One Liberty Properties Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

682406103

(CUSIP Number)

12/31/2006

(Date of Event Which Requires Filing of this Statement)

x

Rule 13d-1(b)

o

Rule 13d-1(c)

o

Rule 13d-1(d)

CUSIP No. 682406103

SCHEDULE 13G/A No. 1

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) o

(b) o

(3)

SEC USE ONLY

(4)

CITIZENSHIP OR PLACE OF ORGANIZATION

New York, USA

NUMBER OF

SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH

(5)

SOLE VOTING POWER

470,370

(6)

SHARED VOTING POWER

0

(7)

SOLE DISPOSITIVE POWER

470,370

(8)

SHARED DISPOSITIVE POWER

0

(9)

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

470,370

(10)

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions)                                                                                                                                                [ ]

(11)

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

4.72%

(12)

TYPE OF REPORTING PERSON (See Instructions)

IA

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)

o Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b)

o Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c)

o Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d)

o 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)

o An employee benefit plan or endowment fund in accordance with Section 240.13d-1(b)(1)(ii)(F);

(g)

o A parent holding company or control person in accordance with Section 240.13d-1(b)(1)(ii)(G);

(h)

o A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

o 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)

o Group, in accordance with Section 240.13d-1(b)(1)(ii)(J);

Item 4.

Ownership.

(a)

Amount Beneficially Owned:

470,370

(b)

Percent of Class:

4.72

(c)

Number of shares as to which such person has:

(i)

Sole power to vote or to direct the vote:

470,370

(ii)

Shared power to vote or to direct the vote:

0

(iii)

Sole power to dispose or to direct the disposition of:

470,370

(iv)

Shared power to dispose or to direct the disposition of:

0

Item 5.

Ownership of Five Percent or Less of a Class.

NA

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.      

Item 8.

Identification and Classification of Members of the Group.

Not Applicable

Item 9.

Notice of Dissolution of Group

Not Applicable

Item 10.

Certification

2/14/2007

Date

/s/ Kim M. Campione

Signature

Kim M. Campione

Senior Vice President

Name/Title