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**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-K**

**[X]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT      OF      1934**

**[        ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND      EXCHANGE ACT OF 1934**

|   |  Delaware                                                                              |   |  82-0569805                                                   |   |
|--------|---------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|
|   | (State                or other jurisdiction ofincorporation                or organization) |   | (I.R.S.                Employer Identification                No.) |   |

|   | o                Yes |   | x No |
|--------|----------------------|--------|-----------|

|   | o                Yes |   | x                No |
|--------|----------------------|--------|---------------------|

|   | x                Yes |   | o                No |
|--------|----------------------|--------|---------------------|

| Large                accelerated filer o | Accelerated                filer o |  Non-accelerated                filer x |
|------------------------------------------|------------------------------------|----------------------------------------------|

**DOCUMENTS      INCORPORATED BY      REFERENCE**

**PART      I**

**Item        1.        Business. **

**Item        1A. Risk Factors.**

**Item        1B. Unresolved Staff Comments.**

**Item        2. Properties.**

**Item        3. Legal Proceedings. **

**Item        4. Submission of Matters to a Vote of Security Holders.**

**PART      II**

**Item        5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer        Purchases of Equity Securities.**

**Item        6. Selected Financial Data.**

**Item        7. Management’s Discussion and Analysis of Financial Condition and Results of        Operation.**

**Item        7A. Quantitative and Qualitative Disclosures About Market        Risk.**

**Item        8. Financial Statements and Supplementary Data.**

**Item        9. Changes in and Disagreements With Accountants on Accounting and Financial        Disclosure.**

**Item        9A. Controls and Procedures.**

**Item        9B. Other Information.**

**PART      III**

**Item        10. Directors and Executive Officers of the Registrant.**

**Item          11. Executive Compensation.**

**Item          12. Security Ownership of Certain Beneficial Owners and Management and          Related          Stockholder Matters.**

**Item          13. Certain Relationships and Related Transactions.**

**Item        14. Principal Accounting Fees and Services.**

**Item        1112(b) of Regulation AB. Significant Obligors Financial        Information.**

**Item        1114(b)(2) and 1115(b) of Regulation AB. Significant Enhancement Provider        Financial Information.**

**Item        1117 of Regulation AB. Legal Proceedings**

**Item        1119 of Regulation AB. Affiliations and Certain Relationships and Related        Transactions**

**Item        1122 of Regulation AB. Compliance with Applicable Servicing        Criteria.**

**Item        1123 of Regulation AB. Servicer Compliance Statement**

**PART      IV**

**Item      15. Exhibits, Financial Statement Schedules.**

| **Exhibit                  Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4(i)                                | The                  series 2006-3 pooling and servicing agreement dated as of March                  13, 2006                  among Structured Asset Securities Corporation II, as depositor                  (the                  “Depositor”), Wachovia Bank, National Association, as master servicer (the                  “Master Servicer”), CWCapital Asset Management LLC, as special servicer                  (the “Special Servicer”), and LaSalle Bank National Association, as                  trustee (the “Trustee”) (the"Pooling and Servicing Agreement") (Previously                  filed as part of the Registrant’s Current Report on Form 8-K on April 26,                  2006)* |
| 31(ii)                              | Rule                  13a-14(d)/15d-14(d) Certifications                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 33(a)                               | Report                  on Assessment of Compliance with Servicing Criteria for Asset-Backed                  Securities, Wachovia Bank, National Association, as Master Servicer                  and as                  master servicer of the 888 Seventh Avenue Note A Trust Mortgage                  Loan under                  the LB-UBS Commercial Mortgage Trust 2006-C1 Commercial Mortgage Pass                  Through Certificates, Series 2006-C1 Pooling and Servicing                  Agreement                                                                                                                                                                                                                                 |
| 33(b)                               | Report                  on Assessment of Compliance with Servicing Criteria for Asset-Backed                  Securities, CWCapital Asset Management LLC, as Special                  Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 33(c)                               | Report                  on Assessment of Compliance with Servicing Criteria for Asset-Backed                  Securities, LaSalle Bank National Association, as Trustee and as                  trustee of the 888 Seventh Avenue Note A Trust Mortgage Loan under                  the                  LB-UBS Commercial Mortgage Trust 2006-C1 Commercial Mortgage Pass                  Through Certificates, Series 2006-C1 Pooling and Servicing                  Agreement                                                                                                                                                                                                                                                               |
| 33(d)                               | Report                  on Assessment of Compliance with Servicing Criteria for Asset-Backed                  Securities, LNR Partners, Inc., as special servicer of the 888                  Seventh                  Avenue Note A Trust Mortgage Loan under the LB-UBS Commercial Mortgage                  Trust 2006-C1 Commercial Mortgage Pass Through Certificates, Series                  2006-C1 Pooling and Servicing Agreement                                                                                                                                                                                                                                                                                                          |
| 33(e)                               | Report                  on Assessment of Compliance with Servicing Criteria for Asset-Backed                  Securities, Global Realty Outsourcing, Inc., as servicing function                  participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 33(f)                               | Report                  on Assessment of Compliance with Servicing Criteria for Asset-Backed                  Securities, First American Commercial Real Estate Services, Inc.,                  as                  servicing function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 34(a)                               | Attestation                  Report on Assessment of Compliance with Servicing Criteria for                  Asset-Backed Securities, Wachovia Bank, National Association, as                  Master                  Servicer and as  master servicer of the 888 Seventh Avenue Note A                  Trust Mortgage Loan under the LB-UBS Commercial Mortgage                  Trust 2006-C1 Commercial Mortgage Pass Through Certificates, Series                  2006-C1 Pooling and Servicing Agreement                                                                                                                                                                                                                                |
| 34(b)                               | Attestation                  Report on Assessment of Compliance with Servicing Criteria for                  Asset-Backed Securities, CWCapital Asset Management LLC, as Special                  Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 34(c)                               | Attestation                  Report on Assessment of Compliance with Servicing Criteria for                  Asset-Backed Securities, LaSalle Bank National Association, as                  Trustee and as trustee of the 888 Seventh Avenue Note A Trust Mortgage                  Loan under the LB-UBS Commercial Mortgage Trust 2006-C1 Commercial                  Mortgage Pass Through Certificates, Series 2006-C1 Pooling and                  Servicing Agreement                                                                                                                                                                                                                                                                    |
| 34(d)                               | Attestation                  Report on Assessment of Compliance with Servicing Criteria for                  Asset-Backed Securities, LNR Partners, Inc., as special servicer                  of the                  888 Seventh Avenue Note A Trust Mortgage Loan under the LB-UBS                  Commercial                  Mortgage Trust 2006-C1 Commercial Mortgage Pass Through Certificates,                  Series 2006-C1 Pooling and Servicing                  Agreement                                                                                                                                                                                                                                                            |
| 34(e)                               | Attestation                  Report on Assessment of Compliance with Servicing Criteria for                  Asset-Backed Securities, Global Realty Outsourcing, Inc., as servicing                  function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 34(f)                               | Report                  on Assessment of Compliance with Servicing Criteria for Asset-Backed                  Securities, First American Commercial Real Estate Services, Inc.,                  as                  servicing function participant                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 35(a)                               | Servicer                  Compliance Statement, Wachovia Bank, National Association, as Master                  Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 35(b)                               | Servicer                  Compliance Statement, CWCapital Asset Management LLC, as Special                  Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 35(c)                               | Servicer                  Compliance Statement, LaSalle Bank National Association, as                  Trustee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 35(d)                               | Servicer                  Compliance Statement, Wachovia Bank, National Association, as master                  servicer of the 888 Seventh Avenue Note A Trust Mortgage Loan under                  the                  LB-UBS Commercial Mortgage Trust 2006-C1 Commercial Mortgage Pass                  Through Certificates, Series 2006-C1 Pooling and Servicing                  Agreement                                                                                                                                                                                                                                                                                                                                                   |

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**SIGNATURES**

|                                  | Structured                  Asset Securities Corporation II |
|---------------------------------------|-------------------------------------------------------------|
|                                  |                                                        |
|  March                  29, 2007 |                     /s/ Ken Cohen                 |
|                                  | By: Ken                  Cohen                         |
|                                  | Title: Managing                  Director              |
|                                  |                                                        |
|                                  | Structured                  Asset Securities Corporation II |
|                                  |                                                        |
|                                  |                     /s/ Paul Hughson              |
|                                  | By: Paul                  Hughson                      |
|                                  | Title: Managing                  Director              |

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**Supplemental        Information to be Furnished With Reports Filed Pursuant to Section 15(d)        of the        Act by Registrants Which Have Not Registered Securities Pursuant to Section        12        of the Act**

| (a)    | (1)                    No annual report is provided to the certificateholders.                                                                                                                                                                                                                        |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (2)                    No proxy statement, form of proxy or other proxy soliciting material                    has                    been sent to any certificateholders with respect to any annual                    or other                    meeting of                    certificateholders. |

**EXHIBIT        INDEX**

| **Exhibit                          Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4(i)                                        | The                          Pooling and Servicing Agreement (Previously filed as part                          of the                          Registrant’s Current Report on Form 8-K on April 26,                          2006)*                                                                                                                                                                                                                                                                                                                                                                                                      |
| 31(ii)                                      | Rule                          13a-14(d)/15d-14(d) Certifications                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 33(a)                                       | Report                          on Assessment of Compliance with Servicing Criteria for                          Asset-Backed                          Securities, Wachovia Bank, National Association, as Master                          Servicer and as                          master servicer of the 888 Seventh Avenue Note A Trust                          Mortgage Loan under                          the LB-UBS Commercial Mortgage Trust 2006-C1 Commercial Mortgage Pass                          Through Certificates, Series 2006-C1 Pooling and Servicing                          Agreement                    |
| 33(b)                                       | Report                          on Assessment of Compliance with Servicing Criteria for                          Asset-Backed                          Securities, CWCapital Asset Management LLC, as Special                          Servicer                                                                                                                                                                                                                                                                                                                                                                                            |
| 33(c)                                       | Report                          on Assessment of Compliance with Servicing Criteria for                          Asset-Backed                          Securities, LaSalle Bank National Association, as Trustee and as                          trustee of the 888 Seventh Avenue Note A Trust Mortgage                          Loan under the                          LB-UBS Commercial Mortgage Trust 2006-C1 Commercial Mortgage Pass                          Through Certificates, Series 2006-C1 Pooling and Servicing                          Agreement                                                          |
| 33(d)                                       | Report                          on Assessment of Compliance with Servicing Criteria for                          Asset-Backed                          Securities, LNR Partners, Inc., as special servicer of                          the 888 Seventh                          Avenue Note A Trust Mortgage Loan under the LB-UBS Commercial                          Mortgage                          Trust 2006-C1 Commercial Mortgage Pass Through Certificates,                          Series                          2006-C1 Pooling and Servicing Agreement                                                           |
| 33(e)                                       | Report                          on Assessment of Compliance with Servicing Criteria for                          Asset-Backed                          Securities, Global Realty Outsourcing, Inc., as servicing                          function                          participant                                                                                                                                                                                                                                                                                                                                                         |
| 33(f)                                       | Report                          on Assessment of Compliance with Servicing Criteria for                          Asset-Backed                          Securities, First American Commercial Real Estate Services,                          Inc., as                          servicing function participant                                                                                                                                                                                                                                                                                                                                    |
| 34(a)                                       | Attestation                          Report on Assessment of Compliance with Servicing Criteria                          for                          Asset-Backed Securities, Wachovia Bank, National Association,                          as Master                          Servicer and as  master servicer of the 888 Seventh Avenue Note A                          Trust Mortgage Loan under the LB-UBS Commercial Mortgage                          Trust 2006-C1 Commercial Mortgage Pass Through Certificates,                          Series                          2006-C1 Pooling and Servicing Agreement  |
| 34(b)                                       | Attestation                          Report on Assessment of Compliance with Servicing Criteria                          for                          Asset-Backed Securities, CWCapital Asset Management LLC, as Special                          Servicer                                                                                                                                                                                                                                                                                                                                                                                |
| 34(c)                                       | Attestation                          Report on Assessment of Compliance with Servicing Criteria                          for                          Asset-Backed Securities, LaSalle Bank National Association, as                          Trustee and as trustee of the 888 Seventh Avenue Note A                          Trust Mortgage                          Loan under the LB-UBS Commercial Mortgage Trust 2006-C1 Commercial                          Mortgage Pass Through Certificates, Series 2006-C1 Pooling and                          Servicing Agreement                                              |
| 34(d)                                       | Attestation                          Report on Assessment of Compliance with Servicing Criteria                          for                          Asset-Backed Securities, LNR Partners, Inc., as special                          servicer of the                          888 Seventh Avenue Note A Trust Mortgage Loan under the                          LB-UBS Commercial                          Mortgage Trust 2006-C1 Commercial Mortgage Pass Through Certificates,                          Series 2006-C1 Pooling and Servicing                          Agreement                                               |
| 34(e)                                       | Attestation                          Report on Assessment of Compliance with Servicing Criteria                          for                          Asset-Backed Securities, Global Realty Outsourcing, Inc.,                          as servicing                          function participant                                                                                                                                                                                                                                                                                                                                             |
| 34(f)                                       | Report                          on Assessment of Compliance with Servicing Criteria for                          Asset-Backed                          Securities, First American Commercial Real Estate Services,                          Inc., as                          servicing function participant                                                                                                                                                                                                                                                                                                                                    |
| 35(a)                                       | Servicer                          Compliance Statement, Wachovia Bank, National Association,                          as Master                          Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 35(b)                                       | Servicer                          Compliance Statement, CWCapital Asset Management LLC, as                          Special                          Servicer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 35(c)                                       | Servicer                          Compliance Statement, LaSalle Bank National Association,                          as                          Trustee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 35(d)                                       | Servicer                          Compliance Statement, Wachovia Bank, National Association,                          as master                          servicer of the 888 Seventh Avenue Note A Trust Mortgage                          Loan under the                          LB-UBS Commercial Mortgage Trust 2006-C1 Commercial Mortgage Pass                          Through Certificates, Series 2006-C1 Pooling and Servicing                          Agreement                                                                                                                                                      |

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