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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001144204-04-001511.txt : 20040217
<SEC-HEADER>0001144204-04-001511.hdr.sgml : 20040216
<ACCEPTANCE-DATETIME>20040213181549
ACCESSION NUMBER:		0001144204-04-001511
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20040217

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MANHATTAN PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0001001316
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				363898269
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-51051
		FILM NUMBER:		04601318

	BUSINESS ADDRESS:	
		STREET 1:		787 SEVENTH AVENUE
		STREET 2:		48TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2125544555

	MAIL ADDRESS:	
		STREET 1:		787 SEVENTH AVENUE
		STREET 2:		48TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ATLANTIC TECHNOLOGY VENTURES INC
		DATE OF NAME CHANGE:	20000330

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ATLANTIC PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19960703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LOBELL J JAY
		CENTRAL INDEX KEY:			0001172659

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		1330 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212 580 1665

	MAIL ADDRESS:	
		STREET 1:		365 W END AVE
		STREET 2:		APARTMENT 10A
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10024
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>v01632_13g-manhattan.txt
<TEXT>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934


                         Manhattan Pharmaceuticals, Inc.
                         -------------------------------

                      Common Stock, no par value per share
                      ------------------------------------
                         (Title of Class of Securities)

                                   563118207
                                  ------------
                                  CUSIP Number

                                December 31, 2003
                      ------------------------------------
                      (Date of Event which Requires Filing
                               of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

                                [ ] Rule 13d-1(b)
                                [X] Rule 13d-1(c)
                                [ ] Rule 13d-1(d)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                          Continued on following pages
                                Page 1 of 5 Pages

<PAGE>


                                  SCHEDULE 13G

CUSIP No.  563118207                                                 Page 2 of 5


1        Names of Reporting Persons
         I.R.S. Identification Nos. of above persons (entities only)

                  JAY LOBELL

2        Check the Appropriate Box If a Member of a Group *

                                                     a. [ ]
                                                     b. [X]

3        SEC Use Only

4        Citizenship or Place of Organization

                  UNITED STATES

                            5             Sole Voting Power
  Number of                                        4,096,135
   Shares
Beneficially                6             Shared Voting Power
  Owned By                                         0
    Each
Reporting                   7             Sole Dispositive Power
   Person                                          4,096,135
   With
                            8             Shared Dispositive Power
                                                   0

9        Aggregate Amount Beneficially Owned by Each Reporting Person

                                    4,096,135

10       Check Box If the Aggregate Amount in Row (9) Excludes Certain
         Shares *

                                    [ ]

11       Percent of Class Represented By Amount in Row (9)

                                    15.15%

12       Type of Reporting Person *

                                    IN

* see instructions before filling out

<PAGE>


CUSIP No.  563118207                                                 Page 3 of 5


Item 1(a)         Name of Issuer:

                  Manhattan Pharmaceuticals, Inc. (the "Issuer")

Item 1(b)         Address of the Issuer's Principal Executive Offices:

                       787 7th Avenue, 48th Floor
                       New York, NY 10019

Item 2(a)         Name of Person Filing:

                  Jay Lobell (the "Reporting Person").

Item 2(b)         Address of Principal Business Office or, if None, Residence:

                  365 West End Ave. NY, NY 10024

Item 2(c)         Citizenship:
                  Mr. Lobell is a citizen of the United States.

Item 2(d)         Title of Class of Securities:

                  Common Stock (the "Shares").

Item 2(e)         CUSIP Number:

                  563118207

Item 3.           If this statement is filed pursuant to Rule 13d-1(b), or
                  13d-2(b) or (c), check whether the person filing is a:

                  This Item 3 is not applicable.

Item 4.           Ownership:

Item 4(a)         Amount Beneficially Owned:

                  Each of the  Reporting  Persons  may be deemed the  beneficial
                  owner of the following number of Shares:

                  Mr.  Lobell may be deemed the  beneficial  owner of  4,096,135
                  Shares.   Beneficial   ownership   consists   of  voting   and
                  dispositive  power  over  (i)  3,133,912  Shares  owned by the
                  Rosenwald  2000 Family  Trust,  for which Mr. Lobell serves as
                  the trustee,  which  consists of  2,913,057  Shares and 24,294
                  shares of preferred  stock that are  convertible  into 220,855
                  Shares;  (ii) 294,316 Shares owned by the Lindsay A. Rosenwald
                  2000 (Delaware)  Irrevocable  Indenture of Trust for which Mr.
                  Lobell is investment  manager;  (iii) 277,071  shares owned by
                  the Lindsay A. Rosenwald Alaska Irrevocable Indenture of Trust
                  of which Mr.  Lobell  serves as trustee;  (iv) 277,071  shares
                  owned by the Lindsay A.  Rosenwald  Rhode  Island  Irrevocable
                  Indenture of Trust for which Mr.  Lobell  serves as investment
                  manager; and (V) 25,419 Shares and Preferred Stock convertible
                  into 88,345 Shares owned by Mr. Lobell directly.

<PAGE>


CUSIP No.  563118207                                                 Page 4 of 5


Item 4(b)         Percent of Class:

                  Please see Item 11 of each cover page.

Item 4(c)         Number of shares as to which such person has:

         (i)       Sole power to vote or           Please see Item 5 of each
                   direct the vote:                cover page

         (ii)      Shared power to vote or         Please see Item 6 of each
                   to direct the vote              cover page

         (iii)     Sole power to dispose or to     Please see Item 7 of each
                   direct the disposition of       cover page

         (iv)      Shared power to dispose or      Please see Item 8 of each
                   to direct the disposition of    cover page


Item 5.           Ownership of Five Percent or Less of a Class:

                  This Item 5 is not applicable.

Item 6.           Ownership  of More than  Five  Percent  on  Behalf of  Another
                  Person:

                  See Item 4 Above

Item 7.           Identification  and  Classification  of the  Subsidiary  Which
                  Acquired the Security  Being Reported on by the Parent Holding
                  Company:

                  This Item 7 is not applicable.

Item 8.           Identification and Classification of Members of the Group:

                  This Item 8 is not applicable.

Item 9.           Notice of Dissolution of Group:

                  This Item 9 is not applicable.

Item 10. Certification:

                  By signing below each of the Reporting Persons certifies that,
to the best of such person's  knowledge and belief,  the securities  referred to
above were not  acquired  and are not held for the purpose of or with the effect
of changing or influencing  the control of the Issuer of the securities and were
not  acquired and are not held in  connection  with or as a  participant  in any
transaction having such purpose or effect.

<PAGE>


                                                                     Page 5 of 5



                                   SIGNATURES


         After reasonable inquiry and to the best of my knowledge and belief,
the undersigned certifies that the information set forth in this statement is
true, complete and correct, as of this February 2, 2004.

                                                 JAY LOBELL


                                                 By /s/ Jay Lobell
                                                    --------------------------


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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