Gyrodyne Company of America, Inc. reported a favorable ruling in a lawsuit that was pending against New York State. The lawsuit involved the valuation of a parcel of property owned by the company that was seized by the state in an eminent domain proceeding in 2005.
New York seized 245.5 acres of property located in St. James and Stony Brook, New York, and appraised the property at a value of $26.32 million, and paid that amount to Gyrodyne Company of America, Inc.
The Court of Claims awarded the company an additional $98.69 million in compensation, and found that the state had valued the property incorrectly by not using the highest and best use as a basis for the value.
Gyrodyne Company of America, Inc. is also entitled under New York law to interest on the award at a maximum of 9% per year from 2005 to the present.
Stephen V. Maroney, the CEO of Gyrodyne Company of America, Inc., said, “We are extremely pleased with the Court’s decision. Our goal was to seek just compensation for our shareholders. Since 2005, we have devoted significant attention and resources to achieving this goal.”
Gyrodyne Company of America, Inc. said that it would seek to be compensated for lawyer’s fees and other costs associated with the lawsuit
For more information on the company, go to www.gyrodyne.com