GE COMMERCIAL FINANCE AND ONE LIBERTY PROPERTIES, INC. FORM ALLIANCE

Organizations Will Market Sale-leaseback Programs and Acquire Net Leased Property

Bellevue, Washington and Great Neck, New York—June 7, 2004—GE Commercial Finance, Business Asset Funding and One Liberty Properties, Inc., have formed an alliance to market sale-leaseback programs and to acquire single tenant net leased properties throughout the United States. Senior executives of both organizations will manage the alliance.

In a sale-leaseback transaction, a company conveys the title of commercial real estate assets to a financial institution in exchange for a cash payment. The financial institution then immediately leases those assets back, enabling the company to free up capital for debt reduction, expansion capital, and enhanced liquidity.

Business Asset Funding President Bruce J. Nelson said, “The alliance is part of a larger strategy to provide our customers with greater opportunity to monetize assets. I am extremely pleased with the additional origination capacity that this relationship brings to our two businesses.”

One Liberty President Jeffrey Fishman said, “This relationship furthers One Liberty’s goal of acquiring quality net leased properties. We are very pleased to be entering into the alliance and with the opportunities it will provide.”

ABOUT ONE LIBERTY PROPERTIES, INC.

One Liberty (NYSE:OLP) is a New York-based Real Estate Investment Trust (REIT) specializing in the acqusition and ownership of net leased real property. The Company owns and manages a geographically diversified portfolio of retail, industrial, office, movie theatres and other properties. For more information about One Liberty, please visit our website at:

ABOUT GE COMMERCIAL FINANCE, BUSINESS ASSET FUNDING

GE Commercial Finance, Business Asset Funding is a leading provider of single tenant/owner-occupied commercial real estate finanicng in the U.S. With assets of over $10B, the business serves commercial real estate owners, investors, developers, and mortgage brokers. A multi-solution provider, the business offers conventional debt and SBA loans, as well as flexible, structured products tailored to meet the capital needs of small to middle market businesses in diverse industries.

GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over US$220 billion and is headquartered in Stamford, Connecticut, USA. General Electric(NYSE: GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. For more information visit the company’s web site at

Caution Concerning Forward-Looking Statements: 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.

Contacts:

GE Commercial Finance
Business Asset Funding, Bellevue
Susan Dawson, 425/451-2839

One Liberty, Great Neck
Mark Lundy, 516/466-3100

GE Commercial Finance

Business Asset Funding

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