Gyrodyne Company of America, Inc. (GYRO) Wins Lawsuit Against State Of New York
Gyrodyne Company of America, Inc. reported a favorable ruling in a lawsuit that was pending against New York State. The lawsuit involved the valuation of a parcel of property owned by the company that was seized by the state in an eminent domain proceeding in 2005. New York seized 245.5 acres of property located in St. James and Stony Brook, New York, and appraised the property at a value of $26.32 million, and paid that amount to Gyrodyne Company of America, Inc. The Court of Claims awarded the company an additional $98.69 million in compensation, and found that the state…