Gyrodyne update: lawsuit now over
“The roughly six-year lawsuit between Stony Brook University and Gyrodyne Company of America, Inc. ended nearly six months ago, according to President Samuel L. Stanley.
The dispute came about on Nov. 2, 2005, after Stony Brook University acquired 245.4 of the 316 acres from Gyrodyne Company of America, according to the company’s website.
Gyrodyne, a real estate company, estimated that its Flowerfield property was worth $125 million. Stony Brook University, however, purchased nearly 78 percent of the land for only $26.3 million through eminent domain.”
Barkley, Giselle. The Statesman 8 October 2013.