SEC FORM 4

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

JAFFE JONATHAN M

(Last)

(First)

(Middle)

LENNAR CORPORATION

700 NW 107 AVENUE STE 400

(Street)

MIAMI

33172

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
LENNAR CORP /NEW/ [ LEN,LEN.B ]

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Vice President/COO

3. Date of Earliest Transaction (Month/Day/Year)
04/14/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

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. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	04/14/2006		A		90,627⁽¹⁾	A	$0	202,769	D
Class A Common Stock								102,843	I	See⁽⁵⁾
Class B Common Stock								1,214	D
Class B Common Stock								25,874	I	See⁽⁶⁾

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. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction 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 Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option(Right to Buy)	$8.235							11/03/2006⁽²⁾	11/03/2007	Class A Common Stock	107,858		107,858	D
Stock Option (Right to Buy)	$8.25							02/07/2005⁽³⁾	02/07/2010	Class A Common Stock	5,998		5,998	D
Stock Option (Right to Buy)	$18.32							03/06/2005⁽³⁾	03/06/2011	Class A Common Stock	20,000		20,000	D
Stock Option (Right to Buy)	$26.32							01/25/2006⁽³⁾	01/25/2012	Class A Common Stock	4,000		4,000	D
Stock Option (Right to Buy)	$27.845							01/23/2004⁽³⁾	01/23/2008	Class A Common Stock	100,000		100,000	D
Stock Option (Right to Buy)	$46.42							12/17/2004⁽³⁾	12/17/2008	Class A Common Stock	150,000		150,000	D
Stock Option (Right to Buy)	$55							12/16/2005⁽³⁾	12/16/2009	Class A Common Stock	100,000		100,000	D
Stock Option (Right to Buy)	$62.675							01/05/2007⁽³⁾	01/05/2011	Class A Common Stock	100,000		100,000	D
Class A Common Stock⁽⁷⁾	$0							08/08/1988⁽⁸⁾	08/08/1988⁽⁸⁾	Class A Common Stock	120,000		120,000	D
Stock Option (Right to Acquire)	$0							11/03/2006	11/03/2007	Class B Common Stock	10,785⁽⁴⁾		10,785	D
Stock Option (Right to Acquire)	$0							02/07/2005	02/07/2010	Class B Common Stock	599⁽⁴⁾		599	D
Stock Option (Right to Acquire)	$0							03/06/2005	03/06/2011	Class B Common Stock	2,000⁽⁴⁾		2,000	D
Stock Option (Right to Acquire)	$0							01/25/2006	01/25/2012	Class B Common Stock	400⁽⁴⁾		400	D
Stock Option (Right to Acquire)	$0							01/23/2004	01/23/2008	Class B Common Stock	10,000⁽⁴⁾		10,000	D
Class B Common Stock⁽⁷⁾	$0							08/08/1988⁽⁸⁾	08/08/1988⁽⁸⁾	Class B Common Stock	12,000		12,000	D

Explanation of Responses:

1. Restricted shares granted on 4/14/06, subject to forfeiture. The shares vest and are no longer subject to forfeiture in three equal annual installments beginning on the first anniversary of the grant date.

2. Stock options granted vest in nine annual installments. 10% of the stock options granted become exercisable on the first eight anniversaries of the grant date and the remaining 20% become exercisable on the ninth anniversary of the grant date.

3. Stock options granted become exercisable in four annual installments. 10% of the stock options become exercisable on the first anniversary of the grant date and 30% of the stock options become exercisable on each of the next three anniversaries of the grant date.

4. Represents shares of Class B Common Stock to be issued upon the exercise of certain options to purchase Class A Common Stock.

5. 85,582 shares are held through a trust, 15,000 shares are held through a financial intermediary, 2,236 shares are held through an ESOP trust and 25 shares are owned my Mr. Jaffe's son of which Mr. Jaffe disclaims beneficial ownership.

6. 25,652 shares are held through a trust and 222 shares are held through an ESOP trust.

7. Contractual right to receive shares in the future.

8. No activity is being reported. The SEC staff has designated 8/8/88 as a "dummy date." Information is included to disclose holding following the reported transactions or other holdings not affected by the reported transactions.

	Michael Francis as Attorney-In-Fact for Jonathan M. Jaffe	04/18/2006
	** 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).
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