1.	The Company

Gyrodyne, LLC (including its subsidiaries, “Gyrodyne”, the “Company” or the “Registrant”) is a limited liability company formed under the laws of the State of New York whose primary business is the management of, and the pursuit of entitlements on, a portfolio of medical office and industrial properties located in Suffolk (“Flowerfield”) and Westchester Counties (“Cortlandt Manor”), New York State.

Substantially all of our developed properties are subject to leases in which the tenant reimburses the Company for a portion, all of or substantially all of the costs and/or cost increases for utilities, insurance, repairs, maintenance and real estate taxes. Certain leases provide that the Company is responsible for certain operating expenses.

Gyrodyne's corporate strategy is to enhance the value of Flowerfield and Cortlandt Manor by pursuing entitlement opportunities and enhancing the value of its leases. The Company believes the aforementioned strategy will improve the chances of increasing the values for such properties. The value of the real estate reported in the consolidated statements of net assets as of

December 31, 2020

and

2019

(predicated on current asset values) includes some, but

not

all of the potential value impact that

may

result from such value enhancement efforts. There can be

assurance that our value enhancement efforts will result in property value increases that exceed the costs we incur in such efforts, or even any increase at all.

Our efforts to generate the highest values for Flowerfield and Cortlandt Manor

may

involve in limited circumstances other strategies to enhance the net value of Flowerfield and Cortlandt Manor to maximize the returns for our shareholders. Gyrodyne intends to dissolve after it completes the disposition of all of its real property assets, applies the proceeds of such dispositions

first

to settle any debts and claims, pending or otherwise, against Gyrodyne, and then makes distributions to holders of Gyrodyne common shares. The process of seeking entitlements to enhance property values and the amount and timing of distributions from proceeds of asset sales involve risks and uncertainties. As such, it is impossible at this time to determine the ultimate amount of proceeds that will actually be distributed to our shareholders or the timing of such payments. Accordingly,

assurance can be given that the distributions will equal or exceed the estimate of net assets presented in our consolidated statements of net assets. The actual nature, amount and timing of all distributions will be determined by Gyrodyne's Board in its sole discretion and will depend in part upon the Company's ability to convert our remaining assets into cash in compliance with our obligations under the Stipulation entered into in connection with the class action lawsuit (See Note

– Contingencies) and settle and pay our remaining liabilities and obligations. Under Gyrodyne's Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”), such dissolution

may

be effected upon the vote of holders of a majority of Gyrodyne common shares or, in the Company's discretion and without any separate approval by the holders of the Gyrodyne common shares, at any time the value of Gyrodyne's assets, as determined by the Company in good faith, is less than

$1,000,000.

The Company's remaining real estate investments, each of which is held in a single asset limited liability company wholly owned by the Company, consist of:

●

Cortlandt

Manor:13.8

acres in Cortlandt Manor, New York, consisting of the

34,000

square foot Cortlandt Manor Medical Center; and

●

Flowerfield:

acres in St. James, New York, including a

-acre multi-tenanted industrial park comprising

127,000

rentable square feet.

of the

acres are included in the subdivision application filed with the Town of Smithtown.

acres of the

acres are zoned residential and non-contiguous to the Flowerfield property.