Gyrodyne acquires 29,811 s/f Cortlandt Manor Medical Center for $7m

Gyrodyne Company of America, Inc. has acquired the five-acre Cortlandt Manor Medical Center for $7 million, according to Peter Pitsiokos, COO of the company. M&T Bank provided the $5.25 million financing. The center is located at 1985 Crompond Rd. and features 29,811 s/f of medical office space that is 97% leased to 13 tenants. Gyrodyne orchestrated the sale in-house. David Wald of Wald Realty, Inc., property manager and leasing agent for the seller, brokered the transaction on its behalf.