-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 9ktJbCYIwyVLFykMj4QdPA==

<SEC-DOCUMENT>0000932214-06-000367.txt : 20061024
<SEC-HEADER>0000932214-06-000367.hdr.sgml : 20061024
<ACCEPTANCE-DATETIME>20061024153557
ACCESSION NUMBER:		0000932214-06-000367
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20061023
FILED AS OF DATE:		20061024
DATE AS OF CHANGE:		20061024

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CRONIN DENIS F
		CENTRAL INDEX KEY:			0001284513

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07265
		FILM NUMBER:		061160162

	MAIL ADDRESS:	
		STREET 1:		CRONIN & VRIS, LLP
		STREET 2:		380 MADISON AVENUE, 24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

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>croninform4_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-10-23</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001284513</rptOwnerCik>
            <rptOwnerName>CRONIN DENIS F</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>CRONIN &amp; VRIS, LLP</rptOwnerStreet1>
            <rptOwnerStreet2>380 MADISON AVENUE, 24TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>See Footnote 1.</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2006-10-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>536000</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>.55</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Mr. Cronin originally filed a Form 3 based on the possibility that he may be deemed a member of a group, which at the time
 the Form 3 was filed owned over 10% of the outstanding shares of Ambase Corporation.  Mr. Cronin disclaims that there is
 such a group and in no manner had a pecuniary interest, at the time of filing the Form 3 or thereafter, in any securities of
 Ambase Corporation other than the shares in the table above.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/Denis F. Cronin</signatureName>
        <signatureDate>2006-10-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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