Form 3
OMB APPROVAL
OMB NUMBER 3235-0104
Expires: September 30, 1998
Estimated Average burden
hours per response. . . 0.5
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
Holding Company Act of 1935 or Section 30(f) of the Investment Company
Act of 1940
(Print or Type Responses)
1. Name and Address of Reporting Person{*}
Scoggin, Inc.
(Last) (First) (Middle)
660 Madison Avenue
(Street)
New York, New York 10021
(City) (State) (Zip)
2. Date of Event Re-Requiring Statement
(Month/Day/Year)
6/10/98
3. IRS or Social Security Number of Reporting Person
(Voluntary)
4. Issuer Name and Ticker or Trading Symbol
Investment Properties Associates,
a Limited Partnership (Nasdaq OTC: IVPA)
5. Relationship of Reporting Person to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give Other (specify
title below) below)
6. If Amendment, Date of Original
(month/Day/Year)
7. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One
Reporting Person
Form filed by More than
One reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security
Instr. 4)
Participation Interests
2. Amount of Securities Beneficially Owned
(Instr. 4)
a) 231,489
b) 35,000
3. Ownership Form: Direct (D) or Indirect (I) (Instr.5)
a) I
b) D
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Pursuant to Operating Agreement
Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
{*}If the form is filed by more than one reporting person, see
Instruction 5(b)(v).
(over)
SEC 1473 (9-96)
FORM 3 (continued) Table II - Derivative Securities
Beneficially Owned (e.g., puts, calls,
warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)
None
2. Date Exercisable and
Expiration Date
(Month/Day/
Year)
Date Exercisable Expiration Date
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
Title Amount or Number of Shares
4. Conversion or Exercise
Price of Derivative
Security
5. Ownership
Form of Derivative
Security: Direct
(D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
{*} Although the Reporting Person owns only 35,000 of the
Issuer's Participation Interests directly, as of June 10, 1998, under the
definition
of "beneficial ownership" set forth in Rule 16a-1 under the
Securities Exchange Act of 1934, as amended, the Reporting
Person may be deemed beneficial owner of 266,489 Participation Interests
of the Issuer, pursuant to the ScogBell Acquisition, L.L.C. Operating
Agreement, dated as of June 10, 1998, among the Reporting
Person and the parties named therein.
Intentional misstatements or omissions of facts constitute
Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually
signed. If space provided is insufficient, see Instruction 6 for
procedure.
Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form
displays a currently valid OMB Number.
/s/Craig Effron 6/22/98
{**}Signature of Reporting Person Date
President
Scoggin, Inc.
Page 2
SEC 1473 (9-96)
