GYRODYNE ACQUIRES $7 MILLION MEDICAL OFFICE BUILDING

CORTLANDT MANOR, N.Y. — St. James, N.Y.-based Gyrodyne Company of America has acquired Cortlandt Manor Medical Center, a 29,811-square-foot medical office building located in Cortlandt Manor, for $7 million. The building is situated on 5 acres at 1985 Crompond Rd., adjacent to Hudson Valley Hospital Center. The property is currently 97 percent leased to 13 tenants. Gyrodyne acquired the property from Cortlandt Building Associates at a cap rate of 9.8 percent. M&T Bank provided $5.25 million in financing to assist in the purchase.