Gyrodyne Co Of America 10-Q 8 Aug 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 08, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'GYRODYNE CO OF AMERICA INC	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	1,482,680
Amendment Flag	'false	'
Entity Central Index Key	'0000044689	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Accelerated Filer	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Rental property:	'	'
Land	$1,733,693	$1,785,293
Building and improvements	11,175,728	11,205,934
Machinery and equipment	344,733	344,733
	13,254,154	13,335,960
Less accumulated depreciation	4,725,234	4,557,615
	8,528,920	8,778,345
Land held for development:	'	'
Land	558,466	558,466
Land development costs	1,895,046	1,823,847
	2,453,512	2,382,313
Total real estate, net	10,982,432	11,160,658
Assets held for sale	22,320,755	22,024,321
Cash and cash equivalents	6,346,983	13,048,827
Investment in marketable securities	4,703,470	3,380,864
Rent receivable, net of allowance for doubtful accounts of approximately $98,000 and $74,000, respectively	58,024	82,663
Deferred rent receivable	51,366	57,369
Prepaid expenses and other assets	578,360	618,279
Prepaid pension costs	593,870	608,807
Total Assets	45,635,260	50,981,788
LIABILITIES:	'	'
Accounts payable	696,921	1,603,279
Accrued liabilities	281,664	3,246,403
Deferred rent liability	36,474	21,387
Tenant security deposits payable	268,790	271,658
Liabilities related to assets held for sale	355,111	381,966
Deferred income taxes	1,315,000	1,315,000
Notes payable	16,447,427	16,144,614
Total Liabilities	19,401,387	22,984,307
Commitments and contingencies	'	'
EQUITY:	'	'
Common stock, $1 par value; authorized 4,000,000 shares; 1,723,888 shares issued; 1,482,680 shares outstanding	1,723,888	1,723,888
Additional paid-in capital	17,753,505	17,753,505
Accumulated other comprehensive income	177,107	118,789
Deficit	-9,161,284	-9,119,471
	10,493,216	10,476,711
Less cost of shares of common stock held in treasury; 241,208	-1,537,697	-1,537,697
Total Gyrodyne Stockholders’ Equity	8,955,519	8,939,014
Non-controlling interest in GSD, LLC	17,278,354	19,058,467
Total equity	26,233,873	27,997,481
Total Liabilities and Equity	$45,635,260	$50,981,788

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Allowance for doubtful accounts (in Dollars)	$98,000	$74,000
Common stock, par value (in Dollars per share)	$1	$1
Common stock, shares authorized	4,000,000	4,000,000
Common stock, shares issued	1,723,888	1,723,888
Common stock, shares outstanding	1,482,680	1,482,680
Less common stock held in treasury, shares	241,208	241,208

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues	'	'	'	'
Rental income	$572,783	$614,478	$1,184,742	$1,235,151
Rental income - tenant reimbursements	62,216	73,104	178,862	197,193
Total	634,999	687,582	1,363,604	1,432,344
Expenses	'	'	'	'
Rental expenses	345,525	337,359	766,122	713,430
General and administrative expenses	579,616	584,763	1,150,366	1,570,615
Strategic alternative expenses	534,799	304,268	872,541	645,629
Depreciation	80,787	88,531	161,999	173,263
Impairment charges	200,000	'	200,000	0
Total	1,740,727	1,314,921	3,151,028	3,102,937
Other Income (Expense):	'	'	'	'
Interest income	22,092	70,248	45,924	128,629
Interest expense	-201,808	38	-336,346	-5,748
Total	-179,716	70,286	-290,422	122,881
Net Loss before Condemnation Expense and Provision for Income Taxes	-1,285,444	-557,053	-2,077,846	-1,547,712
Expense on Condemnation	'	'	'	-2,360
Net loss from continuing operations	-1,285,444	-557,053	-2,077,846	-1,550,072
Income from discontinued operations attributable to non-controlling interest	135,176	112,316	255,920	222,558
Net Loss	-1,150,268	-444,737	-1,821,926	-1,327,514
Net Loss from Non-Controlling Interest in GSD, LLC	-1,096,383	'	-1,780,113	'
Net Loss Attributable to Gyrodyne	($53,885)	($444,737)	($41,813)	($1,327,514)
From continuing operations (in Dollars per share)	($0.04)	($0.30)	($0.03)	($0.90)
From discontinued operations (in Dollars per share)	$0	$0	$0	$0
Total loss -Basic and diluted (in Dollars per share)	($0.04)	($0.30)	($0.03)	($0.90)
Weighted average number of common shares outstanding:	'	'	'	'
Basic and diluted (in Shares)	1,482,680	1,482,680	1,482,680	1,482,680

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudted) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net loss attributable to Gyrodyne	($53,885)	($444,737)	($41,813)	($1,327,514)
Unrealized gain (loss) on investments	28,335	-68,030	58,318	-94,646
Comprehensive income (loss) attributable to Gyrodyne	-25,550	-512,767	16,505	-1,422,160
Comprehensive loss attributable to non-controlling interest	-1,096,383	'	-1,780,113	'
Comprehensive loss	($1,121,933)	($512,767)	($1,763,608)	($1,422,160)

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (Unaudted) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net loss	($1,821,926)	($1,327,514)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation and amortization	482,553	514,012
Impairment charges	200,000	0
Bad debt expense	39,000	12,000
Net periodic pension benefit cost	14,937	176,294
Noncash interest expense	302,813	'
Rent receivable	-35,547	-1,499
Deferred rent receivable	-65,584	1,873
Prepaid expenses and other assets	-83,934	-330,517
(Decrease) increase in liabilities:	'	'
Accounts payable	-892,940	31,391
Accrued liabilities	-2,964,739	-51,556
Deferred rent liability	-29,838	31,616
Tenant security deposits	1,784	14,407
Total adjustments	-3,031,495	398,021
Net cash used in operating activities	-4,853,421	-929,493
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchase of building improvements and equipment	-509,986	-284,978
Land development costs	-74,149	-53,834
Purchase of marketable securities	-1,491,900	'
Principal repayments of investments in marketable securities	227,612	645,296
Net cash (used in) provided by investing activities	-1,848,423	306,484
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Principal payments on mortgage loans payable	'	-5,013,415
Net cash used in financing activities	'	-5,013,415
Net decrease in cash and cash equivalents	-6,701,844	-5,636,424
Cash and cash equivalents at beginning of period	13,048,827	94,164,722
Cash and cash equivalents at end of period	6,346,983	88,528,298
Supplemental cash flow information:	'	'
Interest paid	'	26,676
Income and excise taxes paid	133,000	70,558
Noncash Investing and Financing Activities:	'	'
Issuance of note to settle PIK interest	$302,813	'

Note_1_The_Company

Note 1 - The Company	6 Months Ended
	Jun. 30, 2014
Disclosure Text Block [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	1.     The Company:
	Gyrodyne Company of America, Inc. (“Gyrodyne” or the “Company”) is a self-managed and self-administered real estate investment trust (“REIT”) formed under the laws of the State of New York. The Company manages its business as one operating segment. Prior to December 30, 2013, the Company’s primary business was the investment in and the acquisition, ownership and management of a geographically diverse portfolio of medical office, industrial and development of industrial and residential properties located in the Northeast region of the United States. On December 30, 2013, the Company distributed to its shareholders, as the non-cash portion of the special dividend announced on September 12, 2013 (the “Special Dividend”), all of the equity interests of its subsidiary Gyrodyne Special Distribution LLC (“GSD”), which owned 100% of the interests (through GSD’s subsidiaries) in the Company’s four real estate properties, subject to related mortgage debt in favor of Flowerfield Mortgage Inc., also a subsidiary of the Company, with the Company having the contractual right to manage the business and properties of GSD. Based on management provisions set forth in GSD’s limited liability company agreement which designates sole management authority in the Company, the Company concluded that GSD is a variable interest entity and that GSD’s financial statements should be consolidated with the Company’s. Accordingly, we may use references to “we” or “our” to refer to the Company and GSD and “the Company's properties” or “GSD's properties” (or derivations thereof) interchangeably in this report. In that connection, however, it should be noted that GSD has legal title to the properties and will incur any operating or capital losses resulting from the properties, due to risks as outlined below or otherwise. However, such losses may adversely impact GSD's ability to meet debt service obligations and or repayments of mortgages to Flowerfield Mortgage, Inc. or payment of management fees or result in capital needs at GSD that might require additional capital from the Company, or external sources.
	Substantially all of GSD’s properties are subject to net leases in which the tenant reimburses GSD for a portion, all of or substantially all of the costs and/ or cost increases for utilities, insurance, repairs and maintenance, and real estate taxes. Certain leases provide that GSD is responsible for certain operating expenses.
	As of June 30, 2014, the Company has an investment in three separate mortgages due from GSD of approximately $13,370,000. The mortgages contain a 5% effective rate and both principal and interest are eliminated in consolidation. The mortgages contain a first lien on the medical parks related real estate owned by GSD. Additionally, the Company has an estimated 9.32% limited partnership interest in Callery Judge Grove, L.P. (the “Grove”), a limited partnership, which in 2013 sold its only property, an undeveloped Florida property (the “Grove Property”). For further information see footnote 17.
	Following the December 30, 2013 distribution of all of the common membership interests of GSD to the Company’s shareholders in the Special Dividend, the Company has been managing GSD pursuant to the terms of GSD’s limited liability company agreement (the "GSD Agreement"). The GSD Agreement provides that the Company has sole and absolute discretion regarding the management and affairs of GSD. In its capacity as GSD’s managing member, the Company has unilateral authority, without seeking GSD shareholder approval, over the management of the real estate assets, including leasing and sale of its real estate holdings and the execution of any agency and brokerage agreements to facilitate such leases and sales, investing in its real estate holdings through capital improvements and proceeding strategically with seeking to maximize the value of the undeveloped Flowerfield property. Under GSD’s limited liability company agreement, the Company is entitled to market-rate compensation for its services as well as reimbursement for any costs and expenses incurred by and properly allocable to GSD. In April 2014, the Company’s board of directors approved a cost-plus based management fee to be charged to GSD (see footnote 4 for additional detail on the methodology of the cost plus mark-up), which percentage falls in the lower quartile of similar fees charged by comparable companies according to a benchmarking study. Pursuant to the GSD LLC agreement, the Company is obligated to provide an initial liquidity facility to GSD in an amount not to exceed $2.5 million, which amount the Company may determine from time to time. The interest on the debt facilities payable by GSD to the Company is REIT qualified income. The foregoing income earned by the Company for managing GSD is not deemed to be REIT qualified income and therefore is appropriately payable to its taxable REIT subsidiary, Flowerfield Properties, Inc.
	The Company, through its managing member control of GSD (albeit with no ownership interest) controls two medical office parks and ten of fourteen buildings in a third medical park, together comprising approximately 131,000 rentable square feet and a multitenant industrial park comprising approximately 130,000 rentable square feet. In addition, the Company, through the same managing member control, maintains approximately 68 acres of property in St. James, New York.
	The Company believes it has qualified, and expects to continue to qualify, as a REIT under Section 856(c) (1) of the Internal Revenue Code of 1986 as amended (the “Code”). Accordingly, the Company generally will not be subject to federal and state income tax, provided that distributions to its shareholders equal at least 90% of its REIT taxable income as defined under the Code. The Company is permitted to participate in certain activities from which it was previously precluded in order to maintain its qualifications as a REIT. However, these activities must be conducted in an entity which elected to be treated as a taxable REIT subsidiary (“TRS”) under the Code. The Company has one taxable REIT subsidiary which is subject to federal and state income tax on the income from these activities.
	The Company conducts its operations either directly or indirectly through (1) property owning subsidiaries and lender subsidiaries, or (2) Flowerfield Properties, Inc. a wholly owned TRS. Property owner subsidiaries are landlords leasing properties in which the Company has a managing member control but no ownership interest, and lender subsidiaries are lenders loaning funds where the Company made an investment in a loan asset, but in all cases these subsidiaries are separate and distinct legal entities. GSD is a property owner subsidiary in which the Company is the sole managing member with managerial authority and investment/disposition authority. Flowerfield Mortgage Inc. ('FMI”) is a lender subsidiary wholly owned by the Company with three loan assets secured by property held in the property owner subsidiaries.
	On October 21, 2013, the Company filed a preliminary proxy statement with the Securities and Exchange Commission (“SEC”) which contains, among other matters, the Board’s recommendation that the shareholders vote in favor of a plan of merger. The Company received comments from the SEC on November 18, 2013. Consequently, the Company proceeded with holding its 2013 annual meeting without seeking authorization for the merger transaction at that time because of NASDAQ rules requiring listed companies to hold an annual meeting not later than twelve months following the fiscal year end. On May 8, 2014, the Company responded to such comments and filed a revised preliminary proxy statement with the SEC. The Company received comments from the SEC on May 29, 2014 and responded to such comments and filed a revised proxy statement (Amendment No. 2) with the SEC on June 17, 2014. The Company received comments from the SEC on June 24, 2014 and responded to such comments and filed a revised proxy statement (Amendment No. 3) with the SEC on June 26, 2014. The Company received comments from the SEC on June 26, 2014 and responded to such comments and filed a definitive proxy statement (Amendment No. 4) with the SEC on July 1, 2014. On June 5, 2014, the Company announced that a special meeting of shareholders of Gyrodyne Company of America, Inc., will be held at Flowerfield Celebrations, Mills Pond Road, Saint James, New York 11780 on August 14, 2014, at 11:00 a.m., Eastern Time. At the special meeting, the Company will ask the shareholders of record on June 30, 2014 to authorize a plan of merger and the transactions contemplated thereby, including the merger of the Company and GSD with and into Gyrodyne, LLC, a subsidiary of the Company. Shareholders of record at the close of business on June 30, 2014, will be entitled to vote at the special meeting or its adjournment or postponement, if any, provided such meeting takes place by August 30, 2014.

Note_2_Significant_Accounting_

Note 2 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	2.     Significant accounting policies:
	The below disclosures are in addition to the significant accounting policies disclosed on Form 10-K for the year ended December 31, 2013
	Revenue recognition – Base rents from rental properties are recognized on a straightline basis over the terms of the related leases. The excess of rents recognized over amounts contractually due, if any, are included in deferred rents receivable on the Company's balance sheets. Alternatively, rents received in advance of rents recognized, if any, are included in deferred rent liability on the Company’s balance sheet. Certain leases also provide for tenant reimbursements of common area maintenance, other operating expenses and real estate taxes all of which are reported in tenant reimbursements on the consolidated statements of operations. Ancillary and other property related income is recognized in the period earned.
	Gains on sales of real estate - Gains on sales of real estate are recognized based upon the specific timing of the sale as measured against various criteria related to the terms of the transactions and any continuing involvement associated with the properties. If the sales criteria are not met, the gain is deferred and the finance, installment or cost recovery method, as appropriate, is applied until the sales criteria are met. To the extent the Company sells a property and retains a partial ownership interest in the property, the Company recognizes gain to the extent of the third-party ownership interest.
	Assets Held For Sale and Discontinued Operations- Assets and liabilities of properties that meet various held for sale criteria, including whether it is probable that a sale will occur within 12 months, are presented separately in the Consolidated Balance Sheets as “Assets held for Sale”, with assets and liabilities being separately stated. The operating results of these properties are reflected as discontinued operations in the Consolidated Statements of Operations. Properties classified as held for sale are carried at the lower of net carrying value or estimated fair value less costs to sell and depreciation and amortization are no longer recognized. Properties that do not meet the held for sale criteria are accounted for as operating properties.

Note_3_Basis_of_Quarterly_Pres

Note 3 - Basis of Quarterly Presentations	6 Months Ended
	Jun. 30, 2014
Disclosure Text Block [Abstract]	'
Basis of Accounting [Text Block]	'
	3.     Basis of Quarterly Presentations:
	The accompanying quarterly financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). The 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 three and six-month periods ended June 30, 2014 and 2013.
	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 financial statements and footnotes therein included in the Annual Report on Form 10-K for the year ended December 31, 2013 and with the definitive proxy statement/prospectus filed with the SEC on July 1, 2014.
	The results of operations for the three and six-month periods ended June 30, 2014 are not necessarily indicative of the results to be expected for the full year.

Note_4_Principles_of_Consolida

Note 4 - Principles of Consolidation	6 Months Ended
	Jun. 30, 2014
Principles Of Consolidation [Abstract]	'
Principles Of Consolidation [Text Block]	'
	4.     Principles of Consolidation:
	The accompanying consolidated financial statements include the accounts of Gyrodyne Company of America, Inc. and all majority owned subsidiaries. The Company consolidates its wholly owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity (“VIE”). If an investment is determined to be a VIE, the Company performs an analysis to determine if the Company is the primary beneficiary of the VIE. GAAP requires a VIE to be consolidated by its primary beneficiary. The primary beneficiary is the party that has a controlling financial interest in an entity. In order for a party to have a controlling financial interest in an entity, it must have (1) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses or the right to receive benefits of an entity that could potentially be significant to the VIE.
	The Company's consolidated VIE, GSD, was determined to be a VIE primarily because the Company has the power to direct activities of GSD that most significantly impact the entity's economic performance and has the obligation to absorb losses or the right to receive benefits of the entity. GSD owns all of the real estate that was previously owned by the Company prior to the distribution of ownership interests in GSD to the Company’s shareholders on December 30, 2013. GSD owes mortgage obligations payable to a wholly owned subsidiary of the Company of $13,369,800 and $13,840,889 as of June 30, 2014 and December 31, 2013, respectively. As previously discussed in the Company’s 2013 Annual Report filed on Form 10-K, the estimated fair value of the real estate net of its mortgage obligations and other direct liabilities was $30,685,000 on December 30, 2013. At June 30, 2014 and December 31, 2013, the net book value of GSD is approximately $17,278,000 and $19,058,000, respectively. GSD is essentially being managed and operated by the Company where the Company is the primary obligor for liabilities incurred on behalf of GSD. As a result, the Company could be held liable for current and future obligations of GSD, and in turn it would be the Company’s obligation to seek reimbursement from GSD.
	Investments in affiliates in which the Company has the ability to exercise significant influence, but not control, are accounted for under the equity method. The Company did not have any such investments at June 30, 2014. Investment interests in excess of 5% in limited partnerships are accounted for under the equity method. All consolidated subsidiaries are wholly owned. All intercompany balances and transactions have been eliminated. There were no investments accounted for under the equity method as of June 30, 2014.
	Management Services Arrangements
	Under GSD’s Amended and Restated Limited Liability Company Agreement, Gyrodyne, in its capacity as managing member of GSD, is entitled to market-rate compensation for its services as well as reimbursement for any costs and expenses incurred by and properly allocable to GSD. Gyrodyne also is obligated to provide an initial liquidity facility to GSD in an amount not to exceed $2.5 million, which Gyrodyne may determine from time to time.
	Taking into account a number of factors, including a management services benchmarking study commissioned by Gyrodyne, we implemented a management services arrangement under which GSD will pay certain fees to or reimburse Gyrodyne as follows:
	●     GSD will reimburse Gyrodyne for 85% of Gyrodyne's General and Administrative (G&A) Expenses and pay a fee to Gyrodyne equal to 8.5% of such reimbursed amount; plus
	●     GSD will reimburse Gyrodyne for all rental expenses, whether value added (such as contractor and payroll expenses) or non-value added (such as utilities and taxes) paid by Gyrodyne in respect of the Contributed Properties; plus
	●     GSD will pay a fee to Gyrodyne equal to 8.5% of all value added rental expenses paid by Gyrodyne in respect of the Contributed Properties, but no fee will be payable in respect of non-value added rental expenses; plus
	●     GSD will reimburse 100% (without mark-up) of any bonuses (under the Bonus Plan (See “Interests of Our Directors and Executive Officers—Bonus Plan”) or otherwise) paid by Gyrodyne to its employees and directors and related payroll taxes on account of any sales of the Contributed Properties; plus
	●     Gyrodyne will be entitled to interest at the rate of 5.0% per annum on any funds advanced by Gyrodyne pursuant to the liquidity facility made available to GSD.
	The foregoing management services arrangements are subject to change pending further analysis and completion of documentation of such arrangements and formal adoption by our Board. Upon such adoption of definitive documentation with respect to the management services arrangements, Gyrodyne will file a current report on Form 8-K containing disclosure of the terms of such arrangements as so adopted, which disclosure will identify any modifications of the foregoing.

Note_5_Consolidating_Financial

Note 5 - Consolidating Financial Information	6 Months Ended
	Jun. 30, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]	'
Condensed Financial Information of Parent Company Only Disclosure [Text Block]	'
	5.    Consolidating Financial Information
	Our consolidated assets at June 30, 2014 and December 31, 2013 include total assets of $33,841,213 and $33,730,130, respectively, of a variable interest entity (VIE) that can only be used to settle liabilities of that VIE. These assets, prior to reclassifying applicable items to discontinued operations, include real estate of $32,641,260 and $32,739,678, deferred rent of $281,293 and $215,709, rent receivable of $92,376 and $0, and prepaid and other assets of $826,284 and $774,743, respectively. Our consolidated liabilities at June 30, 2014 and December 31, 2013, prior to reclassifying applicable items to discontinued operations, include liabilities of a VIE consisting of $475,895 and $474,111, respectively of tenant security deposits, accounts payable of $170,228 and $0, and deferred rent liability of $64,084 and $93,922, respectively. The VIE also has mortgages payable, prior to reclassifying applicable items to discontinued operations, to a wholly-owned subsidiary of Gyrodyne of $13,369,800 and $13,840,889, respectively and an outstanding balance in a revolving debt facility of $2,482,852 and $254,740 at June 30, 2014 and December 31, 2013, respectively, that are eliminated in consolidation.
	The tables below are the unaudited consolidating June 30, 2014 Balance Sheet and Statement of Operations reflects the operations of Gyrodyne Company of America, Inc. and subsidiaries and GSD.
		Gyrodyne Company of America, Inc. and Subsidiaries
					GSD, LLC			Total			Eliminations			Consolidated
	ASSETS
	REAL ESTATE
	Rental property:
	Land	$	-		$	1,733,693		$	1,733,693		$	-		$	1,733,693
	Building and improvements		-			11,175,728			11,175,728			-			11,175,728
	Machinery and equipment		-			344,733			344,733			-			344,733
			-			13,254,154			13,254,154			-			13,254,154
	Less accumulated depreciation		-			4,725,234			4,725,234			-			4,725,234
			-			8,528,920			8,528,920			-			8,528,920
	Land held for development:
	Land		-			558,466			558,466			-			558,466
	Land development costs		-			1,895,046			1,895,046			-			1,895,046
			-			2,453,512			2,453,512			-			2,453,512
	Total real estate, net		-			10,982,432			10,982,432			-			10,982,432
	Assets held for sale		-			22,320,755			22,320,755			-			22,320,755
	Cash and cash equivalents		6,346,983			-			6,346,983			-			6,346,983
	Investment in marketable securities		4,703,470			-			4,703,470			-			4,703,470
	Rent receivable, net of allowance for doubtful accounts of approximately $98,000		-			58,024			58,024			-			58,024
	Deferred rent receivable		-			51,366			51,366			-			51,366
	GSD Line of Credit		2,482,852			-			2,482,852			(2,482,852	)		-
	Prepaid expenses and other assets		149,724			428,636			578,360			-			578,360
	Prepaid pension costs		593,870			-			593,870			-			593,870
	Mortgage receivable		13,369,800			-			13,369,800			(13,369,800	)		-
	Total Assets	$	27,646,699		$	33,841,213		$	61,487,912		$	(15,852,652	)	$	45,635,260
	LIABILITIES AND EQUITY
	LIABILITIES:
	Accounts payable	$	647,089		$	49,832		$	696,921		$	-		$	696,921
	Accrued liabilities		281,664			-			281,664			-			281,664
	Deferred rent liability		-			36,474			36,474			-			36,474
	Tenant security deposits payable		-			268,790			268,790			-			268,790
	Liabilities related to assets held for sale		-			9,788,425			9,788,425			(9,433,314	)		355,111
	GSD Line of Credit		-			2,482,852			2,482,852			(2,482,852	)		-
	Mortgage Payable		-			3,936,486			3,936,486			(3,936,486	)		-
	Deferred income taxes		1,315,000			-			1,315,000			-			1,315,000
	Note's payable		16,447,427			-			16,447,427			-			16,447,427
	Total Liabilities		18,691,180			16,562,859			35,254,039			(15,852,652	)		19,401,387
	Commitments and contingencies
	EQUITY:
	Common stock, $1 par value; authorized 4,000,000 shares; 1,723,888 shares issued; 1,482,680 shares outstanding		1,723,888			-			1,723,888			-			1,723,888
	Additional paid-in capital		17,753,505			-			17,753,505			-			17,753,505
	Accumulated other comprehensive income		177,107			-			177,107			-			177,107
	Deficit		(9,161,284	)		(1,788,114	)		(10,949,398	)		1,788,114			(9,161,284	)
			10,493,216			(1,788,114	)		8,705,102			1,788,114			10,493,216
	Less cost of shares of common stock held in treasury; 241,208		(1,537,697	)		-			(1,537,697	)		-			(1,537,697	)
	Total Gyrodyne Stockholders’ Equity		8,955,519			(1,788,114	)		7,167,405			1,788,114			8,955,519
	Non-controlling interest in GSD, LLC					19,066,468			19,066,468			(1,788,114	)		17,278,354
	Total equity		8,955,519			17,278,354			26,233,873			-			26,233,873
	Total Liabilities and Equity	$	27,646,699		$	33,841,213		$	61,487,912		$	(15,852,652	)	$	45,635,260
	Consolidated Statement of Operations – Six Months Ending June 30, 2014
		Gyrodyne Company of America, Inc.			GSD, LLC			Total			Eliminations			Consolidated
	Revenues
	Rental income	$	-		$	1,184,742		$	1,184,742					$	1,184,742
	Rental income - tenant reimbursements		-			178,862			178,862						178,862
	Other income		2,656,033			-			2,656,033			(2,656,033	)		-
	Total		2,656,033			1,363,604			4,019,637			(2,656,033	)		1,363,604
	Expenses
	Reimbursable expenses		766,122			-			766,122			(766,122	)		-
	Rental expenses		-			790,061			790,061			(23,939	)		766,122
General and administrative expenses		1,150,366			1,061,271			2,211,637			(1,061,271	)		1,150,366
Strategic alternative expenses		872,541			804,701			1,677,242			(804,701	)		872,541
Depreciation		-			161,999			161,999						161,999
Impairment charges		-			200,000			200,000			-			200,000
Total		2,789,029			3,018,032			5,807,061			(2,656,033	)		3,151,028
Other Income (Expense):
Interest income		166,047			-			166,047			(120,123	)		45,924
Interest expense		(336,346	)		(120,123	)		(456,469	)		120,123			(336,346	)
Total		(170,299	)		(120,123	)		(290,422	)		-			(290,422	)
Net Loss from continued operations		(303,295	)		(1,774,551	)		(2,077,846	)		-			(2,077,846	)
Net Income from discontinued operations		261,482			(5,562	)		255,920			-			255,920
Net Loss	$	(41,813	)	$	(1,780,113	)	$	(1,821,926	)	$	-		$	(1,821,926	)
Consolidated Statement of Operations – Three Months Ending June 30, 2014
	Gyrodyne Company of America, Inc.			GSD, LLC			Total			Eliminations			Consolidated
Revenues
Rental income	$	-		$	572,783		$	572,783		$	-		$	572,783
Rental income – tenant reimbursements		-			62,216			62,216			-			62,216
Other income		1,384,710			-			1,384,710			(1,384,710	)		-
Total rental income		1,384,710			634,999			2,019,709			(1,384,710	)		634,999
Expenses
Reimbursable expenses		345,525			-			345,525			(345,525	)		-
Rental expenses		-			356,476			356,476			(10,951	)		345,525
General and administrative expenses		579,616			535,016			1,114,632			(535,016	)		579,616
Strategic alternative expenses		534,799			493,218			1,028,017			(493,218	)		534,799
Depreciation		-			80,787			80,787			-			80,787
Impairment charges		-			200,000			200,000			-			200,000
Total		1,459,940			1,665,497			3,125,437			(1,384,710	)		1,740,727
Other income (expense):
Interest income		92,671			-			92,671			(70,579	)		22,092
Interest expense		(201,808	)		(70,579	)		(272,387	)		70,579			(201,808	)
Total		(109,137	)		(70,579	)		(179,716	)		-			(179,716	)
Net loss from continued operations		(184,367	)		(1,101,077	)		(1,285,444	)		-			(1,285,444	)
Net income from discontinued operations		130,482			4,694			135,176			-			135,176
Net loss	$	(53,885	)	$	(1,096,383	)	$	(1,150,268	)	$	-		$	(1,150,268	)

Note_6_Real_Estate_Assets_Held

Note 6 - Real Estate Assets Held for Sale and Discontinued Operations	6 Months Ended
	Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	'
	6.   REAL ESTATE ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS:
	FASB ASC Topic 360-10, Property, Plant and Equipment – Overall requires a long-lived asset to be classified as “held for sale” in the period in which certain criteria are met. The Company classifies real estate assets and their related liabilities as held for sale after the following conditions have been satisfied: (1) the receipt of approval from its board of directors to sell the asset, (2) the initiation of an active program to sell the asset, and (3) the asset is available for immediate sale and it is probable that the sale of the asset will be completed within one year. When assets are classified as held for sale, they are recorded at the lower of the assets’ carrying amount or fair value, less the estimated selling costs.
	The Company and Gyrodyne Special Distribution LLC, its consolidated Variable Interest Entity, periodically classifies real estate assets as held for sale, and these assets and their liabilities are stated separately on the accompanying condensed consolidated balance sheets. During the second quarter of 2014, the Company’s board of directors approved the hiring of real estate brokers to facilitate the sale of the Cortlandt Manor Medical Center and Fairfax Medical Center. The Company expects to complete the sale of these properties within one year.
			Assets Held for Sale
			6/30/14		12/31/13
	Property
	Cortlandt Manor Medical Center (1)		$	8,179,885	$	8,272,231
	Fairfax Medical Center			13,478,943		13,306,789
	Accounts receivable			34,352		13,166
	Deferred rent receivable			229,927		158,340
	Prepaid expenses and other			397,648		273,795
	Total Assets Held for Sale		$	22,320,755	$	22,024,321
			Liabilities Related to Real Estate Assets Held for Sale
			6/30/14		12/31/13
	Accounts payable		$	120,396	$	106,978
	Deferred rent liability			27,610		72,535
	Tenant security deposit payable			207,105		202,453
	Total Liabilities Related to Real Estate Assets Held for Sale		$	355,111	$	381,966
		-1	The Cortlandt Manor Medical Center is inclusive of the two adjacent lots.
	The results of operations and the gains or losses from operating properties that are held for sale and or disposed of in accordance with FASB ASC Topic 360-10, Property, Plant and Equipment – Overall. These assets and their liabilities are separately stated on the accompanying condensed consolidated balance sheets as "assets held for sale" or liabilities related to assets held for sale. Gains and losses, the results of operations, interest expense, and all expenses related to the retirement of debt from operating properties that are disposed of are included in discontinued operations in the period incurred and are shown separately in the condensed consolidated statements of operations as income from discontinued operations.
	The following table summarizes the discontinued operations for the three and six months ended June 30, 2014 and 2013 (unaudited):
			Three Months Ended June 30,				Six Months Ended June 30,
			2014		2013		2014		2013
	Revenues
	Rental income		$	533,405	$	490,024	$	1,042,091	$	968,935
	Rental income - tenant reimbursements			48,916		42,652		111,660		108,203
	Total rental income			582,321		532,676		1,153,751		1,077,138
	Expenses
	Rental Expenses			286,273		270,574		577,277		557,173
	Depreciation			160,872		149,786		320,554		297,407
	Total expenses			447,145		420,360		897,831		854,580
	Net income from discontinuing operations		$	135,176	$	112,316	$	255,920	$	222,558
	The Company assesses on a regular basis whether there are any indicators that the carrying value of its real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant reduction in utilization of a property, tenant financial instability and the potential sale of the property in the near future. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value. During the three and six months ended June 30, 2014 and 2013, the Company did not recognize any impairment charges in discontinued operations, relating to real estate assets that were classified as held for sale.
	During the second quarter of 2014, the Company recognized aggregate impairment charges of $200,000 on real estate assets classified in continuing operations. (See footnote 18)

Note_7_Investment_in_Marketabl

Note 7 - Investment in Marketable Securities	6 Months Ended
	Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	'
	7.     Investment in Marketable Securities:
	The Company determines the appropriate classification of securities at the time of purchase and reassesses the appropriateness of such classification at each reporting date. All marketable securities held by the Company have been classified as available-for-sale and, as a result, are stated at fair value, based on a pricing model that incorporates coupon type, prepayment speeds and the type of collateral backing the securities. Unrealized gains and losses on available-for-sale securities are recorded as a separate component of stockholders’ equity. Any realized gains and losses on the sale of securities, as determined on a first-in, first-out basis, will be included in the Consolidated Statements of Operations.
	The Company reviews its investments on a regular basis to evaluate whether or not each security has experienced an other-than-temporary decline in fair value. If it is believed that an other-than-temporary decline exists, the Company will write down the investment to market value and record the related write-down in the Consolidated Statements of Operations.
	The historical cost and estimated fair value of investments in marketable securities available for sale as of June 30, 2014 and December 31, 2013 are as follows:
		June 30, 2014			December 31, 2013
	Amortized cost	$	4,710,325		$	3,446,037
	Gross Unrealized Gains (Losses)		(6,855	)		(65,173	)
	Fair Value*	$	4,703,470		$	3,380,864
	*The Company received $227,612 in principal repayments during the six months ended June 30, 2014
	The Company’s investment is in conforming agency fixed rate mortgage pass through securities (“mortgage-backed securities)”, each of which contained either AA or AAA ratings, the principal of which is fully guaranteed by agencies of the U.S. Government. At June 30, 2014 and December 31, 2013, marketable securities based on amortized cost, reflect a yield of approximately 2%, have contractual maturities of 15 or 30 years and an adjusted duration of less than four years. The fair value of mortgage-backed securities was estimated based on a Level 2 methodology, additional details of which are discussed further in Note 17 – Fair Value of Financial Instruments. None of the securities with an unrealized loss at June 30, 2014 is considered to be other-than-temporarily impaired; therefore the unrealized loss was reported in the Consolidated Statement of Comprehensive Income (Loss).

Note_8_Notes_Payable

Note 8 - Notes Payable	6 Months Ended
	Jun. 30, 2014
Disclosure Text Block [Abstract]	'
Long-term Debt [Text Block]	'
	8.     Notes Payable:
	The transfer of the properties by the Company to GSD resulted in the recognition of approximately $28.4 million of capital gain income by the Company in 2013. Giving effect to offsetting deductions, the Company determined that it would have approximately $18 million in REIT income for 2013. In order to satisfy applicable REIT distribution requirements, on December 20, 2013, the Company declared an additional dividend, payable to the Company’s shareholders of record as of December 31, 2013 on January 31, 2014. The Second Special Dividend was paid in the form of interests in a global dividend note due June 30, 2017 (“Dividend Notes”) aggregating $16,150,000 ($10.89 per share) in principal amount. The Dividend Notes bear interest at 5.0% per annum, payable semi-annually on June 15 and December 15 of each year, commencing June 15, 2014, and may be payable in cash or in the form of additional notes. On June 16, 2014, the initial semi-annual interest payment on the Dividend Notes was paid in kind in the form of uncertificated interests in a global 5% subordinated note due June 30, 2017 in the principal amount of $302,813 that otherwise is identical to the Dividend Note other than as to the initial semi-annual interest payment date thereunder.
		June 30,		December 31,
		2014		2013
	Global Dividend Note Payable	$	16,144,614	$	16,144,614
	Global Note Payable		302,813		-
	Total Note Payable	$	16,447,427	$	16,144,614

Note_9_Earnings_per_Share

Note 9 - Earnings per Share	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	9.    Earnings per Share:
	Basic earnings per common share are computed by dividing net income (loss), attributable to Gyrodyne, by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share give effect to stock options and warrants which are considered to be dilutive common stock equivalents. Treasury shares have been excluded from the weighted average number of shares. The Company does not have any outstanding common stock equivalents as of June 30, 2014, and 2013.
		Six Months Ended June 30,
	BASIC	2014		2013
	Net loss attributable to Gyrodyne
	Continuing operations	$	-41,813	$	-1,327,514
	Discontinued operations		-		-
	Net loss attributable to Gyrodyne		-41,813		-1,327,514
	Weighted average number of common shares outstanding		1,482,680		1,482,680
	Net loss per common share attributable to Gyrodyne ("EPS"):
	Continuing operations	$	-0.03	$	-0.9
	Discontinued operations		-		-
	Net loss per common share attributable to Gyrodyne (“EPS”)	$	-0.03	$	-0.9

Note_10_Income_Taxes

Note 10 - Income Taxes	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	10.  Income Taxes:
	The Company files a consolidated U.S. Federal Tax Return that includes all 100% owned subsidiaries. State tax returns are filed on a consolidated or separate basis depending on the applicable laws. The Company files a separate US Federal Tax Return for Gyrodyne Special Distribution LLC.
	Deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.
	Deferred income tax liabilities consist of the following:
		June 30,			December 31,
		2014			2013
	Deferred Tax Liabilities:
	Unrealized gain on investment in Citrus Grove	$	(1,315,000	)	$	(1,315,000	)
	Net Deferred Income Taxes	$	(1,315,000	)	$	(1,315,000	)
	The Company is taxed as a REIT for federal and state income tax purposes under section 856(c)(1) of the Internal Revenue Code (the “Code”). As long as the Company qualifies for taxation as a REIT, it generally will not be subject to federal and state income tax, with the exception of its taxable REIT subsidiary which is subject to both federal and state income tax. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal and state income tax on its taxable income at regular corporate rates. Unless entitled to relief under specific statutory provisions, the Company will also be disqualified for taxation as a REIT for the four taxable years following the year in which it loses its qualification. Even if the Company qualifies as a REIT, it may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed income.

Note_11_Retirement_Plans

Note 11 - Retirement Plans	6 Months Ended
	Jun. 30, 2014
Compensation and Retirement Disclosure [Abstract]	'
Pension and Other Postretirement Benefits Disclosure [Text Block]	'
	11. Retirement Plans:
	On November 25, 2013 the Company’s Board voted to terminate the noncontributory defined benefit pension plan (the “Plan”), subject to regulatory approval, and has begun the process of termination. On February 28, 2014, the Company submitted the necessary application and related documents to the IRS and is expecting to submit documentation to the Pension Benefit Guarantee Corporation (“PBGC”) in August 2014. Both the PBGC and the IRS must approve the termination. The Company expects to receive the approval from the PBGC and the IRS in the second half of 2014.
	As a result of the Boards vote to terminate the pension plan, on February 28, 2014 the non-vested benefits became fully vested, and the effects of future contribution levels will cease to be an obligation. The Pension plan has an accumulated net unrecognized gain. Any gain (loss) from termination will be added to (netted against) the unrecognized pension gain and recognized in the financial statements.
	The Plan contains two options for employees and beneficiaries to choose from upon termination of the Plan; Annuity or Lump Sum. The below pension asset reflects an annuity obligation where assets will exceed the obligations.
	The following table provides the components of net periodic pension benefit cost for the Plan for the three and six months ended June 30, 2014 and 2013 including the required and expected contributions:
		Six Months Ended						Three Months Ended
		June 30,						June30,
		2014			2013			2014			2013
	Pension Benefits
	Service Cost	$	92,854		$	130,517		$	46,427		$	37,754
	Interest Cost		91,416			125,817			45,708			62,908
	Expected Return on Plan Assets		(180,620	)		(163,093	)		(90,310	)		(81,546	)
	Amortization of prior service costs		11,288			11,288			5,644			5,644
	Amortization of Actuarial Loss		-			71,765			-			35,882
	Net Periodic Pension Benefit Cost After Curtailments and Settlements	$	14,938		$	176,294		$	7,469		$	60,642
	Minimum required contribution	$	-		$	-		$	-		$	-
	Expected contribution	$	-		$	-		$	-		$	-
	During the three and six-months ended June 30, 2014 and 2013, the Company did not make any contribution to the Plan. The Company does not have a minimum required contribution for the December 31, 2014 plan year. As a result of the termination of the pension plan, the Company may have to make a contribution of approximately $400,000 to satisfy the lump sum payment options and to purchase annuities.

Note_12_Incentive_Compensation

Note 12 - Incentive Compensation Plan	6 Months Ended
	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	12.      Incentive Compensation Plan:
	Benefits under the Company’s Incentive Compensation Plan (the “ICP”) are realized upon either a Change-in-Control (as defined in the ICP) of the Company, or upon the issuance by the Company of an “Excess Dividend” (as defined in the ICP) following certain asset sales. The ICP provides that payments made in connection with an Excess Dividend may not exceed the hypothetical ICP payments that would have been made had there instead been a Change in Control transaction consummated on the dividend payment date. The ICP payments that would have been made had there been a Change in Control transaction consummated on December 30, 2013, the payment date of the $98,685,000 special dividend, were approximately $5,277,800. The ICP payments actually made in respect of the $68,000,000 cash portion of the special dividend totaled $5,044,600. Consequently, remaining ICP payments to be made in connection with the special dividend when and to the extent that GSD holders receive cash in respect of their GSD interests may not exceed $233,200 ($5,277,800 - $5,044,600).
	Employees	Number of Units under Plan		Maximum Benefit relating to the 2013 Non-Cash Dividends
	COO		14,850	$	31,482
	Employees		4,400	$	9,328
	Directors		53,900	$	114,268
	Total ICP excluding termed employees and directors		73,150	$	155,078
	Former CEO		20,350	$	43,142
	All other former employees		8,250	$	17,490
	Former director		8,250	$	17,490
	Total former Board members and former employees		36,850	$	78,122
	Total maximum ICP to be paid		110,000	$	233,200

Note_13_Retention_Incentive_Bo

Note 13 - Retention/ Incentive Bonus Plan	6 Months Ended
	Jun. 30, 2014
Compensation Related Costs [Abstract]	'
Compensation Related Costs, General [Text Block]	'
	13. Retention/ Incentive Bonus Plan:
	In September 2013, our board of directors determined that it is in the best interests of the Company and its shareholders to pursue the actual disposition of the Company’s remaining assets and to complete the Company’s tax liquidation by means of the proposed merger of the Company and GSD with and into Gyrodyne, LLC, if approved and consummated. Following the proposed merger, Gyrodyne, LLC would operate with a business plan to dispose of the properties previously transferred from the Company to GSD (the “Contributed Properties”), and any other assets, in each case in an orderly manner designed to obtain the best value reasonably available for such assets. Accordingly, in May 2014, our board of directors authorized a Retention Bonus Plan designed to recognize the nature and scope of the responsibilities related to such business plan, to reward and incent performance in connection therewith, to align the interests of directors, executives and employees with our shareholders and to retain such persons during the term of such plan. The Retention Bonus Plan provides for bonuses to directors and discretionary bonuses to officers and employees determined by the gross sales proceeds from the sale of each property and the date of sale.
	The Retention Bonus Plan consists of a bonus pool that would be funded with an amount equal to 5% of the specified appraised value of each of the Contributed Properties (to be set forth in the plan), so long as the gross selling price of a property is equal to or greater than 100% of its appraised value (based on appraisals utilized to support the value of the real estate included in the non-cash dividend distributed on December 30, 2013). Additional funding of the bonus pool would occur on a property-by-property basis when the gross sales price of a property is in excess of its appraised value as follows: 10% on the first 10% of appreciation, 15% on the next 10% of appreciation and 20% on appreciation greater than 20%. Furthermore, if a specified property is sold on or before a designated date to be specified in the Retention Bonus Plan, an additional amount equal to 2% of the gross selling price of such property also would be funded into the bonus pool.
	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, GSD or Gyrodyne, LLC: 15% for the Chairman, 50% for the directors other than the chairman (10% for each of the other five directors) and 35% (the Employee Pool”) for the Company’s executives and employees. Such share of the bonus pool is earned only upon the completion of the sale of a property at a gross selling price equal to or greater than its appraised value and is paid to the named beneficiaries of the Retention Bonus Plan or their designees within 60 days of the completion of such sale or, if later, within 60 days of receipt of any subsequent post-completion installment payment related to such sale. All allocations to individual beneficiaries in the Employee Pool are discretionary and shall be determined from time to time by the board of directors of the Company or its successor in consultation with its President.
	Pursuant to the terms of the Management Services Arrangement, the foregoing bonus payments made by the Company will be reimbursed by GSD (See “Management Services Arrangements”).

Note_14_Concentration_of_Credi

Note 14 - Concentration of Credit Risk	6 Months Ended
	Jun. 30, 2014
Risks and Uncertainties [Abstract]	'
Concentration Risk Disclosure [Text Block]	'
	14.  Concentration of Credit Risk
	Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and securities issued with the guarantee of U.S. Government Agencies. 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 at June 30, 2014 and December 31, 2013.

Note_15_Commitments_and_Contin

Note 15 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Disclosure Text Block Supplement [Abstract]	'
Commitments Disclosure [Text Block]	'
	15. Commitments and Contingencies:
	Lease revenue commitments - The approximate future minimum revenues from rental property under the terms of all noncancellable tenant leases, assuming no new or renegotiated leases are executed for such premises, are as follows:
	Twelve Months Ending June 30,	Amount
	2015	$	3,768,000
	2016		3,040,000
	2017		2,270,000
	2018		1,861,000
	2019		1,605,000
	Thereafter		3,637,000
		$	16,181,000
	Other commitments and contingencies As of June 30, 2014, other commitments and contingencies are summarized in the below table:
	Incentive Compensation Plan	$	233,200
	Management Employment agreements with bonus and severance commitment contingencies		600,000
	Other employee severance commitment contingencies		120,000
	Total	$	953,200
	Employment agreements - The Company has compensation arrangements with its Chief Executive Officer and Chief Financial Officer (collectively, the “Agreements”), each executed during the quarter ended June 30, 2013. Each of the Agreements contains a bonus of $125,000 payable upon a change of control as defined in the agreements. In addition, each agreement provides for severance equivalent to 6 months of base salary and the vesting and related payment of the change of control bonus.
	The Company also has a compensation arrangement with its Chief Operating Officer executed on May 8, 2014 which provides for severance equivalent to 6 months of base salary.
	Under Company policy the aggregate severance commitment contingency to other employees is approximately $120,000.

Note_16_Recent_Accounting_Pron

Note 16 - Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]	'
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	'
	16. Recent Accounting Pronouncements:
	In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of the net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The pronouncement is effective for fiscal years and interim periods ending after December 15, 2012. The adoption of this pronouncement did not have a material effect on the Company’s consolidated financial position or results of operations.
	In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. ASU 2013-11 amends the current guidance to eliminate the diversity in practice in the presentation of unrecognized tax benefits. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The pronouncement is effective prospectively for fiscal years and interim periods beginning after December 15, 2013, and retrospective application is permitted. The adoption of this pronouncement did not have a material effect on the Company’s consolidated financial position or results of operations.
	In April 2013, the FASB issued ASU 2013-07, “Presentation of Financial Statement (Topic 205), Liquidation Basis of Accounting.” The amendment requires an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the plan execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces. Financial statements prepared using the liquidation basis of accounting are required to present relevant information about an entity’s expected resources in liquidation by measuring and presenting assets at the amount of the expected cash proceeds from liquidation. The entity should include in its presentation of assets any item it had not previously recognized under U.S. GAAP but that it expects to either sell in liquidation or use in settling liabilities. An entity should recognize and measure liabilities in accordance with U.S. GAAP that otherwise applies to those liabilities. The entity is also required to accrue and separately present the costs that it expects to incur and the income that it expects to earn during the expected duration of the liquidation, including any costs associated with sale or settlement of those assets and liabilities. Additionally, the amendment requires disclosures about an entity’s plan for liquidation, the methods and significant assumptions used to measure assets and liabilities, the type and amount of costs and income accrued, and the expected duration of the liquidation process. The pronouncement is effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013 and interim reporting periods therein, early adoption is permitted. The adoption of this pronouncement did not have a material effect on the Company’s consolidated financial position and results of operations.
	In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 on Discontinued Operations changes the criteria for determining which disposals can be presented as discontinued operations and modified related disclosure requirements.  Under the new guidance, a discontinued operation is defined as: (i) a disposal of a component or group of components that is disposed of or is classified as held for sale that represents a strategic shift that has or will have a major effect on an entity’s operations and financial results or (ii) an acquired business or nonprofit activity that is classified as held for sale on the date of acquisition.  The standard states that a strategic shift could include a disposal of (i) a major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment, or (iv) other major parts of an entity.  Under the current US GAAP, an entity is prohibited from reporting a discontinued operation if it has certain continuing cash flows or involvement component after the disposal.  The new guidance eliminates these criteria. The adoption of this pronouncement is not expected to have a material effect on the Company’s consolidated financial position or results of operations.
	In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” The amendments in this Update create Topic 606, Revenue from Contracts with Customers, and supersede the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, the amendments supersede the cost guidance in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts, and create new Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The adoption of this pronouncement is not expected to have a material effect on the Company’s consolidated financial position or results of operations.

Note_17_Fair_Value_of_Financia

Note 17 - Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	17.   Fair Value of Financial Instruments:
	Assets and Liabilities Measured at Fair-Value – The Company follows authoritative guidance on fair value measurements, which defines fair-value, establishes a framework for measuring fair-value, and expands disclosures about fair-value measurements. The guidance applies to reported balances that are required or permitted to be measured at fair-value under existing accounting pronouncements.
	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, we have not elected to measure any additional financial instruments and other items at fair-value (other than those previously required under other GAAP rules or standards) under the provisions of this standard.
	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) 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.
	The following table represents the carrying value and fair value of the Company’s financial assets and liabilities as of June 30, 2014 and December 31, 2013, respectively.
		30-Jun-14				31-Dec-13
	Description	Carrying		Fair Value		Carrying		Fair Value
		Value		(Level 2)		Value		(Level 2)
	Investment in Marketable Securities	$	4,703,470	$	4,703,470*	$	3,380,864	$	3,380,864
	*The Company received $227,612 in principal repayments during the first six-months of 2014.
	During 2012 and June 2014, the Company purchased mortgage backed securities with either AA or AAA ratings fully guaranteed by US government agencies (the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation). The fair values of mortgage backed securities originated by US government agencies are based on a pricing model that incorporates coupon type, prepayment speeds and the type of collateral backing the securities. A discount rate is applied to the cashflows in the model to arrive at the fair value. Market quotes, current yields, and their spreads to benchmark indices are obtained for each type of security. With this data, a yield curve is derived for each category of mortgage backed securities. Each security is priced by discounting the cashflow stream by the appropriate yield found on the yield curve. As the significant inputs used to derive the value of the mortgage-backed securities are observable market inputs, the fair value of these securities are included in the Level 2 fair value hierarchy.
	The Company estimates that fair value approximates carrying value for cash equivalents, rents receivable, prepaid and other assets, and accounts payable due to the relatively short maturity of the instruments.
	Fair Value Measurements:
	The following tables present the Company's assets and liabilities from continuing operations measured at fair value on a recurring and non-recurring basis as of June 30, 2014 and December 31, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall:
		Balance		Fair Value Measurements Using
	Description	30-Jun-14		(Level 1)		(Level 2)		(Level 3)
	Impaired real estate assets*	$	6,222,857	$	—	$	—	$	6,222,857
	The Company estimates the fair value of its real estate assets by using income and market valuation techniques. The Company may estimate fair 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. 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 tenant improvements and lease commissions based upon market conditions determined through discussion with local real estate professionals, experience the Company has with its other owned properties in such markets and expectations for growth. 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 and local supply and demand observations. To the extent the Company under estimates forecasted cash outflows (tenant improvements, lease commissions and operating costs) or over estimates forecasted cash inflows (rental revenue rates), the estimated fair value of its real estate assets could be overstated.
	The Company incurred a $200,000 impairment charge during the 6 months ended June 30, 2014. During the six months ended June 30, 2013 there was no impairment charge.
	The Company has maintained an interest in the Grove, which originally represented a 20% limited partnership interest in the Grove. Based on four subsequent capital raises through 2009, each of which the Company chose not to participate in, the Company’s share was diluted to approximately 9.99% as of December 31, 2010, and has since been diluted to 9.32%. On March 18, 2011, the Grove’s lender, Prudential Industrial Properties, LLC (“Prudential”), commenced an action against the Grove by filing a complaint in the Circuit Court of Palm Beach County to foreclose upon the Grove property, alleging that the Grove had defaulted on its loan from Prudential and that the Grove was indebted to Prudential in the amount of over $37 million in principal and over $8 million in interest and fees. On September 19, 2013, the Grove was sold, the foreclosure action was dismissed and the Grove’s debt to Prudential was repaid. The investment is held in a taxable REIT subsidiary of the Company with $0 value and the Company has a $1,315,000 deferred tax liability related to the Grove, which represents taxable losses not yet recorded pursuant to the equity method of accounting. Gyrodyne did not receive any distribution in connection with the sale. Under the agreement with the purchaser, Grove may receive certain additional payments if certain development benchmarks are achieved by the purchaser. Gyrodyne cannot predict whether these benchmarks will be achieved or as to the timing or amount of any further distributions by Grove. Gyrodyne does anticipate it will be required to recognize its deferred tax liability during 2014.
	The facts and circumstances of the Grove make it unreasonable to present a fair value utilizing a Level 3 methodology, the lowest methodology which allows for broad assumptions; therefore, in accordance with the exception rules for thinly traded/lack of marketability of distressed assets, the Company is not presenting a fair value. The Company is accounting for the investment under the equity method. As of June 30, 2014, the carrying value of the Company’s investment was $0.

Note_18_Impairment_of_Real_Est

Note 18 - Impairment of Real Estate Investments	6 Months Ended
	Jun. 30, 2014
Disclosure Text Block Supplement [Abstract]	'
Asset Impairment Charges [Text Block]	'
	18.  Impairment of Real Estate Investments:
	The Company assesses on a regular basis whether there are any indicators that the carrying value of real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant reduction in utilization of a property, tenant financial instability and the potential sale of the property in the near future. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value.
	During the second quarter of 2014, the Company recognized aggregate impairment charges of $200,000 on real estate assets classified in continuing operations. The Company has explored the possible disposition of some of its medical properties and determined that the expected undiscounted cash flows based upon revised estimated holding periods of the Port Jefferson Professional Park are below the current carrying value. Accordingly, the Company reduced the carrying value of this property to its estimated fair value. There was no impairment charge incurred during the 6 months ended June 30, 2013.

Note_19_Accumulated_Other_Comp

Note 19 - Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2014
Disclosure Text Block [Abstract]	'
Comprehensive Income (Loss) Note [Text Block]	'
	19.  Accumulated Other Comprehensive Income:
	Accumulated other comprehensive income as of June 30, 2014 and December 31, 2013 was $177,107 and $118,789, respectively. The balances were comprised of the following:
		30-Jun-14			31-Dec-13
	Unrecorded loss on investments	$	(6,855	)	$	(65,173	)
	Unrecorded gain on pension		183,962			183,962
	Accumulated other comprehensive income	$	177,107		$	118,789
	The change in other comprehensive income was restricted to unrealized gain or loss in marketable securities, a balance sheet item, and had no impact on net income. Therefore, there were no reclassifications from other comprehensive income to net income for the periods presented.

Note_20_Reclassifications

Note 20 - Reclassifications	6 Months Ended
	Jun. 30, 2014
Disclosure Text Block [Abstract]	'
Reclassifications [Text Block]	'
	20.   Reclassifications:
	Certain amounts in the prior period, including strategic alternative expenses previously included in general and administrative expenses in the condensed consolidated statement of operations have been reclassified to conform to the classification used in the current period.

Accounting_Policies_by_Policy_

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Revenue Recognition, Policy [Policy Text Block]	'
	Revenue recognition – Base rents from rental properties are recognized on a straightline basis over the terms of the related leases. The excess of rents recognized over amounts contractually due, if any, are included in deferred rents receivable on the Company's balance sheets. Alternatively, rents received in advance of rents recognized, if any, are included in deferred rent liability on the Company’s balance sheet. Certain leases also provide for tenant reimbursements of common area maintenance, other operating expenses and real estate taxes all of which are reported in tenant reimbursements on the consolidated statements of operations. Ancillary and other property related income is recognized in the period earned.
Revenue Recognition, Real Estate Transactions, Policy [Policy Text Block]	'
	real estate - Gains on sales of real estate are recognized based upon the specific timing of the sale as measured against various criteria related to the terms of the transactions and any continuing involvement associated with the properties. If the sales criteria are not met, the gain is deferred and the finance, installment or cost recovery method, as appropriate, is applied until the sales criteria are met. To the extent the Company sells a property and retains a partial ownership interest in the property, the Company recognizes gain to the extent of the third-party ownership interest.
Discontinued Operations, Policy [Policy Text Block]	'
	Assets Held For Sale and Discontinued Operations- Assets and liabilities of properties that meet various held for sale criteria, including whether it is probable that a sale will occur within 12 months, are presented separately in the Consolidated Balance Sheets as “Assets held for Sale”, with assets and liabilities being separately stated. The operating results of these properties are reflected as discontinued operations in the Consolidated Statements of Operations. Properties classified as held for sale are carried at the lower of net carrying value or estimated fair value less costs to sell and depreciation and amortization are no longer recognized. Properties that do not meet the held for sale criteria are accounted for as operating properties.

Note_5_Consolidating_Financial1

Note 5 - Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]	'
Condensed Balance Sheet [Table Text Block]	'
		Gyrodyne Company of America, Inc. and Subsidiaries
					GSD, LLC			Total			Eliminations			Consolidated
	ASSETS
	REAL ESTATE
	Rental property:
	Land	$	-		$	1,733,693		$	1,733,693		$	-		$	1,733,693
	Building and improvements		-			11,175,728			11,175,728			-			11,175,728
	Machinery and equipment		-			344,733			344,733			-			344,733
			-			13,254,154			13,254,154			-			13,254,154
	Less accumulated depreciation		-			4,725,234			4,725,234			-			4,725,234
			-			8,528,920			8,528,920			-			8,528,920
	Land held for development:
	Land		-			558,466			558,466			-			558,466
	Land development costs		-			1,895,046			1,895,046			-			1,895,046
			-			2,453,512			2,453,512			-			2,453,512
	Total real estate, net		-			10,982,432			10,982,432			-			10,982,432
	Assets held for sale		-			22,320,755			22,320,755			-			22,320,755
	Cash and cash equivalents		6,346,983			-			6,346,983			-			6,346,983
	Investment in marketable securities		4,703,470			-			4,703,470			-			4,703,470
	Rent receivable, net of allowance for doubtful accounts of approximately $98,000		-			58,024			58,024			-			58,024
	Deferred rent receivable		-			51,366			51,366			-			51,366
	GSD Line of Credit		2,482,852			-			2,482,852			(2,482,852	)		-
	Prepaid expenses and other assets		149,724			428,636			578,360			-			578,360
	Prepaid pension costs		593,870			-			593,870			-			593,870
	Mortgage receivable		13,369,800			-			13,369,800			(13,369,800	)		-
	Total Assets	$	27,646,699		$	33,841,213		$	61,487,912		$	(15,852,652	)	$	45,635,260
	LIABILITIES AND EQUITY
	LIABILITIES:
	Accounts payable	$	647,089		$	49,832		$	696,921		$	-		$	696,921
	Accrued liabilities		281,664			-			281,664			-			281,664
	Deferred rent liability		-			36,474			36,474			-			36,474
	Tenant security deposits payable		-			268,790			268,790			-			268,790
	Liabilities related to assets held for sale		-			9,788,425			9,788,425			(9,433,314	)		355,111
	GSD Line of Credit		-			2,482,852			2,482,852			(2,482,852	)		-
	Mortgage Payable		-			3,936,486			3,936,486			(3,936,486	)		-
	Deferred income taxes		1,315,000			-			1,315,000			-			1,315,000
	Note's payable		16,447,427			-			16,447,427			-			16,447,427
	Total Liabilities		18,691,180			16,562,859			35,254,039			(15,852,652	)		19,401,387
	Commitments and contingencies
	EQUITY:
	Common stock, $1 par value; authorized 4,000,000 shares; 1,723,888 shares issued; 1,482,680 shares outstanding		1,723,888			-			1,723,888			-			1,723,888
	Additional paid-in capital		17,753,505			-			17,753,505			-			17,753,505
	Accumulated other comprehensive income		177,107			-			177,107			-			177,107
	Deficit		(9,161,284	)		(1,788,114	)		(10,949,398	)		1,788,114			(9,161,284	)
			10,493,216			(1,788,114	)		8,705,102			1,788,114			10,493,216
	Less cost of shares of common stock held in treasury; 241,208		(1,537,697	)		-			(1,537,697	)		-			(1,537,697	)
	Total Gyrodyne Stockholders’ Equity		8,955,519			(1,788,114	)		7,167,405			1,788,114			8,955,519
	Non-controlling interest in GSD, LLC					19,066,468			19,066,468			(1,788,114	)		17,278,354
	Total equity		8,955,519			17,278,354			26,233,873			-			26,233,873
	Total Liabilities and Equity	$	27,646,699		$	33,841,213		$	61,487,912		$	(15,852,652	)	$	45,635,260
Condensed Income Statement [Table Text Block]	'
		Gyrodyne Company of America, Inc.			GSD, LLC			Total			Eliminations			Consolidated
	Revenues
	Rental income	$	-		$	1,184,742		$	1,184,742					$	1,184,742
	Rental income - tenant reimbursements		-			178,862			178,862						178,862
	Other income		2,656,033			-			2,656,033			(2,656,033	)		-
	Total		2,656,033			1,363,604			4,019,637			(2,656,033	)		1,363,604
	Expenses
	Reimbursable expenses		766,122			-			766,122			(766,122	)		-
	Rental expenses		-			790,061			790,061			(23,939	)		766,122
	General and administrative expenses		1,150,366			1,061,271			2,211,637			(1,061,271	)		1,150,366
	Strategic alternative expenses		872,541			804,701			1,677,242			(804,701	)		872,541
	Depreciation		-			161,999			161,999						161,999
	Impairment charges		-			200,000			200,000			-			200,000
	Total		2,789,029			3,018,032			5,807,061			(2,656,033	)		3,151,028
	Other Income (Expense):
	Interest income		166,047			-			166,047			(120,123	)		45,924
	Interest expense		(336,346	)		(120,123	)		(456,469	)		120,123			(336,346	)
	Total		(170,299	)		(120,123	)		(290,422	)		-			(290,422	)
	Net Loss from continued operations		(303,295	)		(1,774,551	)		(2,077,846	)		-			(2,077,846	)
	Net Income from discontinued operations		261,482			(5,562	)		255,920			-			255,920
	Net Loss	$	(41,813	)	$	(1,780,113	)	$	(1,821,926	)	$	-		$	(1,821,926	)
		Gyrodyne Company of America, Inc.			GSD, LLC			Total			Eliminations			Consolidated
	Revenues
	Rental income	$	-		$	572,783		$	572,783		$	-		$	572,783
	Rental income – tenant reimbursements		-			62,216			62,216			-			62,216
	Other income		1,384,710			-			1,384,710			(1,384,710	)		-
	Total rental income		1,384,710			634,999			2,019,709			(1,384,710	)		634,999
	Expenses
	Reimbursable expenses		345,525			-			345,525			(345,525	)		-
	Rental expenses		-			356,476			356,476			(10,951	)		345,525
	General and administrative expenses		579,616			535,016			1,114,632			(535,016	)		579,616
	Strategic alternative expenses		534,799			493,218			1,028,017			(493,218	)		534,799
	Depreciation		-			80,787			80,787			-			80,787
	Impairment charges		-			200,000			200,000			-			200,000
	Total		1,459,940			1,665,497			3,125,437			(1,384,710	)		1,740,727
	Other income (expense):
	Interest income		92,671			-			92,671			(70,579	)		22,092
	Interest expense		(201,808	)		(70,579	)		(272,387	)		70,579			(201,808	)
	Total		(109,137	)		(70,579	)		(179,716	)		-			(179,716	)
	Net loss from continued operations		(184,367	)		(1,101,077	)		(1,285,444	)		-			(1,285,444	)
	Net income from discontinued operations		130,482			4,694			135,176			-			135,176
	Net loss	$	(53,885	)	$	(1,096,383	)	$	(1,150,268	)	$	-		$	(1,150,268	)

Note_6_Real_Estate_Assets_Held1

Note 6 - Real Estate Assets Held for Sale and Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Disclosure of Long Lived Assets Held-for-sale [Table Text Block]	'
		Assets Held for Sale
		6/30/14		12/31/13
	Property
	Cortlandt Manor Medical Center (1)	$	8,179,885	$	8,272,231
	Fairfax Medical Center		13,478,943		13,306,789
	Accounts receivable		34,352		13,166
	Deferred rent receivable		229,927		158,340
	Prepaid expenses and other		397,648		273,795
	Total Assets Held for Sale	$	22,320,755	$	22,024,321
		Liabilities Related to Real Estate Assets Held for Sale
		6/30/14		12/31/13
	Accounts payable	$	120,396	$	106,978
	Deferred rent liability		27,610		72,535
	Tenant security deposit payable		207,105		202,453
	Total Liabilities Related to Real Estate Assets Held for Sale	$	355,111	$	381,966
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	'
		Three Months Ended June 30,				Six Months Ended June 30,
		2014		2013		2014		2013
	Revenues
	Rental income	$	533,405	$	490,024	$	1,042,091	$	968,935
	Rental income - tenant reimbursements		48,916		42,652		111,660		108,203
	Total rental income		582,321		532,676		1,153,751		1,077,138
	Expenses
	Rental Expenses		286,273		270,574		577,277		557,173
	Depreciation		160,872		149,786		320,554		297,407
	Total expenses		447,145		420,360		897,831		854,580
	Net income from discontinuing operations	$	135,176	$	112,316	$	255,920	$	222,558

Note_7_Investment_in_Marketabl1

Note 7 - Investment in Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	'
		June 30, 2014			December 31, 2013
	Amortized cost	$	4,710,325		$	3,446,037
	Gross Unrealized Gains (Losses)		(6,855	)		(65,173	)
	Fair Value*	$	4,703,470		$	3,380,864

Note_8_Notes_Payable_Tables

Note 8 - Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2014
Disclosure Text Block [Abstract]	'
Schedule of Accrued Liabilities [Table Text Block]	'
		June 30,		December 31,
		2014		2013
	Global Dividend Note Payable	$	16,144,614	$	16,144,614
	Global Note Payable		302,813		-
	Total Note Payable	$	16,447,427	$	16,144,614

Note_9_Earnings_per_Share_Tabl

Note 9 - Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		Six Months Ended June 30,
	BASIC	2014		2013
	Net loss attributable to Gyrodyne
	Continuing operations	$	-41,813	$	-1,327,514
	Discontinued operations		-		-
	Net loss attributable to Gyrodyne		-41,813		-1,327,514
	Weighted average number of common shares outstanding		1,482,680		1,482,680
	Net loss per common share attributable to Gyrodyne ("EPS"):
	Continuing operations	$	-0.03	$	-0.9
	Discontinued operations		-		-
	Net loss per common share attributable to Gyrodyne (“EPS”)	$	-0.03	$	-0.9

Note_10_Income_Taxes_Tables

Note 10 - Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	'
		June 30,			December 31,
		2014			2013
	Deferred Tax Liabilities:
	Unrealized gain on investment in Citrus Grove	$	(1,315,000	)	$	(1,315,000	)
	Net Deferred Income Taxes	$	(1,315,000	)	$	(1,315,000	)

Note_11_Retirement_Plans_Table

Note 11 - Retirement Plans (Tables)	6 Months Ended
	Jun. 30, 2014
Compensation and Retirement Disclosure [Abstract]	'
Schedule of Net Benefit Costs [Table Text Block]	'
		Six Months Ended						Three Months Ended
		June 30,						June30,
		2014			2013			2014			2013
	Pension Benefits
	Service Cost	$	92,854		$	130,517		$	46,427		$	37,754
	Interest Cost		91,416			125,817			45,708			62,908
	Expected Return on Plan Assets		(180,620	)		(163,093	)		(90,310	)		(81,546	)
	Amortization of prior service costs		11,288			11,288			5,644			5,644
	Amortization of Actuarial Loss		-			71,765			-			35,882
	Net Periodic Pension Benefit Cost After Curtailments and Settlements	$	14,938		$	176,294		$	7,469		$	60,642
	Minimum required contribution	$	-		$	-		$	-		$	-
	Expected contribution	$	-		$	-		$	-		$	-

Note_12_Incentive_Compensation1

Note 12 - Incentive Compensation Plan (Tables)	6 Months Ended
	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Other Share-based Compensation, Activity [Table Text Block]	'
	Employees	Number of Units under Plan		Maximum Benefit relating to the 2013 Non-Cash Dividends
	COO		14,850	$	31,482
	Employees		4,400	$	9,328
	Directors		53,900	$	114,268
	Total ICP excluding termed employees and directors		73,150	$	155,078
	Former CEO		20,350	$	43,142
	All other former employees		8,250	$	17,490
	Former director		8,250	$	17,490
	Total former Board members and former employees		36,850	$	78,122
	Total maximum ICP to be paid		110,000	$	233,200

Note_15_Commitments_and_Contin1

Note 15 - Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2014
Disclosure Text Block Supplement [Abstract]	'
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	'
	Twelve Months Ending June 30,	Amount
	2015	$	3,768,000
	2016		3,040,000
	2017		2,270,000
	2018		1,861,000
	2019		1,605,000
	Thereafter		3,637,000
		$	16,181,000
Other Commitments [Table Text Block]	'
	Incentive Compensation Plan	$	233,200
	Management Employment agreements with bonus and severance commitment contingencies		600,000
	Other employee severance commitment contingencies		120,000
	Total	$	953,200

Note_17_Fair_Value_of_Financia1

Note 17 - Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	'
		30-Jun-14				31-Dec-13
	Description	Carrying		Fair Value		Carrying		Fair Value
		Value		(Level 2)		Value		(Level 2)
	Investment in Marketable Securities	$	4,703,470	$	4,703,470*	$	3,380,864	$	3,380,864
Fair Value Measurements, Nonrecurring [Table Text Block]	'
		Balance		Fair Value Measurements Using
	Description	30-Jun-14		(Level 1)		(Level 2)		(Level 3)
	Impaired real estate assets*	$	6,222,857	$	—	$	—	$	6,222,857

Note_19_Accumulated_Other_Comp1

Note 19 - Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2014
Disclosure Text Block [Abstract]	'
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	'
		30-Jun-14			31-Dec-13
	Unrecorded loss on investments	$	(6,855	)	$	(65,173	)
	Unrecorded gain on pension		183,962			183,962
	Accumulated other comprehensive income	$	177,107		$	118,789

Note_1_The_Company_Details

Note 1 - The Company (Details) (USD $)	6 Months Ended
	Jun. 30, 2014
Note 1 - The Company (Details) [Line Items]	'
Number of Operating Segments	1
Number of Mortgage Investments	3
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	9.32%
Gyrodyne Special Distribution LLC [Member] | Consolidation, Eliminations [Member]	'
Note 1 - The Company (Details) [Line Items]	'
Mortgage Loans on Real Estate (in Dollars)	13,370,000
Gyrodyne Special Distribution LLC [Member]	'
Note 1 - The Company (Details) [Line Items]	'
Percentage of Real Estate Owned	100.00%
Number of Real Estate Properties	4
Investment Interest Rate	5.00%
Gyrodyne Special Distribution LLC [Member] | Maximum [Member]	'
Note 1 - The Company (Details) [Line Items]	'
Variable Interest Entity, Financial or Other Support, Amount (in Dollars)	2,500,000
Variable Interest Entity, Not Primary Beneficiary [Member] | Maximum [Member]	'
Note 1 - The Company (Details) [Line Items]	'
Variable Interest Entity, Financial or Other Support, Amount (in Dollars)	2,500,000
Medical office park [Member] | Controlled by Parent Company [Member]	'
Note 1 - The Company (Details) [Line Items]	'
Number of Real Estate Properties	2
Number of Units in Real Estate Property	10
Area of Real Estate Property	131,000
Medical office park [Member]	'
Note 1 - The Company (Details) [Line Items]	'
Number of Units in Real Estate Property	14
Multi-Tenant Industrial Park [Member] | Controlled by Parent Company [Member]	'
Note 1 - The Company (Details) [Line Items]	'
Area of Real Estate Property	130,000
Controlled by Parent Company [Member] | St. James, New York [Member]	'
Note 1 - The Company (Details) [Line Items]	'
Area of Real Estate Property	68

Note_4_Principles_of_Consolida1

Note 4 - Principles of Consolidation (Details) (USD $)

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Gyrodyne Special Distribution LLC [Member]

Gyrodyne Special Distribution LLC [Member]

Gyrodyne Special Distribution LLC [Member]

Gyrodyne Special Distribution LLC [Member]

Gyrodyne Special Distribution LLC [Member]

Gyrodyne Special Distribution LLC [Member]

Gyrodyne Special Distribution LLC [Member]

Gyrodyne Special Distribution LLC [Member]

Gyrodyne Special Distribution LLC [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Mortgages [Member]

Mortgages [Member]

General and Administrative Expenses [Member]

Rental Expense [Member]

Employee and Director Bonuses [Member]

Estimate of Fair Value Measurement [Member]

Maximum [Member]

Mortgages [Member]

Mortgages [Member]

General and Administrative Expenses [Member]

Maximum [Member]

Note 4 - Principles of Consolidation (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans Payable

'

$13,369,800

$13,840,889

'

'

'

'

'

'

'

$13,369,800

$13,840,889

'

'

Real Estate Investment Property, Net

'

'

'

'

'

'

'

'

30,685,000

'

'

'

'

'

Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net

'

'

'

'

'

'

17,278,000

19,058,000

'

'

'

'

'

'

Limited Partnership Equity Method Threshold

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity Method Investments

0

'

'

'

'

'

'

'

'

'

'

'

'

'

Variable Interest Entity, Financial or Other Support, Amount

'

'

'

'

'

'

'

'

'

$2,500,000

'

'

'

$2,500,000

Variable Interest Entity Reimbursemnt Percentage

'

'

'

'

8.50%

100.00%

'

'

'

'

'

'

85.00%

'

Variable Interest Entity Management Fee Mark Up

'

'

'

8.50%

'

'

'

'

'

'

'

'

'

'

Variable Interest Entity Funds Advanced Interest Rate

'

'

'

'

'

'

5.00%

'

'

'

'

'

'

'

Note_5_Consolidating_Financial2

Note 5 - Consolidating Financial Information (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Note 5 - Consolidating Financial Information (Details) [Line Items]	'	'
Variable Interest Entity, Consolidated, Carrying Amount, Assets	$33,841,213	$33,730,130
Deferred Rent Receivables, Net	51,366	57,369
Receivables, Net, Current	58,024	82,663
Prepaid Expense and Other Assets	578,360	618,279
Security Deposit Liability	268,790	271,658
Accounts Payable	696,921	1,603,279
Deferred Rent Credit	36,474	21,387
Variable Interest Entity, Not Primary Beneficiary [Member] | Mortgages [Member]	'	'
Note 5 - Consolidating Financial Information (Details) [Line Items]	'	'
Loans Payable	13,369,800	13,840,889
Variable Interest Entity, Not Primary Beneficiary [Member]	'	'
Note 5 - Consolidating Financial Information (Details) [Line Items]	'	'
Real Estate Investments, Net	32,641,260	32,739,678
Deferred Rent Receivables, Net	281,293	215,709
Receivables, Net, Current	92,376	0
Prepaid Expense and Other Assets	826,284	774,743
Security Deposit Liability	475,895	474,111
Accounts Payable	170,228	0
Deferred Rent Credit	64,084	93,922
Long-term Line of Credit	$2,482,852	$254,740

Note_5_Consolidating_Financial3

Note 5 - Consolidating Financial Information (Details) - Consolidated Balance Sheet (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
Rental property:	'	'	'	'
Land	$1,733,693	$1,785,293	'	'
Building and improvements	11,175,728	11,205,934	'	'
Machinery and equipment	344,733	344,733	'	'
	13,254,154	13,335,960	'	'
Less accumulated depreciation	4,725,234	4,557,615	'	'
	8,528,920	8,778,345	'	'
Land held for development:	'	'	'	'
Land	558,466	558,466	'	'
Land development costs	1,895,046	1,823,847	'	'
	2,453,512	2,382,313	'	'
Total real estate, net	10,982,432	11,160,658	'	'
Assets held for sale	22,320,755	22,024,321	'	'
Cash and cash equivalents	6,346,983	13,048,827	88,528,298	94,164,722
Investment in marketable securities	4,703,470	3,380,864	'	'
Rent receivable, net of allowance for doubtful accounts of approximately $98,000	58,024	82,663	'	'
Deferred rent receivable	51,366	57,369	'	'
Prepaid expenses and other assets	578,360	618,279	'	'
Prepaid pension costs	593,870	608,807	'	'
Total Assets	45,635,260	50,981,788	'	'
LIABILITIES:	'	'	'	'
Accounts payable	696,921	1,603,279	'	'
Accrued liabilities	281,664	3,246,403	'	'
Deferred rent liability	36,474	21,387	'	'
Tenant security deposits payable	268,790	271,658	'	'
Liabilities related to assets held for sale	355,111	381,966	'	'
Deferred income taxes	1,315,000	1,315,000	'	'
Note's payable	16,447,427	16,144,614	'	'
Total Liabilities	19,401,387	22,984,307	'	'
Total equity	26,233,873	27,997,481	'	'
Total Liabilities and Equity	45,635,260	50,981,788	'	'
EQUITY:	'	'	'	'
Common stock, $1 par value; authorized 4,000,000 shares; 1,723,888 shares issued; 1,482,680 shares outstanding	1,723,888	1,723,888	'	'
Additional paid-in capital	17,753,505	17,753,505	'	'
Accumulated other comprehensive income	177,107	118,789	'	'
Deficit	-9,161,284	-9,119,471	'	'
	10,493,216	10,476,711	'	'
Less cost of shares of common stock held in treasury; 241,208	-1,537,697	-1,537,697	'	'
Total Gyrodyne Stockholdersb Equity	8,955,519	8,939,014	'	'
Non-controlling interest in GSD, LLC	17,278,354	19,058,467	'	'
Consolidation, Eliminations [Member]	'	'	'	'
Land held for development:	'	'	'	'
GSD Line of Credit	-2,482,852	'	'	'
Mortgage receivable	-13,369,800	'	'	'
Total Assets	-15,852,652	'	'	'
LIABILITIES:	'	'	'	'
Liabilities related to assets held for sale	-9,433,314	'	'	'
GSD Line of Credit	-2,482,852	'	'	'
Mortgage Payable	-3,936,486	'	'	'
Total Liabilities	-15,852,652	'	'	'
Total Liabilities and Equity	-15,852,652	'	'	'
EQUITY:	'	'	'	'
Deficit	1,788,114	'	'	'
	1,788,114	'	'	'
Total Gyrodyne Stockholdersb Equity	1,788,114	'	'	'
Non-controlling interest in GSD, LLC	-1,788,114	'	'	'
Parent Company [Member]	'	'	'	'
Land held for development:	'	'	'	'
Cash and cash equivalents	6,346,983	'	'	'
Investment in marketable securities	4,703,470	'	'	'
GSD Line of Credit	2,482,852	'	'	'
Prepaid expenses and other assets	149,724	'	'	'
Prepaid pension costs	593,870	'	'	'
Mortgage receivable	13,369,800	'	'	'
Total Assets	27,646,699	'	'	'
LIABILITIES:	'	'	'	'
Accounts payable	647,089	'	'	'
Accrued liabilities	281,664	'	'	'
Deferred income taxes	1,315,000	'	'	'
Note's payable	16,447,427	'	'	'
Total Liabilities	18,691,180	'	'	'
Total equity	8,955,519	'	'	'
Total Liabilities and Equity	27,646,699	'	'	'
EQUITY:	'	'	'	'
Common stock, $1 par value; authorized 4,000,000 shares; 1,723,888 shares issued; 1,482,680 shares outstanding	1,723,888	'	'	'
Additional paid-in capital	17,753,505	'	'	'
Accumulated other comprehensive income	177,107	'	'	'
Deficit	-9,161,284	'	'	'
	10,493,216	'	'	'
Less cost of shares of common stock held in treasury; 241,208	-1,537,697	'	'	'
Total Gyrodyne Stockholdersb Equity	8,955,519	'	'	'
GSD LLC [Member]	'	'	'	'
Rental property:	'	'	'	'
Land	1,733,693	'	'	'
Building and improvements	11,175,728	'	'	'
Machinery and equipment	344,733	'	'	'
	13,254,154	'	'	'
Less accumulated depreciation	4,725,234	'	'	'
	8,528,920	'	'	'
Land held for development:	'	'	'	'
Land	558,466	'	'	'
Land development costs	1,895,046	'	'	'
	2,453,512	'	'	'
Total real estate, net	10,982,432	'	'	'
Assets held for sale	22,320,755	'	'	'
Rent receivable, net of allowance for doubtful accounts of approximately $98,000	58,024	'	'	'
Deferred rent receivable	51,366	'	'	'
Prepaid expenses and other assets	428,636	'	'	'
Total Assets	33,841,213	'	'	'
LIABILITIES:	'	'	'	'
Accounts payable	49,832	'	'	'
Deferred rent liability	36,474	'	'	'
Tenant security deposits payable	268,790	'	'	'
Liabilities related to assets held for sale	9,788,425	'	'	'
GSD Line of Credit	2,482,852	'	'	'
Mortgage Payable	3,936,486	'	'	'
Total Liabilities	16,562,859	'	'	'
Total equity	17,278,354	'	'	'
Total Liabilities and Equity	33,841,213	'	'	'
EQUITY:	'	'	'	'
Deficit	-1,788,114	'	'	'
	-1,788,114	'	'	'
Total Gyrodyne Stockholdersb Equity	-1,788,114	'	'	'
Non-controlling interest in GSD, LLC	19,066,468	'	'	'
Consolidated Entities [Member]	'	'	'	'
Rental property:	'	'	'	'
Land	1,733,693	'	'	'
Building and improvements	11,175,728	'	'	'
Machinery and equipment	344,733	'	'	'
	13,254,154	'	'	'
Less accumulated depreciation	4,725,234	'	'	'
	8,528,920	'	'	'
Land held for development:	'	'	'	'
Land	558,466	'	'	'
Land development costs	1,895,046	'	'	'
	2,453,512	'	'	'
Total real estate, net	10,982,432	'	'	'
Assets held for sale	22,320,755	'	'	'
Cash and cash equivalents	6,346,983	'	'	'
Investment in marketable securities	4,703,470	'	'	'
Rent receivable, net of allowance for doubtful accounts of approximately $98,000	58,024	'	'	'
Deferred rent receivable	51,366	'	'	'
GSD Line of Credit	2,482,852	'	'	'
Prepaid expenses and other assets	578,360	'	'	'
Prepaid pension costs	593,870	'	'	'
Mortgage receivable	13,369,800	'	'	'
Total Assets	61,487,912	'	'	'
LIABILITIES:	'	'	'	'
Accounts payable	696,921	'	'	'
Accrued liabilities	281,664	'	'	'
Deferred rent liability	36,474	'	'	'
Tenant security deposits payable	268,790	'	'	'
Liabilities related to assets held for sale	9,788,425	'	'	'
GSD Line of Credit	2,482,852	'	'	'
Mortgage Payable	3,936,486	'	'	'
Deferred income taxes	1,315,000	'	'	'
Note's payable	16,447,427	'	'	'
Total Liabilities	35,254,039	'	'	'
Total equity	26,233,873	'	'	'
Total Liabilities and Equity	61,487,912	'	'	'
EQUITY:	'	'	'	'
Common stock, $1 par value; authorized 4,000,000 shares; 1,723,888 shares issued; 1,482,680 shares outstanding	1,723,888	'	'	'
Additional paid-in capital	17,753,505	'	'	'
Accumulated other comprehensive income	177,107	'	'	'
Deficit	-10,949,398	'	'	'
	8,705,102	'	'	'
Less cost of shares of common stock held in treasury; 241,208	-1,537,697	'	'	'
Total Gyrodyne Stockholdersb Equity	7,167,405	'	'	'
Non-controlling interest in GSD, LLC	$19,066,468	'	'	'

Note_5_Consolidating_Financial4

Note 5 - Consolidating Financial Information (Details) - Consolidated Balance Sheet (Parentheticals) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Condensed Balance Sheet Statements, Captions [Line Items]	'	'
Allowance for doubtful accounts (in Dollars)	$98,000	$74,000
Common stock, par value (in Dollars per share)	$1	$1
Common stock, authorized	4,000,000	4,000,000
Common stock, shares issued	1,723,888	1,723,888
Common stock, shares outstanding	1,482,680	1,482,680
Common stock held in treasury	241,208	241,208

Note_5_Consolidating_Financial5

Note 5 - Consolidating Financial Information (Details) - Consolidated Statement of Operations (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues	'	'	'	'
Rental income	$572,783	$614,478	$1,184,742	$1,235,151
Rental income - tenant reimbursements	62,216	73,104	178,862	197,193
Total rental income	634,999	687,582	1,363,604	1,432,344
Expenses	'	'	'	'
Rental expenses	345,525	337,359	766,122	713,430
General and administrative expenses	579,616	584,763	1,150,366	1,570,615
Strategic alternative expenses	534,799	304,268	872,541	645,629
Depreciation	80,787	88,531	161,999	173,263
Impairment charges	200,000	'	200,000	0
Total	1,740,727	1,314,921	3,151,028	3,102,937
Other Income (Expense):	'	'	'	'
Interest income	22,092	70,248	45,924	128,629
Interest expense	-201,808	38	-336,346	-5,748
Total	-179,716	70,286	-290,422	122,881
Net Loss from continued operations	-1,285,444	-557,053	-2,077,846	-1,550,072
Net Income from discontinued operations	135,176	112,316	255,920	222,558
Net Loss	-1,150,268	-444,737	-1,821,926	-1,327,514
Consolidation, Eliminations [Member]	'	'	'	'
Revenues	'	'	'	'
Other income	-1,384,710	'	-2,656,033	'
Total rental income	-1,384,710	'	-2,656,033	'
Expenses	'	'	'	'
Reimbursable expenses	-345,525	'	-766,122	'
Rental expenses	-10,951	'	-23,939	'
General and administrative expenses	-535,016	'	-1,061,271	'
Strategic alternative expenses	-493,218	'	-804,701	'
Total	-1,384,710	'	-2,656,033	'
Other Income (Expense):	'	'	'	'
Interest income	-70,579	'	-120,123	'
Interest expense	70,579	'	120,123	'
Parent Company [Member]	'	'	'	'
Revenues	'	'	'	'
Other income	1,384,710	'	2,656,033	'
Total rental income	1,384,710	'	2,656,033	'
Expenses	'	'	'	'
Reimbursable expenses	345,525	'	766,122	'
General and administrative expenses	579,616	'	1,150,366	'
Strategic alternative expenses	534,799	'	872,541	'
Total	1,459,940	'	2,789,029	'
Other Income (Expense):	'	'	'	'
Interest income	92,671	'	166,047	'
Interest expense	-201,808	'	-336,346	'
Total	-109,137	'	-170,299	'
Net Loss from continued operations	-184,367	'	-303,295	'
Net Income from discontinued operations	130,482	'	261,482	'
Net Loss	-53,885	'	-41,813	'
GSD LLC [Member]	'	'	'	'
Revenues	'	'	'	'
Rental income	572,783	'	1,184,742	'
Rental income - tenant reimbursements	62,216	'	178,862	'
Total rental income	634,999	'	1,363,604	'
Expenses	'	'	'	'
Rental expenses	356,476	'	790,061	'
General and administrative expenses	535,016	'	1,061,271	'
Strategic alternative expenses	493,218	'	804,701	'
Depreciation	80,787	'	161,999	'
Impairment charges	200,000	'	200,000	'
Total	1,665,497	'	3,018,032	'
Other Income (Expense):	'	'	'	'
Interest expense	-70,579	'	-120,123	'
Total	-70,579	'	-120,123	'
Net Loss from continued operations	-1,101,077	'	-1,774,551	'
Net Income from discontinued operations	4,694	'	-5,562	'
Net Loss	-1,096,383	'	-1,780,113	'
Consolidated Entities [Member]	'	'	'	'
Revenues	'	'	'	'
Rental income	572,783	'	1,184,742	'
Rental income - tenant reimbursements	62,216	'	178,862	'
Other income	1,384,710	'	2,656,033	'
Total rental income	2,019,709	'	4,019,637	'
Expenses	'	'	'	'
Reimbursable expenses	345,525	'	766,122	'
Rental expenses	356,476	'	790,061	'
General and administrative expenses	1,114,632	'	2,211,637	'
Strategic alternative expenses	1,028,017	'	1,677,242	'
Depreciation	80,787	'	161,999	'
Impairment charges	200,000	'	200,000	'
Total	3,125,437	'	5,807,061	'
Other Income (Expense):	'	'	'	'
Interest income	92,671	'	166,047	'
Interest expense	-272,387	'	-456,469	'
Total	-179,716	'	-290,422	'
Net Loss from continued operations	-1,285,444	'	-2,077,846	'
Net Income from discontinued operations	135,176	'	255,920	'
Net Loss	($1,150,268)	'	($1,821,926)	'

Note_6_Real_Estate_Assets_Held2

Note 6 - Real Estate Assets Held for Sale and Discontinued Operations (Details) (USD $)	3 Months Ended
	Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Impairment of Real Estate	$200,000

Note_6_Real_Estate_Assets_Held3

Note 6 - Real Estate Assets Held for Sale and Discontinued Operations (Details) - Properties and Related Liabilities Held-for-Sale (USD $)	Jun. 30, 2014		Dec. 31, 2013
Property	'		'
Accounts receivable	$34,352		$13,166
Deferred rent receivable	229,927		158,340
Prepaid expenses and other	397,648		273,795
Total Assets Held for Sale	22,320,755		22,024,321
Accounts payable	120,396		106,978
Deferred rent liability	27,610		72,535
Tenant security deposit payable	207,105		202,453
Total Liabilities Related to Real Estate Assets Held for Sale	355,111		381,966
Cortlandt Manor Medical Center [Member]	'		'
Property	'		'
Property	8,179,885	[1]	8,272,231	[1]
Fairfax Medical Center [Member]	'		'
Property	'		'
Property	$13,478,943		$13,306,789
[1]	The Cortlandt Manor Medical Center is inclusive of the two adjacent lots.

Note_6_Real_Estate_Assets_Held4

Note 6 - Real Estate Assets Held for Sale and Discontinued Operations (Details) - Discontinued Operations (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues	'	'	'	'
Rental income	$582,321	$532,676	$1,153,751	$1,077,138
Expenses	'	'	'	'
Rental expenses	447,145	420,360	897,831	854,580
Depreciation	160,872	149,786	320,554	297,407
Net income from discontinuing operations	135,176	112,316	255,920	222,558
Rental Income [Member]	'	'	'	'
Revenues	'	'	'	'
Rental income	533,405	490,024	1,042,091	968,935
Rental Income - Tenant Reimbursements [Member]	'	'	'	'
Revenues	'	'	'	'
Rental income	48,916	42,652	111,660	108,203
Rental Expense [Member]	'	'	'	'
Expenses	'	'	'	'
Rental expenses	$286,273	$270,574	$577,277	$557,173

Note_7_Investment_in_Marketabl2

Note 7 - Investment in Marketable Securities (Details) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]	'	'
Proceeds from Principal Repayments on Loans and Leases Held-for-investment (in Dollars)	$227,612	'
Marketable Securities Estimated Yield	2.00%	15.00%
Marketable Securities, Contractual Maturities	'30 years	'30 years
Marketable Securities Adjusted Duration	'4 years	'4 years

Note_7_Investment_in_Marketabl3

Note 7 - Investment in Marketable Securities (Details) - Historical Cost and Estimated Fair Value of Available-for-sale Securities (Under Review) (USD $)	6 Months Ended		12 Months Ended
	Jun. 30, 2014		Dec. 31, 2013
Historical Cost and Estimated Fair Value of Available-for-sale Securities (Under Review) [Abstract]	'		'
Amortized cost	$4,710,325		$3,446,037
Gross Unrealized Gains (Losses)	-6,855		-65,173
Fair Value*	$4,703,470	[1]	$3,380,864	[1]
[1]	The Company received $227,612 in principal repayments during the six months ended June 30, 2014

Note_8_Notes_Payable_Details

Note 8 - Notes Payable (Details) (USD $)	12 Months Ended						12 Months Ended
	Dec. 31, 2013	Jun. 30, 2014	Jun. 16, 2014	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013
			Subordinated Debt [Member]	Global Dividend Note Payable [Member]	Global Dividend Note Payable [Member]	Global Note Payable [Member]	GSD [Member]
			Global Note Payable [Member]
Note 8 - Notes Payable (Details) [Line Items]	'	'	'	'	'	'	'
Gain (Loss) on Sale of Properties	'	'	'	'	'	'	$28,400,000
Income (Loss) before Gain or Loss on Sale of Properties, and Extraordinary Items	18,000,000	'	'	'	'	'	'
Notes Payable	$16,144,614	$16,447,427	'	$16,150,000	$16,144,614	$302,813	'
Dividends Payable, Amount Per Share (in Dollars per share)	'	'	'	$10.89	'	'	'
Debt Instrument, Interest Rate, Stated Percentage	'	'	5.00%	5.00%	'	'	'

Note_8_Notes_Payable_Details_S

Note 8 - Notes Payable (Details) - Summary of Notes Payable (USD $)	Jun. 30, 2014	Dec. 31, 2013
Note 8 - Notes Payable (Details) - Summary of Notes Payable [Line Items]	'	'
Notes Payable	$16,447,427	$16,144,614
Global Dividend Note Payable [Member]	'	'
Note 8 - Notes Payable (Details) - Summary of Notes Payable [Line Items]	'	'
Notes Payable	16,150,000	16,144,614
Global Note Payable [Member]	'	'
Note 8 - Notes Payable (Details) - Summary of Notes Payable [Line Items]	'	'
Notes Payable	$302,813	'

Note_9_Earnings_per_Share_Deta

Note 9 - Earnings per Share (Details)	Dec. 31, 2013	Jun. 30, 2013
Earnings Per Share [Abstract]	'	'
Common Stock Equivalents Outstanding	0	0

Note_9_Earnings_per_Share_Deta1

Note 9 - Earnings per Share (Details) - Summary of Net Income (Loss) Earnings Per Share (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net loss attributable to Gyrodyne	'	'	'	'
Continuing operations	'	'	($41,813)	($1,327,514)
Discontinued operations	'	'	0	0
Net loss attributable to Gyrodyne	($53,885)	($444,737)	($41,813)	($1,327,514)
Weighted average number of common shares outstanding	1,482,680	1,482,680	1,482,680	1,482,680
Net loss per common share attributable to Gyrodyne ("EPS"):	'	'	'	'
Continuing operations	($0.04)	($0.30)	($0.03)	($0.90)
Discontinued operations	$0	$0	$0	$0
Net loss per common share attributable to Gyrodyne (bEPSb)	($0.04)	($0.30)	($0.03)	($0.90)

Note_10_Income_Taxes_Details

Note 10 - Income Taxes (Details)	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Excise Tax Percentage	100.00%

Note_10_Income_Taxes_Details_D

Note 10 - Income Taxes (Details) - Deferred Tax Liabilites (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Deferred Tax Liabilites [Abstract]	'	'
Unrealized gain on investment in Citrus Grove	($1,315,000)	($1,315,000)
Net Deferred Income Taxes	($1,315,000)	($1,315,000)

Note_11_Retirement_Plans_Detai

Note 11 - Retirement Plans (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Compensation and Retirement Disclosure [Abstract]	'	'	'	'
Defined Benefit Plan, Contributions by Employer	$0	$0	$0	$0
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year	'	'	0	'
Defined Benefit Plan Obligation, Underfunded	'	'	$400,000	'

Note_11_Retirement_Plans_Detai1

Note 11 - Retirement Plans (Details) - Components of Net Periodic Benefit Cost (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Components of Net Periodic Benefit Cost [Abstract]	'	'	'	'
Service Cost	$46,427	$37,754	$92,854	$130,517
Interest Cost	45,708	62,908	91,416	125,817
Expected Return on Plan Assets	-90,310	-81,546	-180,620	-163,093
Amortization of prior service costs	5,644	5,644	11,288	11,288
Amortization of Actuarial Loss	'	35,882	'	71,765
Net Periodic Pension Benefit Cost After Curtailments and Settlements	$7,469	$60,642	$14,938	$176,294

Note_12_Incentive_Compensation2

Note 12 - Incentive Compensation Plan (Details) (Incentive Compensation Plan [Member], USD $)	0 Months Ended
	Dec. 30, 2013
Note 12 - Incentive Compensation Plan (Details) [Line Items]	'
Remaining Liability Under Incentive Plan, Aggregative Maximum	$233,200
Special Dividend [Member]	'
Note 12 - Incentive Compensation Plan (Details) [Line Items]	'
Dividends	98,685,000
Incentive Compensation Plan Payments	5,277,800
Dividends, Cash	68,000,000
Incentive Compensation Plan Payments Cash	$5,044,600

Note_12_Incentive_Compensation3

Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees (USD $)	Jun. 30, 2014
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Number of Shares under Plan	110,000
Non-Cash Dividends [Member] | Chief Operating Officer [Member]	'
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Maximum Benefit	31,482
Non-Cash Dividends [Member] | Current Employees [Member]	'
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Maximum Benefit	9,328
Non-Cash Dividends [Member] | Director [Member]	'
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Maximum Benefit	114,268
Non-Cash Dividends [Member] | Current COO, Employees and Directors [Member]	'
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Maximum Benefit	155,078
Non-Cash Dividends [Member] | Former Chief Executive Officer [Member]	'
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Maximum Benefit	43,142
Non-Cash Dividends [Member] | Other Former Employees [Member]	'
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Maximum Benefit	17,490
Non-Cash Dividends [Member] | Former Director [Member]	'
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Maximum Benefit	17,490
Non-Cash Dividends [Member] | Former Board Members and Employees [Member]	'
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Maximum Benefit	78,122
Non-Cash Dividends [Member]	'
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Maximum Benefit	233,200
Chief Operating Officer [Member]	'
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Number of Shares under Plan	14,850
Current Employees [Member]	'
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Number of Shares under Plan	4,400
Director [Member]	'
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Number of Shares under Plan	53,900
Current COO, Employees and Directors [Member]	'
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Number of Shares under Plan	73,150
Former Chief Executive Officer [Member]	'
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Number of Shares under Plan	20,350
Other Former Employees [Member]	'
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Number of Shares under Plan	8,250
Former Director [Member]	'
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Number of Shares under Plan	8,250
Former Board Members and Employees [Member]	'
Note 12 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Benefit Payble Number of Shares under Plan	36,850

Note_13_Retention_Incentive_Bo1

Note 13 - Retention/ Incentive Bonus Plan (Details)	Jun. 30, 2014
Board of Directors Chairman [Member]	'
Note 13 - Retention/ Incentive Bonus Plan (Details) [Line Items]	'
Bonus Pool Distribution Proportions	15.00%
Directors Other Than Chairman [Member]	'
Note 13 - Retention/ Incentive Bonus Plan (Details) [Line Items]	'
Bonus Pool Distribution Proportions	50.00%
Other 5 Directors [Member]	'
Note 13 - Retention/ Incentive Bonus Plan (Details) [Line Items]	'
Bonus Pool Distribution Proportions	10.00%
Executives and Employees [Member]	'
Note 13 - Retention/ Incentive Bonus Plan (Details) [Line Items]	'
Bonus Pool Distribution Proportions	35.00%

Note_15_Commitments_and_Contin2

Note 15 - Commitments and Contingencies (Details) (USD $)	Jun. 30, 2014
Note 15 - Commitments and Contingencies (Details) [Line Items]	'
Supplemental Unemployment Benefits, Severance Benefits	$120,000
CEO and President Each [Member]	'
Note 15 - Commitments and Contingencies (Details) [Line Items]	'
Accrued Bonuses	$125,000

Note_15_Commitments_and_Contin3

Note 15 - Commitments and Contingencies (Details) - Lease Revenue Commitments (USD $)	Jun. 30, 2014
Lease Revenue Commitments [Abstract]	'
2015	$3,768,000
2016	3,040,000
2017	2,270,000
2018	1,861,000
2019	1,605,000
Thereafter	3,637,000
	$16,181,000

Note_15_Commitments_and_Contin4

Note 15 - Commitments and Contingencies (Details) - Other Commitments and Contingencies (USD $)	Jun. 30, 2014
Other Commitments [Line Items]	'
Contracts and Commitments	$953,200
Employment Agreement With Severance Contingencies [Member]	'
Other Commitments [Line Items]	'
Contracts and Commitments	600,000
Other Employee Severance Commitment Contingencies [Member]	'
Other Commitments [Line Items]	'
Contracts and Commitments	$120,000

Note_17_Fair_Value_of_Financia2

Note 17 - Fair Value of Financial Instruments (Details) (USD $)	3 Months Ended	6 Months Ended			12 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Dec. 31, 2010	Dec. 31, 2009
				The Grove [Member]	The Grove [Member]	The Grove [Member]
Note 17 - Fair Value of Financial Instruments (Details) [Line Items]	'	'	'	'	'	'
Proceeds from Principal Repayments on Loans and Leases Held-for-investment	'	$227,612	'	'	'	'
Asset Impairment Charges	200,000	200,000	0	'	'	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	'	9.32%	'	9.32%	9.99%	20.00%
Grove Property Loan Principal	'	'	'	37,000,000	'	'
Grove Property Loan Interest and Fees	'	'	'	8,000,000	'	'
Deferred Tax Liabilities, Other	'	'	'	1,315,000	'	'
Equity Method Investments	$0	$0	'	$0	'	'

Note_17_Fair_Value_of_Financia3

Note 17 - Fair Value of Financial Instruments (Details) - Carrying Value and Fair Value of Financial Assets and Liabilities (USD $)	Jun. 30, 2014		Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Investment in Marketable Securities	$4,703,470		$3,380,864
Investment in Marketable Securities	4,703,470	[1]	3,380,864	[1]
Fair Value, Inputs, Level 2 [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Investment in Marketable Securities	$4,703,470	[2]	$3,380,864
[1]	The Company received $227,612 in principal repayments during the six months ended June 30, 2014
[2]	The Company received $227,612 in principal repayments during the first six-months of 2014.

Note_17_Fair_Value_of_Financia4

Note 17 - Fair Value of Financial Instruments (Details) - Assets and Liabilities from Continuing Operations At Fair Value Recurring and Non-Recurring (Impaired Real Estate [Member], USD $)	Jun. 30, 2014
In Millions, unless otherwise specified
Note 17 - Fair Value of Financial Instruments (Details) - Assets and Liabilities from Continuing Operations At Fair Value Recurring and Non-Recurring [Line Items]	'
Impaired real estate assets*	$6,222,857
Fair Value, Inputs, Level 3 [Member]	'
Note 17 - Fair Value of Financial Instruments (Details) - Assets and Liabilities from Continuing Operations At Fair Value Recurring and Non-Recurring [Line Items]	'
Impaired real estate assets*	$6,222,857

Note_18_Impairment_of_Real_Est1

Note 18 - Impairment of Real Estate Investments (Details) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2013
Disclosure Text Block Supplement [Abstract]	'	'	'
Asset Impairment Charges	$200,000	$200,000	$0

Note_19_Accumulated_Other_Comp2

Note 19 - Accumulated Other Comprehensive Income (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Disclosure Text Block [Abstract]	'	'
Accumulated Other Comprehensive Income (Loss), Net of Tax	$177,107	$118,789

Note_19_Accumulated_Other_Comp3

Note 19 - Accumulated Other Comprehensive Income (Details) - Accumulated Other Comprehensive Income (USD $)	Jun. 30, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income [Abstract]	'	'
Unrecorded loss on investments	($6,855)	($65,173)
Unrecorded gain on pension	183,962	183,962
Accumulated other comprehensive income	$177,107	$118,789