Receivers with one-bit analog-to-digital converters (ADCs) are promising for high bandwidth millimeter wave (mmWave) systems as they consume less power than their full resolution counterparts. The extreme quantization in one-bit receivers and the use of large antenna arrays at mmWave make channel estimation challenging. In this paper, we develop channel estimation algorithms that exploit the low-rank property of mmWave channels. We also propose a novel training solution that results in a low complexity implementation of our algorithms. Simulation results indicate that the proposed methods achieve better channel reconstruction than compressed sensing-based techniques that exploit sparsity of mmWave channels.