NEWS RELEASE

FOR RELEASE: Immediately                     CONTACT: Shareholder Services
                                                       (203) 532-2048


            AMBASE CORPORATION - COMPLETION OF BUILDING PURCHASE

Greenwich, CT - December 17, 2002 - On December 3, 2002 AmBase Corporation (the
"Company")  completed the previously  announced purchase of a 38,000 square foot
office  building in Greenwich,  CT, for  investment  purposes.  The building was
purchased from National Office Partners,  LP, an unaffiliated  third party. The
purchase  price of  approximately  $17,250,000  was financed  with the Company's
available funds.