Gyrodyne's GSD Flowerfield Agrees To Sell 49 Acres In Flowerfield For Up To $28.74M

Gyrodyne, LLC (NASDAQ:GYRO), an owner and manager of a diversified portfolio of real estate properties, today announced that its subsidiary, GSD Flowerfield, LLC, has entered into a purchase and sale agreement (the "Agreement") for the sale of approximately 49 acres of vacant land located within the Company's Flowerfield complex in St. James, New York (the "Property") to B2K Smithtown LLC ("B2K").

The Agreement sets a purchase price range of $24,000,000 to $28,740,000, with the final amount subject to certain conditions and contingencies, and based on current information, the Company estimates the final price to be $28,740,000.   

As a result of the Agreement and associated assumptions, including anticipated site plan approval and additional projected costs incurred in connection with the revised liquidation timeline, the Company currently estimates its net asset value in liquidation ("NAV") as of June 30, 2025, to be approximately $32.6 million, with an estimated NAV per share of $14.83, an increase in NAV of $1.8 million or $0.84 per share. This represents an approximate 6% increase over the NAV reported in the first quarter 10-Q of $30.8 million or $14.01 per share.