Pharma Investments, Ventures & Law Weekly
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Gyrodyne Company of America, Inc.
Gyrodyne and the State of New York File Appraisal Reports in Condemnation Litigation
November 30th, 2008
Gyrodyne Company of America, Inc. (NASDAQ:GYRO) announced that on November 10, 2008, Gyrodyne and the State of New York filed with the Court of Claims their respective appraisals regarding the value of the 245.5 acres in St. James and Stony Brook, New York (the "Property") that were appropriated by the State on November 2, 2005 under the power of eminent domain. Gyrodyne's appraiser has valued the Property at $125,000,000, based in part upon a separate zoning analysis report that Gyrodyne also filed with the Court which concluded that there was a high probability the Property would have been rezoned from light industrial use to a Planned Development District. The...
Source: Pharma Investments, Ventures & Law Weekly (2008-11-30)
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