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) September 28, l998
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 September 28, l998.
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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 September 28, 1998
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Exhibit Index
Item Exhibit No
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Press Release of Registrant, dated September 28, 1998 1
4
Investment Properties Associates
60 East 42nd Street
New York, N.Y. 10165
(212) 667-6400
Investment Properties Associates Closes
Sale of Its Chicago Properties and
Announces Record Date for Special Distribution
New York, New York, September 28, 1998...Investment Properties Associates (IPA)
announced today that it has concluded the sale of its five Chicago commercial
properties for $121,000,000. The purchasers are affiliates of J. Paul Beitler of
Chicago and Credit Suisse First Boston Corp.
An IPA spokesman said that the sale proceeds would be used to first pay mortgage
debt, loans, closing costs and other IPA commitments, aggregating approximately
$60,000,000. IPA will make a special distribution to holders of record of its
participations of partnership interests as of the close of business on October
9, 1998. It is anticipated that such distribution will be approximately $35.00
per participation interest and will be paid on or about October 30, 1998.
The sale of IPA's Chicago properties was previously approved by all of the
general partners of IPA, including Irving Schneider, Minlyn, Inc. ScogBell
Acquisition, LLC, an affiliate of Scoggin Capital Management, LP, Belvedere
Capital and Angelo Gordon & Co. Helmsley-Spear, Inc. represented IPA in this
transaction.
IPA was created in 1969 by Harry Helmsley and Irving Schneider. In addition to
its Chicago properties, IPA owns over 2,000,000 square feet of commercial office
buildings in New York, New Jersey and Texas. Irving Schneider said that IPA was
continuing to explore the possible sale of one or more or all of its properties,
but there could be no assurances that any such sale will be concluded.
CONTACT: Irving Schneider - (212)880-0151
General Partner, Investment Properties Associates
Co-Chairman & Chief Operating Officer, Helmsley-Spear,
Inc., Agent
Robert Hecht - (212)880-0276
Chief Financial Officer, Investment Properties Associates
Vice President of Finance, Helmsley-Spear, Inc., Agent
