SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b) AND (c) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
(Amendment No. )(1)
One Liberty Properties, Inc.
(Name of Issuer)
Common Stock, Par Value $1.00 Per Share
(Title of Class of Securities)
682406103
(CUSIP Number)
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(1) 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 18 of the Securities Exchange Act of
1934 (the "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 1 of 6 Pages
<PAGE>
CUSIP No. 682406103 13G Page 2 of 6 Pages
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1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
P. Oppenheimer Investment Partnership, L.P.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5. SOLE VOTING POWER
SHARES 67,600
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 67,600
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
None
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
67,600
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10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.3%
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12. TYPE OF REPORTING PERSON
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 6 Pages
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CUSIP No. 682406103 13G Page 3 of 6 Pages
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1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Oppenheimer & Close, Inc.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5. SOLE VOTING POWER
SHARES None
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH None
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
36,800
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
36,800
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.5%
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12. TYPE OF REPORTING PERSON
IA/BD
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 6 Pages
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Item 1(a). Name of Issuer:
One Liberty Properties, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
60 Cutter Mill Road
Great Neck, New York 11021
Item 2(a). Name of Person Filing:
P. Oppenheimer Investment Partnership and
Oppenheimer & Close, Inc.
Item 2(b). Address of Principal Business Office or, if None, Residence:
119 West 57th Street
Suite 1515
New York, New York 10019
Item 2(c). Citizenship:
P. Oppenheimer Investment Partnership, L.P. is a partnership
organized under the laws of the State of Delaware. Oppenheimer &
Close, Inc. is a corporation organized under the laws of the
State of New York.
Item 2(d). Title of Class of Securities:
Common Stock, par value $1.00 per share.
Item 2(e). CUSIP Number:
682406103
Item 3. Oppenheimer & Close, Inc. is a broker-dealer registered under
Section 15 of the Securities Exchange Act of 1934 and an
investment adviser registered under Section 203 of the Investment
Advisers Act of 1940.
Item 4. Ownership:
(a) Amount Beneficially Owned: Includes (i) 36,800 shares of
Common Stock held by clients of Oppenheimer & Close, Inc., a
registered investment advisor, over which Oppenheimer &
Close, Inc. exercises investment discretion; (ii) 62,600
shares of Common Stock held by P. Oppenheimer Investment
Partnership, L.P. of which Oppvest, LLC is the general
partner; and (iii) 5,000 shares of convertible preferred
stock held by P. Oppenheimer Investment Partnership, L.P.
(b) Percent of Class: 6.8%
Page 4 of 6 Pages
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(c) Number of shares as to which such person has sole power to
vote or to direct the vote; shared power to vote or to
direct the vote; sole power to dispose or to direct the
disposition; or shared power to dispose or to direct the
disposition: See pages 2 and 3.
Item 5. Ownership of Five Percent or Less of a Class.
Not Applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not Applicable.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company.
Not Applicable.
Item 8. Identification and Classification of Members of the Group.
Not Applicable.
Item 9. Notice of Dissolution of Group.
Not Applicable.
Item 10. Certification.
Not Applicable.
Page 5 of 6 Pages
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SIGNATURE
After reasonable inquiry and to the best of each of the undersigned's
knowledge and belief, each of the undersigned certifies that the information set
forth in this statement is true, complete and correct.
Date: February 17, 1998
P. Oppenheimer Investment Partnership, L.P.
By: Oppvest, LLC, General Partner
By: /s/ Mark Close
-----------------------------
Name: Mark Close
Title: Managing Member
Oppenheimer & Close, Inc.
By: /s/ Mark Close
-----------------------------
Name: Mark Close
Title: Managing Director
Page 6 of 6 Pages
