Ambase Corporation Follow Up

I got out of Ambase Corp, OTC:ABCP, after the shareholders meeting announcement that they wouldn't liquidate.  However, now that the stock has dropped 24% since then im intrigued.

This sell off is because of an announced venture mentioned....

Here : http://www.sec.gov/Archives/edgar/data/20639/000002063913000047/frm8kentry111w57.htm

In the disclosure it mentions they will participate  in the "real estate development project to purchase, develop, and operate the real property located at 105 through 111 West 57th Street in  New York, New York".  

It must be related to this: 

http://ny.curbed.com/archives/2013/03/29/jds_developments_skinny_57th_street_tower_to_grow_taller.php

They just purchased a portion of this project in New York for 56 million, and the market cap of the company is 36.80 M.  The question is, did they overpay? and how much of this project are they getting?

Here's the article that mentions that the Steinway Building was purchased back in March by JDS for 46 million. -> http://www.bizjournals.com/newyork/news/2013/03/26/steinway-to-sell-w-57th-st-building.html

It seems that they purchased the building for the air rights.  A huge hotel/condo complex is coming up with unobstructed views of central park.

I wouldn't write off ABCP yet.

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