FORM 5
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
[ ] Form 3 Holdings Reported
[ ] Form 4 Transactions Reported 		UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

                                                                                  

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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 *

Hovnanian Shant S

2. Issuer Name and Ticker or Trading Symbol

SPEEDUS CORP [SPDE]

5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      __ X __ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Chairman

(Last)          (First)          (Middle)

9 DESBROSSES STREET, SUITE 402

3. Statement for Issuer's Fiscal Year Ended (MM/DD/YYYY)
12/31/2007 
(Street)

NEW YORK, NY 10013

(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form Filed by One Reporting Person
___ Form Filed by More than One Reporting Person


Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4) 		7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A) or (D) Price
Common Stock                 489158   (1) D    
Common Stock                 390000   (1) I   See Footnote   (2)
Common Stock                 13022   (1) I   See Footnote   (3)
Common Stock                 16924   (1) I   See Footnote   (4)
Common Stock                 34375   (1) I   See Footnote   (5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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
(MM/DD/YYYY) 		7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of Derivative Securities Beneficially Owned at End of Issuer's Fiscal Year
(Instr. 4) 		10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4) 		11. Nature of Indirect Beneficial Ownership
(Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options   $3.56   (1)               12/2/1998   12/2/2008   Common Stock   1350   (1)   1350   (1) D    
Stock Options   $19.36   (1)               6/11/1999   6/11/2009   Common Stock   62500   (1)   62500   (1) D    
Stock Options   $4.00   (1)               4/3/2001   4/3/2011   Common Stock   31925   (1)   31925   (1) D    
Stock Options   $4.40   (1)               4/25/2002   4/25/2012   Common Stock   62500   (1)   62500   (1) D    
Stock Options   $5.08   (1)               8/10/2006   8/10/2016   Common Stock   100000   (1)   100000   (1) D    

Explanation of Responses:
( 1)  Reflects a one-for-four reverse stock split on December 3, 2007, as reported in a report on Form 8-K filed by the issuer on December 4, 2007.
( 2)  The shares were donated as gifts to and held in equal portions by (i) the Vahak W. Hovnanian Asset Trust, (ii) the Paris J. Hovnanian Asset Trust and (iii) the Charentz J. Hovnanian Asset Trust (collectively, the "Trusts"), which were established for the benefit of the reporting person's minor children. Pursuant to Rule 16a-1(a)(2)(ii)(A), the reporting person may be deemed to have an indirect beneficial ownership in the shares owned by the Trusts due to the fact that his wife is the trustee of the Trusts.
( 3)  The shares are held by an IRA established for the benefit of the reporting person.
( 4)  The shares are held by a corporation wholly-owned by the reporting person.
( 5)  The shares are held by trusts established for the benefit of the reporting person's minor children for which the reporting person, as custodian, has sole voting power.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Hovnanian Shant S
9 DESBROSSES STREET, SUITE 402
NEW YORK, NY 10013 		X X Chairman

Signatures
/s/ Shant S. Hovnanian 2/13/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** 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 is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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