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) April 13, 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 filed a press release on April 12, 2000 which reported that, subject
to a variety of conditions, including due diligence and definitive
documentation, it has agreed in principle to sell 245 Fifth Avenue, New York,
New York and 261 Fifth Avenue, New York, New York, to a fund controlled by Koll
Bren Schreiber Realty Advisors Inc., a Delaware corporation.
At this time, Registrant can make no assurances that the conditions to the
agreement in principle will be satisfied or that the sale will be consummated.
If all conditions are met, it is expected that the closing will occur within the
next forty days.
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 April 12, 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: April 13, 2000
EXHIBIT 99
Investment Properties Associates Agrees
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In Principle to Sell 245 Fifth Avenue and 261 Fifth Avenue, N.Y., N.Y.
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New York, New York, April 12, 2000...Investment Properties Associates ("IPA")
announced today that, subject to a variety of conditions, including additional
due diligence by the buyer and definitive documentation, it has agreed in
principle to sell 245 Fifth Avenue and 261 Fifth Avenue, New York, N.Y. to a
fund controlled by Koll Bren Schreiber Realty Advisors Inc.
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. If all conditions are met, it is expected that the closing will
occur within the next forty days. IPA will continue to update all material
events concerning this transaction.
Contact: Irving Schneider - (212) 880-0160
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
