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 June 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 June 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 JUNE 30, 2003 AND DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                                             JUNE 30, 2003         DECEMBER 31, 2002
ASSETS                                                                                        (Unaudited)               (Note)
------                                                                                       -------------         -----------------
<S>                                                                                           <C>                     <C>
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                                                                       7,339,405               1,516,410
Due from managing agent (Helmsley-Spear, Inc.)                                                     38,395                  47,380
Other assets                                                                                        4,289                  16,881
                                                                                              -----------             -----------
                                                                                              $ 7,382,089             $ 3,733,978
                                                                                              ===========             ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIENCY)

Accounts payable                                                                              $    18,512             $     6,547
Distributions payable to General Partners,
     Special Limited Partners and Limited Partners                                              5,500,000                 457,752
Guaranteed Payments Due to General Partners,
     Special Limited Partners and Limited Partners                                                 88,250                 146,500
Sundry liabilities and other accrued expenses                                                     105,410                 105,230
                                                                                              -----------             -----------
                                                                                                5,712,172                 716,029
                                                                                              -----------             -----------
Partners' Capital (Deficiency)

     General Partners                                                                               9,184              (2,495,163)
     Special Limited Partners                                                                     825,774               3,290,185
     Limited Partners (represented by the equivalent
       of 820,000 Participation Interests)                                                        834,959               2,222,927
                                                                                              -----------             -----------
                                                                                                1,669,917               3,017,949
                                                                                              -----------             -----------

                                                                                              $ 7,382,089             $ 3,733,978
                                                                                              ===========             ===========
</TABLE>

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 SIX MONTHS ENDED       FOR THE THREE MONTHS ENDED
                                                                         ------------------------       --------------------------
                                                                       JUNE 30, 2003   JUNE 30, 2002   JUNE 30, 2003   JUNE 30, 2002
                                                                       -------------   -------------   -------------   -------------
<S>                                                                     <C>             <C>             <C>             <C>
Revenues:
Interest                                                                $     8,291     $    18,518     $     3,960     $     6,987
Other income                                                                118,725       1,501,500         118,725           1,500
                                                                        -----------     -----------     -----------     -----------
                                                                            127,016       1,520,018         122,685           8,487
                                                                        -----------     -----------     -----------     -----------
Expenses:
Real estate taxes                                                           138,482         153,942          60,851          76,908
Other expenses                                                              323,521         274,143         167,416          88,976
                                                                        -----------     -----------     -----------     -----------
                                                                            462,003         428,085         228,267         165,884
                                                                        -----------     -----------     -----------     -----------
Income (loss) before items shown below                                     (334,987)      1,091,933        (105,582)       (157,397)
Gain on sale of real estate income before
guaranteed payments required under the
limited partnership agreement                                             4,545,205              --       4,545,205              --
                                                                        -----------     -----------     -----------     -----------
                                                                          4,210,218       1,091,933       4,439,623        (157,397)
Guaranteed payments required under the
Limited Partnership Agreement:
  To the Limited Partners                                                     7,500           7,500           3,750           3,750
  To the General and Special Limited
  Partners                                                                   50,750          50,750          25,375          25,375
                                                                        -----------     -----------     -----------     -----------
                                                                             58,250          58,250          29,125          29,125
                                                                        -----------     -----------     -----------     -----------
Net income (loss) transferred to
Partners' capital accounts                                              $ 4,151,968     $ 1,033,683     $ 4,410,498     $  (186,522)
                                                                        ===========     ===========     ===========     ===========
Net income allocable as follows (based on
terms of the Limited Partnership
Agreement):
  General Partners                                                      $ 2,534,597     $     5,685     $ 2,537,441          (1,026)
  Special Limited Partners                                                  255,339         511,156         511,025         (92,235)
 Limited Partners (represented by the
 equivalent of 820,000 Participation Interests - unchanged
 during the periods)
                                                                          1,362,032         516,842       1,362,032         (93,261)
                                                                        -----------     -----------     -----------     -----------

                                                                        $ 4,151,968     $ 1,033,683     $ 4,410,498     $  (186,522)
                                                                        ===========     ===========     ===========     ===========
Per Participation Interest:
  Net income                                                            $    1.6610     $    0.6303     $    1.6610     $   (0.1137)
                                                                        ===========     ===========     ===========     ===========
</TABLE>

See accompanying notes to financial statements.


                                       2
<PAGE>

                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

                      STATEMENTS OF CASH FLOWS (UNAUDITED)

            FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND JUNE 30, 2002

<TABLE>
<CAPTION>
                                                                                                     2003                  2002
                                                                                                  -----------           -----------
<S>                                                                                               <C>                   <C>
OPERATING ACTIVITIES:
     Net income                                                                                   $ 4,151,968           $ 1,033,683
     Adjustments to reconcile net income to net cash used in
     operating activities:
        Changes in operating assets and liabilities:
        Decrease (increase) in due from managing agent                                                  8,985                (3,893)
        Gain on sale of real estate                                                                (4,545,205)                   --
        Decrease in other assets                                                                       12,592                14,527
        Increase in accounts payable                                                                   11,965                 9,182
        Decrease in guaranteed payments due to General Partners,
         Special Limited Partners and Limited Partners                                                (58,250)                   --
        Increase (decrease) in sundry liabilities and other accrued
        expenses                                                                                          180              (117,029)
        Decrease in deposits                                                                               --            (1,500,000)
                                                                                                  -----------           -----------

        Net cash used in operating activities                                                        (417,765)             (563,530)
                                                                                                  -----------           -----------
INVESTING ACTIVITIES:
     Net proceeds from sale of real estate                                                          6,698,512                    --
                                                                                                  -----------           -----------
FINANCING ACTIVITIES:
     Distributions to General Partners, Special Limited Partners and
     Limited Partners                                                                                (457,752)             (690,966)
                                                                                                  -----------           -----------

         Increase (decrease) in cash and cash equivalents                                           5,822,995            (1,254,496)

Cash and cash equivalents at beginning of year                                                      1,516,410             2,788,292
                                                                                                  -----------           -----------
Cash and cash equivalents at June 30                                                              $ 7,339,405           $ 1,533,796
                                                                                                  ===========           ===========
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES:
     Accrued distributions                                                                        $ 5,500,000                    --
                                                                                                  ===========           ===========
</TABLE>

See accompanying notes to financial statements.


                                       3
<PAGE>

                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS

                                  JUNE 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 June 30, 2003 and the results of
operations for the three and six month periods ended June 30, 2003 and 2002.

The results of  operations  for the six months  ended June 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 $4,669,503  (six months ended
June 30,  2003) and $926,327  (six months ended June 30, 2002) as compared  with
net income of $4,151,968 and $1,033,683 respectively, as shown in the statements
of operations.  The differences  result  principally from  depreciation  expense
which  continued to be  recognized  for income tax purposes  through the date of
sale of the property and differences in the gain on sale of the 570 Broad Street
property for income tax purposes.

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 the receipt of real
estate tax refunds pertaining to 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  consummation  of this sale
transaction,  the  Company  recognized  a gain  on  the  sale  of  approximately
$4,540,000  for  financial  statement  purposes  as  compared  with  a  gain  of
approximately $5,160,000 for Federal income tax 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 consists of marketing for sale its remaining  non-income
producing  property,  a vacant  office  property  located  at 570 Broad  Street,
Newark, New Jersey. On April 24, 2003, the Company signed a contract to sell the
570 Broad Street property for a sales price of $7,000,000,  and consummated such
sale on June 13,  2003.  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  costs 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, 2001 in the amount of $450,538 in respect of
2002 net operating revenues. These amounts were paid prior to March 31, 2003.


                                       5
<PAGE>

                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

ITEM 3.

           QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

At  June  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

(a) Evaluation of disclosure controls and procedures.  The Company's  management
has  evaluated,  with the  participation  of the Company's  principal  executive
officer and principal  financial  officer,  the  effectiveness  of the Company's
disclosure  controls and procedures (as defined in Exchange Act Rules  13a-15(e)
and 15d-15(e), as of the end of the period covered by this report. Based on that
evaluation,  the Company's  principal  executive officer and principal financial
officer have  concluded  that the Company's  disclosure  controls and procedures
were effective as of the end of the period covered by this report.

(b) Changes in internal control over financial reporting. There was no change in
the Company's internal control over financial reporting that occurred during the
fiscal  quarter  covered by this  report  that has  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:

On April 29, 2003,  the Company  filed a Current  Report on Form 8-K relating to
the sale of its 570 Broad Street, Newark, New Jersey property,  which is subject
to certain closing conditions.

On June 24, 2003, the Company filed a Current Report on Form 8-K relating to the
consummation of the sale of the 570 Broad Street,  Newark, New Jersey,  property
and the  dividend of  approximately  $5,500,000  paid to its general and special
limited  partners  and  holders of record as of the close of business on July 8,
2003 of its  participations  of  limited  partnership  interests  from such sale
proceeds.

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: August 14, 2003


                                       8