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Incorporated in New York in 1946, Gyrodyne Company of America, Inc. (the “Company”) was, from its inception and for the next 25 years, engaged in design, testing, development, and production of coaxial helicopters primarily for the US Navy. Following a sharp reduction in the Company’s helicopter manufacturing business and its elimination by 1975, the Company began converting its vacant manufacturing facilities and established its rental property operation.
The Company concentrates its efforts on the development of its real estate holdings in St. James, New York. The converted buildings consist of approximately 131,244 rentable square feet housing 51 tenants in space suitable for office, engineering, manufacturing, and warehouse use. This rental property operation is the principal business of the Company and currently represents its sole source of revenue. The property, which is known as Flowerfield, consists of 68 acres. Due to the condemnation of 246 acres of the Flowefield property on November 2, 2005 by Stony Brook University, the Company is currently exploring alternative strategic options for the balance of the Flowerfield property.
The Company is seeking $158 million in damages from the State of New York pursuant to the taking, by eminent domain, of 246 acres of land and buildings in Stony Brook and St. James, New York.