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Firm Files $158M Notice of Claim

ST JAMES, NY-Gyrodyne files a notice of claim against the state seeking $158 million in damages. The claim relates to a eminent domain taking of 245.5 acres.

By Barbara Jarvie | Updated on May 02, 2006

ST JAMES, NY-Gyrodyne Co. of America Inc. has filed a notice of claim with the Court of Claims of the State of New York seeking $158 million in damages from the state. The claim relates to Stony Brook University having acquired title to 245.5 acres of property adjacent to the university, known as Flowerfield, by using the eminent domain process. The university plans to develop the site as the Stony Brook University Research and Development Campus. For previous coverage, click here .

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.

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