UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
--------------------
Date of Report (Date of earliest event reported): June 2, 2008
--------------------
GYRODYNE COMPANY OF AMERICA, INC.
---------------------
(Exact name of registrant as specified in its charter)
New York 000-01684 11-1688021
------------- ------------- ---------------
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
1 FLOWERFIELD, Suite 24
ST. JAMES, NEW YORK 11780
-------------------------
(Address of principal executive
offices) (Zip Code)
(631) 584-5400
-------------------------
Registrant's telephone number,
including area code
N/A
-------------------------
(Former name or former address, if changed
since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 2.01. Completion of Acquisition or Disposition of Assets.
On June 2, 2008, Gyrodyne Company of America, Inc. (the "Company") acquired the
Cortlandt Manor Medical Center in Cortlandt Manor, New York (the "Property")
from Cortlandt Building Associates, LLC (the "Seller"). The Property consists of
five office buildings which are situated on 5.01 acres with approximately 29,800
square feet of rentable space and a current occupancy rate of 97%. The purchase
price was $7,000,000, or $234.81 per square foot. The aggregate monthly rent
flow from the Property is currently $85,000. There is no material relationship
between the Company and the Seller. Of the $7,000,000 purchase price for the
Property, the Company paid $500,000 as a refundable deposit upon the signing of
the contract to acquire the Property and received financing in the amount of
$5,250,000 from M&T Bank.
The Company issued a press release dated June 2, 2008 announcing the acquisition
of the Property, a copy of which is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(a) Financial Statements of a Business Acquired.
This Current Report on Form 8-K will be supplemented by amendment no later than
71 calendar days after the date this report on Form 8-K is required to be filed
to provide the financial statements of the business acquired.
(b) Pro Forma Financial Information.
This Current Report on Form 8-K will be supplemented by amendment no later than
71 calendar days after the date this report on Form 8-K is required to be filed
to provide pro forma financial information.
(C) EXHIBITS
EXHIBIT NO. DOCUMENT
----------- ---------
99.1 Press Release dated June 2, 2008.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
GYRODYNE COMPANY OF AMERICA, INC.
By: /s/ Stephen V. Maroney
-------------------------------------
Stephen V. Maroney
President, Chief Executive Officer
and Treasurer
Date: June 2, 2008