News
GYRODYNE PREVAILS VERSUS STATE
July 9, 2012
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| Gyrodyne Co of America must be flying high—last week, the REIT received over $167M from New York State in damages, expenses, disbursements, and interest, bringing an end to Gyrodyne’s case against NYS (started in '06) for taking 245.5 acres of its Flowerfield property in St. James and Stony Brook, Long Island by eminent domain for Stony Brook University. So why the one-man helicopter? For its first 25 years, Gyrodyne developed coaxial helicoptors primarily for the US Navy. In 1975, no longer in the chopper manufacturing biz, it began converting its St. James facilities for industrial tenants, establishing itself as a CRE company. The helicopter—an XRON Rotorcycle from 1955—is on display at the Cradle of Aviation Museum in Garden City. |
