Gyrodyne LLC (NASDAQ: GYRO) is a real estate company operating under a plan of liquidation, holding and managing two remaining properties while pursuing entitlement approvals to maximize sale proceeds for distribution to shareholders. Revenue comes from rental income collected at Flowerfield, an industrial park in St. James, New York, and Cortlandt Manor Medical Center in Cortlandt Manor, New York, while the company simultaneously pursues subdivision entitlements to increase the development value of those properties before sale. The company operates on a liquidation basis of accounting, with net assets in liquidation of $25,858,997 as of December 31, 2025, equating to estimated distributions of approximately $11.76 per common share based on 2,199,308 shares outstanding. Management targets completion of the liquidation by December 31, 2028. The three largest tenants, a medical tenant at Cortlandt Manor Medical Center, a New York State Agency at the industrial park, and an athletics facility at the industrial park, represented approximately 26%, 19%, and 11% of total rental income, respectively, for the year ended December 31, 2025.

Revenue model

Rental income from leases at two properties: Flowerfield industrial park (St. James, NY) and Cortlandt Manor Medical Center (Cortlandt Manor, NY). Tenants pay base rent plus reimbursements. During FY2025, four new leases totaling 5,676 square feet generated approximately $104,500 in annual base rent. Ultimate monetization depends on property sales following entitlement approvals.

Products and services

Commercial real estate leasing at two properties: Flowerfield industrial park and Cortlandt Manor Medical Center. Tenants include medical offices, a New York State Agency, and an athletics facility. The company also pursues land subdivision entitlements to increase property value prior to sale.

Customers and end markets

Tenants are commercial and medical office occupants plus a government agency and an athletics operator. As of December 31, 2025, the three largest tenants represented 26%, 19%, and 11% of total rental income. End markets include medical office, government, and light industrial/athletics uses.

Value-chain role

Property owner and landlord managing leases and pursuing municipal subdivision entitlements. Gyrodyne is in the final stage of an orderly asset liquidation, acting as seller preparing properties for disposition rather than as a long-term operator.

Geographic exposure

Operations concentrated in New York State: Flowerfield industrial park in St. James, NY (Suffolk County) and Cortlandt Manor Medical Center in Cortlandt Manor, NY (Westchester County).

Source: SEC 10-K, filed 2026-03-27

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