of the Corporation as a REIT.
 
      (6) INFORMATION FOR CORPORATION. Until the Restriction Termination Date:
 
     (A) every Beneficial Owner of more than 1% (or such other lower percentages
as required  pursuant to  regulations  under the Code) of the number or value of
any class or series of Common Stock or Preferred Stock of the Corporation shall,
within  30 days  after  January  1 of each  year,  give  written  notice  to the
Corporation stating the name and address of such Beneficial Owner, the number of
Shares of such class or series of Common Stock or Preferred  Stock  Beneficially
Owned, and a description of how such Shares are held. Each such Beneficial Owner
shall provide to the Corporation such additional  information as the Corporation
may  reasonably  request  in order to  determine  the  effect,  if any,  of such
Beneficial  Ownership  on  the  Corporation's  status  as a REIT  and to  ensure
compliance with such Person's Ownership Limit.
 
     (B) each  Person  who is a  Beneficial  Owner  of  Shares  and each  Person
(including  the  stockholder  of record) who is holding  Shares for a Beneficial
Owner shall provide to the Corporation in writing such  information with respect
to  direct,  indirect  and  constructive  ownership  of  Shares  as the Board of
Directors deems  reasonably  necessary to comply with the provisions of the Code
applicable to a REIT, to determine the Corporation's status as a REIT, to comply
with the  requirements  of any taxing  authority  or  governmental  agency or to
determine any such compliance.
 
     (7) OTHER ACTION BY BOARD.  Subject to Article X(2),  nothing  contained in
this Article X shall limit the  authority of the Board of Directors to take such
other action as it deems  necessary or advisable to protect the  Corporation and
the interests of its stockholders by preservation of the Corporation's status as
a REIT; provided, however, that no provision of this subsection 7 shall preclude
the settlement of any transaction entered into through the facilities of the New
York Stock Exchange.
 
     (8)  AMBIGUITIES.  In the case of an ambiguity in the application of any of
the provisions of this Article X, including any definition  contained in Article
X(1), the Board of Directors  shall have the power to determine the  application
of the  provisions of this Article X with respect to any situation  based on the
facts known to it. In the event this  Article X requires or permits an action by
the  Board of  Directors  and the  Restated  Articles  of  Incorporation  of the
Corporation, as amended, fails to provide specific guidance with respect to such
action,  the Board of Directors  shall have the power to determine the action to
be taken so long as such action is not contrary to the provisions of Article X.
 
     (9) INCREASE OR DECREASE IN  OWNERSHIP  LIMIT.  Subject to the  limitations
provided in Article X(10), the Board of Directors may from time to time increase
or decrease such Person's Ownership Limit; provided,  however, that any decrease
may only be made  prospectively as to subsequent  holders (other than a decrease
as a result  of a  retroactive  change  in  existing  law that  would  require a
decrease to retain REIT status,  in which case such decrease  shall be effective
immediately).
 
      (10) LIMITATIONS ON CHANGES IN OWNERSHIP LIMITS.
 
     (A) The  Ownership  Limit may not be increased  if, after giving  effect to
such  increase,  five or fewer  individual  Beneficial  Owners of  Shares  could
Beneficially  Own,  in the  aggregate,  more  than 49% in number or value of the
outstanding Shares.
 
     (B) Prior to the  modification  of any Ownership  Limit pursuant to Article
X(9),  the Board of Directors may require such opinions of counsel,  affidavits,
undertakings  or  agreements  as it may deem  necessary or advisable in order to
determine or ensure the Corporation's status as a REIT.
 
     (11) WAIVERS BY THE BOARD.  The Board of  Directors  with a ruling from the
Internal  Revenue  Service,  an  opinion  of  counsel  to the  effect  that such
exemption  will not result in the  Corporation  being  "closely held" within the
meaning of Section  856(h) of the Code,  or such other  evidence as the Board of
Directors deems necessary in its sole discretion may exempt,  on such conditions
and terms as the Board of Directors  deems necessary in its sole  discretion,  a
Person from such Person's Ownership Limit if the Board of Directors obtains such
representations  and undertakings from such Person as the Board of Directors may
deem  appropriate and such Person agrees that any violation of the terms of such
exemption  or  attempted  violation  of the same will  result  in, to the extent
necessary,  the  designation  of Shares held by such Person as Excess  Shares in
accordance with Article X(3).
 
      (12) LEGEND. Each certificate for Shares:
 
     (a) shall state that the  Corporation  will furnish a full statement  about
certain  restrictions on transferability to a stockholder on request and without
charge; or
 
      (B) shall bear substantially the following legend:
 
     "The securities represented by this certificate are subject to restrictions
on ownership and transfer for the purpose of the  Corporation's  maintenance  of
its status as a real estate  investment trust under the Internal Revenue Code of
1986, as amended. Except as otherwise provided pursuant to the Restated Articles
of Incorporation of the Corporation,  as amended, no Person may Beneficially Own
Shares in excess of the Ownership Limit (as defined in the Restated  Articles of
Incorporation,  as amended) or such greater  percentage  as may be determined by
the  Board  of  Directors  of the  Corporation,  of the  number  or value of the
outstanding Shares of any class or series of the Common Stock or Preferred Stock
of the  Corporation.  Any Person who  attempts or proposes to  Beneficially  Own
Shares in excess of the above limitations must notify the Corporation in writing
at least 15 days prior to such proposed or attempted  Transfer.  All capitalized
terms in this  legend  have the  meanings  defined in the  Restated  Articles of
Incorporation of the  Corporation,  as amended,  a copy of which,  including the
restrictions on transfer,  will be furnished to each  stockholder on request and
without charge.  If the  restrictions  on transfer are violated,  the securities
represented  hereby  which  are in  excess  of the  above  limitations  will  be
designated  and  treated  as Excess  Shares  which  will be held in trust by the
Excess Share Trustee for the benefit of the Charitable Beneficiary."
 
     (13) SEVERABILITY. If any provision of this Article X or any application of
any such  provision is determined to be void,  invalid or  unenforceable  by any
court having jurisdiction over the issue, the validity and enforceability of the
remaining  provisions  shall be affected only to the extent  necessary to comply
with the determination of such court.
 
     (14) TRANSFER OF EXCESS SHARES. Upon any purported Transfer that results in
Excess Shares  pursuant to Article  X(3),  such Excess Shares shall be deemed to
have been  transferred  on the day prior to the date of the  purported  Transfer
that results in such Excess Shares to the Excess Share Trustee,  as trustee of a
special  trust for the  exclusive  benefit of the  Charitable  Beneficiary.  The
Corporation shall name a Charitable Beneficiary,  if one does not already exist,
within  five days of the  discovery  of any  designation  of any Excess  Shares;
however,  the failure to so name a Charitable  Beneficiary  shall not affect the
designation  of Shares as Excess  Shares or the  transfer  thereof to the Excess
Share  Trustee.  Excess Shares so held in trust shall be issued and  outstanding
Shares of the Corporation.  The Purported Record  Transferee or Purported Record
Holder shall have no rights in such Excess  Shares except as provided in Article
X(17).
 
     (15)  DISTRIBUTIONS ON EXCESS SHARES.  Any dividends  (whether taxable as a
dividend,  return of capital or otherwise) on Excess Shares shall be paid to the
Excess  Share  Trust  for  the  benefit  of  the  Charitable  Beneficiary.  Upon
liquidation,  dissolution or winding up, the Purported  Record  Transferee shall
receive,  for each Excess  Share,  the lesser of (A) the amount per share of any
distribution made upon  liquidation,  dissolution or winding up or (B) the price
paid by the  Purported  Record  Transferee  for  the  Excess  Shares,  or if the
Purported Record  Transferee did not give value for the Excess Shares,  the Fair
Market  Value of the Excess  Shares on the day of the event  causing  the Excess
Shares to be held in trust.  Any such dividend paid or distribution  paid to the
Purported  Record  Transferee in excess of the amount  provided in the preceding
sentence prior to the discovery by the Corporation  that the Shares with respect
to which the dividend or  distribution  was made had been  designated  as Excess
Shares shall be repaid,  upon demand,  to the Excess Share Trust for the benefit
of the Charitable Beneficiary.
 
     (16) VOTING OF EXCESS SHARES. The Excess Share Trustee shall be entitled to
vote the Excess Shares on behalf of the  Charitable  Beneficiary  on any matter.
Subject to Maryland  law, any vote cast by a Purported  Record  Transferee  with
respect to the Excess Shares prior to the discovery by the Corporation  that the
Excess Shares were held in trust will be rescinded ab initio; provided, however,
that if the Corporation has already taken irreversible  action with respect to a
merger, reorganization, sale of all or substantially all the assets, dissolution
of the Corporation or other action by the Corporation, then the vote cast by the
Purported  Record  Transferee  shall not be  rescinded.  The owner of the Excess
Shares  will be deemed to have given an  irrevocable  proxy to the Excess  Share
Trustee to vote the Excess Shares for the benefit of the Charitable Beneficiary.
 
     Notwithstanding the provisions of this Article X, until the Corporation has
received  notification  that Excess Shares have been  transferred into an Excess
Share Trust, the Corporation shall be entitled to rely on its share transfer and
other  stockholder  records for  purposes  of  preparing  lists of  stockholders
entitled to vote at meetings,  determining the validity and authority of proxies
and otherwise conducting votes of stockholders.
 
     (17)   NON-TRANSFERABILITY   OF  EXCESS  SHARES.  Excess  Shares  shall  be
transferable  only as provided in this Section 17. The Excess Share Trustee may,
in the event that the  Corporation  waives its purchase rights under Section 18,
transfer the Shares held in the Excess Share Trust to a Person or Persons  whose
ownership of such Shares will not violate such Person's Ownership Limit. If such
a transfer is made to such a Person or Persons,  the interest of the  Charitable
Beneficiary  shall  terminate  and  proceeds of the sale shall be payable to the
Purported  Record  Transferee and to the Charitable  Beneficiary.  The Purported
Record  Transferee  shall  receive  the  lesser  of (A)  the  price  paid by the
Purported  Record  Transferee  for  the  Shares  or,  if  the  Purported  Record
Transferee  did not give  value for the  Shares,  the Fair  Market  Value of the
Shares on the day of the event  causing  the Shares to be held in trust,  or (B)
the price received by the Excess Share Trust from the sale or other  disposition
of the Shares.  Any  proceeds in excess of the amount  payable to the  Purported
Record Transferee will be paid to the Charitable  Beneficiary.  The Excess Share
Trustee shall be under no obligation  to obtain the highest  possible  price for
the Excess  Shares.  Prior to any  transfer  of any Excess  Shares by the Excess
Share Trustee,  the Corporation  must have waived in writing its purchase rights
under  Section  18.  It  is  expressly  understood  that  the  Purported  Record
Transferee  may enforce the  provisions of this Section  against the  Charitable
Beneficiary.
 
     If any of the  foregoing  restrictions  on  transfer  of  Excess  Shares is
determined  to be void,  invalid  or  unenforceable  by any  court of  competent
jurisdiction,  then the Purported Record Transferee may be deemed, at the option
of the  Corporation,  to have acted as an agent of the  Corporation in acquiring
such Excess  Shares in  Corporation  and to hold such Excess Shares on behalf of
the Corporation.
 
     (18) CALL BY CORPORATION ON EXCESS SHARES. Excess Shares shall be deemed to
have been offered for sale to the Corporation,  or its designee,  at a price per
Share  equal to the  lesser of (A) the price per Share in the  transaction  that
created  such  Excess  Shares  (or,  in the  case of a  devise,  gift  or  other
transaction in which no value was given for such Excess Shares,  the Fair Market
Value at the time of such devise,  gift or other  transaction)  and (B) the Fair
Market Value of the Excess Shares on the date the Corporation,  or its designee,
accepts such offer (the  "Redemption  Price").  The  Corporation  shall have the
right to accept  such  offer for a period of ninety  days after the later of (x)
the date of the purported  Transfer which resulted in such Excess Shares and (y)
the date  the  Board of  Directors  determines  in good  faith  that a  Transfer
resulting in Excess Shares has occurred,  if the Corporation  does not receive a
notice of such  Transfer  pursuant to Article  X(5) but in no event later than a
permitted  Transfer  pursuant  to and in  compliance  with the terms of  Article
X(17).  Unless the Board of Directors  determines that it is in the interests of
the Corporation to make earlier payments of all of the amount  determined as the
Redemption  Price per  Share in  accordance  with the  preceding  sentence,  the
Redemption  Price may be payable at the option of the Board of  Directors at any
time up to but not later  than the five  years  after  the date the  Corporation
accepts  the  offer  to  purchase  the  Excess  Shares.  In no event  shall  the
Corporation  have  an  obligation  to  pay  interest  to  the  Purported  Record
Transferee.
 
     (19)  UNDERWRITTEN  OFFERINGS.  The Ownership  Limit shall not apply to the
acquisition  of Shares  or  rights,  options  or  warrants  for,  or  securities
convertible into,  Shares by an underwriter in a public offering;  provided that
the underwriter makes a timely distribution of such Shares or rights, options or
warrants for, or securities convertible into, Shares.
 
     (20)  ENFORCEMENT.  The  Corporation  is  authorized  specifically  to seek
equitable relief, including injunctive relief, to enforce the provisions of this
Article X.
 
     (21)  NON-WAIVER No delay or failure on the part of the  Corporation or the
Board of Directors in exercising any right  hereunder  shall operate as a waiver
of any right of the  Corporation or the Board of Directors,  as the case may be,
except to the extent specifically waived in writing."
 
      (b) These amendments of the Charter have been approved by Corporation's
directors and stockholders.
 
      We the undersigned President and Secretary of the Corporation swear under
penalties of perjury that the foregoing is a corporate act.
 
 
/s/ Mark Lundy                        /s/ Jeffrey Fishman
 
-------------------------             ---------------------
 
Mark Lundy, Secretary                 Jeffrey Fishman, President
 
 
Return Address of Filing Party:
 
One Liberty Properties, Inc.
 
60 Cuttermill Road, Suite 303
 
Great Neck, New York 11021
 
Attn:  Secretary
<PAGE>
 
                                   EXHIBIT 3.2
 
                              ARTICLES OF AMENDMENT
                                       OF
                          ONE LIBERTY PROPERTIES, INC.
 
     One Liberty Properties,  Inc., a Maryland  corporation (the "Corporation"),
hereby certifies to the State Department of Assessments and Taxation of Maryland
that:
 
     (a) the Articles of  Amendment  and  Restatement  of the  Corporation  (the
"Charter") is hereby amended as follows:
 
     (i) The  Charter  provides  that the  Corporation  is  authorized  to issue
25,000,000 shares of capital stock, all shares of which are common stock, with a
par value of One Dollar  ($1.00)  per share.  The  amendment  provides  that the
Corporation  may issue  37,500,000  shares of  capital  stock,  (a)  twenty-five
million  (25,000,000)  shares of which shall be  designated  common  stock,  One
Dollar ($1.00) par value per share, and (b) twelve million five hundred thousand
(12,500,000)  shares of which shall be designated  preferred  stock,  One Dollar
($1.00) par value per share.  To effect  this  amendment,  Article  IV(1) of the
Charter is hereby deleted in its entirety and the following  substituted in lieu
thereof:
 
     (1) The total number of shares of capital stock which the Corporation shall
have  authority  to  issue  is  thirty  seven  million  five  hundred   thousand
(37,500,000)  shares, (a) twenty-five million (25,000,000) shares of which shall
be designated  common stock, One Dollar ($1.00) par value per share (the "Common
Stock"),  and (b) twelve million five hundred  thousand  (12,500,000)  shares of
which shall be designated  preferred  stock,  One Dollar  ($1.00) par value (the
"Preferred Stock," and together with the Common Stock, the "Shares")."
 
     (ii) To address the  powers,  rights,  obligations  and  privileges  of the
Preferred  Stock,  Article IV of the  Charter is hereby  amended by adding a new
subsection 5 immediately  after subsection 4 contained  therein which shall read
as follows:
 
     "(5)  Subject  to  Article X, the Board of  Directors  is hereby  expressly
granted  authority to authorize from time to time, in accordance with applicable
law, the issue of one or more series of Preferred  Stock and with respect to any
such  series,  to  fix  by  resolution  or  resolutions  the  numbers,   powers,
designations, preferences and relative, participating, optional or other special
rights  of such  series  and the  qualifications,  limitations  or  restrictions
thereof,  including but without  limiting the generality of the  foregoing,  the
following:
 
     (a)  entitling  the  holders  thereof  to  cumulative,   non-cumulative  or
partially cumulative dividends, or to no dividends;
 
     (b) entitling the holders thereof to receive  dividends payable on a parity
with,  junior to, or in preference to, the dividends  payable on any other class
or series of capital stock of the Corporation;
 
     (c)  entitling  the  holders  thereof  to  rights  upon  the  voluntary  or
involuntary  liquidation,  dissolution  or  winding  up of,  or upon  any  other
distribution of the assets of, the Corporation,  on a parity with,  junior to or
in  preference  to, the rights of any other class or series of capital  stock of
the Corporation;
     (d)  providing  for the  conversion,  at the option of the holder or of the
Corporation  or both, of the shares of Preferred  Stock into shares of any other
class or  classes of capital  stock of the  Corporation  or of any series of the
same or any other class or classes or into property of the  Corporation  or into
the  securities  or  properties of any other  corporation  or person,  including
provision for adjustment of the  conversion  rate in such events as the Board of
Directors shall determine, or providing for no conversion;
 
     (e)  providing  for the  redemption,  in whole or in part, of the shares of
Preferred Stock at the option of the Corporation or the holder thereof, in cash,
bonds or other  property,  at such price or prices  (which amount may vary under
different conditions and at different  redemption dates),  within such period or
periods,  and under such  conditions as the Board of Directors shall so provide,
including  provisions  for the  creation  of a sinking  fund for the  redemption
thereof, or providing for no redemption;
 
     (f)  lacking  voting  rights or having  limited  voting  rights or enjoying
general, special or multiple voting rights;
 
     (g)  specifying  the  number of shares  constituting  that  series  and the
distinctive designation of that series and the stated value of that series;
 
     (h) specifying the  limitations and  restrictions,  if any, to be effective
while  any  shares  of such  series  are  outstanding  upon (i) the  payment  of
dividends, (ii) the making of other distributions,  (iii) the purchase, (iv) the
redemption  or (v) an  acquisition,  by the  Corporation  of any other  class or
classes of stock of the Corporation  ranking junior to the shares of such series
either as to dividends or upon liquidation, dissolution or winding-up;
 
     (i) specifying the conditions or restrictions, if any, upon the creation of
indebtedness  of the  Corporation or upon the issuance of any  additional  stock
(including  additional  shares of such  series or of any other  series or of any
other  class)  ranking on a parity with or prior to the shares of such series as
to  dividends  or  distributions  of assets  upon  liquidation,  dissolution  or
winding-up; and
 
     (j) providing for any other power, preference and relative,  participating,
optional  or other  rights  or terms,  and the  qualifications,  limitations  or
restrictions  thereof,  as shall not be  inconsistent  with applicable law, this
Section IV(5) or any resolution of the Board of Directors pursuant hereto."
 
     (b) These  amendments  of the Charter have been  approved by  Corporation's
directors and stockholders.
 
     We the undersigned  President and Secretary of the Corporation  swear under
penalties of perjury that the foregoing is a corporate act.
 
/s/ Mark Lundy                            /s/ Jeffrey Fishman
 
-----------------------                   ----------------------------
Mark Lundy, Secretary                     Jeffrey Fishman, President
 
 
Return Address of Filing Party:
 
One Liberty Properties, Inc.
 
60 Cuttermill Road, Suite 303
 
Great Neck, New York 11021
 
Attn:  Secretary
 
<PAGE>
 
                                  EXHIBIT 31.1
                                  CERTIFICATION
 
I, Fredric H. Gould, President and Chief Executive  Officer of One Liberty
Properties, Inc. certify that:
 
1.   I have reviewed this Quarterly Report on Form 10-Q for the quarterly period
     ended June 30, 2005 of One Liberty Properties, Inc.
 
2.   Based on my knowledge, this report does not contain any untrue statement of
     a material  fact or omit to state a  material  fact  necessary  to make the
     statements made, in light of the circumstances  under which such statements
     were made,  not  misleading  with  respect  to the  period  covered by this
     report;
 
3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in  this  report,  fairly  present  in all  material
     respects the financial  condition,  results of operations and cash flows of
     the registrant as of, and for, the periods presented in this report;
 
4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules  13a-15(e) and 15d-15(e))  and internal  control over
     financial  reporting  (as defined in Exchange Act Rule  13a-15(f))  for the
     registrant and have:
 
a)   Designed such disclosure controls and procedures, or caused such disclosure
     controls and  procedures to be designed  under our  supervision,  to ensure
     that  material  information  relating  to  the  registrant,  including  its
     consolidated  subsidiaries,  is made  known to us by  others  within  those
     entities,  particularly  during the  period in which  this  report is being
     prepared;
 
b)   Designed such internal  control over  financial  reporting,  or caused such
     internal  control  over  financial  reporting  to  be  designed  under  our
     supervision,  to provide reasonable  assurance regarding the reliability of
     financial  reporting  and  the  preparation  of  financial  statements  for
     external  purposes  in  accordance  with  generally   accepted   accounting
     principles;
 
c)   Evaluated the  effectiveness  of the registrant's  disclosure  controls and
     procedures  and  presented  in  this  report  our  conclusions   about  the
     effectiveness of the disclosure  controls and procedures,  as of the end of
     the period covered by this report based on such evaluation; and
 
d)   Disclosed in this report any change in the  registrant's  internal  control
     over financial  reporting that occurred during the registrant's most recent
     fiscal  quarter (the  registrant's  fourth fiscal quarter in the case of an
     annual report) that has  materially  affected,  or is reasonably  likely to
     materially  affect,  the  registrant's   internal  control  over  financial
     reporting; and
 
5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's auditors and the audit committee of the registrant's board
     of directors (or persons performing the equivalent functions):
 
a)   All  significant  deficiencies  and  material  weaknesses  in the design or
     operation of internal control over financial reporting which are reasonably
     likely to adversely  affect the  registrant's  ability to record,  process,
     summarize and report financial information; and
 
b)   Any fraud,  whether or not  material,  that  involves  management  or other
     employees who have a significant role in the registrant's  internal control
     over financial reporting.
 
 
   Date:   August 9, 2005
                                  /s/ Fredric H. Gould
                                  --------------------
                                  Fredric H. Gould
                                  President and Chief Executive Officer