Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Rental property:
Land	$ 1,733,693	$ 1,785,293
Building and improvements	11,307,442	11,205,934
Machinery and equipment	344,733	344,733
	13,385,868	13,335,960
Less accumulated depreciation	4,807,276	4,557,615
	8,578,592	8,778,345
Land held for development:
Land	558,466	558,466
Land development costs	1,923,822	1,823,847
	2,482,288	2,382,313
Total real estate, net	11,060,880	11,160,658
Assets held for sale	22,411,392	22,024,321
Cash and cash equivalents	4,377,093	13,048,827
Investment in marketable securities	6,071,506	3,380,864
Rent receivable, net of allowance for doubtful accounts of approximately $74,000 in 2014 and 2013	31,988	82,663
Deferred rent receivable	48,365	57,369
Prepaid expenses and other assets	350,848	618,279
Prepaid pension costs	586,401	608,807
Total Assets	44,938,473	50,981,788
LIABILITIES:
Accounts payable	250,523	1,603,279
Accrued liabilities	513,515	3,246,403
Deferred rent liability	23,557	21,387
Tenant security deposits payable	253,100	271,658
Liabilities related to assets held for sale	365,923	381,966
Deferred income taxes	1,315,000	1,315,000
Dividend payable	682,033
Notes payable	16,447,427	16,144,614
Total Liabilities	19,851,078	22,984,307
Commitments and contingencies
EQUITY:
Common stock, $1 par value; authorized 4,000,000 shares; 1,723,888 shares issued; 1,482,680 shares outstanding	1,723,888	1,723,888
Additional paid-in capital	17,753,505	17,753,505
Accumulated other comprehensive income	118,219	118,789
Deficit	(9,863,126)	(9,119,471)
	9,732,486	10,476,711
Less cost of shares of common stock held in treasury; 241,208	(1,537,697)	(1,537,697)
Total Gyrodyne Stockholders’ Equity	8,194,789	8,939,014
Non-controlling interest in GSD, LLC	16,892,606	19,058,467
Total equity	25,087,395	27,997,481
Total Liabilities and Equity	$ 44,938,473	$ 50,981,788