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REIT Scores Eminent Domain Victory

ST. JAMES, NY-A state judge has ruled that Gyrodyne is entitled to the full $125-million value at which it appraised land seized in 2005.

By Paul Bubny | Updated on July 01, 2010

ST. JAMES, NY-A state court has ruled that New York State undervalued 245.5 acres that it seized from Gyrodyne Co. in 2005. The ruling by Judge James J. Lack of the New York State Court of Claims says the locally based REIT is entitled to the full $125-million value at which Gyrodyne appraised the property; the state paid Gyrodyne $26.3 million when it seized the land for the SUNY Stony Brook Research and Development Park.

A spokeswoman for SUNY Stony Brook tells GlobeSt.com that the university is reviewing Lack’s decision. Calls to the state attorney general’s office were not returned by deadline.

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