A Stony Brook spokesperson tells GlobeSt.com that the university has not been served with any papers yet. "Any comments, if made, would come after viewing the documents."
Last November, the University filed a deed with the Suffolk County Clerk's Office and vested title in the Property pursuant to the New York Eminent Domain Procedure Law On March 27, Gyrodyne received payment from the state of $26.3 million, which the company had previously elected to accept as an advance payment for the property.
Company officials believe the amount offered by the University undervalued the property. Stephen V. Maroney, president and chief executive officer of Gyrodyne, says the filing is a "first step toward achieving our goal of seeking just compensation for our shareholders for the property condemned by the University."
In other company news, Gyrodyne's board of directors voted unanimously to reject the unsolicited offer the company received from Opportunity Partners LP to acquire all of the shares of the company for $48 per share. "We believe that the pursuit of just compensation in the Court of Claims, together with the progress being made with the other components of our corporate strategy will enable Gyrodyne to achieve one or more shareholder liquidity events in a reasonable period of time and gives Gyrodyne a better chance to maximize value for our shareholders," Maroney says.
The property borders Route 25A in the towns of Smithtown and Brookhaven. The land is zoned for light industrial use. No zoning change is required for the intended research use of the property. Gyrodyne continues to own 68 acres on the site.
The first building to be completed would be the approximately 123,000-sf Center for Excellence in Wireless Information Technology, which would be finished in 2008. Following that construction, the master plan calls for nine additional research and development buildings that would be constructed over a 10-year period. The total for the project site would be approximately 830,000 sf.
The university also recently acquired 81 acres at Southampton College in a $35-million deal. It plans to develop a campus there focusing on academic programs related to the environment and sustainability beginning in September.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
