UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): April 25, 2005
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GYRODYNE COMPANY OF AMERICA, INC.
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(Exact name of Registrant as Specified in its Charter)
New York 000-01684 11-1688021
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(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
102 FLOWERFIELD
ST. JAMES, NEW YORK 11780
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(Address of principal executive
offices) (Zip Code)
(631) 584-5400
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Registrant's telephone number,
including area code
N/A
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01. OTHER EVENTS.
On April 25, 2005, the Appellate Division Second Judicial Department of the
Supreme Court of the State of New York (the "Court") issued its Decision and
Judgment In the Matter of Gyrodyne Company of America, Inc., petitioner, v.
State University of New York at Stony Brook, et al., respondents (the
"Proceeding"). The Proceeding was commenced by the Company seeking judicial
review of the determinations and findings of the respondent, State University of
New York at Stony Brook ("SUNY Stony Brook") to acquire 246 acres of the
Company's property located adjacent to SUNY Stony Brook's existing campus for
the purpose of constructing a new research and development campus. The Company
challenged SUNY Stony Brook's statutory jurisdiction to acquire the property
under the eminent domain laws of the State of New York and further challenged
SUNY Stony Brook's proposed taking of the property as being excessive to fulfill
the alleged public purpose.
The Court rejected the Company's challenges to SUNY Stony Brook's proposed
taking of the property concluding that SUNY Stony Brook had sufficient statutory
jurisdiction and authority for this proposed public project and rejecting the
Company's contention that the taking was excessive. Based upon these
conclusions, the Court denied the Company's petition and dismissed the
Proceeding.
In the event that SUNY Stony Brook elects to move forward with the eminent
domain proceeding, management intends to take all appropriate steps to seek
maximum value for the Property.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GYRODYNE COMPANY OF AMERICA, INC.
By: /s/ Peter Pitsiokos
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Peter Pitsiokos
Chief Operating Officer
Date: April 27, 2005