UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. _____)*
One Liberty Properties Inc.
(Name of Issuer)
Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
682406103
(CUSIP Number)
12/31/2005
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 the
disclosures provided in a prior cover page.
The information required in 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 ("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).
--------------------------------------------------------------------------------
CUSIP No. 682406103 SCHEDULE 13G Page 2 of
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS. Silvercrest Asset Management Group LLC
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only). 13-4194623
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions):
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
New York, USA
--------------------------------------------------------------------------------
(5) SOLE VOTING POWER
541,667
NUMBER OF ---------------------------------------------------------
SHARES (6) SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY
EACH ---------------------------------------------------------
REPORTING (7) SOLE DISPOSITIVE POWER
PERSON 541,667
WITH
---------------------------------------------------------
(8) SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
541,667
--------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.49%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (See Instructions)
IA
--------------------------------------------------------------------------------
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, NY 11021
United States of America
Item 2(a). Name of Persons Filing:
This statement is being filed on behalf of
Silvercrest Asset Management Group LLC
Item 2(b). Address of Principal Business Office or, if None, Residence:
1330 Avenue of the Americas
New York, NY 10019
Item 2(c). Citizenship:
Silvercrest Asset Management Group LLC is a New York
limited liability company
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number:
682406103
Item 3. If This Statement is Filed Pursuant to Sections 240.13d-1(b) or
240.13d-2(b), Check Whether the Person Filing is a:
(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C.
78o).
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15
U.S.C. 78c).
(d) [ ] Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [X] An investment adviser in accordance with Section
240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with
Section 240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with
Section 240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of 1940 (15
U.S.C. 80a-3);
(j) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J);
Item 4. Ownership.
(a) Amount Beneficially Owned: 541,667
(b) Percent of Class: 5.49%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote: 541,667
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition of: 541,667
(iv) Shared power to dispose or to direct the disposition of: 0
Item 5. Ownership of Five Percent or Less of a Class. Not Applicable
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following [ ].
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 or
Controlling Person.
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
By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired and are held in the ordinary course
of business and were not acquired and are not held for the purpose of or with
the effect of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
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.
2/13/2006
------------------------------------
Date
/s/ Kim M. Campione
------------------------------------
Signature
Kim M. Campione
Senior Vice President
------------------------------------
Name/Title