GYRODYNE, LLC ANNOUNCES AGREEMENT TO SELL 49-ACRE PARCEL IN SMITHTOWN, NEW YORK AS PART OF STRATEGIC LIQUIDATION PLAN
Gyrodyne (NASDAQ:GYRO) has announced a significant real estate transaction as part of its strategic liquidation plan. The company's subsidiary, GSD Flowerfield, has entered into an agreement to sell a 49-acre parcel in Smithtown, New York to B2K Smithtown LLC for a purchase price ranging from $24 million to $28.74 million, with the final price estimated at $28.74 million.
The transaction has positively impacted Gyrodyne's net asset value (NAV), increasing it to approximately $32.6 million ($14.83 per share) as of June 30, 2025, representing a 6% increase from the previous quarter's NAV of $30.8 million ($14.01 per share). The property is planned for assisted living facilities development, with over 40% to be preserved as open space.
Gyrodyne (NASDAQ:GYRO) ha annunciato una significativa operazione immobiliare nell'ambito del suo piano strategico di liquidazione. La sua controllata, GSD Flowerfield, ha stipulato un accordo per la vendita di un terreno di 49 acri a Smithtown, New York, a B2K Smithtown LLC, con un prezzo di acquisto compreso tra 24 e 28,74 milioni di dollari, con il prezzo finale stimato a 28,74 milioni di dollari.
L鈥檕perazione ha avuto un impatto positivo sul valore patrimoniale netto (NAV) di Gyrodyne, portandolo a circa 32,6 milioni di dollari (14,83 dollari per azione) al 30 giugno 2025, con un aumento del 6% rispetto al NAV del trimestre precedente, pari a 30,8 milioni di dollari (14,01 dollari per azione). Il terreno sar脿 destinato allo sviluppo di strutture per l鈥檃ssistenza agli anziani, mantenendo oltre il 40% come spazio aperto.
Gyrodyne (NASDAQ:GYRO) ha anunciado una importante transacci贸n inmobiliaria como parte de su plan estrat茅gico de liquidaci贸n. La subsidiaria de la compa帽铆a, GSD Flowerfield, ha firmado un acuerdo para vender un terreno de 49 acres en Smithtown, Nueva York, a B2K Smithtown LLC, por un precio de compra que oscila entre 24 y 28,74 millones de d贸lares, estim谩ndose el precio final en 28,74 millones de d贸lares.
La transacci贸n ha impactado positivamente en el valor neto de activos (NAV) de Gyrodyne, elev谩ndolo a aproximadamente 32,6 millones de d贸lares (14,83 d贸lares por acci贸n) al 30 de junio de 2025, lo que representa un aumento del 6% respecto al NAV del trimestre anterior, que fue de 30,8 millones de d贸lares (14,01 d贸lares por acci贸n). Se planea desarrollar instalaciones de vida asistida en la propiedad, preservando m谩s del 40% como espacio abierto.
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Gyrodyne (NASDAQ:GYRO) a annonc茅 une transaction immobili猫re importante dans le cadre de son plan strat茅gique de liquidation. La filiale de la soci茅t茅, GSD Flowerfield, a conclu un accord pour vendre un terrain de 49 acres 脿 Smithtown, New York, 脿 B2K Smithtown LLC, pour un prix d'achat compris entre 24 et 28,74 millions de dollars, le prix final 茅tant estim茅 脿 28,74 millions de dollars.
Cette transaction a eu un impact positif sur la valeur nette d鈥檃ctifs (NAV) de Gyrodyne, la portant 脿 environ 32,6 millions de dollars (14,83 dollars par action) au 30 juin 2025, soit une augmentation de 6% par rapport au NAV du trimestre pr茅c茅dent de 30,8 millions de dollars (14,01 dollars par action). Le terrain est destin茅 au d茅veloppement d鈥檌nstallations de vie assist茅e, avec plus de 40 % pr茅serv茅s en espaces ouverts.
Gyrodyne (NASDAQ:GYRO) hat im Rahmen seines strategischen Liquidationsplans eine bedeutende Immobilien-Transaktion bekanntgegeben. Die Tochtergesellschaft GSD Flowerfield hat einen Vertrag zum Verkauf eines 49 Hektar gro脽en Grundst眉cks in Smithtown, New York, an B2K Smithtown LLC abgeschlossen. Der Kaufpreis liegt zwischen 24 und 28,74 Millionen US-Dollar, wobei der endg眉ltige Preis auf 28,74 Millionen US-Dollar gesch盲tzt wird.
Die Transaktion hat den Nettoverm枚genswert (NAV) von Gyrodyne positiv beeinflusst und diesen zum 30. Juni 2025 auf etwa 32,6 Millionen US-Dollar (14,83 US-Dollar pro Aktie) erh枚ht, was eine Steigerung von 6% gegen眉ber dem NAV des Vorquartals von 30,8 Millionen US-Dollar (14,01 US-Dollar pro Aktie) darstellt. Das Grundst眉ck soll f眉r die Entwicklung von betreuten Wohnanlagen genutzt werden, wobei 眉ber 40 % als Freifl盲che erhalten bleiben.
- Purchase price range of $24-28.74M for the 49-acre parcel, with estimated final price at $28.74M
- NAV increased by $1.8M ($0.84 per share) to $32.6M, representing 6% growth from previous quarter
- Development plan preserves over 40% of property as open space
- Transaction expected to enhance marketability and value of adjacent industrial park
- Sale is contingent on certain conditions and contingencies
- Additional projected costs expected in connection with revised liquidation timeline
Insights
Gyrodyne's $28.74M land sale agreement advances liquidation strategy, boosts NAV by 6% to $14.83/share, unlocking shareholder value.
Gyrodyne's agreement to sell 49 acres of vacant Flowerfield land represents a strategic milestone in the company's liquidation plan. The deal with B2K Smithtown sets a purchase price range of
The sale's strategic importance extends beyond immediate financial gains. By divesting this vacant land parcel for assisted living development while preserving
From a liquidation perspective, this transaction advances Gyrodyne's stated goal of systematically monetizing assets to return capital to shareholders. The company appears to be executing its wind-down strategy methodically, with professional representation from JLL Capital Markets facilitating the transaction. With this sale representing a substantial portion of Gyrodyne's asset portfolio (based on the significant NAV impact), investors should closely monitor the company's progress toward complete liquidation and final distributions.
ST. JAMES, N.Y., Aug. 04, 2025 (GLOBE NEWSWIRE) -- 聽Gyrodyne, LLC (NASDAQ:GYRO), an owner and manager of a diversified portfolio of real estate properties, today announced that its subsidiary, GSD Flowerfield, LLC, has entered into a purchase and sale agreement (the 鈥淎greement鈥�) for the sale of approximately 49 acres of vacant land located within the Company鈥檚 Flowerfield complex in St. James, New York (the 鈥淧roperty鈥�) to B2K Smithtown LLC (鈥淏2K鈥�).
The Agreement sets a purchase price range of
鈥淭his agreement marks a significant milestone in the execution of our strategic plan,鈥� said Gary Fitlin, Chief Executive Officer of Gyrodyne. 鈥淲e believe this transaction aligns with our commitment to maximize value for our shareholders. The transaction may also enhance the marketability and value of our adjacent industrial park at Flowerfield, and the proposed development will bring long-term value to the Smithtown community. As we evaluated potential uses for the property, it became clear that there is a meaningful need for assisted living facilities in the region, which also has a low traffic impact to the community. In our discussions with B2K Development, we agreed on the importance of aligning with community values, and we are pleased that their proposed development will preserve over
As a result of the Agreement and associated assumptions, including anticipated site plan approval and additional projected costs incurred in connection with the revised liquidation timeline, the Company currently estimates its net asset value in liquidation (鈥淣AV鈥�) as of June 30, 2025, to be approximately
Peter Pitsiokos, Chief Operating Officer of Gyrodyne noted 鈥淥ur agreement with B2K Development reflects our confidence in a proven and trusted company whose successful residential developments throughout the region are the result of a corporate culture that works with surrounding neighbors and government authorities to ensure their projects complement and enhance the communities in which they are situated.鈥澛�
A JLL Capital Markets team led by Senior Managing Director Jose Cruz, Director Ryan Robertson and Vice Chairman David Leviton arranged the sale on behalf of Gyrodyne.
The Agreement includes customary representations, warranties, and covenants. A copy of the full Agreement has been filed as Exhibit 10.1 to the Company鈥檚 Current Report on Form 8-K filed with the Securities and Exchange Commission on August 4, 2025.
About Gyrodyne, LLC
Gyrodyne, LLC owns and manages a diversified portfolio of real estate properties comprising office, industrial and service-oriented properties in the New York metropolitan area. Gyrodyne owns a 63-acre site approximately 50 miles east of New York City on the north shore of Long Island, which includes industrial and office buildings and undeveloped property which is the subject of plans to seek value-enhancing entitlements. Gyrodyne also owns a medical office park in Cortlandt Manor, New York which is also the subject of a subdivision application. Gyrodyne's common shares are traded on the NASDAQ Stock Market under the symbol GYRO. Additional information about Gyrodyne may be found on its web site at www.gyrodyne.com.
听听
Forward-Looking Statement Safe Harbor
The statements made in this press release that are not historical facts constitute "forward-looking information" within the meaning of the Private Securities Litigation Reform Act of 1995, and Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, which can be identified by the use of forward-looking terminology such as "may," "will," "anticipates," "expects," "projects," "estimates," "believes," "seeks," "could," "should," or "continue," the negative thereof, other variations or comparable terminology as well as statements regarding the evaluation of strategic alternatives. Important factors, including certain risks and uncertainties, with respect to such forward-looking statements that could cause actual results to differ materially from those reflected in such forward-looking statements include, but are not limited to, risks and uncertainties generally relating to our efforts to enhance the values of our remaining properties and seek the orderly, strategic sale of such properties as soon as reasonably practicable, risks associated with the Article 78 Proceeding against the Company and any other litigation that may develop in connection with our efforts to enhance the value of and sell our properties, risks relating to our national marketing campaign led by JLL for the sale of our Flowerfield and Cortlandt Manor properties, risks associated with our purchase and sale agreement with B2K (and future purchase and sale agreements for our remaining properties that may be contingent on years-long regulatory contingencies) in light of our financial condition, community activism risk, proxy contests and other actions of activist shareholders, regulatory enforcement risk, risks inherent in the real estate markets of Suffolk and Westchester Counties in New York, the potential residual effects of the COVID-19 pandemic, lingering risks relating to the 2023 banking crisis and closure of two major banks (including one with whom we indirectly had a mortgage loan which the FDIC transferred in December 2023 to a new holder following the banks closure), ongoing inflation risk, ongoing interest rate uncertainty, recession uncertainty and supply chain constraints or disruptions, and other risks detailed from time to time in Gyrodyne鈥檚 SEC reports.
Contact:
Gary Fitlin
Chief Executive Officer
Gyrodyne, LLC
Phone: (631) 584-5400
FAQ
What is the purchase price for Gyrodyne's 49-acre Smithtown property sale?
How has the Smithtown property sale affected Gyrodyne's (GYRO) NAV per share?
What is the planned development for Gyrodyne's Smithtown property?
Who is the buyer of Gyrodyne's Smithtown property?
What is the total net asset value (NAV) of Gyrodyne following the Smithtown property sale agreement?
