EXHIBIT 21

                               AMBASE CORPORATION
                               SUBSIDIARY LISTING
                            AS OF DECEMBER 31, 2002





                                                     Jurisdiction                   Percentage Voting
                                                     In Which                       Securities Owned By
Name                                                 Organized                      Immediate Parent
==================================================== ============================== ================================

                                                                              

AmBase Corporation                                   Delaware                       N/A

     Carteret Bancorp, Inc.                          Delaware                       100%

     Home Capital Services, Inc.                     Delaware                       100%

     Maiden Lane Associates, Ltd.                    Delaware                       100%

     SDG Financial Corp.                             Delaware                       100%





Note:  Interrelationships  shown  by  indentation  with  100%  ownership  unless
otherwise indicated.