For Immediate Release – August 25, 2025
Complex Deal Says Sale Cannot Move Forward Unless Numerous Conditions Are Met
With an offer made by the New York State Department of Environmental Conservation to purchase the Flowerfield Fairgrounds property for preservation still pending, Gyrodyne issued an announcement on August 12, 2025, that it had entered into an agreement to sell the land to a prominent Long Island developer as part of its strategic plan to liquidate the company’s assets.
The agreement with B2K Development is contingent on a series of conditions being met in order for the sale to move forward. A lawsuit brought by the Village of Head of the Harbor and local property owners to overturn a proposed subdivision of the Gyrodyne property is still tied up in court.
“Gyrodyne’s announcement is just the latest in a series of twists and turns over the past several years as community residents and Village government work together to protect Stony Brook Harbor and the integrity of the Mills Pond National Historic District, and efforts to preserve the property will continue,” the Coalition said in a statement.
“For more than 100 years, the people of Head of the Harbor have fought successfully to protect the character of the historic Route 25A corridor, designated by the State as the North Shore Heritage Trail. We owe it to both past and future generations to make sure that those efforts are continued. A massive commercial development such as that proposed by Gyrodyne would destroy the character of Saint James and Head of the Harbor, decimate water quality in Stony Brook Harbor, and create traffic gridlock throughout our community as drivers flee onto local roads to avoid the traffic nightmare on 25A.”
No information has been provided about the potential purchaser’s plans for the property, but the purchase agreement that Gyrodyne has filed with the U.S. Securities and Exchange Commission states that the sale of the property to the purchaser can only move forward if a number of conditions are met, and not unless a series of approvals by government agencies are obtained.
Importantly, the Purchase Agreement states that the sale can’t move forward unless the Suffolk County Health Department approves the construction of a sewage treatment plant (Section 3.3, Section 3.4), and only if the Suffolk County Industrial Development Agency approves tax exemptions for the purchaser’s development of the property (Section 3.6).
“Since the County has expressed support for the preservation of the property as open space, it is not clear that the conditions required under the Purchase Agreement to finalize the sale can be met,” said the Coalition in a statement. “Hopefully, the Department of Environmental Conservation and the Peconic Land Trust will continue working to preserve the property.”
“Clearly, the State of New York and Suffolk County have determined that preservation of Flowerfield Fairgrounds as open space is necessary to protect water quality and the unique historic character of the surrounding area,” said the Coalition.
“Suffolk County, the Village of Head of the Harbor and the residents of the community strongly support the State’s efforts to preserve Flowerfield Fairgrounds as open space. We remain hopeful that there can be an outcome that protects the rural character of the area and is in the best long-term interest of the community.”
