Gyrodyne to sell land in New York as part of liquidation plan
Sale Agreement Announcement: Gyrodyne's subsidiary, GSD Flowerfield, has entered into a purchase agreement to sell approximately 49 acres of vacant land in St. James, NY, to B2K Smithtown LLC for an estimated final price of $28.74 million, which is expected to increase the company's net asset value significantly.
Community and Strategic Impact: The transaction is seen as a key step in Gyrodyne's strategic plan to maximize shareholder value, with plans for assisted living facilities that align with community needs while preserving over 40% of the property as open space.
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GYRODYNE, LLC ANNOUNCES AGREEMENT TO SELL 49-ACRE PARCEL IN SMITHTOWN, NEW YORK AS PART OF STRATEGIC LIQUIDATION PLAN
Sale Agreement Announcement: Gyrodyne, LLC has entered into a purchase agreement to sell approximately 49 acres of vacant land in St. James, New York, to B2K Smithtown LLC for a price estimated between $24 million and $28.74 million, which is expected to enhance the value of their adjacent industrial park and contribute positively to the local community.
Financial Impact and Future Outlook: Following the agreement, Gyrodyne estimates an increase in its net asset value (NAV) to approximately $32.6 million, reflecting a 6% rise from previous reports, while emphasizing the importance of aligning development with community values and needs.
