Item 8.01. Other Events.

On June 5, 2012, Gyrodyne Company of America, Inc. (the "Company") issued the press release attached hereto as Exhibit 99.1 announcing the denial by the Court of Appeals of the State of New York (the "State") of the State's motion seeking leave to appeal the decision and order of the Appellate Division of the Supreme Court, Second Department decided on November 22, 2011, which affirmed the judgment of the Court of Claims entered in favor of the Company for $125 million plus statutory interest of nine percent from the date of the taking of November 2, 2005 through the date of payment and for an additional allowance of $1,474,940.67 for actual and necessary costs, disbursements and expenses, including attorneys' fees and expenses, resulting from the condemnation of 245.5 acres of the Company's Flowerfield property.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Document
99.1 Press Release dated June 5, 2012

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