SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                    ------------------------------------------
                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


Date of report (Date of earliest event reported):
October 30, 1996 (October 22, 1996)
-----------------------------------------------

                                CP FUNDING CORP.
                                ---------------
                            (A Delaware Corporation)
             (Exact name of registrant as specified in its Charter)

Delaware                               33-83762                  13-3777023
-------------------------------        --------------            --------------
(State or other jurisdiction of        Commission                (I.R.S.
incorporation or organization)         File No.                  Employer
                                                                 Identification
                                                                 No.)


                               CHELSEA PIERS, L.P.
                               ------------------
                        (A New York Limited Partnership)
u                  (Exact name of registrant as specified in its
                Certificate and Agreement of Limited Partnership)


New York                              33-83762                  13-3668842
-------------------------------       ---------------           ---------------
(State or other jurisdiction of       Commission                (I.R.S.
incorporation or organization)        File No.                  Employer
                                                                Identification
                                                                No.)


Chelsea Piers, Pier 62 - Suite 300
New York, New York  10011                         10011
---------------------------------------           ------------------
(Address of Principal Executive Offices)          (Zip Code)


Registrant's telephone number, including area code (212) 336-6700


                                       1
<PAGE>


Item 5 Other Events.
-------------------

     On  October  22,  1996,   Chelsea  Piers  L.P.  ("Chelsea  Piers)  and  the
Commissioner of the Department of  Transportation  executed an amendment ("Lease
Amendment"),  dated as of June 30,  1996,  to the original  lease (the  "Lease")
dated June 24, 1994,  with  respect to the lease of premises  known as Piers 59,
60, 61 and 62, located in the Borough of Manhattan, County of New York, City and
State of New York. A copy of the Lease  Amendment is attached  hereto as Exhibit
10.24.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
--------------------------------------------------------------------------

          (a)  Exhibits:

               Exhibit 10.24 -- Amendment to Lease, dated as of June 30, 1996.


                                       2
<PAGE>



                                   SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                   CP FUNDING CORP.



                                   By: /s/ Tom A. Bernstein
                                      -----------------------------
                                       Tom A. Bernstein, President


                                   CHELSEA PIERS, L.P.,
                                   a New York limited partnership

                                   By: Chelsea Piers Management, Inc.,
                                       Managing General Partner


                                   By:  /s/ Tom A. Bernstein
                                       ------------------------------
                                        Tom A. Bernstein, President

Date:  October 30, 1996

                                       3
<PAGE>
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{"company-data": {"conformed-name": "CHELSEA PIERS LP", "cik": "0000929702", "assigned-sic": "7990", "irs-number": "133668842", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-83762-01", "film-number": "96650706"}, "business-address": {"street1": "936 BROADWAY", "street2": "C/O CHELSEA PIERS MANAGEMENT INC", "city": "NEW YORK", "state": "NY", "zip": "10010", "phone": "2129957660"}, "mail-address": {"street1": "936 BROADWAY", "city": "NEW YORK", "state": "NY", "zip": "10010"}}
SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                    ------------------------------------------
                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported):
October 30, 1996 (October 22, 1996)
-----------------------------------------------

                                CP FUNDING CORP.
                                ---------------
                            (A Delaware Corporation)
             (Exact name of registrant as specified in its Charter)

Delaware                               33-83762                  13-3777023
-------------------------------        --------------            --------------
(State or other jurisdiction of        Commission                (I.R.S.
incorporation or organization)         File No.                  Employer
                                                                 Identification
                                                                 No.)

                               CHELSEA PIERS, L.P.
                               ------------------
                        (A New York Limited Partnership)
u                  (Exact name of registrant as specified in its
                Certificate and Agreement of Limited Partnership)

New York                              33-83762                  13-3668842
-------------------------------       ---------------           ---------------
(State or other jurisdiction of       Commission                (I.R.S.
incorporation or organization)        File No.                  Employer
                                                                Identification
                                                                No.)

Chelsea Piers, Pier 62 - Suite 300
New York, New York  10011                         10011
---------------------------------------           ------------------
(Address of Principal Executive Offices)          (Zip Code)

Registrant's telephone number, including area code (212) 336-6700

                                       1
Item 5 Other Events.
-------------------

     On  October  22,  1996,   Chelsea  Piers  L.P.  ("Chelsea  Piers)  and  the
Commissioner of the Department of  Transportation  executed an amendment ("Lease
Amendment"),  dated as of June 30,  1996,  to the original  lease (the  "Lease")
dated June 24, 1994,  with  respect to the lease of premises  known as Piers 59,
60, 61 and 62, located in the Borough of Manhattan, County of New York, City and
State of New York. A copy of the Lease  Amendment is attached  hereto as Exhibit
10.24.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
--------------------------------------------------------------------------

          (a)  Exhibits:

               Exhibit 10.24 -- Amendment to Lease, dated as of June 30, 1996.

                                       2
SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                   CP FUNDING CORP.

                                   By: /s/ Tom A. Bernstein
                                      -----------------------------
                                       Tom A. Bernstein, President

                                   CHELSEA PIERS, L.P.,
                                   a New York limited partnership

                                   By: Chelsea Piers Management, Inc.,
                                       Managing General Partner

                                   By:  /s/ Tom A. Bernstein
                                       ------------------------------
                                        Tom A. Bernstein, President

Date:  October 30, 1996

                                       3