New York Supreme Court Rules in Favor of Gyrodyne in Article 78 Proceeding
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, (NASDAQ: GYRO) ha annunciato una sentenza favorevole da parte della Corte Suprema di New York in un Procedimento ai sensi dell'Articolo 78. La corte ha respinto una petizione contro l'approvazione della suddivisione in otto lotti della proprietà Flowerfield di Gyrodyne, affermando che il Consiglio di Pianificazione ha condotto un'accurata revisione ambientale. Questa decisione offre maggiore chiarezza per i potenziali acquirenti e supporta gli sforzi di marketing di Gyrodyne guidati da JLL Capital Markets.
Gyrodyne si sta ora concentrando sull'ottenimento delle approvazioni finali e sull'organizzazione di una campagna di marketing nazionale per vendere le proprie proprietà con diritti approvati, con l'obiettivo di massimizzare il valore per gli azionisti. L'azienda possiede un terreno di 63 acri a Long Island e un parco uffici medici a Cortlandt Manor, NY, entrambi soggetti a piani di valorizzazione dei diritti.
Gyrodyne, (NASDAQ: GYRO) anunció un fallo favorable del Tribunal Supremo de Nueva York en un procedimiento de Artículo 78. El tribunal desestimó una petición en contra de la aprobación de la subdivisión en ocho lotes de su propiedad Flowerfield, afirmando que la Junta de Planificación realizó una minuciosa revisión ambiental. Esta decisión brinda mayor claridad para los compradores potenciales y apoya los esfuerzos de marketing de Gyrodyne liderados por JLL Capital Markets.
Gyrodyne ahora se está enfocando en obtener las aprobaciones finales y en llevar a cabo una campaña de marketing nacional para vender sus propiedades con derechos aprobados, con el objetivo de maximizar el valor para los accionistas. La compañía posee un terreno de 63 acres en Long Island y un parque de oficinas médicas en Cortlandt Manor, NY, ambos sujetos a planes de mejora de valor.
Gyrodyne, (NASDAQ: GYRO)는 뉴욕 주 대법원에서 78조에 따른 소송에서 유리한 판결을 발표했습니다. 법원은 Gyrodyne의 Flowerfield 재산에 대한 8개 구획 분할 승인에 대한 청원을 기각하며, 계획 위원회가 철저한 환경 검토를 수행했음을 확인했습니다. 이 결정은 잠재 구매자에게 더욱 명확성을 제공하고, JLL Capital Markets가 주도하는 Gyrodyne의 마케팅 노력을 지원합니다.
Gyrodyne는 현재 최종 승인을 확보하고 승인된 권리를 가진 재산을 판매하기 위한 전국적인 마케팅 캠페인을 진행하는 데 집중하고 있으며, 주주 가치를 극대화하는 것을 목표로 하고 있습니다. 이 회사는 롱아일랜드에 63에이커의 부지와 뉴욕주 코트란트 매너에 의료 사무소 단지를 소유하고 있으며, 둘 다 가치 향상을 위한 계획이 적용됩니다.
Gyrodyne, (NASDAQ: GYRO) a annoncé un jugement favorable de la Cour Suprême de New York dans le cadre d'une procédure en vertu de l'Article 78. La cour a rejeté une pétition contre l'approbation de la subdivision de huit lots de sa propriété Flowerfield, affirmant que le Conseil de Planification avait effectué un examen environnemental approfondi. Cette décision apporte plus de clarté aux acheteurs potentiels et soutient les efforts de marketing de Gyrodyne dirigés par JLL Capital Markets.
Gyrodyne se concentre désormais sur l'obtention des approbations finales et sur la conduite d'une campagne de marketing nationale pour vendre ses propriétés avec droits approuvés, visant à maximiser la valeur pour les actionnaires. L'entreprise possède un terrain de 63 acres sur Long Island et un parc de bureaux médicaux à Cortlandt Manor, NY, tous deux soumis à des plans d'amélioration de valeur.
Gyrodyne, (NASDAQ: GYRO) gab ein positives Urteil des Obersten Gerichtshofs von New York in einem Verfahren gemäß Artikel 78 bekannt. Das Gericht wies eine Petition gegen die Genehmigung der achtparzellierten Unterteilung des Flowerfield-Eigentums von Gyrodyne zurück und bestätigte, dass der Planungsausschuss eine umfassende Umweltprüfung durchgeführt hat. Diese Entscheidung schafft Klarheit für potenzielle Käufer und unterstützt die Marketingbemühungen von Gyrodyne unter der Leitung von JLL Capital Markets.
Gyrodyne konzentriert sich nun darauf, die endgültigen Genehmigungen zu sichern und eine nationale Marketingkampagne zu starten, um Immobilien mit genehmigten Rechten zu verkaufen, mit dem Ziel, den Wert für die Aktionäre zu maximieren. Das Unternehmen besitzt ein 63 Hektar großes Grundstück auf Long Island und einen medizinischen Büropark in Cortlandt Manor, NY, die beide Gegenstand von wertsteigernden Genehmigungsplänen sind.
- Favorable court ruling dismissing petition against Gyrodyne's subdivision approval
- Enhanced clarity on property's potential future uses for prospective buyers
- Ongoing national marketing effort through JLL Capital Markets to sell properties with approved entitlements
- Focus on securing final approvals to maximize net asset value for shareholders
- None.
Insights
This court ruling is a significant victory for Gyrodyne, removing a major legal obstacle to their development plans. The dismissal of the Article 78 petition affirms the validity of the Planning Board's approval for Gyrodyne's eight-lot subdivision of the Flowerfield property. This decision substantially reduces legal and regulatory risks associated with the project.
The court's finding that the Planning Board took a "hard look" and properly mitigated potential environmental impacts strengthens Gyrodyne's position against future legal challenges. This ruling enhances the company's ability to proceed with its development plans and potentially increases the property's marketability to prospective buyers.
For investors, this outcome provides greater certainty regarding the future development potential of the Flowerfield property, which is likely to positively impact Gyrodyne's asset valuation and long-term prospects for shareholder value creation.
The court's decision significantly enhances the value proposition of Gyrodyne's Flowerfield property. With the legal hurdles cleared, the company can now move forward with its national marketing efforts through JLL Capital Markets. This improved clarity on potential future uses of the property is likely to attract more serious buyers and potentially command higher prices.
The approved eight-lot subdivision adds substantial value to the raw land, as it reduces development risks and time-to-market for potential buyers. This entitlement process often represents a significant portion of a property's value appreciation in real estate development.
For a company with a market cap of just
ST. JAMES, N.Y., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Gyrodyne, LLC (NASDAQ: GYRO) (“Gyrodyne”) today announced that the Supreme Court of the State of New York issued a decisive ruling in favor of Gyrodyne, dismissing a petition brought by the St. James - Head of the Harbor Neighborhood Preservation Coalition, Inc. and several individuals seeking a judgment to vacate the Town of Smithtown Planning Board’s approval of Gyrodyne’s eight-lot subdivision of its Flowerfield property.
On October 11, 2024, after an exhaustive review of the entire administrative record, Justice Maureen T. Liccione denied the Petition as to all remaining petitioners and dismissed the Article 78 Proceeding because the petition was defective and unsupported by the administrative record and “the record demonstrates that the Planning Board took the requisite ‘hard look’ and mitigated the potential adverse environmental impacts of subdivision approval to the maximum extent practicable.”
Gyrodyne is continuing to take all actions necessary to secure final approval of an eight-lot subdivision of Flowerfield and is now in the process of conducting a national marketing effort through its broker JLL Capital Markets, led by Suburban Tristate Leader Jose Cruz, as well as Vice Chairman and broker lead of Long Island David Leviton and Director Ryan Robertson, to sell its properties with all approved entitlements with the goal of generating maximum net asset value for Gyrodyne’s shareholders. “The outcome of the Article 78 Proceeding provides enhanced clarity on the potential future uses of the property for any prospective buyers” said Cruz. “We believe that the approval of this subdivision addresses any concerns associated with development of the property and has a positive effect on our marketing efforts.”
Gary Fitlin, Chief Executive Officer of Gyrodyne, stated: “We are extremely pleased with the Court's decisive ruling, which upholds the integrity of our subdivision approval process. This decision represents a major milestone for Gyrodyne and reaffirms our commitment to responsible development. We remain focused on securing the final approvals necessary to unlock the full potential of the Flowerfield property and ensuring the best possible outcome for our shareholders.”
About Gyrodyne
Gyrodyne, LLC (the “Company”) owns and manages a diversified portfolio of real estate properties comprising office, industrial and service-oriented properties in the New York metropolitan area. The Company owns a 63-acre site approximately 50 miles east of New York City on the north shore of Long Island, which includes industrial and office buildings and undeveloped property, and a medical office park in Cortlandt Manor, New York, both of which are the subject of plans to seek value-enhancing entitlements. The Company's common shares are traded on the NASDAQ Capital Market under the symbol GYRO. Additional information about the Company may be found on its web site at www.gyrodyne.com.
Cautionary Statement Regarding Forward-Looking Statements
The statements made in this press release and other materials the Company has filed or may file with the SEC, in each case that are not historical facts, contain "forward-looking information" within the meaning of the Private Securities Litigation Reform Act of 1995, and Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, which can be identified by the use of forward-looking terminology such as "may," "will," "anticipates," "expects," "projects," "estimates," "believes," "seeks," "could," "should," or "continue," the negative thereof, and other variations or comparable terminology as well as statements regarding the evaluation of strategic alternatives and liquidation contingencies. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those reflected in such forward-looking statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties relating to our efforts to enhance the values of our remaining properties and seek the orderly, strategic sale of such properties as soon as reasonably practicable, remaining risks associated with the Article 78 proceeding against the Company and any other litigation that may develop in connection with our efforts to enhance the value of and sell our properties, ongoing community activism, risks associated with proxy contests and other actions of activist shareholders, risks related to the recent banking crisis and closure of two major banks (including one with whom we indirectly have a mortgage loan), regulatory enforcement, risks inherent in the real estate markets of Suffolk and Westchester Counties in New York, the ability to obtain additional capital in order to enhance the value of the Flowerfield and Cortlandt Manor properties and negotiate sales contracts from a position of strength, the continuing effects of the COVID-19 pandemic, the ongoing risk of inflation, elevated interest rates, recession and supply chain constraints or disruptions and other risks detailed from time to time in the Company's SEC reports. These and other matters the Company discusses in this press release may cause actual results to differ from those the Company describes.
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