UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 8, 2000
Investment Properties Associates
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(Exact name of registrant as specified in its charter)
New York 0-5537 13-2647723
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
60 East 42nd Street, New York, New York 10165
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 687-6400
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(Former name or former address, if changed since last report)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
Registrant issued a press release on May 8, 2000, which reported that it has
concluded the sale of 245 Fifth Avenue and 261 Fifth Avenue, New York, N.Y. for
$135,000,000. The Purchaser is a fund controlled by Koll Bren Schreiber Realty
Advisors Inc., a Delaware corporation.
A copy of the press release reporting such event is attached hereto as Exhibit
99 and incorporated herein by reference.
(c) Exhibits.
Exhibit No. Description
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Exhibit 99 Press Release of Company, dated May 8, 2000
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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: May 10, 2000
EXHIBIT 99
INVESTMENT PROPERTIES ASSOCIATES
60 East 42nd Street
New York, N. Y. 10165
(212) 687-6400
Investment Properties Associates Closes
Sale of 245 Fifth Avenue and 261 Fifth Avenue N.Y., N.Y.
Announces Record Date for Special Distribution
New York, New York May 8, 2000...Investment Properties Associates (IPA)
announced today that it has concluded the sale of 245 Fifth Avenue and 261 Fifth
Avenue, New York, N.Y. for $135,000,000. The Purchaser is a fund controlled by
Koll Bren Schreiber Realty Advisors Inc.
An IPA spokesman said that the sales proceeds would be used to first pay closing
costs, company obligations and establishment of appropriate reserves aggregating
approximately $15,000,000. IPA will make a special distribution to holders of
record of its participations of partnership interests as of the close of
business on May 31, 2000. It is anticipated that such distribution will be
approximately $73.00 per participation interest and will be paid on or about
June 14, 2000. Because of a Nasdaq Stock Market rule (explained below), May 31
record holders will need to hold their PPI's until after June 14, 2000 to
receive this special distribution.
Nasdaq Stock Market rules require that, in the case of this special
distribution, the PPIs will trade ex-dividend one business day after the payment
date, which is June 14, 2000. Holders of PPIs who sell them before the
ex-dividend date (June 15, 2000) will transfer the right to receive the special
distribution to the buyers of PPIs in connection with the sale of the PPIs. It
should also be noted that on the ex-dividend date for this special distribution,
the price of the PPIs is expected to reflect the special distribution and to
trade below the current price.
The sale of 245 Fifth Avenue and 261 Fifth Avenue was approved by all the
general partners of IPA including 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. Irving Schneider
said that IPA was continuing to explore the possible sale of its remaining
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
Vice President of Finance, Helmsley-Spear, Inc., Agent
Chief Financial Officer, Investment Properties Associates
