New York Supreme Court Rules in Favor of Gyrodyne in Article 78 Proceeding
Court Ruling in Favor of Gyrodyne: The New York Supreme Court dismissed a petition against Gyrodyne's eight-lot subdivision approval for its Flowerfield property, affirming the Planning Board's decision and addressing environmental concerns.
Future Development Plans: Gyrodyne is moving forward with marketing its properties and securing final approvals to maximize shareholder value, following the court's ruling which enhances clarity for potential buyers.
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Robinhood Shares Surge Over 7%; Check Out 20 Stocks Making Moves in Premarket Trading
Robinhood's Market Movement: Robinhood Markets, Inc. shares surged 7.4% in pre-market trading after being announced as a replacement for Caesars Entertainment in the S&P 500, effective September 22.
Other Notable Gainers: Several stocks saw significant pre-market gains, including Eightco Holdings (up 142.1%), Gyrodyne (up 82.1%), and Forward Industries (up 78.8%).
Pre-Market Losers: Citius Oncology experienced a 25% drop, while MEI Pharma and CNFinance also saw declines of 19.3% and 18.8%, respectively, in pre-market trading.
Market Overview: The article provides a snapshot of various stocks' performances, highlighting both significant gainers and losers in the pre-market trading session.
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.
