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 March 31, 2002.

                                       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 March 31, 2002

                                      INDEX

                                                                            Page

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

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

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

           Statements of Income.............................................  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

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

                      MARCH 31, 2002 AND DECEMBER 31, 2001

<TABLE>
<CAPTION>
                                                     MARCH 31, 2002    DECEMBER 31, 2001
                                                     --------------    -----------------
ASSETS                                                 (Unaudited)            (Note)
------
<S>                                                    <C>                 <C>
Real estate, at cost                                   $ 8,033,347         $ 8,033,347
     Less:  Accumulated depreciation
       and amortization                                 (5,880,040)         (5,880,040)
                                                       -----------         -----------
                                                         2,153,307           2,153,307

Cash and cash equivalents                                2,392,368           2,788,292
Due from managing agent (Helmsley-Spear, Inc.)             168,229             229,291
Receivables                                                  3,553               3,553
Other assets                                               442,224             457,515
                                                       -----------         -----------
                                                       $ 5,159,681         $ 5,631,958
                                                       ===========         ===========

LIABILITIES AND PARTNERS' CAPITAL (DEFICIENCY)

Accounts payable                                       $    22,461         $     7,903
Distributions payable to General Partners,
     Special Limited Partners and Limited Partners         567,179             698,179
Sundry liabilities and other accrued expenses              339,759             415,799
Deposits                                                        --           1,500,000
                                                       -----------         -----------
                                                           929,399           2,621,881
                                                       -----------         -----------

Partners' Capital (Deficiency)

     General Partners                                   (2,488,495)         (2,495,206)
     Special Limited Partners                            3,889,683           3,286,292
     Limited Partners (represented by the
       equivalent of 820,000 Participation
       Interests)                                        2,829,094           2,218,991
                                                       -----------         -----------
                                                         4,230,282           3,010,077
                                                       -----------         -----------

                                                       $ 5,159,681         $ 5,631,958
                                                       ===========         ===========
</TABLE>

Note:   The balance sheet at December 31, 2001 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 INCOME (UNAUDITED)

                                                    FOR THE THREE MONTHS
                                                            ENDED
                                              MARCH 31, 2002     MARCH 31, 2001

Revenues:
Gross revenues from real estate              $           --     $         3,232
Real estate tax refund                                   --             517,038
Other income                                       1,500,000                --
Interest                                              11,531            132,830
                                             ---------------    ---------------
                                                   1,511,531            653,100
                                             ---------------    ---------------

Expenses:
Real estate taxes                                     77,034             35,653
Other expenses                                       185,167            173,219
                                             ---------------    ---------------
                                                     262,201            208,872
                                             ---------------    ---------------

Income before items shown below                    1,249,330            444,228
                                             ---------------    ---------------

Guaranteed payments required under the
Limited Partnership Agreement:
  To the Limited Partners                              3,750              3,750
  To the General and Special Limited
    Partners                                          25,375             25,375
                                             ---------------    ---------------
                                                      29,125             29,125
                                             ---------------    ---------------

Net income transferred to Partners'
Capital Accounts                             $     1,220,205    $       415,103
                                             ===============    ===============

Net income allocable as follows
(based on terms of the Limited
Partnership Agreement):
  General Partners                           $         6,711    $         2,283
  Special Limited Partners                           603,391            205,268
  Limited Partners (represented by the
    equivalent of 820,000 Participation
    Interests - unchanged during the
    periods)                                         610,103            207,552
                                             ---------------    ---------------
                                             $     1,220,205    $       415,103
                                             ===============    ===============

Per Participation Interest:
  Net income                                 $        0.7440    $        0.2531
                                             ===============    ===============

See accompanying notes to financial statements.


                                       2
<PAGE>

                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

                      STATEMENTS OF CASH FLOWS (UNAUDITED)

          FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND MARCH 31, 2001

                                                         2002           2001
                                                         ----           ----
OPERATING ACTIVITIES:
  Net income                                         $  1,220,205    $  415,103
  Adjustments to reconcile net income to net
  cash (used in) provided by operating activities:
    Changes in operating assets and liabilities:
     Decrease in due from managing agent                  61,062        212,380
     Decrease in other assets                             15,289          4,117
     Increase in accounts payable                         14,558        (17,209)
     Decrease in accrued real estate taxes                  --           (8,936)
     Decrease in sundry liabilities and other
       accrued expenses                                  (76,038)      (126,740)
     Decrease in deposits                             (1,500,000)          --
                                                     ------------    ----------

     Net cash (used in) provided by operating
       activities                                       (264,924)       478,715
                                                     ------------    ----------

FINANCING ACTIVITIES:
  Distributions of net operating revenues
  and proceeds from sale of Real Estate
  to General Partners, Special Limited Partners
  and Limited Partners                                  (131,000)      (750,000)
                                                     ------------    ----------

Decrease in cash and cash equivalents                   (395,924)      (271,285)

Cash and cash equivalents at beginning of period       2,788,292      9,514,349
                                                     ------------    ----------

Cash and cash equivalents at end of period           $  2,392,368    $9,243,064
                                                     ============    ==========

See accompanying notes to financial statements.


                                       3
<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  accounting  principles  generally
accepted in the United States.  Reference should be made to the Company's Annual
Report  on Form  10-K for the year  ended  December  31,  2001,  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 March 31, 2002 and the results of
operations for the three months ended March 31, 2002 and 2001.

NOTE 3

The results of operations for the three months ended March 31, 2002 and 2001 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  $1,166,527  (March 31, 2002)
and $361,425  (March 31,  2001) as compared  with net income of  $1,220,205  and
$415,103  respectively,  as shown in the  statements of income.  The  difference
results  principally from depreciation  expense which continues to be recognized
for income tax purposes.

NOTE 5 - 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.


                                       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.

The real estate tax refund in 2001 was  attributable  to the  settlement  of tax
certiorari  appeals  filed in a prior year  relating  to the  Company's  Chicago
properties  which  had been  sold in 1998 and the 1328  Broadway  and 261  Fifth
Avenue properties which had been sold in 2000.

The  decrease in interest  income was due to the  reduction  of  investments  in
commercial  paper as a result of the  distribution  made to partners during 2001
and 2002 of the net proceeds from the sales of properties.

The  increase  in real estate  taxes in 2002 as compared to 2001 is  principally
attributable to a tax refund received in 2001 for the 570 Broad Street property.

Other income in 2002  relates 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 5 of the
accompanying notes to the financial statements.

As of December  31,  2001,  the  Company  had accrued (i) a special  dividend of
$410,000 to its General  Partners  and Special  Limited  Partners and holders of
record of the PPI's as of the close of business  on  December  31, 2001 from its
available cash and (ii) a  distribution  in the amount of $280,965 in respect of
2001 net operating  revenues.  During the quarter ended March 31, 2002, $131,000
had been paid in connection with such accrued distributions.


                                       5
<PAGE>

                        INVESTMENT PROPERTIES ASSOCIATES
                        (A New York Limited Partnership)

ITEM 3.
           QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

At March  31,  2002,  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.


                                       6
<PAGE>

                           PART II. OTHER INFORMATION

ITEM 6.

                        EXHIBITS AND REPORTS ON FORM 8-K

(a)      Exhibits

None.

(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

Dated:   July 26, 2002

                                       8