AmBase Corp (OTC: ABCP) is a holding company with a single material asset: an equity investment in 111 West 57th Street, a residential development property in New York City, acquired in 2013. The company generates no operating revenue from this investment and has recorded net losses in each reported period, including a net loss of $4,560,000 ($0.05 per share) for the year ended December 31, 2025. Operations are funded through related-party loans, primarily from R.A. Bianco, who had made cumulative additional loans to the company aggregating $3,600,000 as of December 31, 2025, plus further loans of $400,000 in January and February 2026. The company carries a going concern qualification from its auditors, Marcum LLP, reflecting a working capital deficiency and ongoing need to raise funds. AmBase is incorporated in Delaware and headquartered in Hartford, Connecticut, and has operated under this structure at least through the fiscal year ended December 31, 2025.

Revenue model

AmBase generates no disclosed operating revenue. The company funds operations through related-party loans from R.A. Bianco and, in 2024, through an equity offering that was used in part to repay prior outstanding loans aggregating $3,548,000 plus accrued interest.

Products and services

The company's sole disclosed asset is an equity investment in the 111 West 57th Street residential development property in New York City, acquired in 2013.

Customers and end markets

The end market is New York City luxury residential real estate, specifically tied to the 111 West 57th Street development. No tenants, customers, or occupancy data are disclosed in the filing excerpts.

Value-chain role

AmBase holds a passive equity investment position in a real estate development property. It does not operate as a developer, property manager, or landlord in any disclosed active capacity. The company structures its operations to avoid registration as an investment company under the Investment Company Act of 1940.

Geographic exposure

Concentrated entirely in New York City, New York, through the 111 West 57th Street equity investment. Corporate headquarters is Hartford, Connecticut.

Source: SEC 10-K, filed 2026-03-30

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