The roughly six-year lawsuit between Stony Brook University and Gyrodyne Company of America, Inc. ended nearly six months ago, according to President Samuel L. Stanley.
The dispute came about on Nov. 2, 2005, after Stony Brook University acquired 245.4 of the 316 acres from Gyrodyne Company of America, according to the company’s website.
Gyrodyne, a real estate company, estimated that its Flowerfield property was worth $125 million. Stony Brook University, however, purchased nearly 78 percent of the land for only $26.3 million through eminent domain.
According to an article previously published in The Statesman, eminent domain “allows the government to seize private property for public use after paying fair market value for the property.”
However, Gyrodyne filed a suit against the state, feeling it was underpaid for the property.
Since Stony Brook University purchased the property to build Stony Brook University’s Center of Excellence in Wireless and Information Technology (CEWIT), New York State felt the university should pay for the penalty.