SECURITIES AS EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of l934
Date of Report (Date of earliest event reported) June 24, l997
Investment Properties Associates
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(Exact name of registrant as specified in its charter)
New York 0-5537 13-2647723
(State or other jurisdiction (Commission (IRS Employer
of incorporation File Number) Identification No. )
60 East 45nd Street, New York, New York 10165
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code (212) 687-6400
(Former name or former address, if changed since last report)
Page 1 of 5
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Item 5. Other Events.
See the attached Press Release of Registrant dated June 24, l997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
INVESTMENT PROPERTIES ASSOCIATES
BY /s/ Irving Schneider
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Irving Schneider, General Partner
Date June 25, 1997
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Exhibit Index
Item Exhibit No
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Press Release of Registrant, dated June 25, 1997 99
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FOR IMMEDIATE RELEASE
Investment Properties Associates Agrees
In Principle to Sell Assets
New York, New York, June 24, 1997... Investment Properties Associates ("IPA")
announced today that, subject to a variety of conditions, including additional
due diligence by the buyer and definitive documentation, IPA has agreed in
principle to sell substantially all of its interests in its office building
properties in a cash transaction valued at approximately $255 million. If
consummated, the proceeds of the sale transaction would be used to repay
indebtedness and other obligations of IPA of approximately $70 million. The
balance of the net proceeds would, after transaction expenses, be distributed
approximately one-half to the general and special limited partners of IPA and
approximately one-half to the holders of its participations of limited
partnership interest in accordance with IPA's partnership agreement.
A spokesman for IPA said that there could be no assurances that the
conditions to the agreement in principle would be satisfied or that the sale
would be consummated.
IPA is a limited partnership that owns commercial office buildings in New
York, Chicago, Texas and Newark.
Contact:
Irving Schneider - (212)880-0151 Robert Hecht - (212)880-0276
General Partner, IPA Chief Financial Officer,
Investment Properties Associates Investment Properties Associates
Executive Vice President, Vice President, Finance
Helmsley-Spear, Inc., Agent Helmsley-Spear, Inc., Agent
