New York State on Tuesday paid St. James-based Gyrodyne Co. of America a $167.5 million settlement as the completion of the company's lawsuit against the state for undervaluing the land it annexed via eminent domain, according to a report published Thursday in Long Island Business News.
In 2005, the state condemned about 245.5 acres of Gyrodyne's land at its Flowerfield site, paying the company $26.3 million. In 2006, Gyrodyne filed suit.
The property, where the company used to build helicopters until that operation closed in 1975, is now home to Stony Brook University's Center of Excellence in Wireless and Information Technology and .
State courts ruled in favor of Gyrodyne and later denied the state's request for an appeal. According to LIBN, the award includes $98.68 million in damages, $1.47 million for expenses, disbursements, and costs, and $67.34 million in interest.
Gyrodyne still owns 68 acres of land at the site, consisting of undeveloped property and industrial and office buildings, according to the report.
Click here to read the full story from Long Island Business News (subscription required).
