EXHIBIT 10.17



December 6, 1999


CGA Investment Management, Inc.         Retirement Plan of The Bank of New York
Attn:  Michael Moran                             Company, Inc.
17 State Street - 26th Floor            c/o The Bank of New York, as
New York, NY 10004                      Trustee for the Retirement Plan of
                                        The Bank of New York Company, Inc.
                                        Attn Mark Hemenetz
Wells Fargo & Company                   1 Wall Street
Attn:  Alison Cohen                     New York, NY  10286
555 Montgomery, 10th Floor
San Francisco, CA  94111

Re:      8.99% Series B Senior Cumulative Preferred Stock (the "Series B
         Preferred Stock")
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Ladies and Gentlemen:

We are again  requesting a one-year waiver of Urstadt Biddle  Properties  Inc's.
(the "Company")  obligation to prepare and file with the Securities and Exchange
Commission a  Registration  Statement  under the  Securities Act relating to the
offer  and sale of the  Series B  Preferred  Stock  held by you (the  "Preferred
Stock")  and to use its  reasonable  best  efforts  to cause the  Commission  to
declare such  Registration  Statement to be effective  under the Securities Act,
all in accordance  with the terms of the  Registration  Rights  Agreement.  Last
year,  you agreed to extend the effective  date of  Registration  by one year to
January 8, 2000. The Company  desires a waiver of the above  obligations  for an
additional one year period to January 8, 2001.

As you know,  the Company also has an  obligation  to apply for a listing on the
New York  Stock  Exchange  at any time after  January  8, 2001.  In view of this
extension,  the Company would both register and list the  securities at the same
time.

I have  enclosed a form of Waiver and  Amendment to  accomplish  the  foregoing.
Please originally  execute and return to my attention at the Company five copies
of the signature page to the Waiver and Amendment enclosed herewith.

Also, I would like to address an apparent  ambiguity in the definition of "Funds
from  Operations" as that definition is set forth in the Articles  Supplementary
of the Company,  a copy of which was filed with the Maryland State Department of
Assessments  and  Taxation  on January 8, 1998 (the  "Articles  Supplementary").
Since the term "net income" as contained in that  definition  is not  separately
defined,  we wish to  clarify  that net  income as used  therein  means the "net
income"  of the  Company  for the  applicable  quarter  before  the  payment  of
Preferred Dividends.

The paragraph  defining Funds from  Operations is set out below in full with the
proposed change highlighted:




     "Funds from Operations" means, with respect to any fiscal quarter,  (a) the
  net income of the  Company  (before  the  payment of  dividends  to  Preferred
  Stockholders)  for  that  quarter,  plus  (b)  any  loss  resulting  from  the
  restructuring  of Debt, or sale of property during that period,  minus (c) any
  gain resulting from the restructuring of Debt, or sale of property during that
  period,  plus (d) depreciation and amortization of properties  (including with
  respect to trade fixtures and tenant  allowances or  improvements  which are a
  part thereof and capitalized leasing expenses,  such as leasing  commissions),
  and  adjusted  to take into  account  (i) the  results  of  operations  of any
  unconsolidated  joint venture or partnership  calculated to reflect funds from
  operations  on the same basis and (ii) any  unusual  and  non-recurring  items
  which otherwise would materially distort the comparative  measurement of Funds
  From Operations for different  fiscal periods.  Funds From Operations shall be
  determined  in  accordance  with the  March  1995  White  Paper on Funds  From
  Operations  approved by the Board of Governors of the National  Association of
  Real  Estate  Investment  Trusts,  as in effect on the date of issuance of the
  Series B Preferred Stock.

If you are in agreement with this change, please acknowledge the same by signing
and returning the enclosed copy of this letter along with the signature pages of
the Waiver and  Amendment  as  indicated  above.  After we have  confirmed  your
support  on this  point,  we will  proceed to amend the  Articles  Supplementary
accordingly.

Thank you in advance for your anticipated early reply. If you have any questions
regarding the foregoing, please contact me at 203-863-8214.


Very truly yours,

URSTADT BIDDLE PROPERTIES INC.

By:________________________________________
         Name: James R. Moore
         Title:   Executive Vice President


JRM/brc
Enclosures


The foregoing is acknowledged and agreed to:

CGA Investment Management


By:
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Name:
Title:

Wells Fargo & Company


By:
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Name:
Title:

Retirement Plan of The Bank of New York Company, Inc.
By: The Bank of New York, as Trustee


By:
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Name:
Title: