Company Receives MOD Designation for Mixed-Use
154,000 Square foot Property, Paving the Way for Increased Value
Creation
ST.
JAMES, N.Y., March 29,
2023 /PRNewswire/ -- Gyrodyne, LLC (NASDAQ:
GYRO), an owner and manager of a diversified portfolio of real
estate properties, announced that, on March
20, 2023, the Town of Cortlandt
Manor's Board unanimously adopted a SEQRA findings
statement, effectively completing the environmental review process,
and approved the adoption of a Local Law Establishing a Medical
Oriented Zoning District ("MOD") that Gyrodyne's Cortlandt Manor property will be reclassified
in. The law establishing the MOD becomes effective upon its filing
by the Town of Cortlandt Manor
with the New York Secretary of
State, which is expected to occur on or about April 9, 2023 (20 days following adoption).
GYRODYNE ANNOUNCES CORTLANDT MANOR APPROVAL OF MEDICAL ORIENTED
ZONING DISTRICT
Under the adopted MOD, Gyrodyne received MOD campus designation
for a mixed-use 154,000 square foot property (including the
operating lot) comprised of 150,000 square feet of medical use and
4,000 square feet of retail use space.
The purpose of the MOD is to expand the Town's medical
infrastructure and encourage economic development, including
capital investment, job creation and housing options.
Gyrodyne's existing 31,421 square foot Cortlandt Medical Center,
situated on 13.8 acres, is located directly across the street from
New York Presbyterian's Hudson Valley Hospital Center, the largest
employer in the Town, and within the boundaries of the MOD.
Gyrodyne has committed resources toward both market research and
feasibility studies in support of achieving entitlements to
maximize the value of the property.
Paul Lamb, Gyrodyne's Chairman,
said, "The Town's approval of the MOD is a major step forward
toward maximizing the value of our Cortlandt Manor property. With this important
milestone behind us, we can continue moving this project forward
and drive enhanced shareholder value."
Gary Fitlin, Gyrodyne's Chief
Executive Officer, said, "The MOD adoption represents the
culmination of eight years of Gyrodyne's management, planners and
engineers collaborating with the Town to help plan the MOD and
identify issues and solutions. We do not plan on developing the
property ourselves, but rather will focus on positioning it to be
sold in the shortest period of time with the least amount of risk.
Achieving MOD designation provides for increased development
flexibility and will allow us to sell the property at a valuation
higher than previously possible."
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.
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 relating to Gyrodyne's efforts to enhance the
values of its remaining properties and seek the orderly, strategic
sale of such properties as soon as reasonably practicable, risks
associated with the Article 78 Proceeding against Gyrodyne and any
other litigation that may develop in connection with our efforts to
enhance the value of and sell our properties, ongoing community
activism, risks related to the recent banking crisis and closure of
two major banks (including one with whom Gyrodyne indirectly has a
mortgage loan), regulatory enforcement, risks inherent in the real
estate markets of Suffolk and
Westchester Counties in
New York, the ability to obtain
additional capital in order to enhance the value of the Flowerfield
and Cortlandt Manor properties,
the potential effects of the COVID-19 pandemic, the risk of
inflation, rising interest rates, recession and supply chain
constraints or disruptions, and other risks detailed from time to
time in Gyrodyne's SEC reports.
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SOURCE Gyrodyne, LLC