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<title>FORM 4</title>
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<p align="center"><b><font size="5" face="Univers (W1)">FORM 4</font></b></p>
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<p><font size="1" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<b>UNITED STATES SECURITIES AND EXCHANGE COMMISSION<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Washington, D.C.&nbsp; 20549</b></font></p>
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<p align="center"><font size="1" face="Arial">OMB APPROVAL</font></p>
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<p><b><font size="1" face="Times New Roman"></font></b></p>

<p><b><font size="1" face="Wingdings">o</font></b><b><font size="1">&nbsp;&nbsp; Check this box if no longer</font></b></p>

<p><b><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; subject to Section 16.&nbsp; Form 4 or</font></b></p>

<p><b><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 5 obligations may continue.</font></b></p>

<p><b><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b> <i><font size="1">See</font></i><b><font size="1">Instruction 1(b).</font></b></p>
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<p align="center"><b><font size="2" face="Times New Roman"><br />
 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP</font></b></p>
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<p><font size="1" face="Arial">OMB Number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3235-0287<br />
 Expires:&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="1" face="Arial">January 31, 2005</font><font size="1" face="Arial"><br />
 Estimated average burden<br />
 hours per response. . . . . . . .0.5</font></p>
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<p><font size="1" face="Times New Roman">(Print or Type Responses)</font></p>
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<p align="center"><font size="1" face="Times New Roman">Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility<br />
 Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940</font></p>
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<p><font size="1" face="Times New Roman">&nbsp;&nbsp;</font></p>

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<p>&nbsp;</p>
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<p><font size="1" face="Times New Roman">1.&nbsp;&nbsp; Name and Address of Reporting Person*<br />
 </font></p>

<p><font size="3" face="Times New Roman">Black, Leon</font></p>
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<p><font size="1" face="Times New Roman">2.&nbsp;&nbsp; Issuer Name <b>and</b> Ticker or Trading Symbol</font></p>

<p align="center"><font size="3" face="Times New Roman">Sequa Corporation - SQAA</font></p>
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<p><font size="1" face="Times New Roman">6.&nbsp;&nbsp;&nbsp; Relationship of Reporting Person(s) to Issuer&nbsp; (Check all applicable)</font></p>

<p><font size="1" face="Times New Roman"></font></p>

<p><u><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u> <font size="2"></font><font size="1">Director &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size=
"2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u> <font size="1">&nbsp; 10% Owner</font></p>
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<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Last)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(First)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Middle)</font></p>

<p><font size="3" face="Times New Roman">c/o Apollo Management LP</font></p>

<p><font size="3" face="Times New Roman">1301 Avenue of the Americas</font></p>
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<p><font size="1" face="Times New Roman">3.&nbsp;&nbsp; I.R.S. Identification Number of&nbsp; Reporting Person, if an entity (voluntary)</font></p>
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<td colspan="3" valign="top">
<p><font size="1" face="Times New Roman">4.&nbsp;&nbsp; Statement for<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Month/Day/Year<br />
</font> January 1, 2003<font size="1"><br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><u><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u> <font size="2">&nbsp;</font> <font size="1">Officer&nbsp; (give title below)&nbsp;&nbsp;&nbsp;
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font> <u><font size="2"></font></u><font size="1">&nbsp; Other (specify title below)&nbsp;</font></p>

<p><b><u><font size="2" face="Times New Roman"></font></u></b></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <b><u><font size=
"2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></p>
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<p>&nbsp;</p>
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<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; (Street)</font></p>

<p><font size="3" face="Times New Roman">New York, NY 10019<br />
 <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font></p>
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<td colspan="3" valign="top">
<p><font size="1" face="Times New Roman">5.&nbsp;&nbsp; If Amendment,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of Original<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Month/Day/Year)</font></p>
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<td colspan="8" valign="top">
<p><font size="1" face="Times New Roman">7.&nbsp;&nbsp;&nbsp; Individual or Joint/Group Filing</font> <font size="1">(Check Applicable Line)<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <b><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; X &nbsp;</font></u></b> <font size="1">Form filed by One Reporting Person<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <b><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</font></u></b> <font size="1">Form filed by More than One Reporting Person</font></p>
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<p>&nbsp;</p>
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<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; (City)&nbsp;&nbsp;&nbsp;
(State)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip)</font></p>
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<p><font size="1" face="Times New Roman"></font></p>

<p align="center"><b><font size="1" face="Times New Roman">Table I&nbsp; &mdash; Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned</font></b></p>
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<p>&nbsp;</p>
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<p><font size="1" face="Times New Roman">1.&nbsp;&nbsp; Title of Security<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Instr. 3)</font></p>
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<td colspan="2" rowspan="2" valign="top">
<p><font size="1" face="Times New Roman">2.&nbsp; Trans-action Date<br />
 (Month/<br />
 Day/Year)</font></p>
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<td valign="top">
<p><font size="1" face="Times New Roman">2A. Deemed Execution Date, if any<br />
 (Month/Day/<br />
 Year)</font></p>
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<td colspan="2" valign="top">
<p><font size="1" face="Times New Roman">3.&nbsp;&nbsp; Trans-<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; action<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Code<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Instr. 8)</font></p>
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<p><font size="1" face="Times New Roman">4.&nbsp;&nbsp;&nbsp; Securities Acquired (A)<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or Disposed of (D)<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Instr. 3, 4 and 5)</font></p>
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<p><font size="1">Amount of Securities<br />
 Beneficially<br />
 Owned<br />
 Following<br />
 Reported<br />
 Transaction(s)</font></p>
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<p><font size="1" face="Times New Roman">6.&nbsp;&nbsp; Ownership<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form:<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (D) or</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indirect<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (I)</font></p>

<p><font size="1" face="Times New Roman">&nbsp;</font></p>
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<p><font size="1" face="Times New Roman">7.&nbsp;&nbsp; Nature of Indirect<br />
 Beneficial<br />
 Ownership</font></p>
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<p>&nbsp;</p>
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<td colspan="2" valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="1" face="Times New Roman"><br />
 Code</font></p>
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<p align="center"><font size="1" face="Times New Roman"><br />
 V</font></p>
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<td colspan="3" valign="top">
<p align="center"><font size="1" face="Times New Roman"><br />
 Amount</font></p>
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<p><font size="1" face="Times New Roman">(A) or</font></p>

<p><font size="1" face="Times New Roman">(D)</font></p>
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<td colspan="2" valign="top">
<p align="center"><font size="1" face="Times New Roman"><br />
 Price</font></p>
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<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Instr. 3 and 4)</font></p>
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<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Instr. 4)</font></p>
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<p><font size="1" face="Times New Roman">(Instr. 4)</font></p>
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<p>&nbsp;</p>
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<tr height="33">
<td>
<p>&nbsp;</p>
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<p><b><font size="3" face="Times New Roman"></font></b></p>

<p><font size="3" face="Times New Roman">Class A Common Stock</font></p>
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<td colspan="2" height="33" valign="top">
<p align="center"><font size="3" face="Times New Roman">01/01/03</font></p>
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<td height="33" valign="top"></td>
<td height="33" valign="top">
<p><font size="3" face="Times New Roman">A(1)</font></p>
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<td height="33" valign="top">
<p><font size="3" face="Times New Roman">V</font></p>
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<td colspan="3" height="33" valign="top">
<p align="center"><font size="3" face="Times New Roman">954</font></p>
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<td colspan="2" height="33" valign="top">
<p align="center"><font size="3" face="Times New Roman">A</font></p>
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<td height="33" valign="top">
<p align="center"><font size="3" face="Times New Roman">$39.27</font></p>
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<td height="33" valign="top">
<p align="center"><font size="3" face="Times New Roman">4,108</font></p>
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<td height="33" valign="top">
<p align="center"><font size="3" face="Times New Roman">D</font></p>
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<td height="33" valign="top">
<p align="center"><b><font size="1" face="Times New Roman"></font></b></p>
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<td>
<p>&nbsp;</p>
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<tr height="33">
<td>
<p>&nbsp;</p>
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<td height="33" valign="top">
<p><font size="1" face="Times New Roman"></font></p>
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<td colspan="2" height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td colspan="3" height="33" valign="top"></td>
<td colspan="2" height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td height="33" valign="top">
<p align="center"><font size="1" face="Times New Roman"></font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
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<tr height="33">
<td>
<p>&nbsp;</p>
</td>
<td height="33" valign="top"></td>
<td colspan="2" height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td colspan="3" height="33" valign="top"></td>
<td colspan="2" height="33" valign="top"></td>
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<td height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td>
<p>&nbsp;</p>
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<tr height="33">
<td>
<p>&nbsp;</p>
</td>
<td height="33" valign="top"></td>
<td colspan="2" height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td colspan="3" height="33" valign="top"></td>
<td colspan="2" height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td height="33" valign="top"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>
</table>
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<font size="1" face="Times New Roman"><br clear="all" />
</font>

<p><b><font size="1" face="Times New Roman">&nbsp;</font></b> <b><font size="2">FORM 4 (continued)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b>
<b><font size="1">Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned</font></b></p>

<p><b><font size="1" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(<i>e.g</i>., puts, calls, warrants, options, convertible securities)</font></b></p>

<p align="center"><b><font size="1" face="Times New Roman"></font></b></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
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<p><font size="1" face="Times New Roman">1. Title of&nbsp; Derivative Security</font></p>

<p><font size="1" face="Times New Roman"><br />
<br />
<br />
<br />
<br />
 &nbsp;&nbsp;&nbsp; (Instr. 3)</font></p>
</td>
<td valign="top">
<p><font size="1" face="Times New Roman">2.Conver-</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp; sion or</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp; Exercise<br />
 &nbsp;&nbsp;&nbsp; Price of<br />
 &nbsp;&nbsp;&nbsp; Deriv-</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp; ative<br />
 &nbsp;&nbsp;&nbsp; Security</font></p>
</td>
<td valign="top">
<p><font size="1" face="Times New Roman">3.Trans-action Date<br />
 (Month/</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp; Day/<br />
 Year)</font></p>
</td>
<td valign="top">
<p><font size="1" face="Times New Roman">3A. Deemed Execution Date, if any (Month/ Day/Year)</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="1" face="Times New Roman">4.&nbsp;&nbsp; Trans-</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; action</font></p>

<p align="center"><font size="1" face="Times New Roman">Code<br />
 (Instr. 8)</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="1" face="Times New Roman">5.&nbsp;&nbsp; Number of<br />
 Derivative Securities Acquired (A) or Disposed of (D)<br />
<br />
<br />
 &nbsp;</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Instr. 3, 4 and 5)</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="1" face="Times New Roman">6.&nbsp;&nbsp; Date Exercisable &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Month/Day/<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year)<br />
 </font></p>
</td>
<td colspan="2" valign="top">
<p><font size="1" face="Times New Roman">7.&nbsp; Title and Amount of Underlying Securities<br />
<br />
<br />
<br />
<br />
 (Instr. 3 and 4)</font></p>
</td>
<td valign="top">
<p><font size="1" face="Times New Roman">8.Price</font></p>

<p><font size="1" face="Times New Roman">&nbsp; of</font></p>

<p><font size="1" face="Times New Roman">&nbsp; Deriv-</font></p>

<p><font size="1" face="Times New Roman">&nbsp; ative</font></p>

<p><font size="1" face="Times New Roman">&nbsp; Secur-</font></p>

<p><font size="1" face="Times New Roman">&nbsp; ity</font></p>

<p><font size="1" face="Times New Roman"><br />
<br />
 (Instr. 5)</font></p>
</td>
<td valign="top">
<p><font size="1" face="Times New Roman">9. Number</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp; of derivative Securities</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp; Beneficially<br />
 Owned</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp; Following Reported Transaction(s)<br />
 (Instr. 4)</font></p>
</td>
<td valign="top">
<p><font size="1" face="Times New Roman">10. Owner-</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ship</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form of</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deriv-</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ative</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (D) or</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; Indirect</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (I)</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Instr. 4)</font></p>

<p align="center"><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="1" face="Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nature</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; of</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Indirect</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Benefi-</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; cial</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; Owner-</font></p>

<p><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; ship<br />
<br />
 (Instr. 4)</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="1" face="Times New Roman"><br />
<br />
 Code</font></p>
</td>
<td valign="top">
<p align="center"><font size="1" face="Times New Roman"><br />
<br />
 V</font></p>
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<p><font size="1" face="Times New Roman">&nbsp;</font></p>

<p><font size="1" face="Times New Roman">Explanation of Responses:</font> &nbsp; (1) These shares are issued to Mr. Black pursuant to the Sequa Corporation Directors' Stock Compensation Plan (the "Plan").&nbsp; The shares are restricted from disposition or transfer
in accordance with the provisions set forth in the Plan.</p>

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[{"type": "4", "sequence": "1", "filename": "black_4.htm", "description": "FORM 4 FOR LEON BLACK", "secsgml_size_bytes": 25713}]
FORM 4
FORM 4
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
OMB APPROVAL
o
Check this box if no longer
subject to Section 16.  Form 4 or
Form 5 obligations may continue.
See
Instruction 1(b).
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
OMB Number:           3235-0287
Expires:
January 31, 2005
Estimated average burden
hours per response. . . . . . . .0.5
(Print or Type Responses)
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
1.   Name and Address of Reporting Person*
Black, Leon
2.   Issuer Name
and
Ticker or Trading Symbol
Sequa Corporation - SQAA
6.    Relationship of Reporting Person(s) to Issuer  (Check all applicable)
X
Director
10% Owner
(Last)                               
(First)      (Middle)
c/o Apollo Management LP
1301 Avenue of the Americas
3.   I.R.S. Identification Number of  Reporting Person, if an entity (voluntary)
4.   Statement for
Month/Day/Year
January 1, 2003
Officer  (give title below)
Other (specify title below)
(Street)
New York, NY 10019
5.   If Amendment,
Date of Original
(Month/Day/Year)
7.    Individual or Joint/Group Filing
(Check Applicable Line)
X
Form filed by One Reporting Person
Form filed by More than One Reporting Person
(City)   
(State)                                 (Zip)
Table I  — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.   Title of Security
(Instr. 3)
2.  Trans-action Date
(Month/
Day/Year)
2A. Deemed Execution Date, if any
(Month/Day/
Year)
3.   Trans-
action
Code
(Instr. 8)
4.    Securities Acquired (A)
or Disposed of (D)
(Instr. 3, 4 and 5)
Amount of Securities
Beneficially
Owned
Following
Reported
Transaction(s)
6.   Ownership
Form:
Direct
(D) or
Indirect
(I)
7.   Nature of Indirect
Beneficial
Ownership
Code
V
Amount
(A) or
(D)
Price
(Instr. 3 and 4)
(Instr. 4)
(Instr. 4)
Class A Common Stock
01/01/03
A(1)
V
954
A
$39.27
4,108
D
FORM 4 (continued)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(
e.g
., puts, calls, warrants, options, convertible securities)
1. Title of  Derivative Security
(Instr. 3)
2.Conver-
sion or
Exercise
Price of
Deriv-
ative
Security
3.Trans-action Date
(Month/
Day/
Year)
3A. Deemed Execution Date, if any (Month/ Day/Year)
4.   Trans-
action
Code
(Instr. 8)
5.   Number of
Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6.   Date Exercisable
and
Expiration
Date
(Month/Day/
Year)
7.  Title and Amount of Underlying Securities
(Instr. 3 and 4)
8.Price
of
Deriv-
ative
Secur-
ity
(Instr. 5)
9. Number
of derivative Securities
Beneficially
Owned
Following Reported Transaction(s)
(Instr. 4)
10. Owner-
ship
Form of
Deriv-
ative
Security
Direct
(D) or
Indirect
(I)
(Instr. 4)
11.           Nature
of
Indirect
Benefi-
cial
Owner-
ship
(Instr. 4)
Code
V
(A)
(D)
Date
Exer-
cisable
Expira-
tion
Date
Title
Amount  or Number of Shares
Explanation of Responses:
(1) These shares are issued to Mr. Black pursuant to the Sequa Corporation Directors' Stock Compensation Plan (the "Plan").  The shares are restricted from disposition or transfer
in accordance with the provisions set forth in the Plan.