UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-Q

           [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended September 30, 1999

                                       OR

            [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

                       THE SECURITIES EXCHANGE ACT OF 1934

             For the transition period from __________ to __________

             Commission File Number: 0-5537

                        INVESTMENT PROPERTIES ASSOCIATES
             ------------------------------------------------------
             (Exact Name of registrant as specified in its charter)

A New York Limited Partnership                          13-2647723
------------------------------              ------------------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)

                    60 East 42nd Street, New York, New York
                    ----------------------------------------
                    (Address of principal executive offices)

                                      10165
                                   ----------
                                   (Zip Code)

       Registrant's telephone number, including area code: (212) 687-6400

         Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

Yes   X          No
   ------           ------

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

         Indicate by check mark whether the  registrant  has filed all documents
and reports  required  to be filed by Section 12, 13 or 15(d) of the  Securities
Exchange Act of 1934 subsequent to the  distribution of securities  under a plan
confirmed by a court.

Yes              No
    ---             ---

         820,000 Participations in Limited Partnership Interest


<PAGE>




                        INVESTMENT PROPERTIES ASSOCIATES

                        (A New York Limited Partnership)

                                    I N D E X

                                                                  Page Number

        Item 1.      Financial Statements.

                     Balance Sheets                                    3

                     Statement of Operations                           4

                     Statement of Cash Flows                           5

                     Notes to Financial Statements                     6

        Item 2.      Management's Discussion and Analysis
                     Of Financial Condition and Results of
                     Operations.                                       8

        Item 3.      Quantitative and Qualitative Disclosures About
                     Market Risk.                                      9

                     Signatures                                       10







                                      -2-
<PAGE>



                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

Item 1.            Financial Statements.

                                 BALANCE SHEETS

                    SEPTEMBER 30, 1999 AND DECEMBER 31, 1998

<TABLE>
<CAPTION>
                                                                          SEPTEMBER 30, 1999     DECEMBER 31, 1998
                                                                          ------------------     -----------------
                                                                           (Unaudited)                (Note)

ASSETS
------
<S>                                                                       <C>                    <C>
Real estate, at cost                                                         $ 65,818,538            $ 71,323,688
     Less:  Accumulated depreciation and amortization                          41,628,197              44,261,629
                                                                             ------------            ------------
                                                                               24,190,341              27,062,059

     Less:  Allowance for loss on impairment of real estate                       447,893               2,733,895
                                                                             ------------            ------------
                                                                               23,742,448              24,328,164
Cash and cash equivalents                                                      13,986,507              13,831,031
Due from managing agent (Helmsley-Spear, Inc.)
     including tenants' security deposits of
     $1,651,883 (1999) and $1,614,898 (1998)                                    2,901,928               2,375,753
Receivables, principally from rentals                                             442,000                 471,968
Deferred rent receivable                                                        1,852,875               1,045,707
Other deferred charges including deferred leasing
     commissions                                                                7,196,120               7,709,611
                                                                             ------------            ------------
                                                                             $ 50,121,878            $ 49,762,234
                                                                             ============            ============
LIABILITIES AND PARTNERS' CAPITAL (DEFICIENCY)
----------------------------------------------

Accounts payable                                                                  903,769            $  1,155,069
Accrued real estate taxes                                                       1,571,171               3,067,023
Accrued interest                                                                  139,338                 155,025
Distributions payable to General Partners,
     Special Limited Partners and Limited Partner                                  81,671              10,884,318
Sundry liabilities and other accrued expenses                                     884,341               2,072,198
Mortgages payable                                                              21,347,488              23,847,488
Deposits and rents received in advance                                          1,782,047               1,859,300
                                                                             ------------            ------------
                                                                               26,709,825              43,040,421
                                                                             ------------            ------------
Partners' Capital (Deficiency):

     General Partners                                                          (2,672,713)             (2,768,948)
     Special Limited Partners                                                 (12,673,263)            (21,325,648)
     Limited Partner (represented by the equivalent
         of 820,000 Participation Interests)                                   38,758,029              30,816,409
                                                                             ------------            ------------
                                                                               23,412,053               6,721,813
                                                                             ------------            ------------

                                                                             $ 50,121,878            $ 49,762,234
                                                                             ============            ============

</TABLE>

Note: The Balance  Sheet at December  31, 1998 has been derived from the audited
      financial statements at that date.

See Notes to Financial Statements.

                                      -3-
<PAGE>




                        INVESTMENT PROPERTIES ASSOCIATES

                        (A New York Limited Partnership)

                            STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>

                                                                  FOR THE NINE MONTHS ENDED          FOR THE THREE MONTHS ENDED
                                                               -------------------------------   --------------------------------
                                                               SEPT. 30, 1999   SEPT. 30, 1998   SEPT. 30, 1999    SEPT. 30, 1998
                                                               --------------   --------------   --------------    --------------

Revenues:
---------
<S>                                                            <C>               <C>               <C>               <C>
Gross revenues from real estate                                $ 24,063,487      $ 34,295,336      $  8,319,977      $ 11,012,200
Interest                                                            415,780           145,681           142,596            52,867
                                                               ------------      ------------      ------------      ------------
                                                                 24,479,267        34,441,017         8,462,573        11,065,067
                                                               ------------      ------------      ------------      ------------
Expenses:
Leasehold rentals                                                        --           409,095                --           131,267
Real Estate taxes                                                 3,570,645         5,941,671         1,195,053         1,325,662
Interest on mortgages                                             1,302,097         3,362,814           425,016         1,101,704
Other Expenses                                                    7,331,350        15,080,547         2,452,943         5,323,555
Co-owners share of income                                                --            24,703                --             2,090
Depreciation and amortization of real estate                      1,374,248         2,108,316           455,559           697,605
Amortization of mortgage refinancing costs                            1,593             4,779                --             4,779
                                                               ------------      ------------      ------------      ------------
                                                                 13,579,933        26,931,925         4,528,571         8,586,662
                                                               ------------      ------------      ------------      ------------
Income before items shown below                                  10,899,334         7,509,092         3,934,002         2,478,405
Gain on Sale of Real Estate                                       5,995,855       101,295,597           373,899       100,683,897
                                                               ------------      ------------      ------------      ------------
                                                               $ 16,895,189      $108,804,689      $  4,307,901      $103,162,302
                                                               ------------      ------------      ------------      ------------
Guaranteed payments required under the Limited
     Partnership Agreement:
     To the Limited Partner                                          11,250            11,250             3,750             3,750
     To the General and Special Limited Partners                    193,699           248,086            66,727            80,620
                                                               ------------      ------------      ------------      ------------
                                                                    204,949           259,336            70,477            84,370
                                                               ------------      ------------      ------------      ------------
                                                               $ 16,690,240      $108,545,353      $  4,237,424      $103,077,932
                                                               ============      ============      ============      ============
Net Income transferred to Partners' Capital Accounts

Net Income allocable as follows (based on terms of
     the Limited Partnership Agreement):
     General Partners                                          $     96,235      $    671,539      $     23,306      $    641,468
     Special Limited Partners                                     8,652,385        60,377,495         2,095,406        57,673,855
     Limited Partner (represented by the equivalent
         of 820,000 Participation Interests -
         unchanged during the periods)                            7,941,620        47,496,319         2,118,712        44,762,609
                                                               ------------      ------------      ------------      ------------
                                                               $ 16,690,240      $108,545,353      $  4,237,424      $103,077,932
                                                               ------------      ------------      ------------      ------------
Per Participation Interest:

     Net Income                                                $     9.6849      $    57.9223      $     2.5838      $    54.5885
                                                               ============      ============      ============      ============

See Notes to Financial Statements

</TABLE>

                                      -4-
<PAGE>



                        INVESTMENT PROPERTIES ASSOCIATES

                        (A New York Limited Partnership)

                                    UNAUDITED

                             STATEMENT OF CASH FLOWS

       FOR THE NINE MONTHS ENDED SEPTEMBER 30 , 1999 AND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>

                                                                                    1999                    1998
OPERATING ACTIVITIES:                                                          --------------           ------------
     Net income
<S>                                                                            <C>                      <C>
                                                                               $  16,690,240            $ 108,545,353
     Adjustments  to  reconcile  net income to net cash
        provided  by  operating activities:
         Depreciation and amortization of real estate                              1,374,248                2,108,316
         Amortization of Mortgage refinancing costs                                    1,593                    4,779
         Gain on Sale of Real Estate                                              (5,995,855)            (101,295,597)
         Amortization of deferred leasing commissions                                615,816                  894,041
         Changes in operating assets and liabilities:
              Decrease (Increase) in due from managing agent                        (526,175)                 858,249
              Decrease (Increase) in receivables                                    (777,200)                 311,353
              Decrease (Increase) in other deferred charges                         (112,663)              (3,705,490)
              (Decrease) in accounts payable                                        (251,300)                (505,608)
              (Decrease) in accrued real estate tax                               (1,495,852)              (1,823,755)
              (Decrease) in accrued interest                                         (15,687)                 (44,289)
              (Decrease) Increase in sundry and other
                 Accrued expenses                                                 (1,189,447)               2,862,871
              (Decrease) in deposits and rents
                 Received in advance                                                 (77,253)                (318,846)
                                                                               -------------            -------------
         Net Cash Provided by Operating Activities                                 8,240,465                7,891,377
                                                                               -------------            -------------
INVESTING ACTIVITIES:
     Property improvements                                                        (1,179,000)              (3,488,842)
     Net Proceeds from Sale of Real Estate                                         6,396,658              119,910,064
                                                                               -------------            -------------
              Net Cash Provided by Investing Activities                            5,217,658              116,421,222
                                                                               -------------            -------------
FINANCING ACTIVITIES:
     Distributions of net operating revenues to General
       Partners, Special Limited Partners and Limited Partner                    (10,802,647)             (37,897,755)
     Principal payments on mortgage payable                                       (2,500,000)             (12,500,000)
                                                                               -------------            -------------
              Net Cash Used in Financing Activities                              (13,302,647)             (50,397,755)
                                                                               -------------            -------------
              Increase in Cash and
                 Cash Equivalents                                                    155,476               73,914,844
Cash and Cash Equivalents at Beginning of Year                                    13,831,031                2,240,190
                                                                               -------------            -------------

Cash and Cash Equivalents at September 30                                      $  13,986,507            $  76,155,034
                                                                               =============            =============

Supplemental disclosure of cash flow information:

     Cash paid during the period for interest                                  $   1,317,784            $   3,407,102
                                                                               =============            =============
                                      -5-
</TABLE>


<PAGE>



                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS

NOTE 1

As  permitted  by the  Securities  and  Exchange  Commission,  the  accompanying
Unaudited  Financial  Statements and footnotes have been condensed and therefore
do not  contain  all  disclosures  required  by  generally  accepted  accounting
principles.  Reference  should be made to the Company's  Annual Report Form 10-K
for the year ended  December 31, 1998,  filed with the  Securities  and Exchange
Commission.

NOTE 2

In the opinion of the Company,  the accompanying  Unaudited Financial Statements
contain all adjustments (consisting only of normal recurring accruals) necessary
to present fairly its financial  position as of September 30, 1999 and 1998, and
the results of operations for the nine months then ended.

NOTE 3

The results of operations for the nine months ended  September 30, 1999 and 1998
are not necessarily indicative of the results to be expected for the full year.

NOTE 4 - Taxes

The net income for Federal  income tax purposes is  $15,036,837  (September  30,
1999) and  $107,868,410  (September  30,  1998) as  compared  with net income of
$16,690,240  and  $108,545,353,  respectively,  as  shown  in the  statement  of
operations.  The  differences  result  principally  from (a) rents  received  in
advance and recognized  currently for income tax purposes and (b) differences in
depreciation  expense resulting from differences in the basis of real estate for
tax and financial reporting purposes.

NOTE 5 - Mortgages Payable

During the nine months  ended  September  30, 1999,  the Company made  principal
payments in the aggregate  amount of $2,500,000,  reducing the mortgage  balance
from  $23,847,488 as of January 1, 1999 to $21,347,488 as of September 30, 1999.
The payment was applied to the properties at 261 Fifth Avenue,  245 Fifth Avenue
and 1440 Broadway, New York, New York.

The $8,000,000 first mortgage loan on 1328 Broadway Building, New York, New York
(in which the  Company has a 50% tenancy in common  interest)  which  became due
initially on November  24, 1997 was extended to April 30, 1999,  at the interest
rate of 8.5% per annum. The mortgage was further extended to May 31, 1999 at the
same interest rate. Discussions are currently being held regarding new terms.



                                      -6-

<PAGE>



                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                                   (Continued)

NOTE 6 - Sales of Properties

On April 14, 1999,  the Company sold the Mojud Building in Long Island City, New
York for $6,500,000.  The sales proceeds will be used to first pay the Company's
mortgage debt, closing costs, other commitments and future  distributions to the
partners. In connection with this transaction,  the Company recognized a gain on
sale of  approximately  $5,605,104  for Federal  income tax purposes as compared
with $5,580,101 for financial statement purposes.

On August 30, 1999,  the Company sold the Midland  Savings  Building in Midland,
Texas for $300,000.  The sale proceeds will be used to first pay mortgage  debt,
closing costs,  other commitments and future  distributions to the partners.  In
connection with this transaction,  the Company  recognized a loss on the sale of
approximately  $771,420 for Federal  income tax purposes as compared with a gain
of $415,754 for financial statement purposes.

NOTE 7 - Subsequent Event

On October 5, 1999, the Company  announced that it has signed a contract to sell
its commercial property at 1440 Broadway,  New York, New York, for $152,000,000.
The sales  proceeds will be used to first pay mortgage  debt,  closing costs and
other commitments,  aggregating  approximately  $40,000,000.  After completing a
final   accounting   and   establishing   a  record  date  for  holders  of  its
participations of limited partnership interests, the Company will make a special
distribution in accordance with its limited partnership agreement.

                                      -7-
<PAGE>



                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations.

Gross revenue from rentals for 1999 decreased  approximately  29.83% as compared
to  1998.  The  decrease  was  primarily  due to the  sale of the  five  Chicago
properties  (the  "Chicago  Properties")  in 1998 and the Mojud  Building,  Long
Island City, New York (the "Mojud Building") on April 14, 1999 offset in part by
an increase in the rental among the New York properties.

The increase in interest  income was due to the proceeds  received from the sale
of the Chicago Properties and the Mojud Building invested in Commercial Paper.

The  decrease  in other  expenses  in 1999 as  compared  to 1998 is  principally
attributable to the sale of the Chicago Properties and the Mojud Building.

The decrease in real estate taxes was primarily  attributable to the sale of the
Chicago Properties and the Mojud Building.

The decrease in leasehold rentals was due to the sale of the ground lease of the
Chicago Properties.

The decrease in interest  expense was due to the  repayment of notes  payable to
the partners and mortgage principal balance.

The decrease in depreciation  and  amortization of real estate was primarily due
to the sale of the Chicago Properties and the Mojud Building.

Liquidity and Capital  Resources - The Company's cash generated from  operations
plus its ability to refinance certain mortgage  obligations  provide it with the
resources  necessary to meet its anticipated  obligations,  including  operating
expenses, mortgage amortization and required distributions to partners.

                                      -8-
<PAGE>




                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

Item 3.  Quantitative and Qualitative Disclosure About Market Risk.

      The  Company  is  exposed  to  interest  rate  risk on its  variable  rate
mortgages.  On  September  30,  1999,  the  Company had total  mortgage  debt of
approximately  $21,347,488 of which approximately  $17,347,000 (or approximately
81%) is at a variable  rate.  The effect of a 1% change in the interest rates on
the Company's  mortgage debt would have resulted in a change in interest expense
of approximately $170,000 for the nine months ended September 30, 1999.

      All of the Company's  mortgage debt is scheduled to mature within the next
12 months.  If the Company elects to refinance such mortgage debt upon maturity,
the Company would seek to manage its interest rate risk through the use of fixed
rate debt or interest rate  derivatives in conjunction  with variable rate debt.
The Company  believes that it can refinance  such mortgage debt at  commercially
reasonable rates, although there can be no assurances in this regard.

                                      -9-
<PAGE>




                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

                                   SIGNATURES

         Pursuant to the  requirements  of Section 13 or 15(d) of the Securities
Exchange Act of 1934, Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


                                        INVESTMENT PROPERTIES ASSOCIATES

                                        By:/s/Irving Schneider
                                           ----------------------------
                                           Irving Schneider
                                           General and Special Limited Partner

Dated:  December 13, 1999




                                      -10-