-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 MksVVl3Rm8J4pAE1RMCWa1RNKL2uRb7Cez142tBXMY7u59qviwXI0DS0LkzumY44
 FOPpXdYT6nfwMSRp3egdFA==

<SEC-DOCUMENT>0000020639-04-000013.txt : 20040108
<SEC-HEADER>0000020639-04-000013.hdr.sgml : 20040108
<ACCEPTANCE-DATETIME>20040108165458
ACCESSION NUMBER:		0000020639-04-000013
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040106
FILED AS OF DATE:		20040108

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FERRARA JOHN
		CENTRAL INDEX KEY:			0001182872

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07265
		FILM NUMBER:		04515910

	MAIL ADDRESS:	
		STREET 1:		C/O AMBASE CORP
		STREET 2:		100 PUTNAM GREEN 3RD FL
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMBASE CORP
		CENTRAL INDEX KEY:			0000020639
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				952962743
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		100 PUTNAM GREEN
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		2035322000

	MAIL ADDRESS:	
		STREET 1:		100 PUTNAM GREEN
		STREET 2:		3RD FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HOME GROUP INC
		DATE OF NAME CHANGE:	19890608

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CITYHOME CORP
		DATE OF NAME CHANGE:	19780917
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>jpffm4104_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2004-01-06</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000020639</issuerCik>
        <issuerName>AMBASE CORP</issuerName>
        <issuerTradingSymbol>ABCP</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001182872</rptOwnerCik>
            <rptOwnerName>FERRARA JOHN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O AMBASE CORP</rptOwnerStreet1>
            <rptOwnerStreet2>100 PUTNAM GREEN 3RD FL</rptOwnerStreet2>
            <rptOwnerCity>GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06830</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>V.P. &amp; CFO</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>COMMON STOCK</value>
            <footnoteId id="F1"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>0.64</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2004-01-06</value>
            <footnoteId id="F1"/>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>10000</value>
            <footnoteId id="F1"/>
         </transactionShares>
         <transactionPricePerShare>
            <footnoteId id="F1"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2006-01-06</value>
            <footnoteId id="F1"/>
      </exerciseDate>
      <expirationDate>
         <value>2014-01-06</value>
            <footnoteId id="F1"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>COMMON STOCK</value>
            <footnoteId id="F1"/>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>10000</value>
            <footnoteId id="F1"/>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>20000</value>
            <footnoteId id="F1"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
            <footnoteId id="F1"/>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
   <derivativeTransaction>
      <securityTitle>
         <value>COMMON STOCK</value>
            <footnoteId id="F1"/>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>0.64</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2004-01-06</value>
            <footnoteId id="F1"/>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>10000</value>
            <footnoteId id="F1"/>
         </transactionShares>
         <transactionPricePerShare>
            <footnoteId id="F1"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2005-01-06</value>
            <footnoteId id="F1"/>
      </exerciseDate>
      <expirationDate>
         <value>2014-01-06</value>
            <footnoteId id="F1"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>COMMON STOCK</value>
            <footnoteId id="F1"/>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>10000</value>
            <footnoteId id="F1"/>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>10000</value>
            <footnoteId id="F1"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
            <footnoteId id="F1"/>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> EMPLOYEE STOCK OPTION GRANT 20,000 SHARES; 10,000 VESTING ON 01-06-2005; 10,000 VESTING ON 01-06-2006</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>JOHN P. FERRARA</signatureName>
      <signatureDate>2004-01-08</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----