New York Supreme Court Rules in Favor of Gyrodyne in Article 78 Proceeding

Core Viewpoint - Gyrodyne, LLC received a favorable ruling from the Supreme Court of New York, dismissing a petition against its eight-lot subdivision approval for the Flowerfield property, which is expected to enhance the company's marketing efforts and shareholder value [1][2]. Group 1: Legal Ruling - The Supreme Court ruled in favor of Gyrodyne, dismissing a petition from the St. James - Head of the Harbor Neighborhood Preservation Coalition and others [1]. - Justice Maureen T. Liccione found the petition defective and unsupported by the administrative record, confirming that the Planning Board adequately addressed potential environmental impacts [2]. Group 2: Company Actions and Strategy - Gyrodyne is actively pursuing final approvals for the eight-lot subdivision and is conducting a national marketing effort through JLL Capital Markets to sell its properties with approved entitlements [2]. - The CEO of Gyrodyne expressed satisfaction with the court's ruling, viewing it as a significant milestone that reinforces the company's commitment to responsible development and maximizing shareholder outcomes [2]. Group 3: Company Overview - Gyrodyne, LLC owns and manages a diversified real estate portfolio, including office, industrial, and service-oriented properties in the New York metropolitan area, with a 63-acre site on Long Island [3]. - The company is focused on seeking value-enhancing entitlements for its properties, including a medical office park in Cortlandt Manor, New York [3].