GYRODYNE ANNOUNCES CORTLANDT MANOR APPROVAL OF MEDICAL ORIENTED ZONING DISTRICT

Company Receives MOD Designation for Mixed-Use 154,000 Square foot Property, Paving the Way for Increased Value Creation

ST. JAMES, N.Y., March 29, 2023 /PRNewswire/ -- Gyrodyne, LLC (NASDAQ:GYRO), an owner and manager of a diversified portfolio of real estate properties, announced that, on March 20, 2023, the Town of Cortlandt Manor's Board unanimously adopted a SEQRA findings statement, effectively completing the environmental review process, and approved the adoption of a Local Law Establishing a Medical Oriented Zoning District ("MOD") that Gyrodyne's Cortlandt Manor property will be reclassified in. The law establishing the MOD becomes effective upon its filing by the Town of Cortlandt Manor with the New York Secretary of State, which is expected to occur on or about April 9, 2023 (20 days following adoption).