Summary of GYRODYNE CO OF AMERICA INC

Item 8.01. Other Events.

On June 25, 2012, Gyrodyne Company of America, Inc. (the "Company") received from the State of New York a Certificate of No Further Appeal in connection with 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. The Company had requested the Certificate, which it has forwarded to the State Comptroller in order to receive payment in accordance with Section 20 of the Court of Claims Act.

The total amount of the judgment, including statutory interest and the amount for costs, disbursements and expenses, is approximately $166,600,000 as of June 25, 2012. The timing of payment is still unknown at this time.

A copy of the Certificate of No Further Appeal is attached hereto as Exhibit 99.1

Forward-Looking Statement Safe Harbor
The statements made in this Form 8-K that are not historical facts constitute "forward-looking information" within the meaning of the Private Securities Litigation Reform Act of 1995, and Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, both as amended, which can be identified by the use of forward-looking terminology such as "may," "will," "anticipates," "expects," "projects," "estimates," "believes," "seeks," "could," "should," or "continue," the negative thereof, other variations or comparable terminology. Important factors, including certain risks and uncertainties, with respect to such forward-looking statements that could cause actual results to differ materially from those reflected in such forward-looking statements include, but are not limited to, Gyrodyne's case for just compensation for 245.5 acres condemned by the State of New York, the effect of economic and business conditions, including risks inherent in the real estate markets of Suffolk and Westchester Counties in New York, Palm Beach County in Florida and Fairfax County in Virginia, the ability to obtain additional capital in order to develop Gyrodyne's undeveloped property in St. James, New York and other risks detailed from time to time in Gyrodyne's SEC reports.