Welcome to our dedicated page for Gyrodyne news (Ticker: GYRO), a resource for investors and traders seeking the latest updates and insights on Gyrodyne stock.
Gyrodyne, LLC (NASDAQ: GYRO) is a United States-based limited liability company primarily engaged in owning and managing industrial and medical office buildings. The company's notable properties include the Cortlandt Manor medical office park and the Flowerfield industrial and office site. Located approximately 50 miles east of New York City on Long Island's north shore, Flowerfield encompasses a 63-acre site featuring industrial and undeveloped land.
Gyrodyne's operational focus includes leasing and property management of various commercial properties, notably medical offices and industrial spaces. Recently, the company has been active in pursuing value-enhancing entitlements for its properties, aiming to increase their market value before potential sale.
In a noteworthy development, Gyrodyne entered into an agreement with Star Equity Fund, LP in September 2023. The agreement led Star Equity Fund to withdraw its nominees for the 2023 annual shareholders meeting and its compensation proposal. As part of the agreement, Gyrodyne committed to freezing director fees and transitioning directors from a cash bonus plan to a new stock incentive plan, pending shareholder approval. This move is seen as a strategic effort to align board compensation with shareholder interests further.
Gyrodyne's financial strategies include a planned rights offering to raise up to $5 million in gross proceeds. Existing shareholders will receive non-transferable subscription rights to purchase additional shares at a subscription price of $8.00 per share. The proceeds will be deployed to pursue entitlements on the Flowerfield and Cortlandt Manor properties, cover litigation fees, negotiate property purchase agreements, make capital improvements, and support general working capital needs.
The company's recent engagements and financial maneuvers underline its commitment to optimizing property value and maximizing shareholder distributions. Gyrodyne's operations and strategic initiatives reflect a focused approach towards enhancing its real estate portfolio and shareholder value.
Gyrodyne, (NASDAQ: GYRO) announced a favorable ruling by the New York Supreme Court in an Article 78 Proceeding. The court dismissed a petition against Gyrodyne's eight-lot subdivision approval of its Flowerfield property, affirming that the Planning Board conducted a thorough environmental review. This decision enhances clarity for potential buyers and supports Gyrodyne's marketing efforts led by JLL Capital Markets.
Gyrodyne is now focusing on securing final approvals and conducting a national marketing campaign to sell its properties with approved entitlements, aiming to maximize shareholder value. The company owns a 63-acre site on Long Island and a medical office park in Cortlandt Manor, NY, both subject to value-enhancing entitlement plans.
Gyrodyne, LLC (NASDAQ: GYRO) received a MOD designation for its mixed-use 154,000 square foot property in Cortlandt Manor, New York, as approved by the Town's Board on March 20, 2023. This zoning reclassification paves the way for enhanced economic development, including medical infrastructure, job creation, and housing options. The property includes 150,000 square feet for medical use and 4,000 square feet for retail. Gyrodyne aims to maximize property value and seeks a timely sale with minimized risk. The MOD adoption marks an important eight-year collaboration between Gyrodyne and local authorities.
Gyrodyne, LLC (Nasdaq: GYRO) issued a letter to shareholders from CEO Gary Fitlin on January 30, 2023, highlighting the company's continued focus on real estate with medical tenants, which has resulted in $147 million returned to shareholders. The company aims to maximize property values and distribute net asset values before dissolving by the end of 2024. Gyrodyne is addressing corporate governance concerns following the 2022 Annual Meeting and has made significant progress with its properties, including the Flowerfield and Cortlandt Manor sites. The company maintains a strong balance sheet, with debt at $9.8 million and a loan-to-value ratio of 23%.
Gyrodyne, LLC (NASDAQ: GYRO) announced that the Town of Smithtown Planning Board granted preliminary subdivision approval for its Flowerfield property on March 30, 2022. The approval is contingent on finalizing a stormwater pollution prevention plan and other requirements. This milestone follows extensive public comment and analysis under the State Environmental Quality Review Act (SEQRA). Gyrodyne is set to advance to final subdivision approval, needing further reviews from local and state authorities. The company will actively market the subdivided lots while seeking attractive offers for the property.
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