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State Appeals Court Upholds Gyrodyne's $100M Award

Ruling supports company's claim that it was underpaid for the Flowerfield land the state took via eminent domain.

The Appellate Division of the state Supreme Court last week upheld the court's previous decision to award more than $100 million to Gyrodyne Co. of America following the company's claim that it was underpaid for the Flowerfield property, according to a report in Long Island Busines News.

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 , paying $26.3 million for the land. The university then built its Center of Excellence in Wireless and Information Technology and Advanced Energy and Research Technology Center on the property.

Gyrodyne filed suit, claiming that it was worth much more, and the state June of 2010. That ruling awarded Gyrodyne $98.7 million plus interest.

Click here to read the full report from Long Island Business News.

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