Gyrodyne retains JLL to sell 14-acre Westchester development site

NEW YORK, Apr. 30, 2024  – JLL Capital Markets today announced it has been retained by New York-based Gyrodyne, LLC, to sell Cortlandt Medical Park, a nearly 14-acre redevelopment site located on Route 202/Crompond Road in the Westchester, New York hamlet of Cortlandt  Manor.

Located adjacent to the New York Presbyterian Hudson Valley Hospital, the site is currently occupied by five one- and two-story medical office buildings totaling 31,420 square feet which are 92 percent occupied by tenants including New York Presbyterian, one of the largest comprehensive healthcare networks in the world.

A total of 9.79-acres are developable and can accommodate any future mixed-use development under the Town of Cortlandt’s strategy to create a Medical Oriented District (MOD) as part of a Master Plan to build an economically, environmentally and socially sustainable future for the town.

Smithtown, New York-based Gyrodyne, LLC, which owns and manages a diversified portfolio of real estate properties across the northeast, has been working with the town to envision a concept for how the MOD area could be redeveloped into a walkable, visually cohesive district with first class medical office space and services, complementary housing and appropriate amenities such as sidewalks, open space plazas and eateries.

The site has already been zoned for the construction of 150,00 square feet of state-of-the-art medical office space.

Peter Pitsiokos, Gyrodyne’s EVP, COO, CCO & Corporate Secretary, commented, “We are delighted to partner with JLL to bring this development opportunity to the market. Cortlandt Manor is an amenity-rich location with striking local demographics that distinguish the town as one of the Tristate’s premier destinations. We applaud the town’s foresight in supporting redevelopments like this that will support Cortlandt’s economic vitality for years to come.”

The JLL Capital Markets team led by Senior Managing Director Jose Cruz, Director Ryan Robertson and Vice Chairman David Leviton is leading the assignment.

“Cortlandt Medical Park sits just over an hour drive north of New York City and has a flourishing local economy, advanced medical community and tight residential market,” said Robertson. “We anticipate a great deal of interest in this opportunity. It will enable an investor to capitalize on the success of an already established medical hub - anchored by one of the world’s leading medical institutions - while collecting in-place income from established healthcare tenants.”

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Gyrodyne, LLC owns and manages a diversified portfolio of real estate properties comprising office, industrial and service-oriented properties in the New York metropolitan area. The Company owns a 63-acre site approximately 50 miles east of New York City on the north shore of Long Island, which includes industrial and office buildings and undeveloped property, and a medical office park in Cortlandt Manor, New York, both of which are the subject of plans to seek value-enhancing entitlements. The Company's common shares are traded on the NASDAQ Capital Market under the symbol GYRO. Additional information about the Company may be found on its web site at gyrodyne.com.