<SEC-DOCUMENT>0001571049-14-002421.txt : 20150202
<SEC-HEADER>0001571049-14-002421.hdr.sgml : 20150202
<ACCEPTANCE-DATETIME>20140617154116
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001571049-14-002421
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140617

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gyrodyne, LLC
		CENTRAL INDEX KEY:			0001589061
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
		IRS NUMBER:				463838291
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1 FLOWERFIELD, SUITE 24
		CITY:			ST. JAMES
		STATE:			NY
		ZIP:			11780
		BUSINESS PHONE:		631-584-5400

	MAIL ADDRESS:	
		STREET 1:		1 FLOWERFIELD, SUITE 24
		CITY:			ST. JAMES
		STATE:			NY
		ZIP:			11780
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt; font-variant: small-caps">Skadden,
Arps, Slate, Meagher &amp; Flom llp</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 8pt">DIRECT DIAL</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(212) 735-2526</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 8pt">DIRECT FAX</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(917) 777-2526</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 8pt">EMAIL ADDRESS</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">THOMAS.KENNEDY@SKADDEN.COM</FONT></P></TD>
    <TD STYLE="width: 32%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Four
        Times Square</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">New
        York 10036-6522</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">&mdash;&mdash;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TEL: (212) 735-3000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FAX: (212) 735-2000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">www.skadden.com</P></TD>
    <TD STYLE="width: 32%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
<FONT STYLE="font-size: 8pt">FIRM/AFFILIATE
                           <BR>
                           OFFICES</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;&mdash;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">BOSTON</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">CHICAGO</FONT></P>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">LOS
        ANGELES</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">PALO
        ALTO</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">WASHINGTON,
        D.C.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">WILMINGTON</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;&mdash;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">BEIJING</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">BRUSSELS</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">FRANKFURT</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">HONG
        KONG</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">LONDON</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">MOSCOW</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">MUNICH</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">PARIS</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">S&Atilde;O
        PAULO</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">SEOUL</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">SHANGHAI</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">SINGAPORE</FONT></P>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">TOKYO</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">TORONTO</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">June 17, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Attn: Kristina Aberg</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">RE:</TD><TD STYLE="text-align: justify"><U>Gyrodyne, LLC - Registration Statement on Form S-4 (File No. 333-191820)</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Ms. Aberg:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are writing on behalf
of our client, Gyrodyne, LLC, a New York limited liability company (the &ldquo;<U>Gyrodyne, LLC</U>&rdquo;), to provide, on a supplemental
basis, our response to the letter of the staff of the Division of Corporation Finance (the &ldquo;<U>Staff</U>&rdquo;) of the Securities
and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;), dated May 29, 2014 (the &ldquo;<U>Comment Letter</U>&rdquo;), relating
to the above Registration Statement on Form S-4 (as amended by Amendment No. 1 thereto, the &ldquo;<U>Registration Statement</U>&rdquo;).
Set forth below are Gyrodyne LLC&rsquo;s responses to the comments raised in the Comment Letter. For the convenience of the Staff, each
comment in the Comment Letter is reprinted in bold, italicized text and is followed by the corresponding response of Gyrodyne,
LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The changes made to
the Registration Statement in response to the Staff&rsquo;s comments will be set forth in Amendment No. 2 to the Registration Statement
(&ldquo;<U>Amendment No. 2</U>&rdquo;), which Gyrodyne, LLC intends to file with the Commission on June 17, 2014. Capitalized terms
used and not otherwise defined herein have the respective meanings ascribed to such terms in the Registration Statement. Page references
set forth in a response to a comment are to the corresponding page in Amendment No. 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 17, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Prospectus Cover Page</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>1.</I></B></TD><TD STYLE="text-align: justify"><B><I>We have reviewed your response to comment 4 of our letter dated November 18, 2013. Please
confirm for us that the cover page will be no more than one page in length and that the cross reference to the Risk Factors section
will be highlighted in some manner. Please also include a statement on the cover page that it is your intent that the LLC Shares
will be publicly traded on NASDAQ. Refer to Item 501(b) of Regulation S-K.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We confirm that the
cover page will not exceed a page in length. In response to the Staff&rsquo;s comment, the cross reference to the Risk Factors section
has been highlighted in bold font and a statement has been included as to the intent that the LLC Shares will be publicly traded
on NASDAQ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>2.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please provide a reconciliation of the number of shares disclosed that will be issued to
holders of Gyrodyne stock, non-transferrable dividend notes and non-transferable interests in GSD to the total amount of common
shares Gyrodyne, LLC expects to issue upon completion of the merger.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comment, disclosure of the number of shares to be issued to holders of Gyrodyne stock, non-transferrable dividend notes
and non-transferable interests in GSD has been corrected such that the aggregate amount thereof equals the total amount of Gyrodyne,
LLC common shares to be issued upon completion of the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Summary Term Sheet,
page 1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>3.</I></B></TD><TD STYLE="text-align: justify"><B><I>We have reviewed your response to comment 6 of our letter dated November 18, 2013 and Section
1 of the Plan of Liquidation. Please disclose that you have not sought nor intend to seek shareholder approval of the Plan of Liquidation
at this time and the reasons why you believe a shareholder vote is not required. Revise your disclosure throughout the prospectus
as necessary to clarify that shareholders are only voting on the Plan of Merger.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comment, the disclosure has been expanded to clarify that Gyrodyne has not sought nor is it seeking shareholder approval
of the Plan of Liquidation in the proxy statement/prospectus included in the Registration Statement and to provide the reasons
why it believes a shareholder vote is not required. The disclosure has been further revised to clarify that shareholders are only
voting on the Plan of Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 17, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Revisions to the Merger
Agreement, page 4</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>4.</I></B></TD><TD STYLE="text-align: justify"><B><I>We note your response to comment 9 of our letter dated November 18, 2013, and your revised
disclosure on page 4 regarding the approximate allocation of shares in Gyrodyne, LLC post-merger. Specifically, we note your disclosure
on page 4 that &ldquo;[t]he board recognized that the GSD interests and Dividend Notes were not transferrable, and the holders will
not be able to readily realize value.&rdquo; Please explain how the Board&rsquo;s consideration of these factors impacted its determination
of the exchange ratios.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We supplementally advise
the Staff that the non-transferability of the GSD Interests and the Dividend Notes was noted by the Board, but that the non-transferability
did not directly impact the determination of the exchange ratios. See revisions on pages 5 and 33.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Comparison of Rights
of Gyrodyne Shareholders and Holders of Gyrodyne, LLC Shares, page 7</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>5.</I></B></TD><TD STYLE="text-align: justify"><B><I>We note your response to prior comment 11 and your revised disclosure. Please expand your
disclosure here, and elsewhere as appropriate, to discuss the material differences between the rights of holders of the Dividend
Notes and the holders of Gyrodyne, LLC Shares. Additionally, please tell us the extent to which you considered adding risk factor
disclosure discussing any conflicts of interest that exist between investors that have sold their Gyrodyne shares, but continue
to hold the Dividend Notes, and Gyrodyne shareholders.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comment, the disclosure has been expanded to discuss the material differences between the rights of holders of the Divided
Notes and the holders of Gyrodyne, LLC Shares. In addition, a risk factor has been added on page 21.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Our directors and
executive officers may have interests that are different..., page 19</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>6.</I></B></TD><TD STYLE="text-align: justify"><B><I>We note your risk factor disclosure on page 19 that your directors and executive officers
may have interests that are different, or in addition, to those of your shareholders in connection with the Plan of Merger. Please
revise this risk factor to specifically identify your directors&rsquo; and executive officers&rsquo; interests that are different from, or
in addition to, those of your shareholders.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comment, the risk factor has been revised to identify such interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 17, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>The Tax Liquidation;
Adoption of the Plan of Liquidation, page 27</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>7.</I></B></TD><TD STYLE="text-align: justify"><B><I>We note your response to prior comments 15 and 18, and your revised disclosure on pages 25-27.
Please disclose the specific reasons the Board rejected the first two scenarios discussed at the September 6, 2013 meeting for
distributing cash. Additionally, please clarify here, if true, that the Board primarily adopted the Plan of Liquidation because
it permits shareholders to treat the Special Dividends as a return of capital, rather than as capital gains. Please identify other
factors the Board considered when adopting the Plan of Liquidation, including any negative factors.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comment, the disclosure has been updated (see page 27) to discuss the reasons for the Board&rsquo;s determination and factors
considered in adopting the Plan of Liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Management Services
Arrangements, page 33</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>8.</I></B></TD><TD STYLE="text-align: justify"><B><I>We note your revised disclosure on page 33 discussing how Gyrodyne is entitled to market-rate
compensation for its services and reimbursement for various expenses incurred by GSD. We further note your risk factor disclosure
on pages 20-21, indicating that conflicts may arise in this context when the interests of Gyrodyne and GSD differ. Please revise
your disclosure to explain the purpose of the management services arrangements and why management determined that the arrangements
are necessary. Additionally, please clarify, if true, that such arrangements will cease to exist if the merger is approved and
consummated. Finally, please provide an estimate of the amount Gyrodyne would have been paid had this agreement been in place during
fiscal year 2013.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comment, the disclosure has been revised to address the purpose of the management services arrangements, their expiration
upon consummation of the merger and an illustrative estimate of the payments thereunder. Note that the management services arrangements
were developed to provide market-rate compensation for Gyrodyne in order to satisfy federal income tax principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Bonus Plan, page 36</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>9.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please tell us what consideration you gave to including risk factor disclosure concerning
any conflicts of interest that the Bonus Plan would create between Gyrodyne&rsquo;s management and shareholders in the event that the
merger is either not approved or consummated.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 17, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comment, we have added disclosure on page 20. However, we do not believe that a conflict between Gyrodyne&rsquo;s
management and shareholders exists in the event that the merger is not approved or consummated because the value of payments in
that case would be for the account of GSD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Pro Forma Condensed
Consolidated Statement of Changes in Net Assets (Liquidation Basis), page 44</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>10.</I></B></TD><TD STYLE="text-align: justify"><B><I>We note your response to our prior comment 32. Adjustments (f) and (a) on pages 45 and 46,
respectively, appear to disclose the company&rsquo;s accounting policy related to fair value measurements versus a detail description
of how the adjustments related to the change in market value of securities was derived. Please revise the disclosure in your amended
filing.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comment, adjustments (f) and (a) have been revised to conform to the disclosure regarding the valuation of such securities
to Gyrodyne&rsquo;s disclosure in footnote 14 of its Annual Report on Form 10-K for the year ended December 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Notes to Unaudited
Pro Forma Condensed Consolidated Balance Sheet, page 50</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>11.</I></B></TD><TD STYLE="text-align: justify"><B><I>We note your response to our prior comment 33. Within your amended filing, please provide
a note explaining why certain assets or liabilities do not require revaluation.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comment, an explanatory note has been added.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Notes to Unaudited
Pro Forma Condensed Consolidated Statement of Operations Year Ended December 31, 2013 and Year Ended December 31, 2012 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>12.</I></B></TD><TD STYLE="text-align: justify"><B><I>We note your response to our prior comment 36. We are still unclear how this adjustment is
expected to have a continuing impact. Please clarify and or revise your amended filing. Additionally, your response indicates that
the dividend is also being reversed. Please tell us where this adjustment is recorded and the company&rsquo;s rationale behind such adjustment.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comment, we have eliminated this adjustment and have included an explanatory note. We supplementally advise the Staff
that the income tax provision is related to the Special Dividend of the GSD Interests, which was reversed into income upon the
distribution of GSD Interests to Gyrodyne&rsquo;s shareholders. Because such adjustment to the income tax benefit will not have
a</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 17, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">continuing impact and, therefore, under
Rule 11-0-(b)(6) of Regulation S-X, Gyrodyne is restricted from providing a pro forma adjustment on such item.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>13.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please tell us how adjustment (e) related to removal of impairment charge is directly attributable
to the transaction and has a continuing impact.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comment, we have eliminated this adjustment and have included an explanatory note. We supplementally advise the Staff
that, pursuant to the guidance for determining the pro forma adjustments, the transaction is assumed to be consummated on January
1, 2013, the first day of the fiscal year preceding the current fiscal year. Our total portfolio is valued at $45.4 million as
of March 31, 2014. Because the impairment charge will not have a continuing impact and, therefore, under Rule 11-0-(b)(6) of Regulation
S-X, Gyrodyne is restricted from providing a pro forma adjustment on such item.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>The Proposal: Authorization
of the Plan of Merger, page 57 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Estimated Distribution
to Shareholders (including Estimated Distribution to holders of Gyrodyne, LLC Shares), page 59 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>14.</I></B></TD><TD STYLE="text-align: justify"><B><I>We note your response to our prior comment 41. We note that legal, accounting, and other
costs have been removed from the table. Additionally, we note that severance obligations, unfunded pension plan costs, D&amp;O
insurance expenses and litigation contingencies have also been removed. Please clarify and or revise in your amended filing.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to
the Staff&rsquo;s comment, we have clarified and revised the disclosure. We supplementally advise the Staff that the cash at
the end of the liquidation period is net of all business operating costs. The only items listed and disclosed separately in
the uses section of the &ldquo;Estimated Distribution To Shareholders&rdquo; schedule for the proxy/prospectus are the final
liquidation costs to complete the final phase of the business plan of liquidation and the payments under the Bonus Plan
triggered by the sale of the real estate. The remaining costs (i.e., accounting and legal)
were all included and appropriately netted against cash in the line item &ldquo;cash at the end of liquidation period&rdquo;.
We believe accounting and legal are mainly part of our operating costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>15.</I></B></TD><TD STYLE="text-align: justify"><B><I>We note the disclosure in your 10-K filed for the year ended December 31, 2013 that on March
14, 2014, the company and Rothschild, Inc. entered into an amended engagement letter whereby the engagement of Rothschild was terminated
and the company agreed to pay Rothschild $970,967. Please clarify</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 17, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"></TD><TD STYLE="text-align: justify"><B><I>if such amount has been paid and if not, include the amount as an adjustment under Uses in
the table within your amended filing.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comment, we supplementally advise the Staff that the Rothschild fee was paid during the first quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>16.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please provide your calculation as it relates to adjustment (a).</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comment, disclosure has been included that describes the basis on which adjustment (a) was calculated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Annex B: Solvency
Opinion of Valuation Research Corporation, page B-I</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>17.</I></B></TD><TD STYLE="text-align: justify"><B><I>We note your response to prior comment 46 indicating that the revised opinion has been filed
with this amendment. The opinion in Annex B, however, appears to be the same opinion previously filed. Please revise the opinion
to remove the limitation on reliance by shareholders.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comment, the opinion in Annex B has been updated to remove such limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Exhibit 5.1 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>18.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please revise the opinion to have counsel opine on whether the LLC Shares will be legally
issued and whether holders of the LLC Shares will have any obligation to make payments or contributions to the registrant or its
creditors solely by reason of the holder&rsquo;s ownership of the LLC Shares. Refer to Section II.B.1.b of Staff Legal Bulletin 19 (Oct.
14, 2011).</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comment, the opinion has been revised accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Exhibit 8.1 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B><I>19.</I></B></TD><TD STYLE="text-align: justify"><B><I>We note that your tax opinion states that the discussion under the heading &ldquo;Federal
Income Tax Considerations&rdquo; is a fair and accurate summary of the material tax consequences. Please revise the opinion to have
counsel opine upon the material tax consequences of the merger. If you elect to use a short-form opinion, please note that the
opinion and the tax disclosure in the prospectus both must state clearly that the disclosure in the tax consequences section of
the prospectus is the opinion of Skadden, Arps, Slate, Meagher &amp; Flom LLP, and that disclosure must clearly identify and articulate
the opinion being rendered. In addition, we note the word &ldquo;certain&rdquo; in the first sentence </I></B></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 17, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"><B><I>of the opinion. The opinion
should address the material federal income tax consequences to investors. Please revise. Please refer to Sections III.B and III.C
of Staff Legal Bulletin 19 (Oct. 14, 2011).</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the
Staff&rsquo;s comment, we have considered Section III of Staff Legal Bulletin No. 19 (&ldquo;Bulletin 19&rdquo;) and believe that
a tax opinion as to the material consequences of the merger is not required for the reasons described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Bulletin No. 19, Section
III.B states that &ldquo;when a registrant represents that an exchange offer or merger is a <U>taxable</U> transaction, no opinion
of counsel or accountant is required.&rdquo; (emphasis added). In these cases, &ldquo;the registrant . . . does not have to expertize
the disclosure by providing an opinion of counsel or accountant.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the reasons
set out in its disclosure, Gyrodyne expects that the merger will be treated as a taxable liquidation of Gyrodyne, and that its
shareholders will recognize gain to the extent the consideration received (in aggregate with amounts received pursuant to the First
Special Dividend and the Second Special Dividend) is in excess of such shareholder&rsquo;s basis in its Gyrodyne common stock. Because
the transaction will be taxable to such shareholders, no opinion of counsel is required. As a result, Gyrodyne respectfully submits
that a tax opinion as to the material consequences of the merger is not required under Bulletin 19.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you have any questions
or require any additional information regarding the foregoing, please call me at (212) 735-2526 or my colleague, Timothy M. Fesenmyer,
at (212) 735-2854.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; text-indent: 0in; font-size: 10pt">Sincerely,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-size: 10pt">/s/ Thomas H. Kennedy</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; font-size: 10pt">Thomas H. Kennedy</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Frederick C. Braun III</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><I>Gyrodyne Company of America,
Inc.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Timothy M. Fesenmyer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><I>Skadden, Arps, Slate, Meagher
&amp; Flom LLP</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Alon Y. Kapen<BR>
<I>Farrell Fritz, P.C.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>


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