Gyrodyne (GYRO) 10-Q 14 Nov 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 14, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-37547
Entity Registrant Name	Gyrodyne, LLC
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	46-3838291
Entity Address, Address Line One	1 Flowerfield, Suite 24
Entity Address, City or Town	St. James
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11780
City Area Code	631
Local Phone Number	584-5400
Title of 12(b) Security	Common Shares of Limited Liability Company Interests
Trading Symbol	GYRO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		1,574,308
Entity Central Index Key	0001589061
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Net

Consolidated Statements of Net Assets (Liquidation Basis) (Current Period Unaudited) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
LIABILITIES:
Accounts payable	$ 2,439,690	$ 1,445,487
Accrued liabilities	1,549,773	1,287,209
Estimated liquidation and operating costs net of estimated receipts	12,581,231
Basis of Accounting, Liquidation [Member]
ASSETS:
Real estate held for sale	53,670,000	53,670,000
Cash and cash equivalents	2,675,653	4,082,774
Rent receivable	77,181	99,683
Other receivables	19,596	36,009
Total Assets	56,442,430	57,888,466
LIABILITIES:
Accounts payable	2,439,690	1,445,487
Accrued liabilities	1,549,773	1,287,209
Deferred rent liability	53,117	38,746
Tenant security deposits payable	238,000	230,714
Loans payable	9,552,082	9,760,083
Estimated liquidation and operating costs net of estimated receipts	12,581,231	14,758,728
Total Liabilities	26,413,893	27,520,967
Net assets in liquidation	$ 30,028,537	$ 30,367,499

Consolidated Statement of Chang

Consolidated Statement of Changes in Net Assets (Liquidation Basis) (Unaudited) - Basis of Accounting, Liquidation [Member]	9 Months Ended
	Sep. 30, 2023 USD ($)
Net assets in liquidation, as of December 31, 2022	$ 30,367,499
Change in liquidation value of real estate	0
Remeasurement of assets and liabilities	(338,962)
Net decrease in liquidation value	(338,962)
Net assets in liquidation, as of September 30, 2022	$ 30,028,537

Note 1 - The Company

Note 1 - The Company	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. The Company Strategic Overview Gyrodyne, LLC’s (including its subsidiaries, “Gyrodyne”, the “Company” or the “Registrant”) corporate strategy is to pursue entitlements on our two Gyrodyne filed subdivision applications in March 2017 with respect to Cortlandt Manor and Flowerfield. The COVID-19 pandemic caused significant delays in the regulatory approval process, as state, county and local staff charged with processing our subdivision applications all postponed activity due to work-from-home transitions. On March 30, 2022, the Town of Smithtown Planning Board (the “Planning Board”) unanimously granted Gyrodyne’s application for preliminary approval to divide the Flowerfield property into eight lots, subject to certain conditions (the “Flowerfield Subdivision Application”). On April 26, 2022, the Incorporated Village of Head of the Harbor and certain other parties commenced a special proceeding under Article 78 of New York’s Civil Practice Law & Rules (the “Article 78 Proceeding”) against the Town of Smithtown and certain other parties, including Gyrodyne, seeking to annul the Planning Board’s determinations relating to the Flowerfield Subdivision Application. Specifically, the petition commencing the Article 78 Proceeding (the “Petition”) seeks to annul the Planning Board’s (i) approval of a findings statement pursuant to the State Environmental Quality Review Act (“SEQRA”), dated September 16, 2021, and adopted by the Planning Board on March 30, 2022, concerning the Flowerfield Subdivision Application, and (ii) preliminary approval on March 30, 2022 of the Flowerfield Subdivision Application. The arguments made in the Petition are substantially similar to those made by opponents of the Flowerfield Subdivision Application during the SEQRA and subdivision process. Gyrodyne and the Town of Smithtown are vigorously defending the Planning Board’s determinations against the Petition. In June 2022, Gyrodyne and the Town of Smithtown filed motions to dismiss the Petition. During the third quarter, the Article 78 Proceeding was re-assigned to a different judge for the second time. Our motion to dismiss the case made in June of 2022 has yet to be decided. The Article 78 Proceeding could take two years or more to run its course given the likelihood of appeal and the impact the pandemic has had on the court system. Nevertheless, Gyrodyne remains confident that the process of negotiating purchase agreements, securing final subdivision approval and final unappealable site plan approval and consummating the sale of our properties could still culminate by year-end 2024, although there can be no assurance that Gyrodyne and the Town of Smithtown will be successful in the defense of the Planning Board’s determinations against the Petition or that other factors beyond our control (i.e., potential contract contingencies including site plan approval for the undeveloped portion of Flowerfield (the developed portion, situated on two separate lots may be sold together or separately upon the resolution of the Article 78 Proceeding and the conclusion of the subdivision, without any site plan approvals)) will not necessitate an extension of the timeline. The Flowerfield subdivision will remain subject to the Article 78 Proceeding unless Gyrodyne and the Town of Smithtown prevail in their defense of the Planning Board’s determinations against the Petition. Nevertheless, the Company will continue its efforts to identify one or more purchasers for Flowerfield and execute purchase agreements, and it is unclear at this time what impact, if any, the Article 78 Proceeding will have on such efforts. On March 20, 2023, the Town of Cortlandt Town Board adopted the SEQRA findings statement and approved local law establishing the Medical Oriented Zoning District (the “MOD”) which includes Gyrodyne’s Cortlandt Manor property. Pursuant to the adopted MOD, Gyrodyne received designation for total density of 154,000 square feet to be comprised of 150,000 square feet of medical use and 4,000 square feet of retail use. Various other factors will continue to impact the timeline to achieve approvals, including the backlog of land use applications, labor shortages and environmental concerns. Nevertheless, we will continue to market the properties and, although there can be no assurances, the Company believes subdivision approval will be received in mid-2024 for Flowerfield, and could be received for Cortlandt Manor in the fourth quarter of 2024, contingent on the timing for entering contracts (which we anticipate will include closing terms conditioned upon receiving subdivision (if requested) and site plan approval which the Company believes can be pursued simultaneously rather than sequentially). Although Gyrodyne believes that selling individual lots will maximize value, it is also pursuing prospective purchasers who may be willing to pay purchase prices for the entire undivided Flowerfield or Cortlandt Manor property, or for the entire company itself, that Gyrodyne finds more attractive from a timing and value perspective. Business Gyrodyne 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. Our efforts to generate the highest values for Flowerfield and Cortlandt Manor may involve in limited circumstances other strategies to manage risk and or enhance the net value of Flowerfield and Cortlandt Manor to maximize the returns for our shareholders. Gyrodyne intends to dissolve after we complete the disposition of all of our real property assets, apply the proceeds of such dispositions first to settle any debts and claims, pending or otherwise, against Gyrodyne, and then pay distributions to holders of Gyrodyne common shares. The process of seeking entitlements 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 with certainty the ultimate amount of proceeds that will actually be distributed to our shareholders or the timing of such payments. Accordingly, no 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 a class action lawsuit settled in 2015 (See Note 12 – Contingencies) and satisfy our remaining liabilities and obligations. Under Gyrodyne’s Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”), such dissolution may be effected upon an election to dissolve the Company by the Board that is approved by the vote of holders of a majority of Gyrodyne common shares or, in the Board’s sole discretion and without any separate approval by the holders of Gyrodyne common shares, at any time the value of Gyrodyne’s assets, as determined by the Board 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 31,000 square foot Cortlandt Manor Medical Center; and ● Flowerfield: 63 acres

Note 2 - Basis of Quarterly Pre

Note 2 - Basis of Quarterly Presentations	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Basis of Accounting [Text Block]	2. Basis of Quarterly Presentations The accompanying interim quarterly financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements of the Company included herein have been prepared by the Company pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all adjustments which are necessary to present fairly the results for the nine-months ended September 30, 2023. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however, management believes that the disclosures are adequate to make the information presented not misleading. This report should be read in conjunction with the audited consolidated financial statements and footnotes therein included in the Annual Report on Form 10-K for the year ended December 31, 2022.

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Significant Accounting Policies [Text Block]	3. Summary of Significant Accounting Policies Gyrodyne intends to dissolve after we complete the disposition of all of our real property assets, apply the proceeds of such dispositions first to settle any debts and claims, pending or otherwise, against Gyrodyne, and then pay distributions to holders of Gyrodyne common shares. Therefore, effective September 1, 2015 Gyrodyne adopted the liquidation basis of accounting. This basis of accounting is considered appropriate when, among other things, liquidation of the entity is “imminent”, as defined in ASC 205-30, Presentation of Financial Statements Liquidation Basis of Accounting. Under the LLC Agreement, the Board may elect, in its sole discretion and without any separate approval by shareholders, to dissolve the Company at any time the value of the Company’s assets, as determined by the Board in good faith, is less than $1 million. The LLC Agreement also provides that the Company will dissolve, and its affairs wound up, upon the sale, exchange or other disposition of all the real properties of the Company. As a result, liquidation is deemed to be “imminent” in accordance with the guidance provided in ASC 205-30. Principles of Consolidation - Basis of Presentation - Liquidation Basis of Accounting Under the liquidation basis of accounting, all the Company’s assets have been stated at their estimated net realizable value, or liquidation value, (which represents the estimated amount of cash that Gyrodyne will collect on the disposal of assets as it carries out the plan of liquidation), which is based on independent third-party appraisals, estimates and other indications of sales value. All liabilities of the Company, including those estimated costs associated with implementing the plan of liquidation, have been stated at their estimated settlement amounts. These amounts are presented in the accompanying statements of net assets. These estimates are periodically reviewed and adjusted as appropriate. There can be no assurance that these estimated values will be realized. Such amounts should not be taken as an indication of the timing or amount of future distributions or our actual dissolution. The valuation of assets at their net realizable value and liabilities at their anticipated settlement amount represent estimates, based on present facts and circumstances, of the net realizable value of the assets and the costs associated with carrying out the plan of liquidation. The actual values and costs associated with carrying out the plan of liquidation may differ from amounts reflected in the accompanying consolidated financial statements because of the plan’s inherent uncertainty. These differences may be material. In particular, the estimates of our costs will vary with the length of time necessary to complete the plan of liquidation, which is currently anticipated to be completed by December 31, 2024. The Company is in the process of pursuing entitlements and density approvals, and our ability to obtain required permits and authorizations is subject to factors beyond our control, including environmental concerns of governmental entities, community groups and purchasers. The process has involved extensive analysis at the government entity level, as well as between government entities such as town planning departments and Gyrodyne and or purchasers, and will continue up until such time as entitlement and density decisions are made by the relevant government entities. The Company hopes to secure favorable decisions on entitlements and density so that we can then seek the sale of our remaining properties with increased development flexibility. Any deviation in use or density between what we are pursuing in our entitlement efforts and what is ultimately permitted could have a material impact on values. The Company believes the process of negotiating purchase agreements, securing final approvals and consummating the sale of our properties will culminate by year-end 2024. The Company intends to aggressively market its properties and negotiate contracts in an effort to complete the process as soon as practicable with the ultimate timeline being largely dependent on factors outside the Company’s control, including without limitation the Article 78 Proceeding and delays in securing final regulatory approvals caused by the ongoing backlog of land use applications, government labor shortages and the pandemic. Consequently, there can be no assurance that the Company will be able to meet our formal stated deadline of December 2024. The Company’s assumptions and estimates (including the sales proceeds of all its real estate holdings, selling costs, retention bonus payments, rental revenues, rental expenses, capital expenditures, land entitlement costs, general and administrative fees, director and officer liability and reimbursement, post liquidation insurance tail coverage policy and final liquidation costs) are based on completing the liquidation by December 31, 2024. As previously stated, on an ongoing basis, Gyrodyne evaluates the estimates and assumptions that can have a significant impact on the reported net assets in liquidation and will update respective information accordingly for any costs and value associated with a change in the duration of the liquidation, as we cannot give any assurance on the timing of the ultimate sale of all the Company’s properties. Management Estimates Cash equivalents - Allowance for doubtful accounts Estimated Distributions per Share New Accounting Pronouncements -

Note 4 - Statements of Net Asse

Note 4 - Statements of Net Assets in Liquidation	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Liquidation Basis of Accounting [Text Block]	4. Statements of Net Assets in Liquidation Net assets as of September 30, 2023 and December 31, 2022 would result in estimated liquidating distributions of $30,028,537 and $30,367,499, or approximately $20.25 and $20.48 per common share, respectively, based on 1,482,680 shares outstanding (see Note 17 – Subsequent Events). The decrease of $338,962 or $0.23 per share is mainly attributable to fees and expenses responding to and resolving a shareholder activism campaign and addressing feedback from shareholders, including amending our retention bonus plan and adopting a restricted stock plan for directors (see “Note 13, “Governance – Shareholder Nomination”) and professional fees relating to the Company’s efforts to finance its operations through the liquidation partially offset by a reduction in Retention Bonus Plan benefits stemming from Amendment 5 of the Retention Bonus Plan (See Note 11 – Commitments). The cash balance at the end of the liquidation period (currently estimated to be December 31, 2024, although the estimated completion of the liquidation period may change), excluding any interim distributions, is estimated based on adjustments for the following items which are estimated through December 31, 2024: 1. The estimated cash receipts from the operation of the Company’s properties net of rental property related expenditures as well as costs expected to be incurred to preserve or improve the net realizable value of the properties at their estimated gross sales proceeds. 2. Net proceeds from the sale of all the Company’s real estate holdings. 3. The general and administrative expenses and or liabilities associated with operations and the liquidation of the Company including severance, director and officer liability coverage including post liquidation tail policy coverage, and financial and legal fees (inclusive of the Article 78 Proceeding) to complete the liquidation. 4. Costs for the pursuit of entitlements on the Flowerfield and Cortlandt Manor properties. 5. Retention bonus amounts (See Note 11 and Note 17). 6. Principal payments on the Company’s credit facilities. The Company estimates the net realizable value of its real estate assets by using income and market valuation techniques. The Company may estimate net realizable values using market information such as broker opinions of value, appraisals, and recent sales data for similar assets or discounted cash flow models, which primarily rely on Level 3 inputs, as defined under FASB ASC Topic No. 820, Fair Value Measurement. The cash flow models include estimated cash inflows and outflows over a specified holding period. These cash flows may include contractual rental revenues, projected future rental revenues and expenses and forecasted capital improvements and lease commissions based upon market conditions determined through discussion with local real estate professionals and relevant Company experience with its current and previously owned properties. Capitalization rates and discount rates utilized in these models are estimated by management based upon rates that management believes to be within a reasonable range of current market rates for the respective properties based upon an analysis of factors such as property and tenant quality, geographical location, local supply and demand observations and no sewage treatment plants. To the extent the Company underestimates or overestimates forecasted cash outflows (capital improvements, excluding any costs for sewage treatment plants, lease commissions and operating costs) or overestimates or underestimates forecasted cash inflows (rental revenue rates), the estimated net realizable value of its real estate assets could be overstated or understated. The Company estimates that it will incur approximately $1,077,600 (included in the consolidated statement of net assets as part of the estimated liquidation and operating costs net of receipts, See Note 5) in land entitlement costs from October 2023 through the end of the liquidation period, currently estimated to conclude on or about December 31, 2024, in an effort to obtain entitlements, including special permits. The Company believes the commitment of these resources will enable the Company to position the properties for sale with all entitlements necessary to maximize the aggregate Flowerfield and Cortlandt Manor property values and resulting distributions. During the nine months ended September 30, 2023, the Company incurred approximately $400,000 of land entitlement costs, consisting predominately of engineering fees, legal fees and real estate taxes. The Company believes the remaining balance of $1,077,600 (inclusive of real estate taxes of $181,400 and regulatory fees of $373,500) will be incurred from October 2023 through the end of the liquidation period. The Company does not intend on developing the properties but rather positioning the properties for increased development flexibility in the shortest period of time with the least amount of risk to the Company. The costs and time frame to achieve the entitlements could change due to a range of factors including a shift in the value of certain entitlements making it more profitable to pursue a different mix of entitlements and the dynamics of the real estate market. As a result, the Company has focused and will continue to focus its land entitlement efforts on achieving the highest and best use while considering the time and direct and indirect costs necessary to achieve such entitlements. During the process of pursuing such entitlements, the Company may entertain offers from potential buyers who may be willing to pay premiums for the properties that the Company finds more acceptable from a timing or value perspective than completing the entitlement processes itself. The value of the real estate reported in the statement of net assets as of September 30, 2023 includes some but not all of the potential value impact that may result from the land entitlement efforts. There can be no 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. The net assets as of September 30, 2023 ($30,028,537) and December 31, 2022 ($30,367,499) results in estimated distributions of approximately $20.25 and $20.48, respectively, per common share (based on 1,482,680 shares outstanding (See Note 17 – Subsequent Events)), based on estimates and other indications of sales value which includes some but not all of the potential sales proceeds that may result directly or indirectly from our land entitlement efforts. Some of the additional value that may be derived from the land entitlement efforts is not included in the estimated distributions as of September 30, 2023 and December 31, 2022 because the amount of such additional value that may result from such efforts are too difficult to predict with sufficient certainty. The Company believes the land entitlement efforts will ultimately enhance estimated distributions per share through the improved aggregate values (some but not all of which has already been included in the reported value for real estate held for sale) from the sales of the Flowerfield and Cortlandt Manor properties net of the costs to achieve the entitlements and other expenses. This estimate of distributions includes projections of costs and expenses to be incurred during the period required to complete the plan of liquidation. There is inherent uncertainty with these projections, and they could change materially based on the timing of the sales, change in values of the Cortlandt Manor and/or Flowerfield properties (whether market driven or resulting from the land entitlement efforts) net of any bonuses, favorable or unfavorable changes in the land entitlement costs, the performance of the underlying assets, the market for commercial real estate properties generally and any changes in the underlying assumptions of the projected cash flows.

Note 5 - Estimated Liquidation

Note 5 - Estimated Liquidation and Operating Costs Net of Estimated Receipts	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Liquidation Basis of Accounting, Liability for Estimated Costs in Excess of Receipts [Text Block]	5. Estimated Liquidation and Operating Costs Net of Estimated Receipts The liquidation basis of accounting requires the Company to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the plan of liquidation. The Company currently estimates that it will incur liquidation and operating costs net of estimated receipts during the remaining liquidation period of $12,581,231 (See Note 17 – Subsequent Events), excluding the gross proceeds from the real estate sales. These amounts can vary significantly due to, among other things, land entitlement costs, the timing and estimates for executing and renewing leases, capital expenditures to maintain the real estate at its current estimated realizable value and estimates of tenant improvement costs, costs to defend the Article 78 Proceeding, the timing of property sales and any direct/indirect costs incurred that are related to the sales (e.g., retention bonuses on the sale of the Cortlandt Manor and Flowerfield properties, costs to address buy side due diligence inclusive of administrative fees, legal fees and property costs to address items arising from such due diligence and not previously known), the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding up of operations. These costs are estimated and are anticipated to be paid during the remaining liquidation period. The change in the liability for estimated costs in excess of estimated receipts during liquidation from January 1, 2023 through September 30, 2023 is as follows: January 1, 2023 Expenditures/ (Receipts) Remeasurement of Assets and Liabilities September 30, 2023 Assets: Estimated rents and reimbursements $ 6,243,080 $ (2,343,805 ) $ 12,211 $ 3,911,486 Prepaid expenses and other assets 963,457 136,854 - 1,100,311 Liabilities: Property operating costs (3,758,067 ) 1,260,261 (39,441 ) (2,537,247 ) Capital expenditures (303,722 ) 197,689 - (106,033 ) Land entitlement costs (1,204,491 )* 400,253 (273,344 ) (1,077,582 ) Corporate expenditures (7,190,989 ) 2,865,207 (920,998 ) (5,246,780 ) Selling costs on real estate assets* (3,822,457 ) - - (3,822,457 ) Retention bonus payments to directors, officers and employees* (5,685,539 ) - 882,610 (4,802,929 ) Liability for estimated liquidation and operating costs net of estimated receipts $ (14,758,728 ) $ 2,516,459 $ (338,962 ) $ (12,581,231 ) *The amounts reported are based on the provisions of the retention bonus plan and the reported amount of the real estate assets estimated net realizable value. The costs in excess of receipts in the chart above are reported

Note 6 - Loans Payable

Note 6 - Loans Payable	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	6. Loans Payable The Company secured a non-revolving credit line for up to $3,000,000 (the “Original Line”) with a bank, which closed on March 21, 2018. The original line included an interest only phase. On April 30, 2021, the loan converted to the Permanent Phase with an outstanding principal balance of $2,200,000. During the Permanent Phase, the Company is paying interest at a fixed rate of 3.85%, plus principal based on a 20-year amortization period. The loan will mature on April 30, 2028. The outstanding balance as of September 30, 2023 was $2,016,029. To secure access to additional working capital through the final sale date of the Flowerfield industrial buildings, the Company secured a second loan evidenced by a non-revolving business line of credit agreement and promissory note with the Original Line bank for up to $3,000,000, which closed on January 24, 2019. This loan included an interest only phase. On May 20, 2021, the loan converted to the Permanent Phase with an outstanding principal balance of $3,000,000. During the Permanent Phase, the Company pays interest at a fixed rate of 3.85%, plus principal based on a 20-year amortization period. The loan will mature on May 20, 2028. The outstanding balance as of September 30, 2023 was $2,758,315. Both lines are secured by approximately 31.8 acres of the Flowerfield Industrial Park including the related buildings and leases. As of September 30, 2023, the Company is in compliance with the loan covenants. The Company anticipates modifying the terms of the loans following the completion of the subdivision so that the loans remain secured by the two subdivided industrial park lots only. On September 15, 2021, the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”), secured a $4.95 million term loan (the “Mortgage Loan”) with Signature Bank, the proceeds of which were used to pay off the previous GSD Cortlandt debt facility of which $1,050,000 was outstanding. The term of the Mortgage Loan is five five thirty twenty-five The Mortgage Loan may be prepaid in whole or in part, at any time, provided the borrower (GSD Cortlandt) pays the bank with each prepayment a prepayment fee equal to (i) during the first loan year and, if applicable, the first loan year of the Extension Period, five percent of the amount of such prepayment; (ii) during the second loan year and, if applicable, during the second loan year of the Extension Period, four percent of the amount of such prepayment; (iii) during the third loan year and, if applicable, during the third loan year of the Extension Period, three percent of the amount of such prepayment; (iv) during the fourth loan year and, if applicable, during the fourth loan year of the Extension Period, two percent of the amount of such prepayment; and (v) during the fifth loan year and, if applicable, during the fifth loan year of the Extension Period, one percent of the amount of such prepayment. There will be no prepayment fee for any prepayment made during the sixty-day period immediately preceding the initial maturity date or the last sixty days of the Extension Period. All prepayments must include accrued and unpaid interest through the date of prepayment. If the Cortlandt Manor property is sold to a bona fide third-party purchaser on or before September 14, 2023, the prepayment fee to be paid upon repayment of the Mortgage Loan in full will be reduced by fifty percent. The outstanding balance as of September 30, 2023 was $4,777,738. On March 12, 2023, Signature Bank was closed by the New York State Department of Financial Services, which appointed the Federal Deposit Insurance Corporation (the “FDIC”) as receiver. To protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A., a full-service bank that will be operated by the FDIC as it markets the institution to potential bidders. On March 12, 2023, the Company had approximately $61,000 on deposit and approximately $97,000 in a real estate tax escrow account (escrow balance will not exceed approximately $ 109,000) no The Mortgage Loan is secured by the Cortlandt Manor property located at 1985 Crompond Road (5.01 acres). The total debt payable mature as follows: Years Ending September 30, 2024 $ 292,482 2025 303,842 2026 4,788,671 2027 218,487 2028 3,948,600 Total $ 9,552,082

Note 7 - Accounts Payable and A

Note 7 - Accounts Payable and Accrued Liabilities	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	7. Accounts payable and Accrued Liabilities Accounts Payable Accrued Liabilities September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Current accounts payable $ 1,082,763 $ 281,174 Accrued liabilities $ 226,518 $ 221,238 Deferred accounts payable (a) 1,356,927 1,164,313 Deferred Compensation to Directors (b) 1,323,255 1,065,971 Total $ 2,439,690 $ 1,445,487 Total $ 1,549,773 $ 1,287,209 (a) Represents amount of deferred fees pursuant to informal agreements the Company reached with certain service vendors to defer payment until certain dates, some of which include the closing of the first property lot sale that is the subject of either the Flowerfield or Cortlandt Manor subdivision, respectively. (b) The director fees and interest accrued under the deferred Compensation Plan where each director elected to defer 100% of his fees for 2023, 2022, 2021 and 2020. This amount also includes the deferred compensation of a former Board advisor per an agreement to defer payments due under an advisor agreement.

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. Income Taxes As a limited liability company, Gyrodyne is not subject to an entity level income tax but rather is treated as a partnership for tax purposes, with its items of income, gain, deduction, loss and credit being reported on the Company’s information return, on Form 1065, and allocated annually on Schedule K-1 to its members pro rata. The Company’s open tax years are 2020, 2021, and 2022. The Bipartisan Budget Act of 2015 (the “2015 Act”) changed the procedure for partnership tax audits and audit adjustments for partnership returns of large partnerships for fiscal years beginning after December 31, 2017. Pursuant to the 2015 Act, if any audit by the IRS of our income tax returns for any fiscal year beginning after December 31, 2017 results in any adjustments, the IRS may collect any resulting taxes, including any applicable penalties and interest, directly from Gyrodyne. IRS tax audit assessments on tax years beginning January 1, 2018 will require Gyrodyne to: a) bear any tax liability resulting from such audit, or b) elect to push out the tax audit adjustments to the respective shareholders once it has been calculated at the company level.

Note 9 - Credit Quality of Rent

Note 9 - Credit Quality of Rents Receivable	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	9. Credit Quality of Rents Receivable The Company’s standard lease terms include rent due on the first of the month. The Company credit terms extend a standard ten-day grace period across its tenant portfolio and do not normally provide extensions beyond one year. The Company manages its billing and collection process internally to enable timely identification of collection issues. The controls and related processes enable the Company to timely identify and establish payment plans to minimize material losses from defaults. In accordance with generally accepted accounting principles, the Company identifies high risk collectibles, records them on a cash basis and does not include them in revenue or accounts receivable. As of each September 30, 2023 and December 31, 2022, the Company had a zero

Note 10 - Concentration of Cred

Note 10 - Concentration of Credit Risk	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	10. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company places its temporary cash investments with high credit quality financial institutions and generally limits the amount of credit exposure in any one financial institution. The Company maintains bank account balances, which exceed insured limits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash. Management does not believe significant credit risk existed on September 30, 2023 and December 31, 2022. As the Company executes on the sale of its assets, its regional concentration in tenants will increase thereby resulting in the increased credit risk from exposure of the local economies. For the nine months ended September 30, 2023 rental income from the Company’s three largest tenants represented approximately 25%, 20% and 8% of total rental income. The three largest tenants by revenue as of September 30, 2023 consist of New York Presbyterian Medical Group located in the Cortlandt Manor Medical Center, Stony Brook University Hospital located in the industrial park and an athletic facility in the industrial park. There can be no assurance that the Company’s leases will renew for the same square footage, at favorable rates net of tenant improvements, if at all.

Note 11 - Commitments

Note 11 - Commitments	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Commitments Disclosure [Text Block]	11. Commitments As of September 30, 2023, other commitments and contingencies are summarized in the below table: Management employment agreements with bonus* and severance commitment contingencies $ 350,000 Other employee severance commitment contingencies 89,000 Total $ 439,000 * Excludes Retention Bonus Payments Employment agreements - The Company also has an employment agreement with its Chief Operating Officer (“COO”) executed on May 8, 2014 which provides for severance on a termination without cause equal to 6 months of base salary. On January 25, 2018, Gyrodyne entered into an amendment to the employment agreement with the COO to define with greater specificity the COO’s duties and responsibilities with respect to the Company’s properties. Under Company policy the aggregate severance commitment contingency to other employees is approximately $89,000. Retention Bonus Plan- As a result of feedback we received from shareholders during our shareholder listening tours in 2022 and 2023, the Company evaluated various possible changes to the Plan to better align the interests of the Plan participants with those of the shareholders. Effective September 5, 2023, the Board of Directors approved Amendment No. 5 (“Amendment No. 5”) to the Plan. Amendment No. 5 is intended to create better alignment of interests between Plan participants and all shareholders. The primary features of Amendment No. 5 are as follows: ● $1,137,108 forfeited by retired directors returned to the Company ● Waiver of plan benefits by directors ● Bonus rate ● For employees: 4.12% on up to $50,985,000 of net proceeds (net of commissions); 6.72% for incremental net sales above $50,985,000 ● For directors (See Note 17 – Subsequent Events): 5.30% of net proceeds (net of commissions). ● Delayed vesting ● Benefits generally not payable until shareholders paid ● Early sale incentive ● Removal of price floor The bonus pool is distributable in the following proportions to the named participants in the bonus plan for so long as they are directors or employees of the Company: Board Members/Employees Bonus Pool Percentage Prior to Amend. No 5 Amendment No 5 Subsequent Event RSP approved Board Members(a) 45.000 % 56.2500 % 0.000 % Board Discretionary Amount 20.000%(b) 0.0000 % 0.000 % Chief Executive Officer 15.474 % 19.3425 % 44.211 % Chief Operations Officer 13.926 % 17.4075 % 39.789 % Officer Discretionary Amount (c) 1.750 % 2.1875 % 5.000 % Other Employees 3.850 % 4.8125 % 11.000 % Total 100.000 % 100.0000 % 100.000 % (a) 15% (18.75%) (12.5%) (b) This amount resulted from the departure of two directors and will be reallocated pursuant to the Plan. (c) The officer discretionary amount will be allocated to the officers within the discretion of the Board. Under the Plan, there were no payments made during the nine months ended September 30, 2023. Deferred Compensation Plan

Note 12 - Contingencies

Note 12 - Contingencies	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Contingencies Disclosure [Text Block]	12. Contingencies Putative Class Action Lawsuit On August 14, 2015, the Company entered a Stipulation of Settlement (the "Settlement") providing for the settlement of a putative class action lawsuit against the Company and certain related parties. Under the Settlement, Gyrodyne agreed that any sales of its properties would be effected only in arm's-length transactions at prices at or above their appraised values as of 2014. As of September 30, 2023 and December 31, 2022, the value of the remaining unsold properties exceeded the respective 2014 appraised values. Article 78 Proceeding On April 26, 2022, the Incorporated Village of Head of the Harbor and certain other parties, commenced a special proceeding under Article 78 of New York’s Civil Practice Law & Rules, against the Town of Smithtown and certain other parties, including the Company, seeking to annul the Town of Smithtown Planning Board’s (the “Planning Board”) determinations relating to the Flowerfield Subdivision Application. Specifically, the petition commencing the Article 78 Proceeding (the “Petition”) seeks to annul the Planning Board’s (i) approval of a findings statement, pursuant to the SEQRA, dated September 16, 2021, and adopted by the Planning Board on March 30, 2022, concerning the Flowerfield Subdivision Application, and (ii) preliminary approval on March 30, 2022 of the Flowerfield Subdivision Application. The arguments made in the Petition are substantially similar to those made by opponents of the Flowerfield Subdivision Application during the SEQRA and subdivision process. The Company and the Town of Smithtown are vigorously defending the Planning Board’s determinations against the Petition. In June 2022, Gyrodyne and the Town of Smithtown filed motions to dismiss the Petition. During the third quarter, the Article 78 Proceeding was re-assigned to a different judge for the second time. Our motion to dismiss the case made in June of 2022 has yet to be decided. General In the normal course of business, the Company is a party to various legal proceedings. After reviewing all actions and proceedings pending against or involving the Company, management considers that any loss resulting from such proceedings individually or in the aggregate will not be material to the Company’s financial statements.

Note 13 - Governance

Note 13 - Governance	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Governance [Text Block]	13. Governance Director Nomination and Proposal from Shareholder The Company received a notice dated April 25, 2023 (the “Nomination Notice”) from Star Equity Fund, LP (“Star Equity”), which allegedly owned approximately 5.4% of our outstanding shares at the time of submission, of its intent to nominate a slate of two candidates for election as directors at the 2023 annual meeting of shareholders (“Annual Meeting”). On August 11, 2023, Star Equity submitted a shareholder proposal to the Company pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, as amended (the “Shareholder Proposal”). On September 5, 2023, the Company entered into a letter agreement (“Cooperation Agreement”) with Star Equity, pursuant to which Star Equity agreed to irrevocably withdraw both the Nomination Notice and the Shareholder Proposal. Pursuant to the Cooperation Agreement, the Company agreed to adopt, and submit for shareholder approval at the Annual Meeting, a new stock incentive plan (the “Stock Plan”) for directors who participated in the Company’s retention bonus plan (the “Bonus Plan”), pursuant to which such director participants would exchange their benefits under the Bonus Plan for 91,628 shares under the Stock Plan, if the Stock Plan would be approved by the shareholders. Under the Stock Plan, shares would not be transferable unless and until a liquidating distribution is made to all shareholders. Additionally, the Company agreed not to increase director compensation fees. The Cooperation Agreement also obligated Star Equity to vote all Company shares beneficially owned by it at the Annual Meeting in accordance with the Board’s recommendations. Star Equity will also vote in accordance with the Board’s recommendations at any special meeting of shareholders occurring before the date that is thirty days prior to the opening of the window for submission of shareholder nominations for the Company’s 2024 annual meeting of shareholders (the “Termination Date”), except that Star Equity may vote (i) in its discretion on any proposal regarding certain extraordinary transactions, and (ii) in accordance with the recommendation of Institutional Shareholder Services Inc. (“ISS”) to the extent the recommendation of ISS differs from the Board’s recommendation on any matter presented to shareholders. The Cooperation Agreement also prevents Star Equity until the Termination Date from, among other things, (i) nominating any person for election or submitting any shareholder proposal for consideration at any meeting of shareholders of the Company at which directors are to be elected, (ii) soliciting proxies or (iii) taking actions to change or influence the Board, management or the direction of certain Company matters. Until the Termination Date, the Company and Star Equity have also agreed not to disparage each other. Through September 30, 2023, the cumulative cost to the Company of responding to and resolving the foregoing shareholder activist campaign, including changes to our incentive compensation arrangements, was approximately $1,200,000. We are working with insurance coverage counsel to pursue coverage under our existing directors and officers insurance policy for amounts in excess of the $500,000 insurance deductible under the policy. General On July 28, 2023, Philip F. Palmedo, a director of the Company and its predecessor Gyrodyne Company of America, Inc. since 1996, retired from the Board (and was not the result of any disagreement) effective immediately. Also on July 28, 2023, the Board appointed Jan H. Loeb to the Board to fill the vacancy on the Board created by Mr. Palmedo’s resignation, and to serve in the class of directors up for election at the Annual Meeting. Mr. Loeb was appointed to the Board pursuant to the terms of a cooperation agreement dated July 26, 2023 among Leap Tide Capital Management LLC, Jan Loeb and the Company.

Note 14 - Fair Value of Financi

Note 14 - Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	14. Fair Value of Financial Instruments Assets and Liabilities Measured at Fair-Value The Company follows authoritative guidance on the fair value option for financial assets, which permits companies to choose to measure certain financial instruments and other items at fair-value in order to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently. However, the Company adopted the liquidation basis of accounting, and therefore reports all assets and liabilities at net realizable value. The guidance emphasizes that fair-value is a market-based measurement, not an entity-specific measurement. Therefore, a fair-value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair-value measurements, the guidance establishes a fair-value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy, as defined under FASB ASC Topic No. 820, Fair Value Measurements) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). In instances where the determination of the fair-value measurement is based on inputs from different levels of the fair-value hierarchy, the level in the fair-value hierarchy within which the entire fair-value measurement falls is based on the lowest level input that is significant to the fair-value measurement in its entirety. Our assessment of the significance of a particular input to the fair-value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Fair Value Measurements -

Note 15 - Public Health and Mac

Note 15 - Public Health and Macroeconomics	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Effect of Covid-19 Pandemic [Text Block]	15. Public Health and Macroeconomics The COVID-19 pandemic was a significant factor in prolonging the entitlement process. The pandemic has resulted in a significant shift toward commercial acceptance of remote working and telemedicine which may adversely impact our occupancy rate and average rate per square foot. The Company’s ability to operate seamlessly and limit any adverse impact on its forecasted net asset value will also depend, in part, on whether any of its key employees or key advisers are infected by the Coronavirus and become ill from COVID-19. Concurrently, the war between Russia and Ukraine increased uncertainty during 2022 and 2023 with such uncertainty being exacerbated by the war between Israel and Hamas in Gaza and a threat of a border conflict. Inflation has caused an increase in consumer prices, thereby reducing purchasing power and elevating the risks of a recession. Due to increased inflation, the U.S. Federal Reserve raised the federal funds rate a total of seven times during 2022 and four times in 2023. In response, market interest rates have increased significantly during this time. At the same time, the labor market remains historically tight and companies continue to look to add employees, pushing unemployment lower. The extent of the impact of these public health and macroeconomic risks on the Company's operational and financial performance and ultimately its Net Asset Value, will depend on current and future developments, including the duration and spread of the outbreak and related governmental or other regulatory actions and the effectiveness of the COVID-19 vaccine program and other mitigation efforts, and the extent to which interest rate hikes to combat inflation have a recessionary effect. As a result of the foregoing developments, we are unable to determine what the ultimate impact of general economic conditions will be on our .

Note 16 - Related Party Transac

Note 16 - Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	16. Related Party Transactions The Company has entered into various leasing arrangements with a not-for-profit organization of which the Company’s Chairman, Paul Lamb, serves as Chairman and a director but receives no compensation or any other financial benefit. In March 2022, a Consolidated Lease Agreement was signed between the Company and the not-for-profit organization that extended the lease to December 2027 and included a 3% annual escalator. The signed Consolidated Lease Agreement reflects a below market lease of $8,829 annually and $44,144 during the extended period. A summary of the additional rent under the new arrangement is as follows: Term Square Feet Annual Rent Total Commitment (excluding renewal options) April 2022-Dec 2027 6,006 $ 51,051 $ 317,455 During the nine months ended September 30, 2023, the Company received rental revenue of $39,437. The independent members of the Board of the Company approved all of the leasing transactions described above. The Chairman is also a partner of the firm Lamb & Barnosky, LLP that provided pro bono legal representation to the aforementioned not-for-profit corporation on the lease.

Note 17 - Subsequent Events

Note 17 - Subsequent Events	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	17. Subsequent Events Restricted Stock Award Plan The primary features of the Stock Plan are as follows: ● Purpose: ● Eligibility: ● Maximum Shares Available: ● Administration: ● Restricted Stock: ● Vesting: one-third three ● Amendments: The shares under the Stock Plan were distributed as follows in lieu of the director portion of the Bonus Plan of $2,702,285: Board Member Shares of Restricted Stock Paul Lamb 30,542 Ronald Macklin 20,362 Nader Salour 20,362 Richard Smith 20,362 Total 91,628 Inclusive of the issuance of the restricted shares in the Stock Plan, the September 30, 2023 estimated net assets in liquidation would be $32,730,822 or $20.79 per share based on 1,574,308 shares outstanding (current shares outstanding 1,482,680 plus the Stock Plan shares of 91,628).

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation -
Liquidation Basis of Accounting [Policy Text Block]	Basis of Presentation - Liquidation Basis of Accounting Under the liquidation basis of accounting, all the Company’s assets have been stated at their estimated net realizable value, or liquidation value, (which represents the estimated amount of cash that Gyrodyne will collect on the disposal of assets as it carries out the plan of liquidation), which is based on independent third-party appraisals, estimates and other indications of sales value. All liabilities of the Company, including those estimated costs associated with implementing the plan of liquidation, have been stated at their estimated settlement amounts. These amounts are presented in the accompanying statements of net assets. These estimates are periodically reviewed and adjusted as appropriate. There can be no assurance that these estimated values will be realized. Such amounts should not be taken as an indication of the timing or amount of future distributions or our actual dissolution. The valuation of assets at their net realizable value and liabilities at their anticipated settlement amount represent estimates, based on present facts and circumstances, of the net realizable value of the assets and the costs associated with carrying out the plan of liquidation. The actual values and costs associated with carrying out the plan of liquidation may differ from amounts reflected in the accompanying consolidated financial statements because of the plan’s inherent uncertainty. These differences may be material. In particular, the estimates of our costs will vary with the length of time necessary to complete the plan of liquidation, which is currently anticipated to be completed by December 31, 2024. The Company is in the process of pursuing entitlements and density approvals, and our ability to obtain required permits and authorizations is subject to factors beyond our control, including environmental concerns of governmental entities, community groups and purchasers. The process has involved extensive analysis at the government entity level, as well as between government entities such as town planning departments and Gyrodyne and or purchasers, and will continue up until such time as entitlement and density decisions are made by the relevant government entities. The Company hopes to secure favorable decisions on entitlements and density so that we can then seek the sale of our remaining properties with increased development flexibility. Any deviation in use or density between what we are pursuing in our entitlement efforts and what is ultimately permitted could have a material impact on values. The Company believes the process of negotiating purchase agreements, securing final approvals and consummating the sale of our properties will culminate by year-end 2024. The Company intends to aggressively market its properties and negotiate contracts in an effort to complete the process as soon as practicable with the ultimate timeline being largely dependent on factors outside the Company’s control, including without limitation the Article 78 Proceeding and delays in securing final regulatory approvals caused by the ongoing backlog of land use applications, government labor shortages and the pandemic. Consequently, there can be no assurance that the Company will be able to meet our formal stated deadline of December 2024. The Company’s assumptions and estimates (including the sales proceeds of all its real estate holdings, selling costs, retention bonus payments, rental revenues, rental expenses, capital expenditures, land entitlement costs, general and administrative fees, director and officer liability and reimbursement, post liquidation insurance tail coverage policy and final liquidation costs) are based on completing the liquidation by December 31, 2024. As previously stated, on an ongoing basis, Gyrodyne evaluates the estimates and assumptions that can have a significant impact on the reported net assets in liquidation and will update respective information accordingly for any costs and value associated with a change in the duration of the liquidation, as we cannot give any assurance on the timing of the ultimate sale of all the Company’s properties.
Use of Estimates, Policy [Policy Text Block]	Management Estimates
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash equivalents -
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]	Allowance for doubtful accounts
Earnings Per Share, Policy [Policy Text Block]	Estimated Distributions per Share
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements -

Note 5 - Estimated Liquidatio_2

Note 5 - Estimated Liquidation and Operating Costs Net of Estimated Receipts (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Liquidation Basis of Accounting, Change in Liability for Estimated Costs in Excess of Estimated Receipts [Table Text Block]	January 1, 2023 Expenditures/ (Receipts) Remeasurement of Assets and Liabilities September 30, 2023 Assets: Estimated rents and reimbursements $ 6,243,080 $ (2,343,805 ) $ 12,211 $ 3,911,486 Prepaid expenses and other assets 963,457 136,854 - 1,100,311 Liabilities: Property operating costs (3,758,067 ) 1,260,261 (39,441 ) (2,537,247 ) Capital expenditures (303,722 ) 197,689 - (106,033 ) Land entitlement costs (1,204,491 )* 400,253 (273,344 ) (1,077,582 ) Corporate expenditures (7,190,989 ) 2,865,207 (920,998 ) (5,246,780 ) Selling costs on real estate assets* (3,822,457 ) - - (3,822,457 ) Retention bonus payments to directors, officers and employees* (5,685,539 ) - 882,610 (4,802,929 ) Liability for estimated liquidation and operating costs net of estimated receipts $ (14,758,728 ) $ 2,516,459 $ (338,962 ) $ (12,581,231 )

Note 6 - Loans Payable (Tables)

Note 6 - Loans Payable (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Maturities of Long-Term Debt [Table Text Block]	Years Ending September 30, 2024 $ 292,482 2025 303,842 2026 4,788,671 2027 218,487 2028 3,948,600 Total $ 9,552,082

Note 7 - Accounts Payable and_2

Note 7 - Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	Accounts Payable Accrued Liabilities September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Current accounts payable $ 1,082,763 $ 281,174 Accrued liabilities $ 226,518 $ 221,238 Deferred accounts payable (a) 1,356,927 1,164,313 Deferred Compensation to Directors (b) 1,323,255 1,065,971 Total $ 2,439,690 $ 1,445,487 Total $ 1,549,773 $ 1,287,209

Note 11 - Commitments (Tables)

Note 11 - Commitments (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Other Commitments [Table Text Block]	Management employment agreements with bonus* and severance commitment contingencies $ 350,000 Other employee severance commitment contingencies 89,000 Total $ 439,000
Schedule of Allocation of Bonus Pool Percentage [Table Text Block]	Board Members/Employees Bonus Pool Percentage Prior to Amend. No 5 Amendment No 5 Subsequent Event RSP approved Board Members(a) 45.000 % 56.2500 % 0.000 % Board Discretionary Amount 20.000%(b) 0.0000 % 0.000 % Chief Executive Officer 15.474 % 19.3425 % 44.211 % Chief Operations Officer 13.926 % 17.4075 % 39.789 % Officer Discretionary Amount (c) 1.750 % 2.1875 % 5.000 % Other Employees 3.850 % 4.8125 % 11.000 % Total 100.000 % 100.0000 % 100.000 %

Note 16 - Related Party Trans_2

Note 16 - Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Related Party Transactions [Table Text Block]	Term Square Feet Annual Rent Total Commitment (excluding renewal options) April 2022-Dec 2027 6,006 $ 51,051 $ 317,455

Note 17 - Subsequent Events (Ta

Note 17 - Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Nonvested Restricted Stock Shares Activity [Table Text Block]	Board Member Shares of Restricted Stock Paul Lamb 30,542 Ronald Macklin 20,362 Nader Salour 20,362 Richard Smith 20,362 Total 91,628

Note 1 - The Company (Details T

Note 1 - The Company (Details Textual)		12 Months Ended
	Sep. 01, 2015 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2023	Sep. 30, 2023 ft²	Sep. 30, 2023 a	Mar. 20, 2023 ft²
Number of Real Estate Properties			2
The Corporation [Member]
Maximum Value of Asset to Effect Dissolution | $	$ 1,000,000	$ 1,000,000
Cortlandt Manor Medical Center [Member] | Cortlandt, New York [Member]
Area of Real Estate Property				31,000		154,000
Area of Land (Acre) | a					13.8
Cortlandt Manor Medical Center [Member] | Cortlandt, New York [Member] | Medical Use [Member]
Area of Real Estate Property						150,000
Cortlandt Manor Medical Center [Member] | Cortlandt, New York [Member] | Retail Use [Member]
Area of Real Estate Property						4,000
Flowerfield Properties, Inc. [Member] | St. James, New York [Member] | Controlled by Parent Company [Member]
Area of Real Estate Property | a					63
Flowerfield Properties, Inc. [Member] | St. James, New York [Member] | Multi-Tenant Industrial Park [Member]
Area of Real Estate Property				135,000	14

Note 3 - Summary of Significa_2

Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($)		12 Months Ended
	Sep. 01, 2015	Dec. 31, 2021
The Corporation [Member]
Maximum Value of Asset to Effect Dissolution	$ 1,000,000	$ 1,000,000

Note 4 - Statements of Net As_2

Note 4 - Statements of Net Assets in Liquidation (Details Textual) - USD ($)	9 Months Ended	18 Months Ended	30 Months Ended
	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2022
Common Stock, Shares, Outstanding, Ending Balance (in shares)	1,482,680
Liquidation Basis of Accounting, Net Increase (Decrease) in Liquidation Value Per Share	$ 0.23
Basis of Accounting, Liquidation [Member]
Net Assets, Ending Balance	$ 30,028,537			$ 30,367,499
Liquidation Basis of Accounting, Common Stock Per Share, Net	$ 20.25			$ 20.48
Common Stock, Shares, Outstanding, Ending Balance (in shares)	1,482,680
Liquidation Basis of Accounting, Net Increase (Decrease) in Liquidation Value	$ 338,962
Liquidation Basis of Accounting, Land Entitlement Costs Incurred	$ 400,000
Liquidation Basis of Accounting, Common Stock Per Share	$ 20.25			$ 20.48
Forecast [Member]
Operating Lease, Lease Income, Total			$ 1,077,600
Liquidation Basis of Accounting, Land Entitlement Costs		$ 1,077,600
Real Estate Tax Expense		181,400
Regulatory Fees		$ 373,500

Note 5 - Estimated Liquidatio_3

Note 5 - Estimated Liquidation and Operating Costs Net of Estimated Receipts (Details Textual)	Sep. 30, 2023 USD ($)
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities	$ 12,581,231

Note 5 - Estimated Liquidatio_4

Note 5 - Estimated Liquidation and Operating Costs Net of Estimated Receipts - Changes in Liability for Estimated Costs in Excess of Estimated Receipts (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)
Liability for estimated liquidation and operating costs net of estimated receipts	$ (12,581,231)
Basis of Accounting, Liquidation [Member]
Estimated rents and reimbursements	6,243,080
Estimated rents and reimbursements	(2,343,805)
Estimated rents and reimbursements	12,211
Estimated rents and reimbursements	3,911,486
Prepaid expenses and other assets	963,457
Prepaid expenses and other assets	136,854
Prepaid expenses and other assets	1,100,311
Property operating costs	(3,758,067)
Property operating costs	1,260,261
Property operating costs	39,441
Property operating costs	(2,537,247)
Common area capital expenditures	(303,722)
Common area capital expenditures	197,689
Common area capital expenditures	0
Common area capital expenditures	(106,033)
Land entitlement costs*	(1,204,491)	[1]
Land entitlement costs*	400,253
Land entitlement costs*	(273,344)
Land entitlement costs*	(1,077,582)
Corporate expenditures	(7,190,989)
Corporate expenditures	2,865,207
Corporate expenditures	(920,998)
Corporate expenditures	(5,246,780)
Selling costs on real estate assets	(3,822,457)	[1]
Selling costs on real estate assets	0	[1]
Selling costs on real estate assets	0	[1]
Selling costs on real estate assets	(3,822,457)	[1]
Retention bonus payments to Directors, executives and employees**	(5,685,539)	[1]
Retention bonus payments to Directors, executives and employees**	0	[1]
Retention bonus payments to Directors, executives and employees**	882,610	[1]
Retention bonus payments to Directors, executives and employees**	(4,802,929)	[1]
Liability for estimated liquidation and operating costs net of estimated receipts	(14,758,728)
Liability for estimated liquidation and operating costs net of estimated receipts	2,516,459
Liability for estimated liquidation and operating costs net of estimated receipts	(338,962)
Liability for estimated liquidation and operating costs net of estimated receipts	$ (12,581,231)
[1]The amounts reported are based on the provisions of the retention bonus plan and the reported amount of the real estate assets estimated net realizable value. The costs in excess of receipts in the chart above are reported

Note 6 - Loans Payable (Details

Note 6 - Loans Payable (Details Textual)	Sep. 15, 2021 USD ($)	Apr. 30, 2021 USD ($)	Apr. 01, 2021	Jan. 24, 2019 USD ($)	Sep. 30, 2023 USD ($) a	Mar. 12, 2023 USD ($)	Dec. 31, 2022 a	May 20, 2021 USD ($)	Mar. 21, 2018 USD ($)
Escrow Deposit						$ 97,000
Line of Credit Facility, Remaining Borrowing Capacity						0
Cash Transferred From Signature Bank to Signature Bridge Bank [Member]
Cash, FDIC Insured Amount						61,000
Term Loan [Member]
Long-term Line of Credit, Total					$ 4,777,738
Debt Instrument, Face Amount	$ 4,950,000
Term Loan [Member] | If Maturity Date Is Extended [Member]
Debt Instrument, Covenant, Maximum Loan to Value Ratio of the Property	70%
Debt Instrument, Covenant, Minimum Debt Service Coverage Ratio	1.3
Debt Instrument, Fee Amount	$ 150
Extended Term Loan [Member]
Debt Instrument, Amortization Period (Year)	30 years
Debt Instrument, Interest Rate, Stated Percentage	3.75%
Cortlandt Manor Medical Center [Member] | Asset Pledged as Collateral [Member]
Area of Real Estate Property | a					5.01
Real Estate Securing Mortgage Loan [Member] | Flowerfield Industrial Park [Member]
Area of Real Estate Property | a							31.8
Maximum [Member]
Escrow Deposit						$ 109,000
If Maturity Date Is Extended [Member] | Term Loan [Member]
Debt Instrument, Amortization Period (Year)	25 years
US Treasury (UST) Interest Rate [Member] | Extended Term Loan [Member]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Non-revolving Credit Line [Member]
Line of Credit Facility, Maximum Borrowing Capacity									$ 3,000,000
Long-term Line of Credit, Total		$ 2,200,000			$ 2,016,029
Non-revolving Credit Line [Member] | Federal Home Loan Bank Rate [Member] | After Interest Only Payment Period [Member]
Debt Instrument, Amortization Period (Year)			20 years
Non-revolving Credit Line [Member] | Federal Home Loan Bank Rate [Member] | After Interest Only Payment Period [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		3.85%
Non-revolving Credit Line 2 [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 3,000,000
Long-term Line of Credit, Total					$ 2,758,315			$ 3,000,000
Non-revolving Credit Line 2 [Member] | After Interest Only Payment Period [Member]
Debt Instrument, Amortization Period (Year)				20 years
Non-revolving Credit Line 2 [Member] | Federal Home Loan Bank Rate [Member] | After Interest Only Payment Period [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate				3.85%
Non-revolving Credit Line 3 [Member]
Repayments of Debt	$ 1,050,000
Non-revolving Credit Line 3 [Member] | Term Loan [Member]
Debt Instrument, Term	5 years
Debt Instrument, Extension Term	5 years

Note 6 - Loans Payable - Loan M

Note 6 - Loans Payable - Loan Maturity (Details)	Sep. 30, 2023 USD ($)
2024	$ 292,482
2025	303,842
2026	4,788,671
2027	218,487
2028	3,948,600
Total	$ 9,552,082

Note 7 - Accounts Payable and_3

Note 7 - Accounts Payable and Accrued Liabilities (Details Textual)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Director Fees, Deferred, Percentage		100%	100%	100%
Forecast [Member]
Director Fees, Deferred, Percentage	100%

Note 7 - Accounts Payable and_4

Note 7 - Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Details) - USD ($)		Sep. 30, 2023	Dec. 31, 2022
Current accounts payable		$ 1,082,763	$ 281,174
Accrued liabilities		226,518	221,238
Deferred accounts payable (a)	[1]	1,356,927	1,164,313
Deferred Compensation to Directors (b)	[2]	1,323,255	1,065,971
Total accounts payable		2,439,690	1,445,487
Total, accrued liabilities		$ 1,549,773	$ 1,287,209
[1]Represents amount of deferred fees pursuant to informal agreements the Company reached with certain service vendors to defer payment until certain dates, some of which include the closing of the first property lot sale that is the subject of either the Flowerfield or Cortlandt Manor subdivision, respectively.[2]The director fees and interest accrued under the deferred Compensation Plan where each director elected to defer 100% of his fees for 2023, 2022, 2021 and 2020. This amount also includes the deferred compensation of a former Board advisor per an agreement to defer payments due under an advisor agreement.

Note 9 - Credit Quality of Re_2

Note 9 - Credit Quality of Rents Receivable (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss	$ 0	$ 0

Note 10 - Concentration of Cr_2

Note 10 - Concentration of Credit Risk (Details Textual) - Rental Income [Member] - Customer Concentration Risk [Member]	9 Months Ended
	Sep. 30, 2023
Customer 1 [Member]
Concentration Risk, Percentage	25%
Customer 2 [Member]
Concentration Risk, Percentage	20%
Customer 3 [Member]
Concentration Risk, Percentage	8%

Note 11 - Commitments (Details

Note 11 - Commitments (Details Textual) - USD ($)		12 Months Ended
	Sep. 05, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2023	Jan. 01, 2020	May 31, 2014
Other Commitment, Total						$ 439,000
Retention Bonus Plan, Minimum Internal Rate of Return Percentage	4%
Retention Bonus Plan, Minimum Account Balance for Early Payment	$ 500,000
Retention bonus Plan, Additional Percentage for Property Sales	1%
Deferred Compensation Arrangement Fixed Interest Rate							5%
Director Fees, Deferred, Percentage			100%	100%	100%
Forecast [Member]
Director Fees, Deferred, Percentage		100%
Chief Executive Officer [Member] | Bonus Payable [Member]
Other Commitment, Total						125,000
Other Employees [Member]
Supplemental Unemployment Benefits, Severance Benefits						$ 89,000
Director [Member]
Retention Bonus Plan, Forfeited Benefits	$ 1,137,108
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)	91,628
Bonus Pool Funding as Percentage of Appraised Value of Contributed Properties	5.30%
Employees [Member]
Retention Bonus Plan, Minimum Internal Rate of Return Percentage	4.12%
Real Estate Value, Net of Commissions	$ 50,985,000
Bonus Pool Funding as Percentage of Appraised Value of Contributed Properties	6.72%
Board of Directors Chairman [Member]
Bonus Pool Distribution Proportions						18.75%		15%
Other 4 Directors [Member]
Bonus Pool Distribution Proportions						12.50%		10%

Note 11 - Commitments - Other C

Note 11 - Commitments - Other Commitments (Details)	Sep. 30, 2023 USD ($)
Contractual obligation	$ 439,000
Management Employment Agreements with Bonus and Severance Commitment Contingencies [Member]
Contractual obligation	350,000	[1]
Other Employee Severance Commitment Contingencies [Member]
Contractual obligation	$ 89,000
[1] Excludes Retention Bonus Payments

Note 11 - Commitments - Allocat

Note 11 - Commitments - Allocation of Retention Bonus (Details)		Oct. 12, 2023	Sep. 05, 2023	Sep. 04, 2023
Bonus Pool Percentage			100%	100%
Subsequent Event [Member]
Bonus Pool Percentage		100%
Board Members [Member]
Bonus Pool Percentage			56.25%	45%
Board Members [Member] | Subsequent Event [Member]
Bonus Pool Percentage		0%
Board Members and Employees [Member]
Bonus Pool Percentage			0%	20%	[1]
Board Members and Employees [Member] | Subsequent Event [Member]
Bonus Pool Percentage		0%
Chief Executive Officer [Member]
Bonus Pool Percentage			19.3425%	15.474%
Chief Executive Officer [Member] | Subsequent Event [Member]
Bonus Pool Percentage		44.211%
Chief Operating Officer [Member]
Bonus Pool Percentage			17.4075%	13.926%
Chief Operating Officer [Member] | Subsequent Event [Member]
Bonus Pool Percentage		39.789%
Officer [Member]
Bonus Pool Percentage	[2]		2.1875%	1.75%
Officer [Member] | Subsequent Event [Member]
Bonus Pool Percentage	[2]	5%
Other Employees [Member]
Bonus Pool Percentage			4.8125%	3.85%
Other Employees [Member] | Subsequent Event [Member]
Bonus Pool Percentage		11%
[1]This amount resulted from the departure of two directors and will be reallocated pursuant to the Plan.[2]The officer discretionary amount will be allocated to the officers within the discretion of the Board.

Note 13 - Governance (Details T

Note 13 - Governance (Details Textual) - USD ($)	Sep. 05, 2023	Sep. 30, 2023	Apr. 25, 2023
Cumulative Costs of Shareholder Campaign		$ 1,200,000
Officers Insurance Deductible		$ 500,000
Director [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)	91,628
Star Equity Fund, LP [Member]
Ownership Percentage			5.40%

Note 16 - Related Party Trans_3

Note 16 - Related Party Transactions (Details Textual) - Not-for-profit Corporation [Member] - USD ($)	2 Months Ended	9 Months Ended
	Mar. 01, 2022	Sep. 30, 2023
Operating Lease, Lease Income, Total		$ 39,437
Lease Term March 2022 Through December 2027 [Member]
Escalators and Agreements, Percentage	3%
Below Market Lease, Annual Rent	$ 8,829
Below Market Lease, Total Commitment to be Received	$ 44,144

Note 16 - Related Party Trans_4

Note 16 - Related Party Transactions - Summary of Leasing Arrangements (Details) - Not-for-profit Corporation [Member] - Lease Term April Through December 2022 [Member]	9 Months Ended
	Sep. 30, 2023 USD ($) ft²
Square Feet (Square Foot) | ft²	6,006
Annual Rent	$ 51,051
Total commitment	$ 317,455

Note 17 - Subsequent Events (De

Note 17 - Subsequent Events (Details Textual) - USD ($)	Oct. 12, 2023	Sep. 05, 2023	Sep. 30, 2023
Common Stock, Shares, Outstanding, Ending Balance (in shares)			1,482,680
Subsequent Event [Member]
Net Assets in Liqiudation	$ 32,730,822
Liquidation Basis of Accounting, Common Stock Per Share	$ 20.79
Common Stock, Shares, Outstanding, Ending Balance (in shares)	1,574,308
Stock Plan [Member] | Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized	91,628
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum	5.80%
Stock Plan [Member] | Subsequent Event [Member] | Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Stock Plan [Member] | Subsequent Event [Member] | Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage	33.33%
Director [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)		91,628

Note 17 - Subsequent Events - S

Note 17 - Subsequent Events - Shares Distributed (Details) - Subsequent Event [Member] - Restricted Stock [Member]	Oct. 12, 2023 shares
Shares of restricted stock (in shares)	91,628
Director 1 [Member]
Shares of restricted stock (in shares)	30,542
Director 2 [Member]
Shares of restricted stock (in shares)	20,362
Director 3 [Member]
Shares of restricted stock (in shares)	20,362
Director 4 [Member]
Shares of restricted stock (in shares)	20,362