SCHEDULE 13D
Under the Securities Exchange Act of l934
(Amendment No. 4 )*
BRT Realty Trust
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(Name of Issuer)
Shares of Beneficial Interest, $3.00 Par Value
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(Title of Class of Securities)
055645-10-5
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(CUSIP Number)
Simeon Brinberg, Esq.
60 Cutter Mill Road, Great Neck, New York 11021
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule l3G to
report the acquisition which is the subject of this Schedule l3D, and is filing
this schedule because of Rule l3d-l(b)(3) or (4), check the following box / /.
Check the following box if a fee is being paid with the statement / /. (A
fee is not required only if the reporting person: (l) has a previous statement
on file reporting beneficial ownership of more than five percent of the class of
securities described in Item l; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule l3d-7).
NOTE: Six copies of this statement, including all exhibits,
should be filed with the Commission. See Rule l3d-l(a) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section l8
of the Securities Exchange Act of l934 ("Act") or otherwise subject to the
liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
(Page l of 13 Pages)
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Page 2 of 13 Pages
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l. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fredric H. Gould - ###-##-####
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2. CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) x
(b)
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
PF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7. SOLE VOTING POWER - 189,735
NUMBER OF _____________________________________________
SHARES 8. SHARED VOTING POWER - 1,921,746
BENEFICIALLY ____________________________________________
OWNED BY 9. SOLE DISPOSITIVE POWER - 189,735
EACH _____________________________________________
REPORTING 10. SHARED DISPOSITIVE POWER - 1,921,746
PERSON WITH _____________________________________________
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON - 2,111,481
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12. CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
25.9
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14. TYPE OF
REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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Page 3 of 13 Pages
l. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Marshall Rose - ###-##-####
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2. CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) x
(b)
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
PF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7. SOLE VOTING POWER - 110,263
NUMBER OF _____________________________________________
SHARES 8. SHARED VOTING POWER - 180,909
BENEFICIALLY ____________________________________________
OWNED BY 9. SOLE DISPOSITIVE POWER - 110,263
EACH _____________________________________________
REPORTING 10. SHARED DISPOSITIVE POWER - 180,909
PERSON WITH _____________________________________________
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON - 291,172
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12. CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.57
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14. TYPE OF
REPORTING PERSON*
IN
<PAGE>
Page 4 of 13 Pages
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l. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gould Investors L.P. - 11-276-3164
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2. CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) x
(b)
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER - 1,512,241
NUMBER OF _____________________________________________
SHARES 8. SHARED VOTING POWER
BENEFICIALLY ____________________________________________
OWNED BY 9. SOLE DISPOSITIVE POWER - 1,512,241
EACH _____________________________________________
REPORTING 10. SHARED DISPOSITIVE POWER
PERSON WITH _____________________________________________
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON - 1,512,241
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12. CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.54
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14. TYPE OF
REPORTING PERSON*
PN
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Page 5 of 13 Pages
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l. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
One Liberty Properties, Inc. - 13-314-7497
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2. CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) x
(b)
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
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7. SOLE VOTING POWER - 30,048
NUMBER OF _____________________________________________
SHARES 8. SHARED VOTING POWER -
BENEFICIALLY ____________________________________________
OWNED BY 9. SOLE DISPOSITION POWER - 30,048
EACH _____________________________________________
REPORTING 10. SHARED DISPOSITION POWER -
PERSON WITH _____________________________________________
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON - 30,048
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12. CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
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14. TYPE OF
REPORTING PERSON*
CO.
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<PAGE>
Page 6 of 13 Pages
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l. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Matthew Gould - ###-##-####
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2. CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) x
(b)
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
PF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7. SOLE VOTING POWER - 204,262
NUMBER OF _____________________________________________
SHARES 8. SHARED VOTING POWER - 1,542,289
BENEFICIALLY ____________________________________________
OWNED BY 9. SOLE DISPOSITIVE POWER - 204,262
EACH _____________________________________________
REPORTING 10. SHARED DISPOSITIVE POWER - 1,542,289
PERSON WITH _____________________________________________
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON - 1,746,551
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12. CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
21.41
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14. TYPE OF
REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Page 7 of 13 Pages
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l. NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jeffrey Gould - ###-##-####
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2. CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) x
(b)
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
PF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7. SOLE VOTING POWER - 191,350
NUMBER OF _____________________________________________
SHARES 8. SHARED VOTING POWER - -
BENEFICIALLY ____________________________________________
OWNED BY 9. SOLE DISPOSITIVE POWER - 191,350
EACH _____________________________________________
REPORTING 10. SHARED DISPOSITIVE POWER - -
PERSON WITH _____________________________________________
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON - 191,350
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12. CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.35
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14. TYPE OF
REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Page 8 of 13 Pages
This Amendment No. 4 amends and supplements the Schedule 13D dated September 21,
1993 ("Original 13D") jointly filed by One Liberty Properties, Inc. ("OLP"),
Fredric H. Gould ("Gould") and Marshall Rose ("Rose"), as amended by Amendment
No. 1 dated November 1, 1993 ("Amendment No. 1") and was joined in by Gould
Investors L.P. ("GLP") by Amendment No. 2 dated January 31, 1996 (Amendment No.
2). GLP is a limited partnership, in which Gould and Rose were individual
general partners and the principal executive officers of the corporate managing
general partner. Gould is the sole shareholder of the corporate managing general
partner of GLP. Effective December 1, 1997, Rose withdrew as a general partner
of Gould Investors L.P. and is no longer an executive officer of the corporate
managing partner of GLP. Accordingly, he no longer has shared voting or
dispositive power with respect to the shares of BRT Realty Trust owned by GLP.
Matthew Gould, Gould's son, is President of the corporate managing general
partner of GLP and as a result of such position and because GLP owns 1,512,241
shares of BRT Realty Trust and he has shared voting and dispositive power with
respect to the shares of BRT Realty Trust owned by GLP, Matthew Gould is joining
in this 13D. Jeffrey Gould, Matthew Gould's brother and Gould's son is also an
officer of the corporate managing general partner and is joining this 13D.
GLP owns 19.6 of the voting stock of OLP (24.7% of the Common Stock) and Gould,
Matthew Gould and Jeffrey Gould are Chairman, President and Vice President
respectively, of OLP. GLP and OLP are affiliated entities and BRT Realty Trust
("BRT" or "Issuer")is also affiliated with GLP and OLP. Gould is Chairman of the
Board of Trustees, Jeffrey Gould and Matthew Gould are President and Senior Vice
President, respectively, of BRT.
Except as reported herein, there has been no change in the information contained
in the Original 13D, as amended to date.
Item 2. Identity and Background
As to GLP, it is a Delaware limited partnership having its principal place of
business at 60 Cutter Mill Road, Great Neck, New York 11021. It is engaged in
the business of owning and operating income producing real estate and in
investing in non-related real estate entities.
The general partners of GLP are Gould, and Georgetown Partners, Inc. Reference
is made to Item 2 of the Original 13D for information with respect to Gould and
with respect to Matthew Gould, Jeffrey Gould, Israel Rosenzweig, Nathan Kupin,
David W. Kalish, and Simeon Brinberg, who are executive officers of Georgetown
Partners, Inc. As to changes in the Item 2 information, Mr. Rosenzweig has not
been Chief Executive Officer of BRT since November 1994, although he remained
President until March 1996 and as a Trustee until November 27, 1996. Gould, who
had been Chairman of the Board of Trustees, became Chairman of the Board and
Chief Executive Officer of the Issuer in November 1994. From November
Page 9 of 13 Pages
1994 to May, 1997, Mr. Rosenzweig was Executive Vice President of Bankers
Federal Savings & Loan Association FSB ("Bankers Federal"). In May 1997 after
the sale of the holding company of Bankers Federal, Mr. Rosenzweig became an
employee of GLP. Gould was a director of the holding company of Bankers Federal
and of Bankers Federal for more than five years ending May, 1997. In March 1996
Jeffrey Gould was elected and he continues to serve as President and Chief
Operating Officer of BRT.
Item 5. Interest in Securities of the Issuer
(a) As of December 1, 1997 BRT had 8,159,350 Beneficial Shares outstanding. In
addition, 82,506 Beneficial Shares are reserved for issuance pursuant to
outstanding stock options, of which 20,625 are presently exercisable. GLP owns
as of December 1, 1997 1,512,241 Beneficial Shares, or 18.54% of the outstanding
Beneficial Shares of BRT.
(b) With respect to Fredric H. Gould, the total number of Beneficial Shares in
which Gould has sole or shared voting or dispositive power is 2,111,481 shares,
representing 25.88% of the outstanding Beneficial Shares. Mr. Gould owns
directly 189,735 shares as to which he has sole voting and dispositive power.
The following sets forth the number of Beneficial Shares which Mr. Gould may be
deemed to beneficially own and the nature of the voting and dispositive power:
REGISTERED NUMBER OF SHARES/ TYPE OF VOTING AND
OWNER PERCENTAGE OF SHARES DISPOSITIVE POWER
One Liberty
Properties, Inc. 30,048/less than 1% Shared (1)
The Georgetown
Group, Inc. 4,790/less than 1% Shared (2)
Gould Investors
L.P. 1,512,241/18.54% Shared (3)
130 Store Company 18,988/less than 1% Shared (4)
Georgetown Investment
Company 41,456/less than 1% Shared (5)
REIT Management Corp.
Pension & Profit
Sharing Trusts 263,546/3.23% Shared (6)
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Page 10 of 13 Pages
BRT Realty Trust
Pension Trust 15,915/less than 1% Shared (7)
Trust for the
Benefit of
Relatives 34,762/less than 1% Shared (8)
The above does not include 25,015 Beneficial Shares owned by Gould's wife, as to
which shares Gould disclaims beneficial ownership and Mrs. Gould has sole voting
and dispositive power.
With respect to Marshall Rose, he withdrew as a general partner of GLP effective
December 1, 1997 and is no longer an executive officer of the corporate managing
general partner of GLP. Accordingly, he no longer has shared voting or
dispositive power over the shares of BRT owned by GLP. On November 7, 1997, Rose
sold 75,801 shares of BRT at $8.38 per share. Rose owns 25,514 Beneficial Shares
as to which he has sole voting and dispositive power. The following sets forth
the number of Beneficial Shares which Rose may be deemed to beneficially own and
the nature of the voting and dispositive power:
REGISTERED NUMBER OF SHARES/ TYPE OF VOTING AND
OWNER PERCENTAGE OF SHARES DISPOSITIVE POWER
One Liberty
Properties, Inc. 30,048/less than 1% Shared (1)
The Georgetown
Group, Inc. 4,790/less than 1% Shared (2)
Marshall & Jill Rose
Foundation, Inc. 8,644/less than 1% Shared (9)
130 Store Company 18,988/less than 1% Shared (4)
Georgetown Investment
Company 41,456/less than 1% Shared (5)
Trustee for the
benefit of various
persons 84,749/1.04% Sole (10)
Georgetown Group
Profit Sharing Plan 76,983/less than 1% Shared (11)
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Page 11 of 13 Pages
(1) Gould is Chairman of the Board of OLP. Rose is Vice Chairman of the
Board. GLP owns 19.59% of the voting power of OLP. Gould is the General Partner
of GLP and President of Georgetown Partners, Inc., managing general partner of
GLP. Gould is the sole shareholder of Georgetown Partners, Inc.
(2) Gould and Rose are executive officers of The Georgetown Group, Inc. and Rose
is a director and shareholder.
(3) Gould is the General Partner of GLP and an executive officer of the managing
general partner. See note (1) above.
(4) Gould and Rose are partners of the 130 Store Company.
(5) Gould and Rose are partners in Georgetown Investment Company. This
partnership is in the process of being liquidated and dissolved.
(6) Gould is a trustee of the REIT Management Corp. Pension and Profit Sharing
Trusts.
(7) Gould is one of the trustees of the BRT Realty Trust Pension Trust.
(8) Gould is co-trustee of trusts established for the benefit of his brother's
children.
(9) Rose is a trustee of the Foundation.
(10) Rose is sole trustee of various Trust.
(11) Rose is a trustee of the Georgetown Group Profit Sharing Plan.
Matthew Gould has sole or shared voting or dispositive power with respect to
1,746,551 Beneficial Shares, representing 21.41% of the outstanding Beneficial
Shares. Mr. Gould owns 190,596 shares directly and 13,666 shares as custodian
for his children, as to which he has sole voting and dispositive power. He has
shared voting and dispositive power over the 30,048 shares owned by OLP, as he
is President of OLP, and shared voting and dispositive power over the 1,512,241
shares owned by GLP, as he is President of the corporate managing general
partner of GLP. Matthew Gould's wife owns 5,500 Beneficial Shares of BRT, as to
which shares Mr. Gould disclaims any beneficial interest.
Jeffrey Gould has sole voting and dispositive power over 191,350 Beneficial
Shares (2.35% of the outstanding Beneficial Shares), of which 15,235 shares are
held by him as custodian for his children. His wife owns 6,000 Beneficial
Shares, as to which Mr. Gould disclaims any beneficial interest.
<PAGE>
Page 12 of 13 Pages
c) The transactions effected in Beneficial Shares of BRT during the past 60 days
is as follows:
1. Rose sold 75,801 shares on November 7, 1997 at $8.38 per share. The
shares were sold in a private transaction.
2. Matthew Gould purchased 500 shares on November 26, 1997 at $8.06 per
share.
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Page 13 of 13 Pages
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: December 16, 1997
GOULD INVESTORS L.P.
By
-------------------------
Fredric H. Gould, Partner
ONE LIBERTY PROPERTIES, INC.
By
--------------------------
Matthew Gould, President
--------------------------
Marshall Rose
--------------------------
Fredric H. Gould
--------------------------
Matthew Gould
------------------------------
Jeffrey Gould
