|UNITED STATES                                                                                                                                                                                                                                                                                                                                                                                            
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|SECURITIES AND EXCHANGE COMMISSION                                                                                                                                                                                                                                                                                                                                                                       
|WASHINGTON, D.C.  20549                                                                                                                                                                                                                                                                                                                                                                                  
|FORM 10-Q/A                                                                                                                                                                                                                                                                                                                                                                                              
|AMENDMENT
      NO. 1                                                                                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                                                                                                                                                         
|(Mark One)                                                                                                                                                                                                                                                                                                                                                                                               
|[X]                                                                                                                                                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                         
|For the Quarterly period ended                                                                                                                                                                                                                                                                                                                                                                           
|OR                                                                                                                                                                                                                                                                                                                                                                                                       
|[ ]                                                                                                                                                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                         
|For the transition period from                                                                                                                                                                                                                                                                                                                                                                           
|                                                                                                                                                                                                                                                                                                                                                                                                         
|Commission File Number                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                         
|SEQUA
      CORPORATION                                                                                                                                                                                                                                                                                                                                                                                  
|(Exact name of registrant as specified in its
      charter)                                                                                                                                                                                                                                                                                                                                             
|                                                                                                                                                                                                                                                                                                                                                                                                         
|Delaware                                                                                                                                                                                                                                                                                                                                                                                                 
|(State or other jurisdiction of incorporation or
      organization)                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                         
|200 Park Avenue, New York, New
      York                      10166                                                                                                                                                                                                                                                                                                                                     
|(Address of principal executive offices)                                                                                                                                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                                                         
|Registrant's telephone number, including area code.                                                                                                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                         
|Indicate by check mark whether the
      registrant (1) has filed all reports required to be filed by Section 13 or
      15(d) of the Securities Exchange Act of 1934 during the preceding 12
      months (or for such shorter period that the registrant was required to
      file such reports), and (2) has been subject to such filing requirements
      for the past 90 days.   Yes
      X   No
|                                                                                                                                                                                                                                                                                                                                                                                                         
|Indicate the number of shares outstanding
      of each of the issuer's classes of common stock, as of the latest
      practicable date.                                                                                                                                                                                                                                                                
|                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                                                                                                                                                                                                                                                                                                                                                                         
|Class                                                                                                                                                                                                                                                                                                                                                                                                    
|                                                                                                                                                                                                                                                                                                                                                                                                         
|Class A Common Stock, no par value                                                                                                                                                                                                                                                                                                                                                                       
|Class B Common Stock, no par value                                                                                                                                                                                                                                                                                                                                                                       



SEQUA CORPORATIONFORM 10-Q/AAMENDMENT No.
1FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2001

The undersigned registrant hereby amends, as
set forth below, its Quarterly Report on Form 10-Q for the period ended
September 30, 2001.     The last paragraph in
"Liquidity and Capital Resources" in Item 2. Management's Discussion and
Analysis of Results of Operations and Financial Condition is hereby revised to
correct the amount available at November 9, 2001 under the Receivables Purchase
Agreement. The amount previously reported ($80 million) was the amount
outstanding under the $120 million Receivables Purchase Agreement rather than
the amount available.ITEM 2.  MANAGEMENT'S DISCUSSION AND
ANALYSIS OF RESULTS
OF         OPERATIONS AND
FINANCIAL CONDITIONLiquidity and Capital
Resources     Management currently
anticipates that cash flow from operations; the $40 million available at
November 9, 2001 under the Receivables Purchase Agreement; and the $139.1
million of cash and cash equivalents on hand at September 30, 2001 will be
sufficient to fund Sequa's operations for the next year. In addition to the
available resources discussed above, Sequa also has a $75 million revolving line
of credit, of which no amounts are currently outstanding and no usage is
anticipated in the fourth quarter of 2001. Based on the outlook for earnings in
the fourth quarter of 2001 as a result of deteriorating economic conditions
exacerbated by the September 11, 2001 terrorist attacks, management does not
believe Sequa will be in compliance with certain financial covenants of the
revolving credit agreement as of year end 2001. Management is in discussion with
the bank group regarding a waiver or amendment.



|Pursuant
      to the requirements of the
      Securities           Exchange
      Act of 1934, as amended, the
      Registrant           has
      duly caused this report to be signed on
      its           behalf
      by the undersigned thereunto duly
      authorized.                      SEQUA
      CORPORATION                      BY  /S
      / WILLIAM P.
      KSIAZEK                           William
      P.
      Ksiazek                           Vice
      President and Controller
      
      
      
      
      
      
      
      November 29, 2001
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