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                                                                    EXHIBIT 99.1

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. MAILS PROXY MATERIALS FOR SHAREHOLDER APPROVAL TO BECOME REIT

     JERICHO, NY, July 16, 2001 --- Getty Realty Corp. (NYSE-GTY) today
announced that it had begun mailing proxy materials to stockholders for a
special meeting to be held on August 1, 2001 at which the Board of Directors
will seek stockholder approval of a charter amendment containing ownership
limitations typical for real estate investment trusts (REITs).

     As previously announced, on June 14, 2001 Getty filed a registration
statement with the SEC for a public offering of $150 million of preferred and/or
common stock. The registration statement was declared effective by the SEC on
July 3, 2001. By the end of July 2001, Getty expects to sell approximately 7.7
million shares of its common stock in a public offering, and will use a portion
of the net proceeds of the offering to pay a special one-time distribution of
approximately $64.1 million to its current stockholders. Common stockholders
will receive $4.15 per share and series A preferred stockholders will receive
$4.20 per share if the special distribution is paid. Getty intends to declare
the special distribution to holders of record immediately prior to the pricing
of the offering, with payment conditioned on the closing of the offering and
stockholder approval of the charter amendment.

     Assuming stockholder approval and if the special distribution is paid,
Getty will elect to be taxed as a REIT under the federal income tax laws
beginning with the year ending December 31, 2001. As a REIT, the Company would
be required at a minimum to distribute at least 90% of its taxable income to
stockholders each year. Assuming if Getty elects REIT status, it intends to pay
common stock dividends of $0.4125 per quarter ($1.65 per share on an annual
basis), commencing with the quarterly dividend to be declared in September 2001.
Payment of dividends is subject to market conditions, Getty's financial
condition, the distribution preferences of Getty's preferred stock and other
factors, and therefore cannot be assured.

     Getty Realty Corp. is a real estate company specializing in service
stations, convenience stores and petroleum marketing terminals. Getty owns and
leases approximately 1,100 properties in the Eastern United States.

     Certain statements in this news release may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. When used herein, the words "believes", "expects", "plans", "estimates"
and similar expressions are intended to identify forward-looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance and
achievements of Getty to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements.

CONTACT: Leo Liebowitz, President and Chief Executive Officer, Getty Realty
Corp., 516-338-1222.