Gyrodyne Wins Case Against State in Land Dispute

Judge awards company additional $98.7 million for lands annexed by NY in 2005.

New York State's Court of Claims ruled in favor of Gyrodyne Co. of America on Wednesday in the company's drawn-out lawsuit against the state, awarding the real estate investment firm an additional $98.7 million for land the state seized through eminent domain.

New York State invoked its eminent domain law in 2005 to take 245.5 acres of the St. James company's Flowerfield property adjacent to Stony Brook University, paying $26.3 million for the land. The university then built its Center of Excellence in Wireless and Information Technology on the property.

Judge James J. Lack's Wednesday ruling valued the land at $125 million, supporting Gyrodyne's claim that it was underpaid.

"Our goal was to seek just compensation for our shareholders...We have always been confident that our claims were supported by the facts," Gyrodyne president and CEO Stephen V. Maroney said in a statement.

University spokesman Lauren Sheprow said the school "is reviewing the court documents and will respond in an appropriate manner."


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