U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                     FORM 4

                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    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

[_]  Check box if no longer  subject of Section 16. Form 4 or Form 5 obligations
     may continue. See Instruction 1(b).

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1.   Name and Address of Reporting Person*

Chavkin                         Arnold                         L.
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   (Last)                           (First)             (Middle)
c/o J.P. Morgan Partners, LLC
1221 Avenue of the Americas-40th Floor
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                                    (Street)

New York                        New York                10020
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   (City)                           (State)              (Zip)


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2.   Issuer Name and Ticker or Trading Symbol


American Tower Corporation ("AMT")
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3.   IRS Identification Number of Reporting Person, if an Entity (Voluntary)



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4.   Statement for Month/Year


January 2001
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5.   If Amendment, Date of Original (Month/Year)

February 8, 2001
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6.   Relationship of Reporting Person to Issuer
     (Check all applicable)

     [X]  Director                             [_]  10% Owner
     [_]  Officer (give title below)           [_]  Other (specify below)
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7.   Individual or Joint/Group Filing (Check applicable line)

     [X]  Form filed by one Reporting Person
     [_]  Form filed by more than one Reporting Person
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           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
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                                                                                                                6.
                                                                 4.                              5.             Owner-
                                                                 Securities Acquired (A) or      Amount of      ship
                                                    3.           Disposed of (D)                 Securities     Form:     7.
                                                    Transaction  (Instr. 3, 4 and 5)             Beneficially   Direct    Nature of
                                      2.            Code         ------------------------------- Owned at End   (D) or    Indirect
1.                                    Transaction   (Instr. 8)                   (A)             of Month       Indirect  Beneficial
Title of Security                     Date          ------------     Amount      or     Price    (Instr. 3      (I)       Ownership
(Instr. 3)                            (mm/dd/yy)     Code     V                  (D)             and 4)         (Instr.4) (Instr. 4)
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Class A Common Stock                   N/A            N/A             N/A         N/A     N/A     21,719         I         (FN 1)
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Class A Common Stock                   N/A            N/A             N/A         N/A     N/A     3,584,960      I         (FN 2)
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Class A Common Stock                   N/A            N/A             N/A         N/A     N/A     2,016          I         (FN 3)
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*    If the Form is filed by more than one  Reporting  Person,  see  Instruction
     4(b)(v).

Reminder: Report on a separate line for each class of securities beneficially
          owned directly or indirectly.

                            (Print or Type Responses)
                                                                          (Over)
(Form 4-07/99)



FORM 4 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
         (e.g., puts, calls, warrants, options, convertible securities)

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                                                                                                                       10.
                                                                                                            9.         Owner-
                                                                                                            Number     ship
                                                                                                            of         Form
                    2.                                                                                      Deriv-     of
                    Conver-                    5.                               7.                          ative      Deriv- 11.
                    sion                       Number of                        Title and Amount            Secur-     ative  Nature
                    or                         Derivative    6.                 of Underlying      8.       ities      Secur- of
                    Exer-             4.       Securities    Date               Securities         Price    Bene-      ity:   In-
                    cise     3.       Trans-   Acquired (A)  Exercisable and    (Instr. 3 and 4)   of       ficially   Direct direct
                    Price    Trans-   action   or Disposed   Expiration Date    ----------------   Deriv-   Owned      (D) or Bene-
1.                  of       action   Code     of(D)         (Month/Day/Year)           Amount     ative    at End     In-    ficial
Title of            Deriv-   Date     (Instr.  (Instr. 3,    ----------------           or         Secur-   of         direct Owner-
Derivative          ative    (Month/  8)       4 and 5)      Date    Expira-            Number     ity      Month      (I)    ship
Security            Secur-   Day/     ------   ------------  Exer-   tion               of         (Instr.  (Instr.    (Instr.Instr.
(Instr. 3)          ity      Year)    Code V    (A)  (D)     cisable Date      Title    Shares     5)       4)         4)       4)
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Class C Non Voting                                                             Class A
Common Stock         1 for 1  N/A      N/A  N/A  N/A  N/A       (FN 3)         Common
                                                                               Stock      2,267,813  -0-    2,267,813   I     (FN 1)
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Option to
Purchase
Class A                                                                        Class A
Common Stock         $30.63   N/A      N/A  N/A  N/A   N/A    9/21/00  9/21/10 Common
                                                                               Stock      15,000    -0-     15,000     D      (FN 4)
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Explanation of Responses:

     (1) The amounts  shown in line 1 of Table I and in Table II  represent  the
beneficial  ownership of the Issuer's equity  securities by J.P. Morgan Partners
(BHCA),  L.P. ("JPM BHCA"),  formerly known as Chase Equity Associates,  L.P., a
portion of which may be deemed  attributable to the Reporting Person because the
Reporting Person is an Executive Vice President of JPMP Capital Corporation, the
general partner of JPMP Master Fund Manager, L.P. ("MF Manager"), formerly Chase
Capital  Partners,  the  general  partner of JPM BHCA.  As a result of  internal
reorganizations and name changes effective as of the first week of January 2001,
MF Manager became a limited partnership and all but one of its general partners,
including the Reporting Person, became limited partners of the partnership.  The
internal  reorganizations  and name  changes  did not  alter  the  proportionate
interests of the  ultimate  security  holders of the limited  partners or of the
renamed entities.  Mr. Chavkin disclaims  beneficial ownership of the securities
except to the extent of his pecuniary interest therein.

(2)  These shares are owned by J.P. Morgan Partners (23A SBIC), LLC, as
successor in interest to Chase Manhattan Capital, LLC, an affiliate of JPM
BHCA.  Mr. Chavkin disclaims beneficial ownership of such securities except
to the extent of his pecuniary interest therein.

(3)  These shares are owned by JPMorgan H&Q.  Mr. Chavkin, an Executive Vice
President of JPMP Capital Corporation, the common parent of JPMorgan H&Q and
JPM BHCA, disclaims beneficial ownership of such securities.

(4)  Each share of Class C Common Stock is convertible into one share of
Class A Common Stock at the option of the holder upon the occurrence of
certain events.

(5) Stock option grant for  non-employee  directors  issued pursuant to the
1997  American  Tower Stock Option Plan.  The  reporting  person is obligated to
exercise  these  options at the request of, and to  transfer  the shares  issued
thereunder to, JPM BHCA. The reporting person disclaims  beneficial ownership of
the  options  and any shares  issuable  upon their  exercise  to the extent such
ownership exceeds his pecuniary interest therein.



/s/  Arnold L. Chavkin                                        3/8/2001
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     Arnold L. Chavkin                                           Date


**     Intentional misstatements or omissions of facts constitute Federal
       Criminal Violations.

       See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:  File three copies of this Form, one of which must be manually signed.
       If space provided is insufficient, see Instruction 6 for procedure.