The pair has shelled out $2.5 million for a parcel here, whichcurrently houses two one-story office facilities that stand at 3054Fifth Ave. and 3061 Fourth Ave. Lennar and Intergulf plan todevelop a 95-unit, 14-story luxury condo project on the site, whichencompasses a total of 20,000 sf. The new building, which has beendesigned by architectural firm John Perkins & Co., is slated torise at the southwest corner of Fifth Avenue and Redwood Street.Construction on the project is expected to begin sometime thisautumn.

In the recent sale, Lennar and Intergulf were represented byVictor Krebs of Colliers International. Krebs also acted on behalfof the seller, Hampstead Fifth and Redwood LLC.

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