FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response... 0.5

(Print or Type Responses)

1. Name and Address of Reporting Person * LAMB PAUL L   2. Issuer Name and Ticker or Trading Symbol GYRODYNE CO OF AMERICA INC [GYRO] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 42 MT. GREY ROAD 3. Date of Earliest Transaction (Month/Day/Year) 06/26/2015 (Street) EAST SETAUKET, NY 11733 4. If Amendment, Date Original Filed(Month/Day/Year) 06/30/2015 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Gyrodyne Company of America Common Stock 06/26/2015   P(1)   9,963.5 A $ 2.75 12,240.5 I By Lamb & Barnosky Profit Sharing Plan, of which Mr. Lamb is Trustee Gyrodyne Company of America Common Stock 06/26/2015   P(1)   52,171.5 A $ 2.75 64,094.5 I By Paul L. Lamb P.C. Defined Benefit Plan, of which Mr. Lamb is Trustee Gyrodyne Company of America Common Stock 06/26/2015   P(1)   50,625 A $ 2.75 66,003 I By Paul L. Lamb IRA

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
LAMB PAUL L 42 MT. GREY ROAD EAST SETAUKET, NY 11733	X

Signatures

P.L. Lamb		07/08/2015
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	On June 26, 2015, the reporting person purchased a total of 112,760 shares of common stock of Gyrodyne Company of America, Inc. (the "Company") for $2.75 per share in connection with the reporting person's exercise of nontransferable subscription rights to purchase common stock of the Company pursuant to the Company's rights offering.
Remarks: The Form 4 as originally filed, incorrectly reported the number of shares acquired on 6/26/15 and the total amount of securities beneficially owned following the transaction by Paul L. Lamb IRA as 39,183 and 54,561, respectively. The actual number of shares purchased on 6/26/15 was 50,625 and the total amount of securities beneficially owned following the transaction by Paul L. Lamb IRA is 66,0003. As a result, the total number of shares purchased by the reporting person on 6/26/15 in connection with the reporting person's exercise of nontransferable subscription rights to purchase common stock of the Company pursuant to the Company's rights offering is 112,760 and not 101,318 as was stated in footnote no. 1 in the Form 4 as originally filed. A typographical error in the Form 4 as originally filed reported the total number of shares beneficially owned by the reporting person as trustee of the Lamb & Barnosky Profit Sharing Plan as 12,450.54 instead of the correct amount of 12,240.50. The Form 4, as amended by this Form 4A, correctly reports all of the foregoing information.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.