ST.
JAMES, N.Y., April 1,
2022 /PRNewswire/ -- Gyrodyne, LLC (NASDAQ: GYRO), an
owner and manager of a diversified portfolio of real estate
properties ("Gyrodyne"), announced that on March 30, 2022, the Town of Smithtown Planning
Board unanimously granted Gyrodyne's application for preliminary
subdivision approval with respect to its Flowerfield property,
subject to certain conditions including final approval of a
stormwater pollution prevention plan, revisions as may be required
pursuant to a SEQRA findings resolution adopted earlier and
separation of common areas into separate lots.
The Smithtown Planning Board issued its approval of Gyrodyne's
subdivision application after earlier that day adopting a findings
resolution required under the State Environmental Quality Review
Act, and then conducting a public hearing on the preliminary
subdivision map. The SEQRA findings resolution was a
prerequisite to adopting and approving the preliminary subdivision
application, and established certain thresholds with regard to
future development of the entire Flowerfield property, including
but not limited to thresholds on sanitary discharge, traffic,
cleared area and required vegetation.
The SEQRA findings resolution and preliminary approval of
Gyrodyne's subdivision application reflect the Planning Board's
consideration of over four years of public comment and review of
voluminous analyses of economic and environmental impacts,
including but not limited to traffic, sewage treatment and
viewshed.
Paul Lamb, Gyrodyne's Chairman,
said, "We are pleased by the Town's adoption of these resolutions
as they are a critical gating factor in Gyrodyne's ability to both
develop the Flowerfield property in a manner responsive to the
community's interests and move the project forward to enhance
shareholder value."
The findings resolution and preliminary subdivision application
approval allow the subdivision application to proceed to its next
phase of final subdivision approval, which includes securing
Suffolk County Department of Health and Department of Public Works
approvals (pending), New York
State Department of Transportation approvals and final
subdivision map approval from the Town of Smithtown. In this
regard, Gyrodyne will be required to provide additional engineering
analysis to the Town of Smithtown,
Suffolk County and New York State regarding, among other things,
a proposed sewage treatment plant, proposed traffic improvements on
local roadways and State Route 25A, and storm drainage, internal
roadway and utility infrastructure, much of which analysis has
already been completed.
Gary Fitlin, Gyrodyne's Chief
Executive Officer, commented that, while additional reviews and
filings will need to be conducted, the resolutions are a milestone
in Gyrodyne's efforts to steward the development of Flowerfield in
a manner that has embraced all stakeholders.
Gyrodyne will continue to actively market its entire Flowerfield
property on the basis of nine subdivided lots subject to and
contingent upon final approval for the subdivision and related
entitlements. Gyrodyne will also seek offers from potential
buyers who may be willing to purchase the entire Flowerfield
property or portions thereof on an "as is" basis, as well as offers
for the company as a whole, that Gyrodyne finds more attractive
from a timing or value perspective.
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 our efforts to enhance the values of
our remaining properties and seek the orderly, strategic sale of
such properties as soon as reasonably practicable, the effect of
economic and business conditions, 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 recent COVID-19 pandemic on our
business, operations and timelines for seeking entitlements and
pursuing the sale of our properties and distributions to our
shareholders, risks and uncertainties associated with any
litigation that may develop in connection with our efforts to sell
our properties strategically, including related enhancement
efforts, and other risks detailed from time to time in Gyrodyne's
SEC reports.
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SOURCE Gyrodyne, LLC