One Liberty Properties, Inc. Forms Joint Venture

                 And Acquires a Stadium Movie Theatre  
  GREAT NECK, N.Y., Nov. 19 /PRNewswire/ -- One Liberty Properties, Inc. 
(Amex: OLP; OLP Pr) announced that on November 16, 2001 it formed a 50/50 
joint venture with an affiliate of Deutsche Bank A.G. (NYSE: DB) and that 
the venture, through a wholly owned subsidiary, acquired an approximately 
80,000 square foot, 20 screen stadium movie theatre located in Norwalk (Los 
Angeles), California for a consideration of approximately $12.5 million.  The 
joint venture intends to pursue additional equity and/or debt investments 
involving stadium movie theatres.  
The property is triple net-leased on a long-term basis to American 
Multi-Cinema, Inc. which is a subsidiary of AMC Entertainment, Inc. 
(NYSE: AEN).  The lease is guaranteed by AMC Entertainment, Inc. According to 
AMC, it is a leader in the theatrical exhibition industry and at the end of 
fiscal year 2001, the worldwide circuit of AMC Theatres operated 180 theatres 
with 2,768 screens in 21 states and the District of Columbia, Canada, France, 
Hong Kong, Japan, Portugal, Spain, and Sweden.  
Jeffrey Fishman, President of One Liberty, commented that the acquisition 
of this asset continues the Company's stated objective of seeking 
opportunistic acquisitions of improved net leased real property leased to 
quality tenants.  Mr. Fishman further commented that the joint venture 
formalizes One Liberty's strong relationship with this institutional investor.  
One Liberty is a New York-based REIT that specializes in the acquisition 
and ownership of net leased single tenant real estate, with both short and 
long term leases.  One Liberty's leases generally provide that all operating 
expenses and most or all other property related expenses, are paid for by the 
tenant, while contractual rental income escalates.  For more information on 
One Liberty, please visit our website at  
  Materials included in this filing may contain "forward-looking statements" 
within the meaning of the Private Securities Litigation Reform Act of 1995. 
Such forward-looking statements involve known and unknown risks, uncertainties 
and other factors that could cause actual results to be materially different 
from historical results or from any future results expressed or implied by 
such forward-looking statements.  Statements that include the words "may," 
"will," "would," "could," "should," "believes," "estimates," "projects," 
"potential," "expects," "plans," "anticipates," "intends," "continues," 
"forecast," "designed," "goal," or the negative of those words or other 
comparable words should be considered uncertain and forward-looking.  
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SOURCE  One Liberty Properties, Inc.  

    -0-                             11/19/2001 
    /CONTACT:  Mark Lundy of One Liberty Properties, Inc., +1-516-466-3100/ 
    /Web site: / 

CO:  One Liberty Properties, Inc.; Deutsche Bank A.G.; American Multi-Cinema,  
 Inc.; AMC Entertainment, Inc. 
ST:  New York, California 
-0- Nov/19/2001 22:29 GMT
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