260 Park Avenue South and 48 E. 21st St. will share a connectinglobby when they are converted into an 86-unit, two-building luxuryresidential condominium complex. Construction will begin when theUFT vacates the premises in 2003. Insignia Douglas Elliman willhandle the sales and marketing of the condominiums.

"Since having sold our investment late last year in FreshMeadows Apartments, the 140-building residential housing complex inQueens, we have been anxious to add another New York project to ourportfolio," says Jeffrey Goldberg, executive vice president ofInsignia's Co-Investment Group. "We are delighted to have afoothold in New York again."

According to Debra Botzenhart, managing director in the Group,"This redevelopment is consistent with our strategy to pursueequity investments by joint venturing with partners, where we canperform value-added services. We are looking forward to enhancingour relationship with Max Capital, as well as being able togenerate additional revenues by using Insignia Douglas Elliman'sresidential expertise to assist in designing a world classcondominium development."