8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  February 1, 2011

	GYRODYNE COMPANY OF AMERICA, INC.
	(Exact name of Registrant as Specified in its Charter)
New York	000-01684	11-1688021
(State or other jurisdiction	(Commission File	(I.R.S. Employer
of incorporation)	Number)	Identification No.)
	ONE FLOWERFIELD
	SUITE 24
	ST. JAMES, NEW YORK 11780
	(Address of principal executive offices) (Zip Code)
	(631) 584-5400
	Registrant’s telephone number, including area code
	N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01.  Other Events

On February 1, 2011, the Court of Claims of the State of New York entered a decision and order (the “Order”) granting the motion of Gyrodyne Company of America, Inc. (the “Company”) for an additional allowance of $1,474,940.67 for actual and necessary costs, disbursements and expenses, including attorneys’ fees and expenses, incurred in its case for just compensation from the State of New York for land appropriated in 2005.  The additional allowance supplements the amount awarded by the Court in its decision in favor of the Company last year.  A copy of the Order is attached hereto as Exhibit 99.1.

Item 9.01.  Financial Statements and Exhibits

(d)	Exhibits
	Exhibit No.	Exhibit
	99.1	Decision and Order

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	GYRODYNE COMPANY OF AMERICA, INC.
	By:	/s/ Stephen V. Maroney
		Stephen V. Maroney
		President and Chief Executive Officer
Date:  February 8, 2011

EX-99.1

Exhibit 99.1