<SUBMISSION>
<ACCESSION-NUMBER>0001181431-04-004252
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20040121
<FILING-DATE>20040123
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>RIPAULT HERVE
<CIK>0001245957
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-11749
<FILM-NUMBER>04541624
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>OPTIGESTIOM S.A.
<STREET2>17 AVENUE HOCHE 75008
<CITY>PARIS
<STATE>I0
<PHONE>3055594000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>OPTIGESTIOM S.A.
<STREET2>17 AVENUE HOCHE 75008
<CITY>PARIS
<STATE>I0
</MAIL-ADDRESS>
</REPORTING-OWNER>
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>LENNAR CORP /NEW/
<CIK>0000920760
<ASSIGNED-SIC>1520
<IRS-NUMBER>954337490
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1130
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>700 NW 107TH AVENUE
<STREET2>SUITE 400
<CITY>MIAMI
<STATE>FL
<ZIP>33172
<PHONE>3055594000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>700 NW 107TH AVENUE
<STREET2>SUITE 400
<CITY>MIAMI
<STATE>FL
<ZIP>33172
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PACIFIC GREYSTONE CORP /DE/
<DATE-CHANGED>19940323
</FORMER-COMPANY>
</ISSUER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd30028.xml
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2004-01-21</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000920760</issuerCik>
        <issuerName>LENNAR CORP /NEW/</issuerName>
        <issuerTradingSymbol>LEN, LEN.B</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001245957</rptOwnerCik>
            <rptOwnerName>RIPAULT HERVE</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4 BD DES SABLONS</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEUILLY SUR SEINE</rptOwnerCity>
            <rptOwnerState>I0</rptOwnerState>
            <rptOwnerZipCode>92200</rptOwnerZipCode>
            <rptOwnerStateDescription>FRANCE</rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Class A Common Stock</value></securityTitle><transactionDate><value>2004-01-21</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>J</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F2"/></transactionCoding><transactionAmounts><transactionShares><value>1500</value></transactionShares><transactionPricePerShare><value>0</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>3000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Class B Common Stock</value></securityTitle><transactionDate><value>2004-01-21</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>J</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F2"/></transactionCoding><transactionAmounts><transactionShares><value>150</value></transactionShares><transactionPricePerShare><value>0</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>300</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><derivativeTable><derivativeHolding><securityTitle><value>Option</value></securityTitle><conversionOrExercisePrice><value>0</value><footnoteId id="F1"/></conversionOrExercisePrice><exerciseDate><value>1988-08-08</value><footnoteId id="F1"/></exerciseDate><expirationDate><value>1988-08-08</value><footnoteId id="F1"/></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Class A Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>6000</value><footnoteId id="F2"/></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>6000</value><footnoteId id="F2"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeHolding><derivativeHolding><securityTitle><value>Option</value></securityTitle><conversionOrExercisePrice><value>0</value><footnoteId id="F1"/></conversionOrExercisePrice><exerciseDate><value>1988-08-08</value><footnoteId id="F1"/></exerciseDate><expirationDate><value>1988-08-08</value><footnoteId id="F1"/></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Class B Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>600</value><footnoteId id="F2"/></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>600</value><footnoteId id="F2"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeHolding></derivativeTable><footnotes><footnote id="F1">No activity is being reported.  The SEC staff has designated 8/8/1988 as a "dummy date".  Information is included to disclose holdings following the reported transactions or other holdings not affected by the reported transactions.</footnote><footnote id="F2">Adjusted for 2-for-1 stock split effective January 21, 2004.</footnote></footnotes><ownerSignature><signatureName>Benjamin P. Butterfield as Attorney-In-Fact for Herve Ripault</signatureName><signatureDate>2004-01-23</signatureDate></ownerSignature></ownershipDocument>



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</SUBMISSION>
