User:Gcp827/Sandbox: Difference between revisions
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==History== |
==History== |
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Gyrodyne Company of America was founded in 1946 by Peter J. Papadakos, using the assets he bought from the bankrupt Bendix Helicopter Company. The company continued Bendix's development of a one-man synchronized co-axial rotor helicopter in Massapequa, New York before moving to St.James, New York, in 1951. For the next 24 years the company was engaged in the design, testing, development, and production of coaxial helicopters, primarily for the U.S. Navy. In 1975 Gyrodyne began converting its helicopter manufacturing facilities into rental space suitable for light industry. Since then the company has concentrated its efforts on the management and development of real estate. |
Gyrodyne Company of America was founded in 1946 by Peter J. Papadakos, using the assets he bought from the bankrupt Bendix Helicopter Company. The company continued Bendix's development of a one-man synchronized co-axial rotor helicopter in Massapequa, New York before moving to St.James, New York, in 1951. For the next 24 years the company was engaged in the design, testing, development, and production of coaxial helicopters, primarily for the U.S. Navy. In 1975 Gyrodyne began converting its helicopter manufacturing facilities into rental space suitable for light industry. Since then the company has concentrated its efforts on the management and development of real estate.<ref>http://www.gyrodyne.com/recentnews_view.php?id=57</ref> |
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On November 2nd 2005 SUNY Stony Brook took 245.5 acres under eminent domain from Gyrodyne, initially paying them 26,315,000 for the property. In 2006 Gyrodyne opened a case for just compensation. Finally, in 2010, the Court of Claims ruled in Gyrodyne's favor when it awarded the company 125,000,000 thereby requiring the state to pay an additional 98,685,000 plus interest of nine percent from the date of taking, to the date of payment. |
On November 2nd 2005 SUNY Stony Brook took 245.5 acres under eminent domain from Gyrodyne, initially paying them $26,315,000 for the property. In 2006 Gyrodyne opened a case for just compensation. Finally, in 2010, the Court of Claims ruled in Gyrodyne's favor when it awarded the company $125,000,000 thereby requiring the state to pay an additional $98,685,000 plus interest of nine percent from the date of taking, to the date of payment. <ref>http://www.gyrodyne.com/recentnews_view.php?id=57</ref> |
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In 2006 Gyrodyne became a publicly traded REIT. Around this time, Gyrodyne began focusing on purchasing medical properties. Since then, the company has bought three such facilities: two in New York, and one in Northern Virginia. |
In 2006 Gyrodyne became a publicly traded REIT. Around this time, Gyrodyne began focusing on purchasing medical properties. Since then, the company has bought three such facilities: two in New York, and one in Northern Virginia. |
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Revision as of 17:35, 25 September 2012
Gyrodyne Company of America, Inc. is a real estate investment trust (REIT) that owns, leases, and manages commercial properties along the Eastern Coast of the United States. [1] [2]
Gyrodyne is located in Saint James, New York in Eastern Long Island and was founded in 1946, initially as a helicopter design and manufacturing company.
History
Gyrodyne Company of America was founded in 1946 by Peter J. Papadakos, using the assets he bought from the bankrupt Bendix Helicopter Company. The company continued Bendix's development of a one-man synchronized co-axial rotor helicopter in Massapequa, New York before moving to St.James, New York, in 1951. For the next 24 years the company was engaged in the design, testing, development, and production of coaxial helicopters, primarily for the U.S. Navy. In 1975 Gyrodyne began converting its helicopter manufacturing facilities into rental space suitable for light industry. Since then the company has concentrated its efforts on the management and development of real estate.[3]
On November 2nd 2005 SUNY Stony Brook took 245.5 acres under eminent domain from Gyrodyne, initially paying them $26,315,000 for the property. In 2006 Gyrodyne opened a case for just compensation. Finally, in 2010, the Court of Claims ruled in Gyrodyne's favor when it awarded the company $125,000,000 thereby requiring the state to pay an additional $98,685,000 plus interest of nine percent from the date of taking, to the date of payment. [4]
In 2006 Gyrodyne became a publicly traded REIT. Around this time, Gyrodyne began focusing on purchasing medical properties. Since then, the company has bought three such facilities: two in New York, and one in Northern Virginia.