Gyrodyne Company of America

Gyrodyne Company of America, Inc.

Company type	Public company
Industry	Real estate investment trust, formerly aerospace manufacturing
Predecessor	Bendix Helicopters Company (assets acquired)
Founded	1946
Founder	Peter J. Papadakos
Fate	Transitioned from helicopter manufacturing to real estate investment trust
Headquarters	Saint James, New York , United States
Area served	Eastern Seaboard of the United States
Products	Commercial real estate, formerly helicopters (Gyrodyne QH-50 DASH and others)
Owner	Public shareholders
Website	gyrodynehelicopters.com

Gyrodyne Company of America, Inc. operates as a real estate investment trust specializing in the ownership, leasing, and administration of commercial real estate along the Eastern Seaboard of the United States.

Based in Saint James, New York, located on Eastern Long Island, Gyrodyne was established in 1946 by Peter J. Papadakos, originally functioning as a developer and manufacturer of helicopters.

History

Gyrodyne was created utilizing assets acquired from the bankrupt Bendix Helicopters Company and continued the advancement of coaxial rotor helicopter technology in Massapequa, New York before relocating its operations to St. James, New York in 1951. For nearly a quarter-century, the company concentrated on engineering and producing coaxial rotor helicopters, including the notable Gyrodyne QH-50 DASH drone developed for use by the U.S. Navy. In 1975, Gyrodyne repurposed its manufacturing facilities into rental spaces catering to light industrial tenants, marking a strategic pivot toward real estate management and development.

In 2005, Stony Brook University exercised eminent domain to acquire 245.5 acres from Gyrodyne, initially providing compensation amounting to $26.3 million. Following legal challenges, the Court of Claims awarded Gyrodyne $125 million plus accrued interest in 2010.

Transitioning into a publicly traded Real Estate Investment Trust in 2006, Gyrodyne shifted focus towards acquiring healthcare-related properties, securing three medical facilities—two located in New York and one situated in Northern Virginia.

Aircraft

• Gyrodyne QH-50 DASH
• Gyrodyne RON Rotorcycle
• Gyrodyne GCA-2
• Gyrodyne GCA-3 Convertiplane
• Gyrodyne GCA-35 Gyroliner
• Gyrodyne GCA-24
• Gyrodyne GCA-32 Military Convertiplane
• Gyrodyne GCA-55

Properties

Currently, Gyrodyne holds ownership and manages four commercial properties: two positioned on eastern Long Island, one in southern New York State, and another in Northern Virginia. Additionally, it possesses a limited partnership stake in the Callery-Judge Grove citrus plantation located in Palm Beach County, Florida.

Flowerfield, serving as both Gyrodyne’s corporate headquarters and former helicopter manufacturing location in Saint James, New York, encompasses 68 acres with 127,062 square feet of leasable space designated for light industrial use. Originally spanning over 300 acres, the majority was acquired by Stony Brook University through eminent domain proceedings in 2005.

In June 2007, Gyrodyne expanded its portfolio by acquiring ten structures at Port Jefferson Professional Park situated in Port Jefferson Station, New York; this property consists of 39,329 square feet across 5.16 acres.

The Cortlandt Medical Center property in Cortlandt Manor, New York—purchased in June 2008—features five office buildings on a 5.01-acre parcel totaling 31,198 rentable square feet along with adjacent land that includes a 16,000-square-foot residence on 1.43 acres and additional rentable space on an adjoining 1.6-acre lot.

Acquisition of the Fairfax Medical Center in March 2009 added two office buildings encompassing 57,621 rentable square feet situated on a 3.5-acre site.

External links

• GyrodyneHelicopters.com: The Gyrodyne Story