ADDED
On March 27, 2026, 2,199,308 common shares of the Registrant were outstanding.
All references to 2025 and 2024 refer to our fiscal years ended or the dates, as the context requires, December 31, 2025 and December 31, 2024, respectively.
Gyrodyne s corporate strategy is to enhance the value of Flowerfield and Cortlandt Manor by pursuing entitlement opportunities to provide purchasers increased development flexibility, and by enhancing the value of our leases.
Gyrodyne s strategy is to enhance the value of Flowerfield and Cortlandt Manor by pursuing entitlement opportunities to provide purchasers with increased development flexibility, and by enhancing the value of our leases.
See, Property Value Enhancement Flowerfield for a description of the subdivision application.
On April 16, 2025 the Petitioners filed a notice of appeal seeking to appeal the March 17, 2025 order denying the appellants motion to stay enforcement of the order dismissing the Petition pending the appeal.
On April 28, 2025 the Petitioners perfected their appeal on the original Petition (the Appeal ).
The Petitioners memorandum of law largely repeats their earlier position and arguments, which the Supreme Court previously found to be an insufficient basis for overturning the Planning Board s determinations.
Gyrodyne filed its response to the Appeal on July 25, 2025, and the Town submitted its reply to the Appeal on July 28, 2025.
Gyrodyne remains confident in its defense of the appeal, the motion to renew and reargue and the motion to appeal the denial of the Petitioners motion to stay enforcement of the order.
REMOVED
On March 28, 2025, 2,199,308 common shares of the Registrant were outstanding.
All references to 2024 and 2023 refer to our fiscal years ended or the dates, as the context requires, December 31, 2024 and December 31, 2023, respectively.
An Article 78 Proceeding could take up to two years or more to run its course given the likelihood of appeals and other motions.
Nevertheless, Gyrodyne remains confident in its defense of the appeal and the motion to renew and reargue.
Due to the anticipated time it may take for the appeal and any other motions in the Article 78 Proceeding to be finally resolved.
Although Gyrodyne believes that selling individual lots will maximize value, it is also pursuing prospective purchasers who may be willing to purchase all of Flowerfield as an undivided parcel for terms that Gyrodyne finds more attractive from a timing and value perspective and which may allow for a sale before 2026.
Nevertheless, we will continue to market the properties and, although there can be no assurances, the Company believes subdivision approval will be received in mid-2025 for Flowerfield, and could be received for Cortlandt Manor in mid-2026, contingent on the timing for entering contracts (which we anticipate will include closing terms conditioned upon receiving subdivision (if requested) and site plan approval which the Company believes can be pursued simultaneously rather than sequentially).
The Company believes that standard market terms for real property transactions in both the Town of Cortlandt Manor and the Town of Smithtown would include, as conditions to closing, final subdivision approval, final unappealable site plan approval and the resolution of the Article 78 Proceeding.
Based on the aforementioned factors, the Company believes the process of negotiating purchase agreements, securing final approvals and consummating the sale of our properties will culminate in 2026.
The Company intends to aggressively market its properties and negotiate contracts in an effort to complete the process as soon as practicable with the ultimate timeline being largely dependent on factors outside the Company s control, including without limitation the Article 78 Proceeding and delays in securing final regulatory approvals caused by the ongoing backlog of land use applications, zoning authority labor shortages and environmental concerns.