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CORTLANDT MANOR, NY-The Cortlandt Medical Center complex here is in contract with a Long Island-based buyer for $7 million. Gyrodyne Co. of America Inc. has agreed to acquire the 29,811-sf complex at 1985 Crompond Rd. across the street from the Hudson Valley Hospital Center.

Company officials say the property, which sits on a little over five acres, has 13 medical practice tenants and has an occupancy rate of 97%. Based on the previous year’s net operating income, the property is being purchased at a cap rate exceeding 9%. The center posted 2007 revenues of $1 million. The firm did not disclose the seller in the deal. Gyrodyne says it expects to complete due diligence and close on the property by the middle of next month.

“This transaction is a welcome addition to our real estate rental operation and qualifies for tax deferral treatment under Section 1033 of the Internal Revenue Code,” says Stephen Maroney, president and CEO of Gyrodyne. “Based on our experience with the 2007 acquisition of the 10 medical buildings in the Port Jefferson Professional Park, we are confident this will prove to be a very worthwhile investment for the company.”

In June 2007 Gyrodyne closed on the purchase of the 40,000-sf Port Jefferson Professional Park on Long Island for $8.9 million. The company is primarily involved in the operation of rental properties in St. James and Port Jefferson Station, NY.

The company states it has approximately 169,043 rentable sf that house 51 tenants in space suitable for office, engineering, manufacturing, and warehouse use. The company owns a 68-acre tract of land located on the north shore of Suffolk County, Long Island, where it has proposed to develop an age-restricted residential community. Gyrodyne has a limited partnership investment in Callery Judge Grove LP, which owns a more than 3,500-acre property in Palm Beach County, FL where a mixed-use of residential, commercial and retail development has been proposed. The firm is also contesting the $26.3 million it was paid by New York State in 2005 for 245.5 acres near the State University of Stony Brook campus that were taken via eminent domain.

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