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) August 18, 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 August 18, 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 August 20, 1998
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Exhibit Index
Item Exhibit No
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Press Release of Registrant, dated August 18, 1998 99
4
Investment Properties Associates Announces the
Sale of Its Chicago Properties
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New York, New York, August 18, 1998... Investment Properties Associates ("IPA")
announced today that it has signed a contract to sell 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. The closing is expected
to occur within the next forty-five days.
An IPA spokesman said that the sales proceeds would be used to first pay
mortgage debt, loans, closing costs and other commitments, aggregating
approximately $65,000,000. After completing a final accounting and establishing
a record date for holders of participations of limited partnership interests,
IPA anticipates that it will make a special distribution shortly thereafter of
the excess proceeds. One-half of the net proceeds would be distributed to the
general and special limited partners and one-half to the holders of its
participations of limited partnership interests in accordance with IPA's
partnership agreement.
The sale of IPA's Chicago properties was approved by all of the general partners
of IPA including H Associates LLC, ScogBell AG, Inc., Irving Schneider and
Minlyn, Inc. 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, Finance, Helmsley-Spear, Inc., Agent
