FORM 10-Q

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

|X|             QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2003.

                                       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 10165
                  ---------------------------------------------
               (Address of principal executive offices) (Zip Code)

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

      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.

|X| Yes |_| 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 of Limited Partnership Interests are
                       outstanding as of the date hereof.


<PAGE>

                        INVESTMENT PROPERTIES ASSOCIATES

                                    FORM 10-Q
                 For the Fiscal Quarter Ended September 30, 2003

                                      INDEX

                                                                            Page
                                                                            ----

PART I.  FINANCIAL INFORMATION................................................1

Item 1.  Financial Statements.................................................1

         Balance Sheets.......................................................1

         Statements of Operations.............................................2

         Statements of Cash Flows.............................................3

         Notes to Unaudited Financial Statements..............................4

Item 2.  Management's Discussion and Analysis
         of Financial Condition and Results of
         Operations...........................................................5

Item 3.  Quantitative and Qualitative Disclosures About Market Risk...........6

Item 4.  Controls and Procedures..............................................6


PART II. OTHER INFORMATION....................................................7

Item 6.  Exhibits and Reports on Form 8-K.....................................7

         Signatures...........................................................8


                                      -i-
<PAGE>

                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

                                 BALANCE SHEETS

                 AS AT SEPTEMBER 30, 2003 AND DECEMBER 31, 2002

                                        SEPTEMBER 30, 2003    DECEMBER 31, 2002
                                        ------------------    -----------------
ASSETS                                      (Unaudited)             (Note)
Real estate held for sale, at cost         $        --           $ 8,033,347
     Less:  Accumulated depreciation
              and amortization                      --             5,880,040
                                           -----------           -----------
                                                    --             2,153,307

Cash and cash equivalents                    1,712,090             1,516,410
Due from managing agent
  (Helmsley-Spear, Inc.)                        70,677                47,380
Other assets                                    18,009                16,881
                                           -----------           -----------
                                           $ 1,800,776           $ 3,733,978
                                           ===========           ===========

LIABILITIES AND PARTNERS' CAPITAL (DEFICIENCY)

Accounts payable                           $       400           $     6,547
Distributions payable to General
     Partners, Special Limited
     Partners and Limited Partners                  --               457,752
Guaranteed Payments Due to General
     Partners, Special Limited
     Partners and Limited Partners             117,375               146,500
Sundry liabilities and other
  accrued expenses                              87,570               105,230
                                           -----------           -----------
                                               205,345               716,029
                                           -----------           -----------

Partners' Capital (Deficiency)

     General Partners                            8,775            (2,495,163)
     Special Limited Partners                  788,941             3,290,185
     Limited Partners (represented
       by the equivalent of 820,000
       Participation Interests)                797,715             2,222,927
                                           -----------           -----------
                                             1,595,431             3,017,949
                                           -----------           -----------

                                           $ 1,800,776           $ 3,733,978
                                           ===========           ===========

Note: The balance sheet at December 31, 2002 has been derived from the audited
      financial statements at that date.

See accompanying notes to financial statements.


                                       1

<PAGE>

                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

                      STATEMENTS OF OPERATIONS (UNAUDITED)

<TABLE>
<CAPTION>
                                                                  FOR THE NINE MONTHS ENDED           FOR THE THREE MONTHS ENDED
                                                              --------------------------------     ---------------------------------
                                                              SEPT. 30, 2003    SEPT. 30, 2002     SEPT. 30, 2003     SEPT. 30, 2002
                                                              --------------    --------------     --------------     --------------
<S>                                                            <C>                <C>                <C>                <C>
Revenues:
Interest                                                       $    13,688        $    24,682        $     5,397        $     6,164
Other income                                                       118,956          1,501,500                231                 --
                                                               -----------        -----------        -----------        -----------
                                                                   132,644          1,526,182              5,628              6,164
                                                               -----------        -----------        -----------        -----------
Expenses:
Real estate taxes                                                  138,482            231,714                 --             77,772
Other expenses                                                     368,986            378,315             45,465            104,172
                                                               -----------        -----------        -----------        -----------
                                                                   507,468            610,029             45,465            181,944
                                                               -----------        -----------        -----------        -----------
Income (loss) before items shown below                            (374,824)           916,153            (39,837)          (175,780)
Gain (loss) on sale of real estate                               4,539,680                 --             (5,525)                --
                                                               -----------        -----------        -----------        -----------
                                                                 4,164,856            916,153            (45,362)          (175,780)

Guaranteed payments required under the
Limited Partnership Agreement:
 To the Limited Partners                                            11,250             11,250              3,750              3,750
 To the General and Special Limited
 Partners                                                           76,125             76,125             25,375             25,375
                                                               -----------        -----------        -----------        -----------
                                                                    87,375             87,375             29,125             29,125
                                                               -----------        -----------        -----------        -----------
Net income (loss) transferred to
Partners' capital accounts                                     $ 4,077,481        $   828,778        $   (74,487)       $  (204,905)
                                                               ===========        ===========        ===========        ===========
Net income allocable as follows (based
on terms of the Limited Partnership
Agreement):
 General Partners                                              $ 2,534,188        $     4,558        $      (409)            (1,127)
 Special Limited Partners                                          218,505            409,831            (36,834)          (101,326)
 Limited Partners (represented by the
 equivalent of 820,000 Participation
 Interests - unchanged during
 the periods)
                                                                 1,324,788            414,389            (37,244)          (102,452)
                                                               -----------        -----------        -----------        -----------
                                                               $ 4,077,481        $   828,778        $   (74,487)       $  (204,905)
                                                               ===========        ===========        ===========        ===========
Per Participation Interest:
  Net income (loss)                                            $    1.6156        $    0.5054        $   (0.0454)       $   (0.1249)
                                                               ===========        ===========        ===========        ===========
</TABLE>

See accompanying notes to financial statements


                                       2

<PAGE>

                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

                      STATEMENTS OF CASH FLOWS (UNAUDITED)

       FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND SEPTEMBER 30, 2002

                                                       2003              2002
                                                       ----              ----
OPERATING ACTIVITIES:
  Net income                                       $ 4,077,481      $   828,778
  Adjustments to reconcile net income
  to net cash used in operating activities:
    Gain on sale of real estate                     (4,539,680)              --
    Changes in operating assets and
    liabilities:
    (Increase) Decrease in due from
    managing agent                                     (23,297)          50,166
    (Increase) in other assets                          (1,128)          (4,779)
    Increase (Decrease) in accounts payable             (6,147)           6,502
    Decrease in guaranteed payments due
    to General Partners,
    Special Limited Partners and
    Limited Partners                                   (29,125)              --
      (Decrease) in sundry liabilities and
      other accrued expenses                           (17,660)        (273,914)
      (Decrease) in deposits                                --       (1,500,000)
                                                   -----------      -----------
      Net cash used in operating activities           (539,556)        (893,247)
                                                   -----------      -----------
INVESTING ACTIVITIES:
    Net proceeds from sale of real estate            6,692,988               --
                                                   -----------      -----------
FINANCING ACTIVITIES:
    Distributions of net operating
    revenues to General Partners,
    Special Limited Partners and Limited Partners   (5,957,752)        (559,966)
                                                   -----------      -----------
        Increase (decrease) in cash
        and cash equivalents                           195,680       (1,453,213)

Cash and cash equivalents at beginning of year       1,516,410        2,788,292
                                                   -----------      -----------

Cash and cash equivalents at September 30, 2003    $ 1,712,090      $ 1,335,079
                                                   ===========      ===========


See accompanying notes to financial statements.


                                       3

<PAGE>

                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2003

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  accounting  principles  generally
accepted in the United States.  Reference should be made to the Company's Annual
Report Form 10-K for the year ended December 31, 2002, filed with the Securities
and Exchange Commission.

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,  2003 and the
results of operations  for the three and nine month periods ended  September 30,
2003 and 2002.

The results of operations  for the three and nine month periods ended  September
30, 2003 and 2002 are not  necessarily  indicative of the results to be expected
for the full year.

NOTE 2 - Taxes

The net income for Federal income tax purposes is $4,595,017  (nine months ended
September  30, 2003) and $697,743  (nine  months  ended  September  30, 2002) as
compared with net income of $4,077,481  and $828,778  respectively,  as shown in
the  statements  of  operations.   The  differences   result   principally  from
depreciation  expense  relating to the 570 Broad Street property which continued
to be recognized for income tax purposes and  differences in the gain on sale as
a result of such depreciation differences.

NOTE 3 - Other Income

On October 22, 2001, the Company signed a contract,  subject to certain  closing
conditions,  to sell its only remaining  property,  a vacant  commercial  office
building located at 570 Broad Street,  Newark,  New Jersey, for a purchase price
of  $11,500,000.   In  connection  with  the  contract,   the  Company  received
non-refundable  deposits from the buyer in the amount of $1,500,000.  In January
2002,  due to the  buyer's  inability  to satisfy the  closing  conditions,  the
contract  expired and the Company resumed  marketing  activities with respect to
the Property. The Company retained the non-refundable deposits from the buyer in
the amount of $1,500,000.

Other income in 2003 relates to real estate tax refunds  received in  connection
with properties sold in prior years.

NOTE 4 - Sale of 570 Broad Street Property

On June  13,  2003,  the  Company  sold its only  remaining  property,  a vacant
commercial office building located at 570 Broad Street,  Newark, New Jersey, for
a purchase price of $7,000,000. In connection with the consummation of this sale
transaction,  the  Company  recognized  a gain  on  the  sale  of  approximately
$5,155,571  for  Federal  income  tax  purposes  as  compared  with  a  gain  of
approximately $4,539,680 for financial reporting purposes.

In connection with the sale of the 570 Broad Street property,  on June 20, 2003,
the Company  declared a special  dividend in the amount of  $5,500,000  from the
sales  proceeds  of the 570  Broad  Street  property.  In  accordance  with  the
Company's partnership agreement, $2,750,000 was paid to the General Partners and
Special  Limited  Partners,  and  $2,750,000  was  paid  to the  holders  of its
participations of limited partnership interests in July 2003.


                                       4
<PAGE>

                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

ITEM 2.

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

As a result of the sales of the Company's remaining income producing  properties
in 2000,  the  Company no longer  derives  income from  rental  operations.  The
activity of the Company consisted of marketing for sale its remaining non-income
producing  property,  a vacant  office  property  located  at 570 Broad  Street,
Newark,  New Jersey.  On June 13, 2003, the Company  consummated the sale of the
570 Broad Street  property for a sales price of $7,000,000.  As a result of such
sale, the Company has no remaining real property. See Note 4 of the accompanying
notes to the financial statements.

On June 20,  2003,  the  Company  declared a special  dividend  in the amount of
$5,500,000  from the sales  proceeds  of the  consummated  sale of the 570 Broad
Street  property.  In  accordance  with  the  Company's  partnership  agreement,
$2,750,000 was paid to the General  Partners and Special Limited  Partners,  and
$2,750,000 was paid to the holders of its participations of limited  partnership
interests in July 2003.

The  decrease in interest  income was due to the  reduction  of  investments  in
commercial paper as a result of the payment of 2002 accrued distributions during
2003, as well as the impact of declining interest rates.

Other  income  in 2002  relates  principally  to the  Company's  retention  of a
non-refundable  deposit  in the  amount of  $1,500,000  received  in 2001 from a
prospective  buyer of the 570 Broad  Street  property  pursuant to a contract to
sell the 570  Broad  Street  property,  which was  subject  to  certain  closing
conditions.  As a result of the  prospective  buyer's  inability  to satisfy the
closing  conditions of the sales  contract,  the contract  expired in accordance
with its terms in January of 2002, and the buyer's  deposit was forfeited to the
Company. See Note 3 of the accompanying notes to the financial statements. Other
income in 2003 relates to the receipt of real estate tax refunds  pertaining  to
properties sold in prior years.

The  increase  in other  expenses  in 2003 as  compared  to 2002 is  principally
attributable  to an increase  in  insurance  cost and  repairs  and  maintenance
expenses at the 570 Broad Street property.

Gain on sale of real estate in 2003  relates to the sale of the 570 Broad Street
property.

As of December 31, 2002, the Company had accrued a  distribution  to its General
Partners,  Special Limited Partners and holders of record of the PPI's as of the
close of business  on December  31, 2002 in the amount of $450,538 in respect of
2002 net operating revenues. These amounts were paid prior to March 31, 2003.

The Company will seek to distribute all of its available cash in accordance with
the  Company's  partnership  agreement  and seek to wind up its affairs prior to
December 31, 2003,  however there can be no assurances  that the Company will be
able to completely dissolve by such time.


                                       5
<PAGE>

                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

ITEM 3.

           QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

At September  30, 2003,  the Company had no interest  bearing  indebtedness  and
accordingly  was not exposed to market risk with  respect to changes in interest
rates, and does not anticipate a need to seek additional borrowings.

ITEM 4.

                             CONTROLS AND PROCEDURES

An evaluation of the  effectiveness of the design and operation of the Company's
disclosure  controls and  procedures was carried out under the  supervision  and
with the  participation  of the  Company's  management,  including the Company's
principal  executive  officer and principal  financial  officer ("the Certifying
Officers") as of September 30, 2003.  Based on that  evaluation,  the Certifying
Officers  concluded  that the Company's  disclosure  controls and procedures are
effective to bring to the  attention of the  Company's  management  the relevant
information  necessary to permit an assessment of the need to disclose  material
developments  and risks  pertaining  to the  Company's  business in its periodic
filings with the Securities and Exchange Commission.  There was no change to the
Company's  internal  control over financial  reporting  during the quarter ended
September  30,  2003  that  materially  affected,  or is  reasonably  likely  to
materially affect, the Company's internal control over financial reporting.


                                       6
<PAGE>

PART II. OTHER INFORMATION

ITEM 6.

                        EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits:

    Exhibit 31.1   Section 302 Sarbanes-Oxley Act of 2002 certification of Mr.
                   Irving Schneider as General and Special Limited Partner and
                   Chief Executive Officer

    Exhibit 31.2   Section 302 Sarbanes-Oxley Act of 2002 Certification of Mr.
                   Robert Hecht as Chief Financial Officer

    Exhibit 32.1   Section 906 Sarbanes-Oxley Act of 2002 certification of Mr.
                   Irving Schneider as General and Special Limited Partner and
                   Chief Executive Officer

    Exhibit 32.2   Section 906 Sarbanes-Oxley Act of 2002 certification of Mr.
                   Robert Hecht as Chief Financial Officer

(b) Reports on Form 8-K:

    None.

Items 1, 2, 3, 4 and 5 are not applicable and have been omitted.


                                       7
<PAGE>

                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

                                   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 thereunto duly authorized.

                             INVESTMENT PROPERTIES ASSOCIATES

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

                             By:    /s/ Robert Hecht
                                 ---------------------------------------
                                 Robert Hecht
                                 Chief Financial Officer

Dated: November 14, 2003


                                       8