-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Duq6gn5Fl9OgEe/106FpTeD4scWXbjMsq290GoRGPbpI5rTxVp/1llTayKKKTU/7
 9+5hGyjxPhlOtfVW6bjpNA==

<SEC-DOCUMENT>0000020639-07-000026.txt : 20070821
<SEC-HEADER>0000020639-07-000026.hdr.sgml : 20070821
<ACCEPTANCE-DATETIME>20070821113011
ACCESSION NUMBER:		0000020639-07-000026
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070821
FILED AS OF DATE:		20070821
DATE AS OF CHANGE:		20070821

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMBASE CORP
		CENTRAL INDEX KEY:			0000020639
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
		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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Trani Salvatore
		CENTRAL INDEX KEY:			0001349262

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07265
		FILM NUMBER:		071069882

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		203-532-2054

	MAIL ADDRESS:	
		STREET 1:		C/O AMBASE CORPORATION
		STREET 2:		100 PUTNAM GREEN, THIRD FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>frm4st_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-08-21</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001349262</rptOwnerCik>
            <rptOwnerName>Trani Salvatore</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O AMBASE CORPORATION</rptOwnerStreet1>
            <rptOwnerStreet2>100 PUTNAM GREEN, THIRD FLOOR</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>
            </securityTitle>
            <transactionDate>
                <value>2007-08-17</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.40</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>15000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <ownerSignature>
        <signatureName>Salvatore Trani</signatureName>
        <signatureDate>2007-08-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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