-----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,
 LpVk71gvctrg3zk8g+d6yYTImLNNpMwWpgCZj2vkQSTwNCCcp56wPyTiwCb+0a2B
 pI8r2Cn9raWBmQKb2+QfDw==

<SEC-DOCUMENT>0000020639-04-000031.txt : 20041228
<SEC-HEADER>0000020639-04-000031.hdr.sgml : 20041228
<ACCEPTANCE-DATETIME>20041228130744
ACCESSION NUMBER:		0000020639-04-000031
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041228
FILED AS OF DATE:		20041228
DATE AS OF CHANGE:		20041228

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			QUINN MICHAEL L
		CENTRAL INDEX KEY:			0001192077

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07265
		FILM NUMBER:		041228004

	BUSINESS 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>mlqform4122804_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-12-28</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000020639</issuerCik>
        <issuerName>AMBASE CORP</issuerName>
        <issuerTradingSymbol>ABCP</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001192077</rptOwnerCik>
            <rptOwnerName>QUINN MICHAEL L</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>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2004-12-23</value>
                <footnoteId id="F1"/>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>27160</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>322840</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">1.  Gift of 27,160 shares to reporting persons children who do not share reporting persons household and are not deemed to be
 beneficial owners of these securities.</footnote>
    </footnotes>

    <remarks>John P. Ferrara acting as Agent for Michael L. Quinn</remarks>

    <ownerSignature>
        <signatureName>John P. Ferrara</signatureName>
        <signatureDate>2004-12-28</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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