Gyrodyne Company of America Inc. owns, leases and manages diverse commercial properties. The firm is distinguished by its service-oriented philosophy toward property ownership and management. Gyrodyne has grown from a largely Long Island player during the past into a diversified East Coast presence with an emphasis on medical office product.
Incorporated in 1946, Gyrodyne for its first 25 years was engaged in design, testing, development, and production of coaxial helicopters primarily for the US Navy. In 1975, no longer in the helicopter manufacturing business, Gyrodyne began converting its St. James, N.Y., facilities for industrial rental usage and established its rental property operation.
Having been a public company for many years, Gyrodyne became a publicly traded REIT in 2006 and soon began to focus on the healthcare- related real estate sector. The decision was strategic and based on the conviction that medical office demographics would continue to be strong even in a depressed economy. Gyrodyne management proved to be prescient in that regard, as the healthcare sector continues to offer strong potential as a real estate investment despite concerns about recent federal legislation.
At present Gyrodyne owns and manages 139,000 square feet of medical office space, a majority of which is occupied, with properties in the suburbs of New York City and Washington, DC.
FLOWERFIELD is Gyrodyne’s flagship property, located on the north shore of Long Island in the hamlet of St. James. The 68-acre tract, primarily zoned for light industry, includes 127,062 rentable-square feet located on approximately 10 acres of developed property at Flowerfield with the balance proposed for the development of an age-restricted residential community.
In April 2009, the Stony Brook University Hospital signed a 14,000-square-foot lease to house its 75-member Information Technology Department at Flowerfield. The newly renovated facility epitomizes Gyrodyne’s commitment to “green” development as being socially conscious and good business. “Green” initiatives include the use of HVAC and light fixtures that meet SEER (Seasonal Energy Efficiency Rating) standards, the use of non-VOC (Volatile Organic Compounds) paints and carpeting adhesives that meet LEED requirements and suite design that maximizes natural light.
Hallmark healthcare-focused properties include The 39,329-square-foot, 10-building Port Jefferson Professional Park in Port Jefferson Station, N.Y., the 30,263-square-foot Cortlandt Medical Center in Cortlandt Manor, N.Y, and the Fairfax Medical Center, a 57,621-square-foot property located in Fairfax, Va. The latter represents Gyrodyne’s first purchase outside of the New York metro area.
Gyrodyne also maintains a limited partnership investment in “The Callery-Judge Grove,” which is the subject of a plan for a mixed-use residential, commercial and retail development in Palm Beach County, Fla.
Healthcare-Focused Real Estate Holdings
At present Gyrodyne owns and manages 139,000 square feet of medical office space with properties located in the suburbs of New York City and Washington, DC.