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Gyrodyne Company hires advisor

Long Island Business News,  Jun 24, 2005  by LIBN Staff

Real estate investor Gyrodyne Company of America Inc. has hired an investment banker, Manhattan-based Coady Diemar Partners, to map its strategic options.

Gyrodyne is locked in a struggle with Stony Brook University, which is seeking part of the company's prime asset, a 314-acre site on Long Island known as Flowerfield, to build a research campus. The State University of New York has condemned the property, which straddles the towns of Smithtown and Brookhaven.

Coady Diemar was hired to analyze Gyrodyne's business operations and the market values of its assets and recommend possible transactions within 90 days.

Copyright 2005 Dolan Media Newswires
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