Gyrodyne retains JLL Capital Markets to sell 60-acre Long Island development site
Flowerfield property is approved for a state-of-the-art medical office development, senior housing and hotel
NEW YORK, Apr. 12, 2024 ‑ JLL Capital Markets announced today it has been retained by locally based Gyrodyne, LLC, to sell Flowerfield, a 60-acre redevelopment site in the hamlet of St. James in Suffolk County, Long Island, New York.
Situated at the intersection of Mills Pond Road and Flowerfield Drive, the site is currently configured with four single-story, multi-tenanted industrial buildings with a total building area of 134,893 square feet that is 84 percent occupied.
The site, adjacent to Stony Brook University Hospital, is fully approved for the development of a 125,000-square-foot medical office building, 250-bed assisted living facility and 125-key hotel with associated infrastructure improvements and landscaping.
A JLL Capital Markets team led by Senior Managing Director Jose Cruz, Director Ryan Robertson and Vice Chairman David Leviton is handling the assignment.
“This is a rare investment opportunity for an ideally located property that allows for the collection of in-place income from four industrial buildings with the potential for significant additional development with entitlements already in place,” said Leviton. "We anticipate broad-based interest in this site from investors who recognize the opportunity for strategically located development in one of the densest population centers in the nation."
Smithtown-based Gyrodyne, LLC, which owns and manages a diversified portfolio of real estate properties, has guided the plan through municipal approvals since 2022.
Peter Pitsiokos, the company’s EVP, COO, CCO & Corporate Secretary, commented, “As demand for best-in-class community-based healthcare continues unabated, the Flowerfield site is ideally situated close to major transportation arteries and the Long Island Railroad, offering seamless connectivity to New York City and beyond. We selected JLL based on the power of its platform and its ability to maximize the return on this highly desirable parcel.”
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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About Gyrodyne
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.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.